ELECTRO - BERTELS: 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.
ELECTRO - BERTELS
Largest movements
- Stocks and contracts -€388,979
down €388,979 (-39.7%), from €979,431 to €590,452
of which Stocks: -€238,529
- Receivables within one year -€370,155
down €370,155 (-37.4%), from €990,216 to €620,062
of which Trade receivables: -€421,116
- Current investments +€198,594
up €198,594 (+72.7%), from €273,162 to €471,756
- Cash +€36,571
up €36,571 (+30.4%), from €120,306 to €156,877
mainly Stocks and contracts (+€388,979) and Receivables within one year (+€370,155)
- Tangible fixed assets -€36,009
down €36,009 (-36.9%), from €97,577 to €61,569
of which Furniture and vehicles: -€28,737
- Advances received -€398,748
no longer reported in 2025 (was €398,748)
- Trade debts -€116,434
down €116,434 (-50.7%), from €229,579 to €113,145
- Debts after one year -€91,987
down €91,987 (-48.2%), from €190,960 to €98,973
- Short-term financial debts +€50,000
new in 2025: €50,000
- Gross operating margin -€391,071
down €391,071 (-33.2%), from €1.2m to €785,726
- Taxes -€101,537
down €101,537 (-91.8%), from €110,643 to €9,106
- Staff costs -€81,803
down €81,803 (-10.2%), from €804,554 to €722,751
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 | €2,462,981 | €1,906,932 | -€556,050 | -22.6% |
| Fixed assets | 21/28 | €97,577 | €61,569 | -€36,009 | -36.9% |
| Tangible fixed assets | 22/27 | €97,577 | €61,569 | -€36,009 | -36.9% |
| Land and buildings | 22 | €24,044 | €17,701 | -€6,342 | -26.4% |
| Plant, machinery and equipment | 23 | €2,342 | €1,412 | -€930 | -39.7% |
| Furniture and vehicles | 24 | €71,192 | €42,455 | -€28,737 | -40.4% |
| Current assets | 29/58 | €2,365,404 | €1,845,363 | -€520,041 | -22.0% |
| Stocks and contracts in progress | 3 | €979,431 | €590,452 | -€388,979 | -39.7% |
| Stocks | 30/36 | €652,757 | €414,228 | -€238,529 | -36.5% |
| Contracts in progress | 37 | €326,674 | €176,224 | -€150,450 | -46.1% |
| Amounts receivable within one year | 40/41 | €990,216 | €620,062 | -€370,155 | -37.4% |
| Trade receivables | 40 | €907,714 | €486,598 | -€421,116 | -46.4% |
| Other amounts receivable | 41 | €82,502 | €133,464 | +€50,961 | +61.8% |
| Current investments | 50/53 | €273,162 | €471,756 | +€198,594 | +72.7% |
| Cash at bank and in hand | 54/58 | €120,306 | €156,877 | +€36,571 | +30.4% |
| Deferred charges and accrued income | 490/1 | €2,289 | €6,216 | +€3,927 | +172% |
| Total equity and liabilities | 10/49 | €2,462,981 | €1,906,932 | -€556,050 | -22.6% |
| Equity | 10/15 | €1,459,217 | €1,465,041 | +€5,824 | +0.4% |
| Contributions | 10/11 | €61,560 | €61,560 | = | 0.0% |
| Reserves | 13 | €1,360,763 | €1,366,587 | +€5,824 | +0.4% |
| Distributable reserves | 133 | €1,360,763 | €1,366,587 | +€5,824 | +0.4% |
| Profit (loss) carried forward | 14 | €36,894 | €36,894 | = | 0.0% |
| Amounts payable | 17/49 | €1,003,764 | €441,890 | -€561,874 | -56.0% |
| Amounts payable after more than one year | 17 | €190,960 | €98,973 | -€91,987 | -48.2% |
| Financial debts | 170/4 | €190,960 | €98,973 | -€91,987 | -48.2% |
| Amounts payable within one year | 42/48 | €812,804 | €342,917 | -€469,887 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €100,297 | €91,987 | -€8,310 | -8.3% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €229,579 | €113,145 | -€116,434 | -50.7% |
| Suppliers | 440/4 | €229,579 | €113,145 | -€116,434 | -50.7% |
| Advances received on contracts in progress | 46 | €398,748 | - | -€398,748 | |
| Taxes, remuneration and social security | 45 | €84,180 | €87,785 | +€3,605 | +4.3% |
| Taxes | 450/3 | €18,520 | €19,585 | +€1,065 | +5.8% |
| Remuneration and social security | 454/9 | €65,660 | €68,200 | +€2,540 | +3.9% |
| Non-recurring operating income | 76A | €1,653 | €826 | -€826 | -50.0% |
| Remuneration, social security and pensions | 62 | €804,554 | €722,751 | -€81,803 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,056 | €41,849 | +€2,793 | +7.2% |
| Other operating charges | 640/8 | €3,227 | €3,219 | -€8 | -0.3% |
| Non-recurring operating charges | 66A | €971 | €125 | -€846 | -87.1% |
| Gross operating margin | 9900 | €1,176,797 | €785,726 | -€391,071 | -33.2% |
| Operating profit (loss) | 9901 | €328,989 | €17,782 | -€311,207 | -94.6% |
| Financial income | 75/76B | €7,550 | €3,928 | -€3,621 | -48.0% |
| Recurring financial income | 75 | €7,550 | €3,928 | -€3,621 | -48.0% |
| Financial charges | 65/66B | €4,399 | €6,781 | +€2,382 | +54.2% |
| Recurring financial charges | 65 | €4,399 | €6,781 | +€2,382 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | €332,140 | €14,930 | -€317,210 | -95.5% |
| Income taxes | 67/77 | €110,643 | €9,106 | -€101,537 | -91.8% |
| Profit (loss) for the period | 9904 | €221,497 | €5,824 | -€215,673 | -97.4% |
| Profit (loss) for the period to be appropriated | 9905 | €221,497 | €5,824 | -€215,673 | -97.4% |
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 14 October 2026 via checked.be.