ERWAN: 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.
ERWAN
Largest movements
- Tangible fixed assets -€48,750
down €48,750 (-20.0%), from €243,167 to €194,417
of which Other tangible fixed assets: -€37,322
- Intangible fixed assets -€12,028
down €12,028 (-20.3%), from €59,188 to €47,160
- Receivables within one year +€6,239
new in 2025: €6,239
- Deferred charges and accrued income -€3,485
down €3,485 (-23.3%), from €14,926 to €11,441
- Debts after one year -€33,132
down €33,132 (-13.1%), from €253,558 to €220,426
- Other debts -€31,358
down €31,358 (-88.4%), from €35,473 to €4,115
- Profit (loss) carried forward +€9,412
no longer reported in 2025 (was -€9,412)
- Gross operating margin +€32,939
up €32,939 (+45.2%), from €72,912 to €105,850
- Staff costs +€11,707
new in 2025: €11,707
- Other operating charges +€4,522
up €4,522 (+1,472%), from €307 to €4,829
- Depreciation -€3,981
down €3,981 (-5.6%), from €71,075 to €67,093
- Financial charges -€2,343
down €2,343 (-21.8%), from €10,740 to €8,397
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.
Derived cash bridge
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 | €324,687 | €267,701 | -€56,986 | -17.6% |
| Fixed assets | 21/28 | €302,355 | €241,577 | -€60,777 | -20.1% |
| Intangible fixed assets | 21 | €59,188 | €47,160 | -€12,028 | -20.3% |
| Tangible fixed assets | 22/27 | €243,167 | €194,417 | -€48,750 | -20.0% |
| Plant, machinery and equipment | 23 | €2,028 | €1,773 | -€255 | -12.6% |
| Furniture and vehicles | 24 | €25,629 | €14,457 | -€11,172 | -43.6% |
| Other tangible fixed assets | 26 | €215,510 | €178,188 | -€37,322 | -17.3% |
| Current assets | 29/58 | €22,332 | €26,124 | +€3,791 | +17.0% |
| Amounts receivable within one year | 40/41 | - | €6,239 | +€6,239 | |
| Other amounts receivable | 41 | - | €6,239 | +€6,239 | |
| Cash at bank and in hand | 54/58 | €7,407 | €8,444 | +€1,037 | +14.0% |
| Deferred charges and accrued income | 490/1 | €14,926 | €11,441 | -€3,485 | -23.3% |
| Total equity and liabilities | 10/49 | €324,687 | €267,701 | -€56,986 | -17.6% |
| Equity | 10/15 | -€4,412 | €5,000 | +€9,412 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,412 | - | +€9,412 | |
| Amounts payable | 17/49 | €329,099 | €262,701 | -€66,398 | -20.2% |
| Amounts payable after more than one year | 17 | €253,558 | €220,426 | -€33,132 | -13.1% |
| Financial debts | 170/4 | €253,558 | €220,426 | -€33,132 | -13.1% |
| Amounts payable within one year | 42/48 | €75,540 | €42,266 | -€33,274 | -44.0% |
| Current portion of amounts payable after more than one year | 42 | €34,932 | €35,343 | +€411 | +1.2% |
| Trade debts | 44 | €2,885 | €398 | -€2,487 | -86.2% |
| Suppliers | 440/4 | €2,885 | €398 | -€2,487 | -86.2% |
| Taxes, remuneration and social security | 45 | €2,250 | €2,411 | +€160 | +7.1% |
| Taxes | 450/3 | €425 | €535 | +€110 | +25.8% |
| Remuneration and social security | 454/9 | €1,825 | €1,876 | +€51 | +2.8% |
| Other amounts payable | 47/48 | €35,473 | €4,115 | -€31,358 | -88.4% |
| Accrued charges and deferred income | 492/3 | - | €8 | +€8 | |
| Remuneration, social security and pensions | 62 | - | €11,707 | +€11,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,075 | €67,093 | -€3,981 | -5.6% |
| Other operating charges | 640/8 | €307 | €4,829 | +€4,522 | +1,472% |
| Gross operating margin | 9900 | €72,912 | €105,850 | +€32,939 | +45.2% |
| Operating profit (loss) | 9901 | €1,530 | €22,220 | +€20,690 | +1,353% |
| Financial income | 75/76B | €223 | €238 | +€15 | +6.7% |
| Recurring financial income | 75 | €223 | €238 | +€15 | +6.7% |
| Financial charges | 65/66B | €10,740 | €8,397 | -€2,343 | -21.8% |
| Recurring financial charges | 65 | €10,740 | €8,397 | -€2,343 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,987 | €14,062 | +€23,049 | |
| Income taxes | 67/77 | €425 | €535 | +€110 | +25.8% |
| Profit (loss) for the period | 9904 | -€9,413 | €13,526 | +€22,939 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,413 | €13,526 | +€22,939 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.