Erwigo: what changed
Two fiscal 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
Erwigo
NACE 68.121, Development of residential building projects
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,239
2024 · €9,382+€2,857
Equity
€1.2m
2024 · €1.1m+€12,239
Cash
€26,145
2024 · €84,579-€58,434
Balance sheet total
€2.6m
2024 · €2.5m+€43,368
Largest movements
Assets
- Receivables within one year +€75,533
up €75,533 (+9.8%), from €773,523 to €849,056
of which Other amounts receivable: +€60,464
- Cash -€58,434
down €58,434 (-69.1%), from €84,579 to €26,145
mainly Receivables within one year (-€75,533) and Investment in fixed assets (net) (-€46,967)
Equity and liabilities
- Trade debts +€27,778
up €27,778 (+73.3%), from €37,918 to €65,697
Income statement
- Financial charges -€1,932
down €1,932 (-7.0%), from €27,462 to €25,529
- Gross operating margin -€1,867
down €1,867 (-1.9%), from €99,054 to €97,186
- Other operating charges +€1,089
up €1,089 (+3.2%), from €34,273 to €35,362
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.
Result 2024
€9,382
Gross operating margin
-€1,867
Depreciation
-€596
Other operating charges
-€1,089
Other operating items
+€4,567
Financial income
+€0
Financial charges
+€1,932
Taxes
-€90
Result 2025
€12,239
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.
From operations
-€13,611
Investment
-€46,967
Financing
+€2,145
Cash 2024
€84,579
From operations (derived)
-€13,611
Net result for the year
+€12,239
Depreciation
+€22,180
Receivables within one year
-€75,533
Deferred charges and accrued income
-€1,482
Trade debts
+€27,778
Tax, wage and social debts
-€2,255
Other debts
+€3,461
Investment (derived)
-€46,967
Investment in fixed assets (net)
-€46,967
Financing
+€2,145
Debts after one year
+€10,513
Current portion of long-term debt
-€8,369
Cash 2025
€26,145
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,523,515 | €2,566,883 | +€43,368 | +1.7% |
| Fixed assets | 21/28 | €647,332 | €672,119 | +€24,788 | +3.8% |
| Tangible fixed assets | 22/27 | €647,197 | €671,984 | +€24,788 | +3.8% |
| Land and buildings | 22 | €599,471 | €583,734 | -€15,737 | -2.6% |
| Plant, machinery and equipment | 23 | €554 | €302 | -€253 | -45.6% |
| Leasing and similar rights | 25 | €47,171 | €87,949 | +€40,777 | +86.4% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €1,876,183 | €1,894,764 | +€18,581 | +1.0% |
| Stocks and contracts in progress | 3 | €1,018,082 | €1,018,082 | = | 0.0% |
| Stocks | 30/36 | €1,018,082 | €1,018,082 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €773,523 | €849,056 | +€75,533 | +9.8% |
| Trade receivables | 40 | €89,220 | €104,289 | +€15,069 | +16.9% |
| Other amounts receivable | 41 | €684,303 | €744,767 | +€60,464 | +8.8% |
| Cash at bank and in hand | 54/58 | €84,579 | €26,145 | -€58,434 | -69.1% |
| Deferred charges and accrued income | 490/1 | - | €1,482 | +€1,482 | |
| Total equity and liabilities | 10/49 | €2,523,515 | €2,566,883 | +€43,368 | +1.7% |
| Equity | 10/15 | €1,144,205 | €1,156,444 | +€12,239 | +1.1% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Capital | 10 | €660,000 | €660,000 | = | 0.0% |
| Issued capital | 100 | €660,000 | €660,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,189,889 | €1,189,889 | = | 0.0% |
| Reserves | 13 | €29,034 | €29,034 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,090 | €4,090 | = | 0.0% |
| Legal reserve | 130 | €4,090 | €4,090 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,975 | €2,975 | = | 0.0% |
| Distributable reserves | 133 | €21,969 | €21,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€734,719 | -€722,479 | +€12,239 | +1.7% |
| Amounts payable | 17/49 | €1,379,310 | €1,410,439 | +€31,129 | +2.3% |
| Amounts payable after more than one year | 17 | €137,825 | €148,338 | +€10,513 | +7.6% |
| Financial debts | 170/4 | €137,825 | €148,338 | +€10,513 | +7.6% |
| Amounts payable within one year | 42/48 | €1,241,485 | €1,262,101 | +€20,615 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €46,647 | €38,278 | -€8,369 | -17.9% |
| Trade debts | 44 | €37,918 | €65,697 | +€27,778 | +73.3% |
| Suppliers | 440/4 | €37,918 | €65,697 | +€27,778 | +73.3% |
| Advances received on contracts in progress | 46 | €875,901 | €875,901 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,211 | €7,957 | -€2,255 | -22.1% |
| Taxes | 450/3 | €10,211 | €7,957 | -€2,255 | -22.1% |
| Other amounts payable | 47/48 | €270,808 | €274,269 | +€3,461 | +1.3% |
| Non-recurring operating income | 76A | - | €27,359 | +€27,359 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,584 | €22,180 | +€596 | +2.8% |
| Other operating charges | 640/8 | €34,273 | €35,362 | +€1,089 | +3.2% |
| Non-recurring operating charges | 66A | €4,567 | - | -€4,567 | |
| Gross operating margin | 9900 | €99,054 | €97,186 | -€1,867 | -1.9% |
| Operating profit (loss) | 9901 | €38,630 | €39,645 | +€1,015 | +2.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €27,462 | €25,529 | -€1,932 | -7.0% |
| Recurring financial charges | 65 | €27,462 | €25,529 | -€1,932 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €11,168 | €14,115 | +€2,947 | +26.4% |
| Income taxes | 67/77 | €1,786 | €1,876 | +€90 | +5.0% |
| Profit (loss) for the period | 9904 | €9,382 | €12,239 | +€2,857 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,382 | €12,239 | +€2,857 | +30.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.