ERVECO: what changed
Two fiscal 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.
ERVECO
Largest movements
- Receivables after one year +€102,944
up €102,944 (+33.3%), from €309,558 to €412,501
- Deferred charges and accrued income -€93,005
down €93,005 (-92.3%), from €100,734 to €7,729
- Reserves +€15,204
up €15,204 (+8.5%), from €179,271 to €194,474
of which Distributable reserves: +€15,204
- Gross operating margin -€1,986
down €1,986 (-8.8%), from €22,646 to €20,661
- Taxes -€1,824
down €1,824 (-30.7%), from €5,951 to €4,127
- Other operating charges +€574
up €574 (+7.1%), from €8,119 to €8,694
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 | €516,863 | €528,955 | +€12,092 | +2.3% |
| Fixed assets | 21/28 | €98,841 | €98,266 | -€575 | -0.6% |
| Tangible fixed assets | 22/27 | €98,841 | €98,266 | -€575 | -0.6% |
| Land and buildings | 22 | €98,841 | €98,266 | -€575 | -0.6% |
| Current assets | 29/58 | €418,022 | €430,689 | +€12,667 | +3.0% |
| Amounts receivable after more than one year | 29 | €309,558 | €412,501 | +€102,944 | +33.3% |
| Other amounts receivable | 291 | €309,558 | €412,501 | +€102,944 | +33.3% |
| Cash at bank and in hand | 54/58 | €7,731 | €10,458 | +€2,728 | +35.3% |
| Deferred charges and accrued income | 490/1 | €100,734 | €7,729 | -€93,005 | -92.3% |
| Total equity and liabilities | 10/49 | €516,863 | €528,955 | +€12,092 | +2.3% |
| Equity | 10/15 | €501,394 | €516,598 | +€15,204 | +3.0% |
| Contributions | 10/11 | €322,124 | €322,124 | = | 0.0% |
| Capital | 10 | €322,124 | €322,124 | = | 0.0% |
| Issued capital | 100 | €322,124 | €322,124 | = | 0.0% |
| Reserves | 13 | €179,271 | €194,474 | +€15,204 | +8.5% |
| Non-distributable reserves | 130/1 | €32,212 | €32,212 | = | 0.0% |
| Legal reserve | 130 | €32,212 | €32,212 | = | 0.0% |
| Distributable reserves | 133 | €147,058 | €162,262 | +€15,204 | +10.3% |
| Amounts payable | 17/49 | €15,468 | €12,357 | -€3,112 | -20.1% |
| Amounts payable within one year | 42/48 | €15,468 | €12,357 | -€3,112 | -20.1% |
| Trade debts | 44 | €7,019 | €2,278 | -€4,741 | -67.5% |
| Suppliers | 440/4 | €7,019 | €2,278 | -€4,741 | -67.5% |
| Taxes, remuneration and social security | 45 | €8,450 | €10,079 | +€1,629 | +19.3% |
| Taxes | 450/3 | €8,450 | €10,079 | +€1,629 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €575 | €575 | = | 0.0% |
| Other operating charges | 640/8 | €8,119 | €8,694 | +€574 | +7.1% |
| Gross operating margin | 9900 | €22,646 | €20,661 | -€1,986 | -8.8% |
| Operating profit (loss) | 9901 | €13,952 | €11,392 | -€2,560 | -18.3% |
| Financial income | 75/76B | €7,973 | €8,069 | +€96 | +1.2% |
| Recurring financial income | 75 | €7,973 | €8,069 | +€96 | +1.2% |
| Financial charges | 65/66B | €85 | €131 | +€46 | +54.4% |
| Recurring financial charges | 65 | €85 | €131 | +€46 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €21,840 | €19,331 | -€2,510 | -11.5% |
| Income taxes | 67/77 | €5,951 | €4,127 | -€1,824 | -30.7% |
| Profit (loss) for the period | 9904 | €15,889 | €15,204 | -€685 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,889 | €15,204 | -€685 | -4.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.