ERWAL: 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.
ERWAL
Largest movements
- Tangible fixed assets -€27,778
down €27,778 (-1.7%), from €1.7m to €1.6m
- Receivables within one year +€25,253
up €25,253 (+579.9%), from €4,355 to €29,608
of which Other amounts receivable: +€25,553
- Cash +€18,791
up €18,791 (+21.6%), from €87,041 to €105,832
mainly Depreciation (+€27,778) and Net result for the year (+€20,536)
- Reserves +€20,536
up €20,536 (+2.3%), from €885,130 to €905,666
of which Distributable reserves: +€20,536
- Gross operating margin -€110,495
down €110,495 (-54.5%), from €202,816 to €92,321
- Taxes -€25,288
down €25,288 (-78.7%), from €32,134 to €6,845
- Depreciation -€12,494
down €12,494 (-31.0%), from €40,272 to €27,778
- Other operating charges +€2,938
up €2,938 (+11.9%), from €24,593 to €27,530
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 | €1,763,590 | €1,779,856 | +€16,266 | +0.9% |
| Fixed assets | 21/28 | €1,672,194 | €1,644,417 | -€27,778 | -1.7% |
| Tangible fixed assets | 22/27 | €1,672,194 | €1,644,417 | -€27,778 | -1.7% |
| Land and buildings | 22 | €1,672,194 | €1,644,417 | -€27,778 | -1.7% |
| Current assets | 29/58 | €91,396 | €135,440 | +€44,044 | +48.2% |
| Amounts receivable within one year | 40/41 | €4,355 | €29,608 | +€25,253 | +579.9% |
| Trade receivables | 40 | €300 | €0 | -€300 | -100.0% |
| Other amounts receivable | 41 | €4,055 | €29,608 | +€25,553 | +630.2% |
| Cash at bank and in hand | 54/58 | €87,041 | €105,832 | +€18,791 | +21.6% |
| Total equity and liabilities | 10/49 | €1,763,590 | €1,779,856 | +€16,266 | +0.9% |
| Equity | 10/15 | €1,290,490 | €1,311,026 | +€20,536 | +1.6% |
| Contributions | 10/11 | €347,051 | €347,051 | = | 0.0% |
| Capital | 10 | €347,051 | €347,051 | = | 0.0% |
| Issued capital | 100 | €347,051 | €347,051 | = | 0.0% |
| Revaluation surpluses | 12 | €58,309 | €58,309 | = | 0.0% |
| Reserves | 13 | €885,130 | €905,666 | +€20,536 | +2.3% |
| Non-distributable reserves | 130/1 | €34,705 | €34,705 | = | 0.0% |
| Legal reserve | 130 | €34,705 | €34,705 | = | 0.0% |
| Distributable reserves | 133 | €850,425 | €870,961 | +€20,536 | +2.4% |
| Amounts payable | 17/49 | €473,100 | €468,830 | -€4,270 | -0.9% |
| Amounts payable after more than one year | 17 | €449,000 | €449,000 | = | 0.0% |
| Financial debts | 170/4 | €449,000 | €449,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €24,100 | €19,830 | -€4,270 | -17.7% |
| Trade debts | 44 | €57 | €66 | +€9 | +15.1% |
| Suppliers | 440/4 | €57 | €66 | +€9 | +15.1% |
| Advances received on contracts in progress | 46 | €14,947 | €1,688 | -€13,259 | -88.7% |
| Other amounts payable | 47/48 | €9,097 | €18,077 | +€8,980 | +98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,272 | €27,778 | -€12,494 | -31.0% |
| Other operating charges | 640/8 | €24,593 | €27,530 | +€2,938 | +11.9% |
| Gross operating margin | 9900 | €202,816 | €92,321 | -€110,495 | -54.5% |
| Operating profit (loss) | 9901 | €137,951 | €37,012 | -€100,939 | -73.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €9,416 | €9,631 | +€214 | +2.3% |
| Recurring financial charges | 65 | €9,416 | €9,631 | +€214 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €128,535 | €27,382 | -€101,153 | -78.7% |
| Income taxes | 67/77 | €32,134 | €6,845 | -€25,288 | -78.7% |
| Profit (loss) for the period | 9904 | €96,401 | €20,536 | -€75,865 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €96,401 | €20,536 | -€75,865 | -78.7% |
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.