ERTVELD: 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.
ERTVELD
Largest movements
- Stocks and contracts -€554,695
down €554,695 (-100%), from €554,695 to €0
- Receivables within one year +€428,318
up €428,318 (+32,050%), from €1,336 to €429,654
of which Other amounts receivable: +€428,318
- Tangible fixed assets -€230,242
down €230,242 (-6.6%), from €3.5m to €3.3m
of which Land and buildings: -€215,263
- Cash -€46,806
down €46,806 (-32.2%), from €145,325 to €98,519
mainly Receivables within one year (-€428,318) and Other debts (-€178,172)
- Profit (loss) carried forward -€309,374
down €309,374 (-100%), from €309,374 to €0
- Reserves +€217,762
up €217,762 (+14.3%), from €1.5m to €1.7m
of which Distributable reserves: +€319,679
- Other debts -€178,172
down €178,172 (-27.2%), from €654,387 to €476,215
- Debts after one year -€105,744
down €105,744 (-9.6%), from €1.1m to €999,700
of which Financial debts: -€105,744
- Gross operating margin +€51,469
up €51,469 (+69.3%), from €74,263 to €125,732
- Financial income +€43,429
up €43,429 (+344%), from €12,613 to €56,042
- Financial charges -€17,251
down €17,251 (-24.3%), from €71,030 to €53,779
- Depreciation -€3,759
down €3,759 (-4.0%), from €93,529 to €89,771
- Taxes -€3,704
down €3,704 (-83.5%), from €4,437 to €734
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.
Derived cash bridge
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 | €4,214,316 | €3,810,891 | -€403,425 | -9.6% |
| Fixed assets | 21/28 | €3,512,959 | €3,282,717 | -€230,242 | -6.6% |
| Tangible fixed assets | 22/27 | €3,512,959 | €3,282,717 | -€230,242 | -6.6% |
| Land and buildings | 22 | €3,475,614 | €3,260,351 | -€215,263 | -6.2% |
| Furniture and vehicles | 24 | €37,345 | €22,366 | -€14,979 | -40.1% |
| Current assets | 29/58 | €701,356 | €528,174 | -€173,183 | -24.7% |
| Stocks and contracts in progress | 3 | €554,695 | €0 | -€554,695 | -100% |
| Stocks | 30/36 | €554,695 | €0 | -€554,695 | -100% |
| Amounts receivable within one year | 40/41 | €1,336 | €429,654 | +€428,318 | +32,050% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,336 | €429,654 | +€428,318 | +32,050% |
| Cash at bank and in hand | 54/58 | €145,325 | €98,519 | -€46,806 | -32.2% |
| Total equity and liabilities | 10/49 | €4,214,316 | €3,810,891 | -€403,425 | -9.6% |
| Equity | 10/15 | €2,095,286 | €2,003,674 | -€91,612 | -4.4% |
| Contributions | 10/11 | €260,015 | €260,015 | = | 0.0% |
| Capital | 10 | €260,000 | €260,000 | = | 0.0% |
| Issued capital | 100 | €260,000 | €260,000 | = | 0.0% |
| Contributions outside capital | 11 | €15 | €15 | = | 0.0% |
| Share premium | 1100/10 | €15 | €15 | = | 0.0% |
| Reserves | 13 | €1,525,898 | €1,743,660 | +€217,762 | +14.3% |
| Non-distributable reserves | 130/1 | €26,000 | €26,000 | = | 0.0% |
| Legal reserve | 130 | €26,000 | €26,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €725,019 | €623,102 | -€101,917 | -14.1% |
| Distributable reserves | 133 | €774,879 | €1,094,558 | +€319,679 | +41.3% |
| Profit (loss) carried forward | 14 | €309,374 | €0 | -€309,374 | -100% |
| Provisions and deferred taxes | 16 | €228,565 | €194,593 | -€33,972 | -14.9% |
| Deferred taxes | 168 | €228,565 | €194,593 | -€33,972 | -14.9% |
| Amounts payable | 17/49 | €1,890,464 | €1,612,623 | -€277,841 | -14.7% |
| Amounts payable after more than one year | 17 | €1,105,444 | €999,700 | -€105,744 | -9.6% |
| Financial debts | 170/4 | €914,679 | €808,935 | -€105,744 | -11.6% |
| Other amounts payable | 178/9 | €190,764 | €190,764 | = | 0.0% |
| Amounts payable within one year | 42/48 | €784,127 | €605,021 | -€179,106 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €103,642 | €105,744 | +€2,102 | +2.0% |
| Trade debts | 44 | €6,317 | €11,551 | +€5,235 | +82.9% |
| Suppliers | 440/4 | €6,317 | €11,551 | +€5,235 | +82.9% |
| Taxes, remuneration and social security | 45 | €19,781 | €11,510 | -€8,271 | -41.8% |
| Taxes | 450/3 | €19,781 | €11,510 | -€8,271 | -41.8% |
| Other amounts payable | 47/48 | €654,387 | €476,215 | -€178,172 | -27.2% |
| Accrued charges and deferred income | 492/3 | €893 | €7,903 | +€7,010 | +785% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,529 | €89,771 | -€3,759 | -4.0% |
| Other operating charges | 640/8 | €13,608 | €14,097 | +€489 | +3.6% |
| Non-recurring operating charges | 66A | - | €148,978 | +€148,978 | |
| Gross operating margin | 9900 | €74,263 | €125,732 | +€51,469 | +69.3% |
| Operating profit (loss) | 9901 | -€32,874 | -€127,113 | -€94,239 | -287% |
| Financial income | 75/76B | €12,613 | €56,042 | +€43,429 | +344% |
| Recurring financial income | 75 | €12,613 | €56,042 | +€43,429 | +344% |
| Financial charges | 65/66B | €71,030 | €53,779 | -€17,251 | -24.3% |
| Recurring financial charges | 65 | €71,030 | €53,779 | -€17,251 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€91,291 | -€124,851 | -€33,559 | -36.8% |
| Transfer from deferred taxes | 780 | €11,767 | €33,972 | +€22,205 | +189% |
| Income taxes | 67/77 | €4,437 | €734 | -€3,704 | -83.5% |
| Profit (loss) for the period | 9904 | -€83,962 | -€91,612 | -€7,650 | -9.1% |
| Transfer from tax-exempt reserves | 789 | €35,300 | €101,917 | +€66,617 | +189% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,662 | €10,305 | +€58,967 |
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 24 October 2026 via checked.be.