ERW: 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.
ERW
Largest movements
- Financial fixed assets +€12,500
new in 2025: €12,500
- Cash +€12,068
up €12,068 (+58.8%), from €20,540 to €32,609
mainly Net result for the year (+€30,411) and Depreciation (+€7,507)
- Tangible fixed assets -€7,507
down €7,507 (-26.8%), from €28,055 to €20,548
- Receivables within one year +€5,184
up €5,184 (+51.8%), from €10,006 to €15,190
of which Other amounts receivable: +€5,002
- Reserves +€30,411
up €30,411 (+76.3%), from €39,836 to €70,247
- Debts after one year -€6,981
down €6,981 (-33.8%), from €20,650 to €13,668
- Other debts -€3,000
down €3,000 (-100.0%), from €3,000 to €0
- Tax, wage and social debts +€1,549
up €1,549 (+19.7%), from €7,881 to €9,430
- Gross operating margin +€6,566
up €6,566 (+14.7%), from €44,804 to €51,370
- Taxes +€4,233
up €4,233 (+54.4%), from €7,774 to €12,007
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 | €84,578 | €106,750 | +€22,173 | +26.2% |
| Fixed assets | 21/28 | €28,055 | €33,048 | +€4,993 | +17.8% |
| Tangible fixed assets | 22/27 | €28,055 | €20,548 | -€7,507 | -26.8% |
| Furniture and vehicles | 24 | €28,055 | €20,548 | -€7,507 | -26.8% |
| Financial fixed assets | 28 | - | €12,500 | +€12,500 | |
| Current assets | 29/58 | €56,523 | €73,702 | +€17,179 | +30.4% |
| Amounts receivable within one year | 40/41 | €10,006 | €15,190 | +€5,184 | +51.8% |
| Trade receivables | 40 | €9,999 | €10,181 | +€182 | +1.8% |
| Other amounts receivable | 41 | €7 | €5,010 | +€5,002 | +70957.0% |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,540 | €32,609 | +€12,068 | +58.8% |
| Deferred charges and accrued income | 490/1 | €977 | €903 | -€73 | -7.5% |
| Total equity and liabilities | 10/49 | €84,578 | €106,750 | +€22,173 | +26.2% |
| Equity | 10/15 | €44,836 | €75,247 | +€30,411 | +67.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €39,836 | €70,247 | +€30,411 | +76.3% |
| Distributable reserves | 133 | €39,836 | €70,247 | +€30,411 | +76.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,741 | €31,503 | -€8,238 | -20.7% |
| Amounts payable after more than one year | 17 | €20,650 | €13,668 | -€6,981 | -33.8% |
| Financial debts | 170/4 | €20,650 | €13,668 | -€6,981 | -33.8% |
| Amounts payable within one year | 42/48 | €18,623 | €16,887 | -€1,736 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €6,666 | €6,981 | +€315 | +4.7% |
| Trade debts | 44 | €1,076 | €476 | -€600 | -55.8% |
| Suppliers | 440/4 | €1,076 | €476 | -€600 | -55.8% |
| Taxes, remuneration and social security | 45 | €7,881 | €9,430 | +€1,549 | +19.7% |
| Taxes | 450/3 | €7,881 | €9,430 | +€1,549 | +19.7% |
| Other amounts payable | 47/48 | €3,000 | €0 | -€3,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €469 | €948 | +€479 | +102.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,507 | €7,507 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,138 | €799 | -€339 | -29.8% |
| Gross operating margin | 9900 | €44,804 | €51,370 | +€6,566 | +14.7% |
| Operating profit (loss) | 9901 | €36,159 | €43,064 | +€6,905 | +19.1% |
| Financial income | 75/76B | €200 | €619 | +€419 | +210.1% |
| Recurring financial income | 75 | €200 | €619 | +€419 | +210.1% |
| Financial charges | 65/66B | €1,464 | €1,266 | -€198 | -13.5% |
| Recurring financial charges | 65 | €1,464 | €1,266 | -€198 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €34,895 | €42,418 | +€7,523 | +21.6% |
| Income taxes | 67/77 | €7,774 | €12,007 | +€4,233 | +54.4% |
| Profit (loss) for the period | 9904 | €27,121 | €30,411 | +€3,290 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €27,121 | €30,411 | +€3,290 | +12.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.