ELECSAM: 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.
ELECSAM
Largest movements
- Receivables within one year -€155,307
down €155,307 (-40.0%), from €387,814 to €232,507
of which Trade receivables: -€152,368
- Stocks and contracts +€73,317
up €73,317 (+78.2%), from €93,725 to €167,042
- Tangible fixed assets +€19,760
up €19,760 (+13.4%), from €146,932 to €166,692
of which Leasing and similar rights: +€31,261
- Cash +€16,992
up €16,992 (+32.1%), from €52,956 to €69,948
mainly Receivables within one year (+€155,307) and Trade debts (+€29,346)
- Advances received -€68,492
no longer reported in 2025 (was €68,492)
- Trade debts +€29,346
up €29,346 (+45.1%), from €65,101 to €94,447
- Tax, wage and social debts -€18,703
down €18,703 (-55.8%), from €33,529 to €14,826
of which Taxes: -€18,080
- Profit (loss) carried forward +€12,846
up €12,846 (+11.7%), from €109,577 to €122,423
- Other operating charges -€8,624
down €8,624 (-83.0%), from €10,395 to €1,771
- Staff costs -€6,403
down €6,403 (-3.7%), from €173,772 to €167,370
- Write-downs +€5,078
up €5,078 (+92.3%), from -€5,503 to -€424
- Financial income -€2,861
down €2,861 (-48.1%), from €5,945 to €3,084
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 | €681,427 | €636,190 | -€45,237 | -6.6% |
| Fixed assets | 21/28 | €146,932 | €166,692 | +€19,760 | +13.4% |
| Tangible fixed assets | 22/27 | €146,932 | €166,692 | +€19,760 | +13.4% |
| Land and buildings | 22 | €119,273 | €110,500 | -€8,773 | -7.4% |
| Plant, machinery and equipment | 23 | €627 | €42 | -€585 | -93.3% |
| Furniture and vehicles | 24 | €3,487 | €1,344 | -€2,143 | -61.5% |
| Leasing and similar rights | 25 | €23,545 | €54,807 | +€31,261 | +132.8% |
| Current assets | 29/58 | €534,495 | €469,498 | -€64,997 | -12.2% |
| Stocks and contracts in progress | 3 | €93,725 | €167,042 | +€73,317 | +78.2% |
| Stocks | 30/36 | €93,725 | €167,042 | +€73,317 | +78.2% |
| Amounts receivable within one year | 40/41 | €387,814 | €232,507 | -€155,307 | -40.0% |
| Trade receivables | 40 | €379,299 | €226,931 | -€152,368 | -40.2% |
| Other amounts receivable | 41 | €8,515 | €5,576 | -€2,939 | -34.5% |
| Cash at bank and in hand | 54/58 | €52,956 | €69,948 | +€16,992 | +32.1% |
| Total equity and liabilities | 10/49 | €681,427 | €636,190 | -€45,237 | -6.6% |
| Equity | 10/15 | €117,637 | €130,483 | +€12,846 | +10.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €109,577 | €122,423 | +€12,846 | +11.7% |
| Amounts payable | 17/49 | €563,790 | €505,707 | -€58,083 | -10.3% |
| Amounts payable after more than one year | 17 | €143,142 | €136,498 | -€6,645 | -4.6% |
| Financial debts | 170/4 | €143,142 | €136,498 | -€6,645 | -4.6% |
| Amounts payable within one year | 42/48 | €420,648 | €369,210 | -€51,438 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €141,638 | €147,867 | +€6,229 | +4.4% |
| Trade debts | 44 | €65,101 | €94,447 | +€29,346 | +45.1% |
| Suppliers | 440/4 | €65,101 | €94,447 | +€29,346 | +45.1% |
| Advances received on contracts in progress | 46 | €68,492 | - | -€68,492 | |
| Taxes, remuneration and social security | 45 | €33,529 | €14,826 | -€18,703 | -55.8% |
| Taxes | 450/3 | €21,578 | €3,498 | -€18,080 | -83.8% |
| Remuneration and social security | 454/9 | €11,951 | €11,328 | -€623 | -5.2% |
| Other amounts payable | 47/48 | €111,888 | €112,070 | +€182 | +0.2% |
| Remuneration, social security and pensions | 62 | €173,772 | €167,370 | -€6,403 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,889 | €20,158 | -€1,731 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,503 | -€424 | +€5,078 | +92.3% |
| Other operating charges | 640/8 | €10,395 | €1,771 | -€8,624 | -83.0% |
| Gross operating margin | 9900 | €207,085 | €209,176 | +€2,091 | +1.0% |
| Operating profit (loss) | 9901 | €6,531 | €20,302 | +€13,771 | +210.8% |
| Financial income | 75/76B | €5,945 | €3,084 | -€2,861 | -48.1% |
| Recurring financial income | 75 | €5,945 | €3,084 | -€2,861 | -48.1% |
| Financial charges | 65/66B | €10,704 | €10,154 | -€551 | -5.1% |
| Recurring financial charges | 65 | €10,704 | €10,154 | -€551 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €1,771 | €13,232 | +€11,461 | +647.0% |
| Income taxes | 67/77 | €936 | €386 | -€550 | -58.7% |
| Profit (loss) for the period | 9904 | €836 | €12,846 | +€12,010 | +1437.4% |
| Profit (loss) for the period to be appropriated | 9905 | €836 | €12,846 | +€12,010 | +1437.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.