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ERMANUSTE: 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.

What changed

ERMANUSTE

BE 0801.051.635
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€797
2024 · €945-€147
Equity
-€8,426
2024 · -€9,223+€797
Cash
€50,635
2024 · €31,125+€19,509
Balance sheet total
€316,903
2024 · €341,638-€24,734

Largest movements

2024 to 2025
Assets
  • Tangible fixed assets -€39,304

    down €39,304 (-16.4%), from €239,907 to €200,602

    of which Furniture and vehicles: -€32,191

  • Cash +€19,509

    up €19,509 (+62.7%), from €31,125 to €50,635

    mainly Depreciation (+€42,060) and Tax, wage and social debts (+€6,656)

  • Receivables within one year -€4,946

    down €4,946 (-99.5%), from €4,969 to €22

    of which Trade receivables: -€4,969

Equity and liabilities
  • Debts after one year -€40,000

    down €40,000 (-11.8%), from €338,000 to €298,000

  • Tax, wage and social debts +€6,656

    up €6,656 (+120%), from €5,556 to €12,212

  • Advances received +€3,509

    up €3,509 (+68.0%), from €5,161 to €8,670

Income statement
  • Gross operating margin +€10,283

    up €10,283 (+29.1%), from €35,308 to €45,591

  • Depreciation +€9,997

    up €9,997 (+31.2%), from €32,063 to €42,060

From the 2024 result to the 2025 result

effect on the 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 €945
Gross operating margin +€10,283
Depreciation -€9,997
Other operating charges -€134
Financial income -€55
Financial charges -€89
Taxes -€156
Result 2025 €797
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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 +€62,008
Investment -€2,498
Financing -€40,000
Cash 2024 €31,125
Net result for the year +€797
Depreciation +€42,060
Stocks and contracts +€1,983
Receivables within one year +€4,946
Deferred charges and accrued income -€2,247
Trade debts +€3,342
Tax, wage and social debts +€6,656
Advances received +€3,509
Other debts +€961
Investment in fixed assets (net) -€2,498
Debts after one year -€40,000
Cash 2025 €50,635
brings cash intakes cash out
Every line side by side 42 lines
Line Code 2024 2025 Change %
Total assets 20/58 €341,638 €316,903 -€24,734 -7.2%
Fixed assets 21/28 €244,165 €204,603 -€39,562 -16.2%
Intangible fixed assets 21 €1,258 €1,001 -€257 -20.5%
Tangible fixed assets 22/27 €239,907 €200,602 -€39,304 -16.4%
Plant, machinery and equipment 23 €5,633 €5,566 -€67 -1.2%
Furniture and vehicles 24 €168,507 €136,316 -€32,191 -19.1%
Other tangible fixed assets 26 €65,767 €58,720 -€7,046 -10.7%
Financial fixed assets 28 €3,000 €3,000 = 0.0%
Current assets 29/58 €97,473 €112,300 +€14,827 +15.2%
Stocks and contracts in progress 3 €54,155 €52,173 -€1,983 -3.7%
Stocks 30/36 €54,155 €52,173 -€1,983 -3.7%
Amounts receivable within one year 40/41 €4,969 €22 -€4,946 -99.5%
Trade receivables 40 €4,969 €0 -€4,969 -100%
Other amounts receivable 41 €0 €22 +€22
Cash at bank and in hand 54/58 €31,125 €50,635 +€19,509 +62.7%
Deferred charges and accrued income 490/1 €7,223 €9,470 +€2,247 +31.1%
Total equity and liabilities 10/49 €341,638 €316,903 -€24,734 -7.2%
Equity 10/15 -€9,223 -€8,426 +€797 +8.6%
Contributions 10/11 €5,000 €5,000 = 0.0%
Profit (loss) carried forward 14 -€14,223 -€13,426 +€797 +5.6%
Amounts payable 17/49 €350,861 €325,329 -€25,531 -7.3%
Amounts payable after more than one year 17 €338,000 €298,000 -€40,000 -11.8%
Financial debts 170/4 €338,000 €298,000 -€40,000 -11.8%
Amounts payable within one year 42/48 €12,861 €27,329 +€14,469 +113%
Trade debts 44 €1,253 €4,595 +€3,342 +267%
Suppliers 440/4 €1,253 €4,595 +€3,342 +267%
Advances received on contracts in progress 46 €5,161 €8,670 +€3,509 +68.0%
Taxes, remuneration and social security 45 €5,556 €12,212 +€6,656 +120%
Taxes 450/3 €5,556 €12,212 +€6,656 +120%
Other amounts payable 47/48 €892 €1,853 +€961 +108%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €32,063 €42,060 +€9,997 +31.2%
Other operating charges 640/8 €1,497 €1,631 +€134 +8.9%
Gross operating margin 9900 €35,308 €45,591 +€10,283 +29.1%
Operating profit (loss) 9901 €1,748 €1,900 +€152 +8.7%
Financial income 75/76B €90 €36 -€55 -60.6%
Recurring financial income 75 €90 €36 -€55 -60.6%
Financial charges 65/66B €661 €750 +€89 +13.4%
Recurring financial charges 65 €661 €750 +€89 +13.4%
Profit (loss) for the period before taxes 9903 €1,176 €1,185 +€9 +0.8%
Income taxes 67/77 €232 €388 +€156 +67.4%
Profit (loss) for the period 9904 €945 €797 -€147 -15.6%
Profit (loss) for the period to be appropriated 9905 €945 €797 -€147 -15.6%

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 29 October 2026 via checked.be.