CEGELEC: 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
CEGELEC
NACE 27.120, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€7.9m
2024 · €8.7m-€784,350
Equity
€21.2m
2024 · €23.5m-€2.4m
Cash
€47.8m
2024 · €69.7m-€21.9m
Balance sheet total
€101.7m
2024 · €113.7m-€12.0m
Largest movements
Assets
- Cash -€21.9m
down €21.9m (-31.5%), from €69.7m to €47.8m
mainly Receivables within one year (-€18.9m) and Contributions, distributions and other (-€10.3m)
- Receivables within one year +€18.9m
up €18.9m (+112%), from €17.0m to €35.9m
of which Trade receivables: +€18.5m
- Financial fixed assets -€9.3m
down €9.3m (-37.1%), from €25.0m to €15.7m
of which Affiliated companies: -€9.3m
Equity and liabilities
- Other debts -€7.3m
down €7.3m (-83.6%), from €8.7m to €1.4m
- Trade debts +€6.3m
up €6.3m (+24.2%), from €26.2m to €32.6m
- Contributions -€5.8m
down €5.8m (-37.8%), from €15.4m to €9.6m
- Advances received -€4.6m
down €4.6m (-10.7%), from €43.4m to €38.7m
- Tax, wage and social debts -€4.1m
down €4.1m (-35.3%), from €11.8m to €7.6m
of which Remuneration and social security: -€4.0m
Income statement
- Services and other goods +€32.6m
up €32.6m (+52.2%), from €62.4m to €95.0m
- Turnover +€24.5m
up €24.5m (+17.3%), from €141.1m to €165.6m
- Staff costs -€10.3m
down €10.3m (-26.1%), from €39.3m to €29.1m
- Goods and materials +€2.2m
up €2.2m (+6.2%), from €36.2m to €38.5m
- Financial income -€2.2m
down €2.2m (-55.9%), from €3.9m to €1.7m
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.
Result 2024
€8.7m
Turnover
+€24.5m
Other operating income
+€517,928
Goods and materials
-€2.2m
Services and other goods
-€32.6m
Staff costs
+€10.3m
Depreciation
+€74,068
Write-downs
-€74,742
Other operating charges
+€191,713
Financial income
-€2.2m
Financial charges
+€189,298
Taxes
+€583,309
Result 2025
€7.9m
raises the resultlowers the result
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.
From operations
-€20.1m
Investment
+€8.4m
Financing
-€10.3m
Cash 2024
€69.7m
From operations (derived)
-€20.1m
Net result for the year
+€7.9m
Depreciation
+€388,857
Receivables after one year
+€115,354
Receivables within one year
-€18.9m
Deferred charges and accrued income
+€101,900
Trade debts
+€6.3m
Tax, wage and social debts
-€4.1m
Advances received
-€4.6m
Other debts
-€7.3m
Accrued charges and deferred income
+€115,268
Investment (derived)
+€8.4m
Investment in fixed assets (net)
+€8.4m
Financing
-€10.3m
Contributions, distributions and other
-€10.3m
Cash 2025
€47.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €113,684,411 | €101,664,135 | -€12.0m | -10.6% |
| Fixed assets | 21/28 | €26,602,805 | €17,796,101 | -€8.8m | -33.1% |
| Intangible fixed assets | 21 | €64,876 | €23,834 | -€41,042 | -63.3% |
| Tangible fixed assets | 22/27 | €1,496,329 | €2,028,897 | +€532,568 | +35.6% |
| Plant, machinery and equipment | 23 | €170,454 | €141,542 | -€28,912 | -17.0% |
| Furniture and vehicles | 24 | €604,072 | €514,054 | -€90,018 | -14.9% |
| Other tangible fixed assets | 26 | €721,803 | €666,210 | -€55,593 | -7.7% |
| Assets under construction and advance payments | 27 | - | €707,091 | +€707,091 | |
| Financial fixed assets | 28 | €25,041,600 | €15,743,370 | -€9.3m | -37.1% |
| Affiliated companies | 280/1 | €25,000,000 | €15,701,770 | -€9.3m | -37.2% |
| Amounts receivable | 281 | €25,000,000 | €15,701,770 | -€9.3m | -37.2% |
| Other financial fixed assets | 284/8 | €41,600 | €41,600 | = | 0.0% |
| Shares | 284 | €41,600 | €41,600 | = | 0.0% |
| Current assets | 29/58 | €87,081,606 | €83,868,034 | -€3.2m | -3.7% |
| Amounts receivable after more than one year | 29 | €115,354 | - | -€115,354 | |
| Other amounts receivable | 291 | €115,354 | - | -€115,354 | |
| Amounts receivable within one year | 40/41 | €16,989,260 | €35,936,918 | +€18.9m | +112% |
| Trade receivables | 40 | €15,407,143 | €33,918,157 | +€18.5m | +120% |
| Other amounts receivable | 41 | €1,582,117 | €2,018,761 | +€436,644 | +27.6% |
