ANGELO ELECTRONICS: 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.
ANGELO ELECTRONICS
Largest movements
- Tangible fixed assets +€70,392
up €70,392 (+68.0%), from €103,591 to €173,983
of which Leasing and similar rights: +€82,110
- Cash +€64,791
up €64,791 (+38.7%), from €167,633 to €232,424
mainly Net result for the year (+€188,689) and Debts after one year (+€61,147)
- Current investments +€53,042
up €53,042 (+61.5%), from €86,207 to €139,249
- Reserves +€71,100
up €71,100 (+18.3%), from €389,155 to €460,255
- Debts after one year +€61,147
new in 2025: €61,147
- Tax, wage and social debts +€24,723
up €24,723 (+113%), from €21,917 to €46,640
- Current portion of long-term debt +€19,792
new in 2025: €19,792
- Trade debts +€7,519
up €7,519 (+38.5%), from €19,522 to €27,041
- Gross operating margin +€40,977
up €40,977 (+16.6%), from €246,554 to €287,530
- Taxes +€9,109
up €9,109 (+17.2%), from €53,001 to €62,110
- Depreciation +€8,830
up €8,830 (+30.7%), from €28,798 to €37,628
- Financial income +€4,781
up €4,781 (+1,500%), from €319 to €5,099
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 | €491,958 | €680,470 | +€188,512 | +38.3% |
| Fixed assets | 21/28 | €107,242 | €173,983 | +€66,741 | +62.2% |
| Tangible fixed assets | 22/27 | €103,591 | €173,983 | +€70,392 | +68.0% |
| Plant, machinery and equipment | 23 | €51,140 | €40,762 | -€10,379 | -20.3% |
| Furniture and vehicles | 24 | €4,786 | €5,177 | +€391 | +8.2% |
| Leasing and similar rights | 25 | - | €82,110 | +€82,110 | |
| Other tangible fixed assets | 26 | €47,665 | €45,934 | -€1,731 | -3.6% |
| Financial fixed assets | 28 | €3,651 | - | -€3,651 | |
| Current assets | 29/58 | €384,716 | €506,486 | +€121,770 | +31.7% |
| Stocks and contracts in progress | 3 | €29,208 | €27,132 | -€2,076 | -7.1% |
| Stocks | 30/36 | €29,208 | €27,132 | -€2,076 | -7.1% |
| Amounts receivable within one year | 40/41 | €95,167 | €98,137 | +€2,969 | +3.1% |
| Trade receivables | 40 | €86,852 | €91,138 | +€4,285 | +4.9% |
| Other amounts receivable | 41 | €8,315 | €6,999 | -€1,316 | -15.8% |
| Current investments | 50/53 | €86,207 | €139,249 | +€53,042 | +61.5% |
| Cash at bank and in hand | 54/58 | €167,633 | €232,424 | +€64,791 | +38.7% |
| Deferred charges and accrued income | 490/1 | €6,500 | €9,544 | +€3,044 | +46.8% |
| Total equity and liabilities | 10/49 | €491,958 | €680,470 | +€188,512 | +38.3% |
| Equity | 10/15 | €408,501 | €479,690 | +€71,189 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €389,155 | €460,255 | +€71,100 | +18.3% |
| Distributable reserves | 133 | €389,155 | €460,255 | +€71,100 | +18.3% |
| Profit (loss) carried forward | 14 | €746 | €835 | +€89 | +11.9% |
| Amounts payable | 17/49 | €83,457 | €200,779 | +€117,323 | +141% |
| Amounts payable after more than one year | 17 | - | €61,147 | +€61,147 | |
| Financial debts | 170/4 | - | €61,147 | +€61,147 | |
| Amounts payable within one year | 42/48 | €83,457 | €139,632 | +€56,176 | +67.3% |
| Current portion of amounts payable after more than one year | 42 | - | €19,792 | +€19,792 | |
| Trade debts | 44 | €19,522 | €27,041 | +€7,519 | +38.5% |
| Suppliers | 440/4 | €19,522 | €27,041 | +€7,519 | +38.5% |
| Taxes, remuneration and social security | 45 | €21,917 | €46,640 | +€24,723 | +113% |
| Taxes | 450/3 | €21,917 | €46,640 | +€24,723 | +113% |
| Other amounts payable | 47/48 | €42,017 | €46,159 | +€4,142 | +9.9% |
| Non-recurring operating income | 76A | - | €22,337 | +€22,337 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,798 | €37,628 | +€8,830 | +30.7% |
| Other operating charges | 640/8 | €1,455 | €1,502 | +€48 | +3.3% |
| Gross operating margin | 9900 | €246,554 | €287,530 | +€40,977 | +16.6% |
| Operating profit (loss) | 9901 | €216,301 | €248,400 | +€32,098 | +14.8% |
| Financial income | 75/76B | €319 | €5,099 | +€4,781 | +1,500% |
| Recurring financial income | 75 | €319 | €5,099 | +€4,781 | +1,500% |
| Financial charges | 65/66B | €2,072 | €2,700 | +€628 | +30.3% |
| Recurring financial charges | 65 | €2,072 | €2,700 | +€628 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €214,548 | €250,798 | +€36,251 | +16.9% |
| Income taxes | 67/77 | €53,001 | €62,110 | +€9,109 | +17.2% |
| Profit (loss) for the period | 9904 | €161,546 | €188,689 | +€27,142 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €161,546 | €188,689 | +€27,142 | +16.8% |
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 18 October 2026 via checked.be.