ERVO Projects: 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.
What changed
ERVO Projects
NACE 31.001, Manufacture of furniture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€42,938
2024 · -€135,403+€178,341
Equity
€22.5m
2024 · €22.4m+€42,938
Cash
€378,133
2024 · €103,289+€274,844
Balance sheet total
€49.2m
2024 · €50.5m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€3.2m
down €3.2m (-12.5%), from €25.8m to €22.5m
of which Plant, machinery and equipment: -€2.6m
- Receivables within one year +€1.2m
up €1.2m (+168.1%), from €723,077 to €1.9m
of which Trade receivables: +€1.2m
- Deferred charges and accrued income +€901,893
up €901,893 (+40828.8%), from €2,209 to €904,102
- Stocks and contracts -€840,853
down €840,853 (-16.3%), from €5.2m to €4.3m
Equity and liabilities
- Other debts -€1.4m
down €1.4m (-74.1%), from €1.9m to €483,000
- Trade debts -€756,244
down €756,244 (-21.5%), from €3.5m to €2.8m
- Revaluation surpluses -€537,834
down €537,834 (-4.1%), from €13.3m to €12.7m
- Reserves +€537,834
up €537,834 (+34.1%), from €1.6m to €2.1m
of which Distributable reserves: +€537,834
Income statement
- Turnover -€1.0m
down €1.0m (-4.3%), from €24.2m to €23.2m
- Goods and materials -€905,499
down €905,499 (-6.9%), from €13.0m to €12.1m
of which Purchases: -€2.3m
- Services and other goods -€695,118
down €695,118 (-16.3%), from €4.3m to €3.6m
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.
Result 2024
-€135,403
Turnover
-€1.0m
Other operating income
+€100,518
Goods and materials
+€905,499
Services and other goods
+€695,118
Staff costs
+€182,100
Depreciation
+€161,825
Other operating charges
-€4,915
Other operating items
-€742,879
Financial income
+€15,964
Financial charges
-€18,608
Taxes
-€67,192
Result 2025
€42,938
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.
From operations
-€2.2m
Investment
+€1.8m
Financing
+€671,343
Cash 2024
€103,289
From operations (derived)
-€2.2m
Net result for the year
+€42,938
Depreciation
+€1.6m
Receivables after one year
-€450,000
Stocks and contracts
+€840,853
Receivables within one year
-€1.2m
Deferred charges and accrued income
-€901,893
Trade debts
-€756,244
Tax, wage and social debts
+€98,885
Other debts
-€1.4m
Accrued charges and deferred income
-€37,532
Investment (derived)
+€1.8m
Investment in fixed assets (net)
+€1.8m
Financing
+€671,343
Debts after one year
+€207,199
Current portion of long-term debt
+€355,098
Short-term financial debts
+€109,046
Cash 2025
€378,133
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €50,516,241 | €49,157,199 | -€1.4m | -2.7% |
| Fixed assets | 21/28 | €26,029,867 | €22,669,425 | -€3.4m | -12.9% |
| Intangible fixed assets | 21 | €252,323 | €119,774 | -€132,548 | -52.5% |
| Tangible fixed assets | 22/27 | €25,777,544 | €22,549,651 | -€3.2m | -12.5% |
| Plant, machinery and equipment | 23 | €5,820,667 | €3,265,733 | -€2.6m | -43.9% |
| Furniture and vehicles | 24 | €182,777 | €236,575 | +€53,798 | +29.4% |
| Leasing and similar rights | 25 | €18,148,126 | €17,401,555 | -€746,571 | -4.1% |
| Other tangible fixed assets | 26 | €1,625,973 | €1,645,787 | +€19,814 | +1.2% |
| Current assets | 29/58 | €24,486,374 | €26,487,774 | +€2.0m | +8.2% |
| Amounts receivable after more than one year | 29 | €18,500,000 | €18,950,000 | +€450,000 | +2.4% |
| Other amounts receivable | 291 | €18,500,000 | €18,950,000 | +€450,000 | +2.4% |
| Stocks and contracts in progress | 3 | €5,157,800 | €4,316,947 | -€840,853 | -16.3% |
| Stocks | 30/36 | €5,157,800 | €4,316,947 | -€840,853 | -16.3% |
| Raw materials and consumables | 30/31 | €3,764,159 | €3,088,904 | -€675,255 | -17.9% |
| Work in progress | 32 | €875,256 | €720,118 | -€155,138 | -17.7% |
| Finished goods | 33 | €518,386 | €507,925 | -€10,460 | -2.0% |
| Amounts receivable within one year | 40/41 | €723,077 | €1,938,593 | +€1.2m | +168.1% |
| Trade receivables | 40 | €415,430 | €1,598,002 | +€1.2m | +284.7% |
| Other amounts receivable | 41 | €307,647 | €340,590 | +€32,943 | +10.7% |
| Cash at bank and in hand | 54/58 | €103,289 | €378,133 | +€274,844 | +266.1% |
| Deferred charges and accrued income | 490/1 | €2,209 | €904,102 | +€901,893 | +40828.8% |
| Total equity and liabilities | 10/49 | €50,516,241 | €49,157,199 | -€1.4m | -2.7% |
| Equity | 10/15 | €22,420,027 | €22,462,965 | +€42,938 | +0.2% |