| Cash at bank and in hand | 54/58 | €69,698,823 | €47,754,847 | -€21.9m | -31.5% |
| Deferred charges and accrued income | 490/1 | €278,169 | €176,269 | -€101,900 | -36.6% |
| Total equity and liabilities | 10/49 | €113,684,411 | €101,664,135 | -€12.0m | -10.6% |
| Equity | 10/15 | €23,522,713 | €21,154,784 | -€2.4m | -10.1% |
| Contributions | 10/11 | €15,358,645 | €9,554,625 | -€5.8m | -37.8% |
| Capital | 10 | €15,358,645 | €9,554,625 | -€5.8m | -37.8% |
| Issued capital | 100 | €15,358,645 | €9,554,625 | -€5.8m | -37.8% |
| Reserves | 13 | €1,606,981 | €999,704 | -€607,277 | -37.8% |
| Non-distributable reserves | 130/1 | €1,606,981 | €999,704 | -€607,277 | -37.8% |
| Legal reserve | 130 | €1,535,865 | €955,462 | -€580,403 | -37.8% |
| Other | 1319 | €71,116 | €44,242 | -€26,874 | -37.8% |
| Profit (loss) carried forward | 14 | €6,557,087 | €10,600,455 | +€4.0m | +61.7% |
| Amounts payable | 17/49 | €90,161,698 | €80,509,351 | -€9.7m | -10.7% |
| Amounts payable within one year | 42/48 | €90,090,517 | €80,322,902 | -€9.8m | -10.8% |
| Trade debts | 44 | €26,207,424 | €32,552,971 | +€6.3m | +24.2% |
| Suppliers | 440/4 | €26,207,424 | €32,552,971 | +€6.3m | +24.2% |
| Advances received on contracts in progress | 46 | €43,381,797 | €38,732,913 | -€4.6m | -10.7% |
| Taxes, remuneration and social security | 45 | €11,755,296 | €7,606,909 | -€4.1m | -35.3% |
| Taxes | 450/3 | €331,898 | €191,325 | -€140,573 | -42.4% |
| Remuneration and social security | 454/9 | €11,423,398 | €7,415,584 | -€4.0m | -35.1% |
| Other amounts payable | 47/48 | €8,746,000 | €1,430,109 | -€7.3m | -83.6% |
| Accrued charges and deferred income | 492/3 | €71,181 | €186,449 | +€115,268 | +162% |
| Operating income | 70/76A | €147,794,465 | €172,785,276 | +€25.0m | +16.9% |
| Turnover | 70 | €141,132,403 | €165,605,286 | +€24.5m | +17.3% |
| Other operating income | 74 | €6,662,062 | €7,179,990 | +€517,928 | +7.8% |
| Operating charges | 60/66A | €138,832,448 | €163,177,635 | +€24.3m | +17.5% |
| Goods for resale, raw materials and consumables | 60 | €36,209,020 | €38,453,351 | +€2.2m | +6.2% |
| Purchases | 600/8 | €36,209,020 | €38,453,351 | +€2.2m | +6.2% |
| Services and other goods | 61 | €62,443,063 | €95,009,124 | +€32.6m | +52.2% |
| Remuneration, social security and pensions | 62 | €39,346,499 | €29,072,333 | -€10.3m | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €462,925 | €388,857 | -€74,068 | -16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €120,629 | €195,371 | +€74,742 | +62.0% |
| Other operating charges | 640/8 | €250,312 | €58,599 | -€191,713 | -76.6% |
| Operating profit (loss) | 9901 | €8,962,017 | €9,607,641 | +€645,624 | +7.2% |
| Financial income | 75/76B | €3,943,038 | €1,740,457 | -€2.2m | -55.9% |
| Recurring financial income | 75 | €3,943,038 | €1,740,457 | -€2.2m | -55.9% |
| Income from financial fixed assets | 750 | €3,865,365 | €532,569 | -€3.3m | -86.2% |
| Income from current assets | 751 | - | €1,191,551 | +€1.2m | |
| Other financial income | 752/9 | €77,673 | €16,337 | -€61,336 | -79.0% |
| Financial charges | 65/66B | €632,655 | €443,357 | -€189,298 | -29.9% |
| Recurring financial charges | 65 | €630,130 | €443,357 | -€186,773 | -29.6% |
| Debt charges | 650 | €594,883 | €420,789 | -€174,094 | -29.3% |
| Other financial charges | 652/9 | €35,247 | €22,568 | -€12,679 | -36.0% |
| Non-recurring financial charges | 66B | €2,525 | - | -€2,525 | |
| Profit (loss) for the period before taxes | 9903 | €12,272,400 | €10,904,741 | -€1.4m | -11.1% |
| Income taxes | 67/77 | €3,568,309 | €2,985,000 | -€583,309 | -16.3% |
| Taxes | 670/3 | €3,568,609 | €2,985,000 | -€583,609 | -16.4% |
| Tax adjustments and reversals of tax provisions | 77 | €300 | - | -€300 | |
| Profit (loss) for the period | 9904 | €8,704,091 | €7,919,741 | -€784,350 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,704,091 | €7,919,741 | -€784,350 | -9.0% |
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 13 October 2026 via checked.be.