DIRECT ELEC: 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.
DIRECT ELEC
Largest movements
- Cash -€166,024
down €166,024 (-94.2%), from €176,202 to €10,178
mainly Tax, wage and social debts (-€279,140) and Investment in fixed assets (net) (-€181,324)
- Tangible fixed assets +€80,021
up €80,021 (+7.8%), from €1.0m to €1.1m
of which Leasing and similar rights: +€62,333
- Tax, wage and social debts -€279,140
down €279,140 (-77.8%), from €358,631 to €79,491
of which Remuneration and social security: -€231,007
- Short-term financial debts +€109,597
up €109,597 (+126.6%), from €86,566 to €196,163
- Revaluation surpluses +€104,000
new in 2025: €104,000
- Trade debts -€103,688
down €103,688 (-26.4%), from €392,645 to €288,957
- Debts after one year +€89,801
up €89,801 (+12.1%), from €745,014 to €834,815
- Staff costs -€630,708
down €630,708 (-48.8%), from €1.3m to €661,730
- Gross operating margin -€565,291
down €565,291 (-38.9%), from €1.5m to €888,467
- Financial charges +€31,722
up €31,722 (+45.6%), from €69,636 to €101,358
- Depreciation +€16,181
up €16,181 (+19.3%), from €83,722 to €99,903
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.
Cash bridge derived
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 | €2,083,337 | €1,989,316 | -€94,021 | -4.5% |
| Fixed assets | 21/28 | €1,031,751 | €1,113,172 | +€81,421 | +7.9% |
| Tangible fixed assets | 22/27 | €1,030,751 | €1,110,772 | +€80,021 | +7.8% |
| Land and buildings | 22 | €970,528 | €1,015,226 | +€44,698 | +4.6% |
| Plant, machinery and equipment | 23 | €32,376 | €24,531 | -€7,845 | -24.2% |
| Furniture and vehicles | 24 | €19,998 | €3,537 | -€16,461 | -82.3% |
| Leasing and similar rights | 25 | - | €62,333 | +€62,333 | |
| Other tangible fixed assets | 26 | €7,849 | €5,145 | -€2,704 | -34.5% |
| Financial fixed assets | 28 | €1,000 | €2,400 | +€1,400 | +140.0% |
| Current assets | 29/58 | €1,051,586 | €876,144 | -€175,442 | -16.7% |
| Stocks and contracts in progress | 3 | €240,208 | €233,103 | -€7,105 | -3.0% |
| Stocks | 30/36 | €240,208 | €233,103 | -€7,105 | -3.0% |
| Amounts receivable within one year | 40/41 | €635,176 | €631,126 | -€4,050 | -0.6% |
| Trade receivables | 40 | €620,650 | €452,547 | -€168,103 | -27.1% |
| Other amounts receivable | 41 | €14,526 | €178,579 | +€164,053 | +1129.4% |
| Cash at bank and in hand | 54/58 | €176,202 | €10,178 | -€166,024 | -94.2% |
| Deferred charges and accrued income | 490/1 | - | €1,737 | +€1,737 | |
| Total equity and liabilities | 10/49 | €2,083,337 | €1,989,316 | -€94,021 | -4.5% |
| Equity | 10/15 | €239,898 | €344,815 | +€104,917 | +43.7% |
| Contributions | 10/11 | €40,600 | €40,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €104,000 | +€104,000 | |
| Reserves | 13 | €179,609 | €179,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,684 | €13,684 | = | 0.0% |
| Distributable reserves | 133 | €164,065 | €164,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,689 | €20,606 | +€917 | +4.7% |
| Amounts payable | 17/49 | €1,843,439 | €1,644,501 | -€198,938 | -10.8% |
| Amounts payable after more than one year | 17 | €745,014 | €834,815 | +€89,801 | +12.1% |
| Financial debts | 170/4 | €745,014 | €834,815 | +€89,801 | +12.1% |
| Amounts payable within one year | 42/48 | €1,089,855 | €796,130 | -€293,725 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €128,563 | €169,492 | +€40,929 | +31.8% |
| Financial debts | 43 | €86,566 | €196,163 | +€109,597 | +126.6% |
| Credit institutions | 430/8 | €86,566 | €196,163 | +€109,597 | +126.6% |
| Trade debts | 44 | €392,645 | €288,957 | -€103,688 | -26.4% |
| Suppliers | 440/4 | €392,645 | €288,957 | -€103,688 | -26.4% |
| Advances received on contracts in progress | 46 | €37,926 | €37,926 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €358,631 | €79,491 | -€279,140 | -77.8% |
| Taxes | 450/3 | €59,677 | €11,544 | -€48,133 | -80.7% |
| Remuneration and social security | 454/9 | €298,954 | €67,947 | -€231,007 | -77.3% |
| Other amounts payable | 47/48 | €85,524 | €24,101 | -€61,423 | -71.8% |
| Accrued charges and deferred income | 492/3 | €8,570 | €13,556 | +€4,986 | +58.2% |
| Remuneration, social security and pensions | 62 | €1,292,438 | €661,730 | -€630,708 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,722 | €99,903 | +€16,181 | +19.3% |
| Other operating charges | 640/8 | €3,362 | €15,036 | +€11,674 | +347.2% |
| Non-recurring operating charges | 66A | €1,619 | €2,221 | +€602 | +37.2% |
| Gross operating margin | 9900 | €1,453,758 | €888,467 | -€565,291 | -38.9% |
| Operating profit (loss) | 9901 | €72,617 | €109,577 | +€36,960 | +50.9% |
| Financial income | 75/76B | €1,367 | €2,198 | +€831 | +60.8% |
| Recurring financial income | 75 | €1,367 | €2,198 | +€831 | +60.8% |
| Financial charges | 65/66B | €69,636 | €101,358 | +€31,722 | +45.6% |
| Recurring financial charges | 65 | €69,636 | €101,358 | +€31,722 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €4,348 | €10,417 | +€6,069 | +139.6% |
| Income taxes | 67/77 | €10,756 | €9,500 | -€1,256 | -11.7% |
| Profit (loss) for the period | 9904 | -€6,408 | €917 | +€7,325 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,408 | €917 | +€7,325 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.