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.
ERWI
Largest movements
- Tangible fixed assets -€28,261
down €28,261 (-2.9%), from €972,895 to €944,634
- 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
- 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
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 | €1,150,148 | €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.