ERUDIO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ERUDIO
Largest movements
- Cash +€40,943
up €40,943 (+32.8%), from €124,927 to €165,870
mainly Net result for the year (+€73,907) and Other debts (+€17,823)
- Deferred charges and accrued income +€10,050
up €10,050 (+484.6%), from €2,074 to €12,124
- Reserves +€37,407
up €37,407 (+10.1%), from €369,521 to €406,928
of which Distributable reserves: +€37,407
- Other debts +€17,823
up €17,823 (+534.3%), from €3,336 to €21,158
- Gross operating margin -€4,999
down €4,999 (-4.6%), from €109,631 to €104,632
- Taxes -€3,885
down €3,885 (-12.6%), from €30,746 to €26,861
- Financial charges +€2,153
up €2,153 (+154.5%), from €1,393 to €3,546
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €413,954 | €466,423 | +€52,469 | +12.7% |
| Fixed assets | 21/28 | €3,645 | €6,461 | +€2,816 | +77.3% |
| Tangible fixed assets | 22/27 | €3,645 | €6,461 | +€2,816 | +77.3% |
| Plant, machinery and equipment | 23 | €293 | €4,092 | +€3,800 | +1298.9% |
| Furniture and vehicles | 24 | €3,352 | €2,369 | -€983 | -29.3% |
| Current assets | 29/58 | €410,309 | €459,962 | +€49,653 | +12.1% |
| Amounts receivable within one year | 40/41 | €28,233 | €26,514 | -€1,720 | -6.1% |
| Trade receivables | 40 | €27,883 | €25,531 | -€2,352 | -8.4% |
| Other amounts receivable | 41 | €350 | €983 | +€633 | +180.7% |
| Current investments | 50/53 | €255,075 | €255,454 | +€379 | +0.1% |
| Cash at bank and in hand | 54/58 | €124,927 | €165,870 | +€40,943 | +32.8% |
| Deferred charges and accrued income | 490/1 | €2,074 | €12,124 | +€10,050 | +484.6% |
| Total equity and liabilities | 10/49 | €413,954 | €466,423 | +€52,469 | +12.7% |
| Equity | 10/15 | €377,577 | €414,984 | +€37,407 | +9.9% |
| Contributions | 10/11 | €8,057 | €8,057 | = | 0.0% |
| Reserves | 13 | €369,521 | €406,928 | +€37,407 | +10.1% |
| Tax-exempt reserves | 132 | €7,010 | €7,010 | = | 0.0% |
| Distributable reserves | 133 | €362,511 | €399,918 | +€37,407 | +10.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €36,377 | €51,439 | +€15,062 | +41.4% |
| Amounts payable after more than one year | 17 | €15,000 | €15,500 | +€500 | +3.3% |
| Financial debts | 170/4 | €15,000 | €15,500 | +€500 | +3.3% |
| Amounts payable within one year | 42/48 | €20,177 | €35,939 | +€15,762 | +78.1% |
| Financial debts | 43 | €32 | €32 | = | 0.0% |
| Credit institutions | 430/8 | €32 | €32 | = | 0.0% |
| Trade debts | 44 | €4,284 | €3,621 | -€663 | -15.5% |
| Suppliers | 440/4 | €4,284 | €3,621 | -€663 | -15.5% |
| Taxes, remuneration and social security | 45 | €12,525 | €11,128 | -€1,398 | -11.2% |
| Taxes | 450/3 | €12,525 | €11,128 | -€1,398 | -11.2% |
| Other amounts payable | 47/48 | €3,336 | €21,158 | +€17,823 | +534.3% |
| Accrued charges and deferred income | 492/3 | €1,200 | €0 | -€1,200 | -100.0% |
| Non-recurring operating income | 76A | - | €13,122 | +€13,122 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,253 | €1,597 | +€343 | +27.4% |
| Other operating charges | 640/8 | €1,147 | €840 | -€307 | -26.7% |
| Gross operating margin | 9900 | €109,631 | €104,632 | -€4,999 | -4.6% |
| Operating profit (loss) | 9901 | €107,231 | €102,195 | -€5,036 | -4.7% |
| Financial income | 75/76B | €2,808 | €2,119 | -€689 | -24.6% |
| Recurring financial income | 75 | €2,808 | €2,119 | -€689 | -24.6% |
| Financial charges | 65/66B | €1,393 | €3,546 | +€2,153 | +154.5% |
| Recurring financial charges | 65 | €1,393 | €3,546 | +€2,153 | +154.5% |
| Profit (loss) for the period before taxes | 9903 | €108,646 | €100,768 | -€7,878 | -7.3% |
| Income taxes | 67/77 | €30,746 | €26,861 | -€3,885 | -12.6% |
| Profit (loss) for the period | 9904 | €77,900 | €73,907 | -€3,994 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,900 | €73,907 | -€3,994 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.