EL - RE SYSTEMS: 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.
EL - RE SYSTEMS
Largest movements
- Tangible fixed assets +€56,255
up €56,255 (+264%), from €21,336 to €77,591
of which Furniture and vehicles: +€31,321
- Stocks and contracts -€37,911
down €37,911 (-29.1%), from €130,105 to €92,194
- Cash +€22,390
up €22,390 (+11.0%), from €203,037 to €225,427
mainly Net result for the year (+€104,496) and Stocks and contracts (+€37,911)
- Receivables within one year +€16,853
up €16,853 (+26.3%), from €64,182 to €81,035
of which Trade receivables: +€17,634
- Reserves +€104,496
up €104,496 (+33.4%), from €312,614 to €417,110
of which Distributable reserves: +€104,496
- Debts after one year -€42,442
down €42,442 (-57.4%), from €73,929 to €31,487
- Gross operating margin +€97,299
up €97,299 (+127%), from €76,680 to €173,979
- Taxes +€23,251
up €23,251 (+130%), from €17,846 to €41,097
- Staff costs +€11,885
new in 2025: €11,885
- Financial charges -€5,824
down €5,824 (-59.3%), from €9,820 to €3,996
- Financial income -€4,671
down €4,671 (-62.8%), from €7,437 to €2,766
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 | €424,566 | €482,798 | +€58,232 | +13.7% |
| Fixed assets | 21/28 | €21,336 | €77,591 | +€56,255 | +264% |
| Tangible fixed assets | 22/27 | €21,336 | €77,591 | +€56,255 | +264% |
| Land and buildings | 22 | €4,715 | €21,904 | +€17,189 | +365% |
| Plant, machinery and equipment | 23 | €551 | €8,296 | +€7,745 | +1,406% |
| Furniture and vehicles | 24 | €16,070 | €47,391 | +€31,321 | +195% |
| Current assets | 29/58 | €403,230 | €405,207 | +€1,977 | +0.5% |
| Stocks and contracts in progress | 3 | €130,105 | €92,194 | -€37,911 | -29.1% |
| Stocks | 30/36 | €130,105 | €92,194 | -€37,911 | -29.1% |
| Amounts receivable within one year | 40/41 | €64,182 | €81,035 | +€16,853 | +26.3% |
| Trade receivables | 40 | €61,062 | €78,696 | +€17,634 | +28.9% |
| Other amounts receivable | 41 | €3,120 | €2,339 | -€781 | -25.0% |
| Cash at bank and in hand | 54/58 | €203,037 | €225,427 | +€22,390 | +11.0% |
| Deferred charges and accrued income | 490/1 | €5,906 | €6,551 | +€645 | +10.9% |
| Total equity and liabilities | 10/49 | €424,566 | €482,798 | +€58,232 | +13.7% |
| Equity | 10/15 | €299,166 | €403,662 | +€104,496 | +34.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €312,614 | €417,110 | +€104,496 | +33.4% |
| Tax-exempt reserves | 132 | €31,272 | €31,272 | = | 0.0% |
| Distributable reserves | 133 | €281,342 | €385,838 | +€104,496 | +37.1% |
| Profit (loss) carried forward | 14 | -€33,448 | -€33,448 | = | 0.0% |
| Amounts payable | 17/49 | €125,400 | €79,136 | -€46,264 | -36.9% |
| Amounts payable after more than one year | 17 | €73,929 | €31,487 | -€42,442 | -57.4% |
| Financial debts | 170/4 | €73,929 | €31,487 | -€42,442 | -57.4% |
| Amounts payable within one year | 42/48 | €51,471 | €47,649 | -€3,822 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €3,032 | €3,333 | +€301 | +9.9% |
| Trade debts | 44 | €18,505 | €17,117 | -€1,388 | -7.5% |
| Suppliers | 440/4 | €18,505 | €17,117 | -€1,388 | -7.5% |
| Taxes, remuneration and social security | 45 | €13,354 | €15,376 | +€2,022 | +15.1% |
| Taxes | 450/3 | €13,354 | €15,009 | +€1,655 | +12.4% |
| Remuneration and social security | 454/9 | - | €367 | +€367 | |
| Other amounts payable | 47/48 | €16,580 | €11,823 | -€4,757 | -28.7% |
| Remuneration, social security and pensions | 62 | - | €11,885 | +€11,885 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,672 | €14,808 | +€4,136 | +38.8% |
| Other operating charges | 640/8 | €676 | €463 | -€213 | -31.5% |
| Gross operating margin | 9900 | €76,680 | €173,979 | +€97,299 | +127% |
| Operating profit (loss) | 9901 | €65,332 | €146,823 | +€81,491 | +125% |
| Financial income | 75/76B | €7,437 | €2,766 | -€4,671 | -62.8% |
| Recurring financial income | 75 | €7,437 | €2,766 | -€4,671 | -62.8% |
| Financial charges | 65/66B | €9,820 | €3,996 | -€5,824 | -59.3% |
| Recurring financial charges | 65 | €9,820 | €3,996 | -€5,824 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | €62,949 | €145,593 | +€82,644 | +131% |
| Income taxes | 67/77 | €17,846 | €41,097 | +€23,251 | +130% |
| Profit (loss) for the period | 9904 | €45,103 | €104,496 | +€59,393 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €45,103 | €104,496 | +€59,393 | +132% |
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 15 October 2026 via checked.be.