| Contributions | 10/11 | €4,298,812 | €4,298,812 | = | 0.0% |
| Capital | 10 | €4,298,812 | €4,298,812 | = | 0.0% |
| Issued capital | 100 | €4,298,812 | €4,298,812 | = | 0.0% |
| Revaluation surpluses | 12 | €13,262,405 | €12,724,571 | -€537,834 | -4.1% |
| Reserves | 13 | €1,575,422 | €2,113,256 | +€537,834 | +34.1% |
| Non-distributable reserves | 130/1 | €429,881 | €429,881 | = | 0.0% |
| Legal reserve | 130 | €429,881 | €429,881 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,145,541 | €1,683,375 | +€537,834 | +47.0% |
| Profit (loss) carried forward | 14 | €3,283,387 | €3,326,326 | +€42,938 | +1.3% |
| Amounts payable | 17/49 | €28,096,214 | €26,694,234 | -€1.4m | -5.0% |
| Amounts payable after more than one year | 17 | €15,995,132 | €16,202,331 | +€207,199 | +1.3% |
| Financial debts | 170/4 | €15,995,132 | €16,202,331 | +€207,199 | +1.3% |
| Leasing and similar obligations | 172 | €15,995,132 | €14,822,754 | -€1.2m | -7.3% |
| Credit institutions | 173 | - | €1,379,577 | +€1.4m | |
| Amounts payable within one year | 42/48 | €7,922,150 | €6,350,502 | -€1.6m | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €1,146,253 | €1,501,351 | +€355,098 | +31.0% |
| Financial debts | 43 | €471,262 | €580,308 | +€109,046 | +23.1% |
| Credit institutions | 430/8 | €471,262 | €580,308 | +€109,046 | +23.1% |
| Trade debts | 44 | €3,520,096 | €2,763,852 | -€756,244 | -21.5% |
| Suppliers | 440/4 | €3,520,096 | €2,763,852 | -€756,244 | -21.5% |
| Taxes, remuneration and social security | 45 | €923,107 | €1,021,992 | +€98,885 | +10.7% |
| Taxes | 450/3 | €66,619 | €163,061 | +€96,442 | +144.8% |
| Remuneration and social security | 454/9 | €856,488 | €858,931 | +€2,443 | +0.3% |
| Other amounts payable | 47/48 | €1,861,433 | €483,000 | -€1.4m | -74.1% |
| Accrued charges and deferred income | 492/3 | €4,178,932 | €4,141,400 | -€37,532 | -0.9% |
| Operating income | 70/76A | €25,604,791 | €23,913,342 | -€1.7m | -6.6% |
| Turnover | 70 | €24,226,119 | €23,177,030 | -€1.0m | -4.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€100,308 | -€165,598 | -€65,290 | -65.1% |
| Own construction capitalised | 72 | €750,427 | €0 | -€750,427 | -100.0% |
| Other operating income | 74 | €725,242 | €825,760 | +€100,518 | +13.9% |
| Non-recurring operating income | 76A | €3,312 | €76,150 | +€72,838 | +2198.9% |
| Operating charges | 60/66A | €25,681,302 | €23,741,675 | -€1.9m | -7.6% |
| Goods for resale, raw materials and consumables | 60 | €13,036,511 | €12,131,012 | -€905,499 | -6.9% |
| Purchases | 600/8 | €13,736,408 | €11,455,757 | -€2.3m | -16.6% |
| Change in stocks: decrease (increase) | 609 | -€699,898 | €675,255 | +€1.4m | |
| Services and other goods | 61 | €4,256,087 | €3,560,969 | -€695,118 | -16.3% |
| Remuneration, social security and pensions | 62 | €6,438,669 | €6,256,569 | -€182,100 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,750,586 | €1,588,761 | -€161,825 | -9.2% |
| Other operating charges | 640/8 | €199,449 | €204,364 | +€4,915 | +2.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€76,511 | €171,667 | +€248,178 | |
| Financial income | 75/76B | €720,201 | €736,165 | +€15,964 | +2.2% |
| Recurring financial income | 75 | €720,201 | €736,165 | +€15,964 | +2.2% |
| Income from current assets | 751 | €643,238 | €671,521 | +€28,283 | +4.4% |
| Other financial income | 752/9 | €76,963 | €64,644 | -€12,319 | -16.0% |
| Financial charges | 65/66B | €624,792 | €643,401 | +€18,608 | +3.0% |
| Recurring financial charges | 65 | €624,792 | €643,401 | +€18,608 | +3.0% |
| Debt charges | 650 | €605,317 | €621,886 | +€16,569 | +2.7% |
| Other financial charges | 652/9 | €19,476 | €21,515 | +€2,039 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €18,897 | €264,431 | +€245,534 | +1299.3% |
| Income taxes | 67/77 | €154,301 | €221,493 | +€67,192 | +43.5% |
| Taxes | 670/3 | €155,909 | €221,493 | +€65,584 | +42.1% |
| Tax adjustments and reversals of tax provisions | 77 | €1,609 | €0 | -€1,609 | -100.0% |
| Profit (loss) for the period | 9904 | -€135,403 | €42,938 | +€178,341 | |
| Transfer from tax-exempt reserves | 789 | €315,750 | €0 | -€315,750 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €180,347 | €42,938 | -€137,409 | -76.2% |
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.