GERLI Erasmus: 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.
GERLI Erasmus
Largest movements
- Tangible fixed assets -€165,042
down €165,042 (-5.2%), from €3.2m to €3.0m
- Short-term financial debts +€153,288
up €153,288 (+138.3%), from €110,826 to €264,114
- Reserves -€141,833
down €141,833 (-93.4%), from €151,833 to €10,000
of which Distributable reserves: -€141,833
- Revaluation surpluses -€113,591
down €113,591 (-5.5%), from €2.1m to €1.9m
- Profit (loss) carried forward -€92,565
down €92,565 (-28.6%), from -€323,898 to -€416,463
- Other operating charges +€65,012
up €65,012 (+69.6%), from €93,412 to €158,423
- Depreciation -€41,441
down €41,441 (-20.1%), from €206,483 to €165,042
- Gross operating margin +€3,778
up €3,778 (+16.1%), from -€23,528 to -€19,750
- Financial charges +€2,807
up €2,807 (+142.8%), from €1,966 to €4,773
- Financial income -€305
no longer reported in 2026 (was €305)
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,160,587 | €2,996,363 | -€164,224 | -5.2% |
| Fixed assets | 21/28 | €3,154,648 | €2,989,606 | -€165,042 | -5.2% |
| Tangible fixed assets | 22/27 | €3,154,648 | €2,989,606 | -€165,042 | -5.2% |
| Land and buildings | 22 | €3,154,648 | €2,989,606 | -€165,042 | -5.2% |
| Current assets | 29/58 | €5,938 | €6,757 | +€819 | +13.8% |
| Amounts receivable within one year | 40/41 | - | €6,757 | +€6,757 | |
| Trade receivables | 40 | - | €6,757 | +€6,757 | |
| Deferred charges and accrued income | 490/1 | €5,938 | - | -€5,938 | |
| Total equity and liabilities | 10/49 | €3,160,587 | €2,996,363 | -€164,224 | -5.2% |
| Equity | 10/15 | €2,604,846 | €2,256,858 | -€347,988 | -13.4% |
| Contributions | 10/11 | €723,606 | €723,606 | = | 0.0% |
| Capital | 10 | €723,606 | €723,606 | = | 0.0% |
| Issued capital | 100 | €723,606 | €723,606 | = | 0.0% |
| Revaluation surpluses | 12 | €2,053,305 | €1,939,715 | -€113,591 | -5.5% |
| Reserves | 13 | €151,833 | €10,000 | -€141,833 | -93.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €141,833 | - | -€141,833 | |
| Profit (loss) carried forward | 14 | -€323,898 | -€416,463 | -€92,565 | -28.6% |
| Amounts payable | 17/49 | €555,741 | €739,505 | +€183,765 | +33.1% |
| Amounts payable within one year | 42/48 | €555,741 | €739,505 | +€183,765 | +33.1% |
| Financial debts | 43 | €110,826 | €264,114 | +€153,288 | +138.3% |
| Credit institutions | 430/8 | €110,826 | €264,114 | +€153,288 | +138.3% |
| Trade debts | 44 | €2,750 | €9,643 | +€6,893 | +250.6% |
| Suppliers | 440/4 | €2,750 | €9,643 | +€6,893 | +250.6% |
| Taxes, remuneration and social security | 45 | - | €23,584 | +€23,584 | |
| Taxes | 450/3 | - | €23,584 | +€23,584 | |
| Other amounts payable | 47/48 | €442,164 | €442,164 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €206,483 | €165,042 | -€41,441 | -20.1% |
| Other operating charges | 640/8 | €93,412 | €158,423 | +€65,012 | +69.6% |
| Gross operating margin | 9900 | -€23,528 | -€19,750 | +€3,778 | +16.1% |
| Operating profit (loss) | 9901 | -€323,422 | -€343,216 | -€19,793 | -6.1% |
| Financial income | 75/76B | €305 | - | -€305 | |
| Recurring financial income | 75 | €305 | - | -€305 | |
| Financial charges | 65/66B | €1,966 | €4,773 | +€2,807 | +142.8% |
| Recurring financial charges | 65 | €1,966 | €4,773 | +€2,807 | +142.8% |
| Profit (loss) for the period before taxes | 9903 | -€325,084 | -€347,988 | -€22,904 | -7.0% |
| Profit (loss) for the period | 9904 | -€325,084 | -€347,988 | -€22,904 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€325,084 | -€347,988 | -€22,904 | -7.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.