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ERWI: 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.

What changed

ERWI

BE 0461.451.863
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€10,600
2024 · -€16,960+€6,359
Equity
€68,320
2024 · €78,920-€10,600
Cash
€2,091
2024 · €5,583-€3,492
Balance sheet total
€1.1m
2024 · €1.2m-€30,218

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets -€28,261

    down €28,261 (-2.9%), from €972,895 to €944,634

Equity and liabilities
  • Debts after one year -€34,383

    down €34,383 (-3.6%), from €959,357 to €924,974

    of which Financial debts: -€34,383

  • Other debts +€14,071

    up €14,071 (+18.6%), from €75,601 to €89,672

Income statement
  • Gross operating margin -€38,799

    down €38,799 (-53.2%), from €72,900 to €34,101

  • Write-downs -€36,907

    no longer reported in 2025 (was €36,907)

  • Financial charges -€7,794

    down €7,794 (-44.6%), from €17,491 to €9,697

From the 2024 result to the 2025 result

effect on the 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 -€16,960
Gross operating margin -€38,799
Depreciation +€46
Write-downs +€36,907
Other operating charges +€403
Financial income +€9
Financial charges +€7,794
Result 2025 -€10,600

Cash bridge derived

cash 2024 to 2025

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 +€30,633
Investment €0
Financing -€34,125
Cash 2024 €5,583
Net result for the year -€10,600
Depreciation +€28,261
Receivables within one year -€2,820
Deferred charges and accrued income +€1,284
Trade debts +€436
Other debts +€14,071
Debts after one year -€34,383
Current portion of long-term debt +€258
Cash 2025 €2,091
Every line side by side 41 lines
Line Code 2024 2025 Change %
Total assets 20/58 €1,150,148 €1,119,930 -€30,218 -2.6%
Fixed assets 21/28 €1,127,895 €1,099,634 -€28,261 -2.5%
Tangible fixed assets 22/27 €972,895 €944,634 -€28,261 -2.9%
Land and buildings 22 €972,895 €944,634 -€28,261 -2.9%
Financial fixed assets 28 €155,000 €155,000 = 0.0%
Current assets 29/58 €22,252 €20,296 -€1,956 -8.8%
Amounts receivable within one year 40/41 €12,500 €15,320 +€2,820 +22.6%
Trade receivables 40 €12,500 €15,320 +€2,820 +22.6%
Cash at bank and in hand 54/58 €5,583 €2,091 -€3,492 -62.5%
Deferred charges and accrued income 490/1 €4,170 €2,886 -€1,284 -30.8%
Total equity and liabilities 10/49 €1,150,148 €1,119,930 -€30,218 -2.6%
Equity 10/15 €78,920 €68,320 -€10,600 -13.4%
Contributions 10/11 €18,592 €18,592 = 0.0%
Revaluation surpluses 12 €100,271 €93,109 -€7,162 -7.1%
Reserves 13 €7,420 €14,582 +€7,162 +96.5%
Non-distributable reserves 130/1 €258 €258 = 0.0%
Reserves not available under the articles 1311 €258 €258 = 0.0%
Distributable reserves 133 €7,162 €14,324 +€7,162 +100.0%
Profit (loss) carried forward 14 -€47,363 -€57,963 -€10,600 -22.4%
Amounts payable 17/49 €1,071,228 €1,051,610 -€19,618 -1.8%
Amounts payable after more than one year 17 €959,357 €924,974 -€34,383 -3.6%
Financial debts 170/4 €894,357 €859,974 -€34,383 -3.8%
Other amounts payable 178/9 €65,000 €65,000 = 0.0%
Amounts payable within one year 42/48 €111,871 €126,636 +€14,766 +13.2%
Current portion of amounts payable after more than one year 42 €34,125 €34,383 +€258 +0.8%
Trade debts 44 €2,145 €2,581 +€436 +20.3%
Suppliers 440/4 €2,145 €2,581 +€436 +20.3%
Other amounts payable 47/48 €75,601 €89,672 +€14,071 +18.6%
Non-recurring operating income 76A €27,262 - -€27,262
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €28,307 €28,261 -€46 -0.2%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) 631/4 €36,907 - -€36,907
Other operating charges 640/8 €7,154 €6,751 -€403 -5.6%
Gross operating margin 9900 €72,900 €34,101 -€38,799 -53.2%
Operating profit (loss) 9901 €531 -€912 -€1,443
Financial income 75/76B - €9 +€9
Recurring financial income 75 - €9 +€9
Financial charges 65/66B €17,491 €9,697 -€7,794 -44.6%
Recurring financial charges 65 €17,491 €9,697 -€7,794 -44.6%
Profit (loss) for the period before taxes 9903 -€16,960 -€10,600 +€6,359 +37.5%
Profit (loss) for the period 9904 -€16,960 -€10,600 +€6,359 +37.5%
Profit (loss) for the period to be appropriated 9905 -€16,960 -€10,600 +€6,359 +37.5%

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 12 October 2026 via checked.be.