ERWIN DAEMS: 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.
ERWIN DAEMS
Largest movements
- Cash -€28,292
down €28,292 (-33.5%), from €84,554 to €56,262
mainly Contributions, distributions and other (-€200,000) and Deferred charges and accrued income (-€22,408)
- Deferred charges and accrued income +€22,408
up €22,408 (+549.4%), from €4,078 to €26,486
- Receivables within one year +€4,463
up €4,463 (+12.1%), from €36,896 to €41,359
of which Trade receivables: +€6,847
- Reserves -€76,941
down €76,941 (-66.8%), from €115,264 to €38,324
- Other debts +€75,099
up €75,099 (+1536.9%), from €4,886 to €79,986
- Trade debts -€6,097
down €6,097 (-77.8%), from €7,840 to €1,742
- Tax, wage and social debts +€5,733
up €5,733 (+40.5%), from €14,141 to €19,874
- Other operating charges -€6,614
down €6,614 (-80.0%), from €8,267 to €1,653
- Gross operating margin +€6,581
up €6,581 (+4.1%), from €158,684 to €165,265
- Taxes +€2,393
up €2,393 (+6.8%), from €34,987 to €37,380
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €143,202 | €140,925 | -€2,277 | -1.6% |
| Fixed assets | 21/28 | €17,673 | €16,818 | -€856 | -4.8% |
| Tangible fixed assets | 22/27 | €5,823 | €4,968 | -€856 | -14.7% |
| Plant, machinery and equipment | 23 | €4,528 | €4,501 | -€27 | -0.6% |
| Furniture and vehicles | 24 | €1,296 | €467 | -€829 | -64.0% |
| Financial fixed assets | 28 | €11,850 | €11,850 | = | 0.0% |
| Current assets | 29/58 | €125,529 | €124,108 | -€1,421 | -1.1% |
| Amounts receivable within one year | 40/41 | €36,896 | €41,359 | +€4,463 | +12.1% |
| Trade receivables | 40 | €31,883 | €38,731 | +€6,847 | +21.5% |
| Other amounts receivable | 41 | €5,013 | €2,628 | -€2,385 | -47.6% |
| Cash at bank and in hand | 54/58 | €84,554 | €56,262 | -€28,292 | -33.5% |
| Deferred charges and accrued income | 490/1 | €4,078 | €26,486 | +€22,408 | +549.4% |
| Total equity and liabilities | 10/49 | €143,202 | €140,925 | -€2,277 | -1.6% |
| Equity | 10/15 | €116,335 | €39,324 | -€77,012 | -66.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €115,264 | €38,324 | -€76,941 | -66.8% |
| Distributable reserves | 133 | €115,264 | €38,324 | -€76,941 | -66.8% |
| Profit (loss) carried forward | 14 | €71 | €0 | -€71 | -100.0% |
| Amounts payable | 17/49 | €26,867 | €101,602 | +€74,735 | +278.2% |
| Amounts payable within one year | 42/48 | €26,867 | €101,602 | +€74,735 | +278.2% |
| Trade debts | 44 | €7,840 | €1,742 | -€6,097 | -77.8% |
| Suppliers | 440/4 | €7,840 | €1,742 | -€6,097 | -77.8% |
| Taxes, remuneration and social security | 45 | €14,141 | €19,874 | +€5,733 | +40.5% |
| Taxes | 450/3 | €14,141 | €19,874 | +€5,733 | +40.5% |
| Other amounts payable | 47/48 | €4,886 | €79,986 | +€75,099 | +1536.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,953 | €1,596 | -€357 | -18.3% |
| Other operating charges | 640/8 | €8,267 | €1,653 | -€6,614 | -80.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €158,684 | €165,265 | +€6,581 | +4.1% |
| Operating profit (loss) | 9901 | €148,464 | €162,016 | +€13,551 | +9.1% |
| Financial income | 75/76B | €0 | €7 | +€7 | |
| Recurring financial income | 75 | €0 | €7 | +€7 | |
| Financial charges | 65/66B | €365 | €1,655 | +€1,289 | +352.8% |
| Recurring financial charges | 65 | €365 | €1,655 | +€1,289 | +352.8% |
| Profit (loss) for the period before taxes | 9903 | €148,099 | €160,368 | +€12,269 | +8.3% |
| Income taxes | 67/77 | €34,987 | €37,380 | +€2,393 | +6.8% |
| Profit (loss) for the period | 9904 | €113,112 | €122,988 | +€9,877 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,112 | €122,988 | +€9,877 | +8.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.