Electrification & Connecting Systems: 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.
Electrification & Connecting Systems
Largest movements
- Cash -€146,823
down €146,823 (-7.7%), from €1.9m to €1.8m
mainly Contributions, distributions and other (-€848,453) and Investment in fixed assets (net) (-€90,512)
- Tangible fixed assets +€33,350
up €33,350 (+20.1%), from €165,561 to €198,911
of which Furniture and vehicles: +€45,528
- Reserves -€94,481
down €94,481 (-4.1%), from €2.3m to €2.2m
- Trade debts +€31,127
up €31,127 (+30.7%), from €101,393 to €132,520
- Gross operating margin +€317,345
up €317,345 (+39.8%), from €796,787 to €1.1m
- Taxes +€99,953
up €99,953 (+38.9%), from €256,689 to €356,641
- Depreciation +€19,204
up €19,204 (+50.6%), from €37,959 to €57,163
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 | €2,903,499 | €2,821,860 | -€81,639 | -2.8% |
| Fixed assets | 21/28 | €165,561 | €198,911 | +€33,350 | +20.1% |
| Tangible fixed assets | 22/27 | €165,561 | €198,911 | +€33,350 | +20.1% |
| Land and buildings | 22 | €17,659 | €10,981 | -€6,678 | -37.8% |
| Plant, machinery and equipment | 23 | €10,771 | €5,271 | -€5,500 | -51.1% |
| Furniture and vehicles | 24 | €137,131 | €182,659 | +€45,528 | +33.2% |
| Current assets | 29/58 | €2,737,938 | €2,622,949 | -€114,989 | -4.2% |
| Stocks and contracts in progress | 3 | €90,148 | €103,086 | +€12,938 | +14.4% |
| Stocks | 30/36 | €90,148 | €103,086 | +€12,938 | +14.4% |
| Amounts receivable within one year | 40/41 | €729,191 | €749,375 | +€20,184 | +2.8% |
| Trade receivables | 40 | €607,065 | €634,429 | +€27,364 | +4.5% |
| Other amounts receivable | 41 | €122,126 | €114,946 | -€7,180 | -5.9% |
| Cash at bank and in hand | 54/58 | €1,902,443 | €1,755,621 | -€146,823 | -7.7% |
| Deferred charges and accrued income | 490/1 | €16,155 | €14,868 | -€1,288 | -8.0% |
| Total equity and liabilities | 10/49 | €2,903,499 | €2,821,860 | -€81,639 | -2.8% |
| Equity | 10/15 | €2,673,051 | €2,578,570 | -€94,481 | -3.5% |
| Contributions | 10/11 | €117,717 | €117,717 | = | 0.0% |
| Reserves | 13 | €2,280,735 | €2,186,254 | -€94,481 | -4.1% |
| Distributable reserves | 133 | €2,280,735 | €2,186,254 | -€94,481 | -4.1% |
| Profit (loss) carried forward | 14 | €274,599 | €274,599 | = | 0.0% |
| Amounts payable | 17/49 | €230,447 | €243,290 | +€12,842 | +5.6% |
| Amounts payable within one year | 42/48 | €229,947 | €243,290 | +€13,342 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €101,393 | €132,520 | +€31,127 | +30.7% |
| Suppliers | 440/4 | €101,393 | €132,520 | +€31,127 | +30.7% |
| Taxes, remuneration and social security | 45 | €78,629 | €66,524 | -€12,105 | -15.4% |
| Taxes | 450/3 | €78,629 | €66,524 | -€12,105 | -15.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €49,925 | €44,245 | -€5,679 | -11.4% |
| Accrued charges and deferred income | 492/3 | €500 | €0 | -€500 | -100.0% |
| Non-recurring operating income | 76A | €15,809 | €400,000 | +€384,191 | +2430.3% |
| Remuneration, social security and pensions | 62 | €2,406 | €4,887 | +€2,481 | +103.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,959 | €57,163 | +€19,204 | +50.6% |
| Other operating charges | 640/8 | €14,962 | €6,329 | -€8,633 | -57.7% |
| Gross operating margin | 9900 | €796,787 | €1,114,133 | +€317,345 | +39.8% |
| Operating profit (loss) | 9901 | €741,461 | €1,045,754 | +€304,293 | +41.0% |
| Financial income | 75/76B | €68,312 | €68,234 | -€78 | -0.1% |
| Recurring financial income | 75 | €68,312 | €68,234 | -€78 | -0.1% |
| Financial charges | 65/66B | €2,350 | €3,375 | +€1,025 | +43.6% |
| Recurring financial charges | 65 | €2,350 | €3,375 | +€1,025 | +43.6% |
| Profit (loss) for the period before taxes | 9903 | €807,423 | €1,110,613 | +€303,190 | +37.6% |
| Income taxes | 67/77 | €256,689 | €356,641 | +€99,953 | +38.9% |
| Profit (loss) for the period | 9904 | €550,734 | €753,972 | +€203,237 | +36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €550,734 | €753,972 | +€203,237 | +36.9% |
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 4 October 2026 via checked.be.