ELECTRO PROJECT: 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.
What changed
ELECTRO PROJECT
NACE 64.210, Activities of holding companies
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€5.5m
2025 · €8.8m-€3.3m
Equity
€45.4m
2025 · €41.9m+€3.5m
Cash
€1.3m
2025 · €1.8m-€500,469
Balance sheet total
€47.7m
2025 · €44.1m+€3.6m
Largest movements
Assets
- Current investments +€3.8m
up €3.8m (+13.1%), from €29.2m to €33.0m
- Cash -€500,469
down €500,469 (-28.2%), from €1.8m to €1.3m
mainly Current investments (-€3.8m) and Contributions, distributions and other (-€2.0m)
Equity and liabilities
- Reserves +€3.4m
up €3.4m (+8.2%), from €41.7m to €45.1m
of which Distributable reserves: +€3.1m
Income statement
- Financial income -€3.0m
down €3.0m (-39.2%), from €7.6m to €4.6m
- Staff costs +€127,707
up €127,707 (+13.6%), from €941,382 to €1.1m
- Financial charges +€123,266
up €123,266 (+83.2%), from €148,210 to €271,476
- Depreciation +€42,948
up €42,948 (+72.8%), from €58,961 to €101,909
From the 2025 result to the 2026 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.
Result 2025
€8.8m
Gross operating margin
-€15,868
Staff costs
-€127,707
Depreciation
-€42,948
Write-downs
+€327
Other operating charges
+€417
Financial income
-€3.0m
Financial charges
-€123,266
Taxes
+€15,147
Result 2026
€5.5m
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5.8m
Investment
-€4.3m
Financing
-€2.0m
Cash 2025
€1.8m
From operations (derived)
+€5.8m
Net result for the year
+€5.5m
Depreciation
+€101,909
Receivables within one year
+€171,170
Smaller working-capital items
-€181
Trade debts
+€13,841
Tax, wage and social debts
+€37,051
Investment (derived)
-€4.3m
Investment in fixed assets (net)
-€521,629
Current investments
-€3.8m
Financing
-€2.0m
Contributions, distributions and other
-€2.0m
Cash 2026
€1.3m
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,096,319 | €47,658,230 | +€3.6m | +8.1% |
| Fixed assets | 21/28 | €12,464,119 | €12,883,839 | +€419,720 | +3.4% |
| Intangible fixed assets | 21 | - | €394,517 | +€394,517 | |
| Tangible fixed assets | 22/27 | €132,711 | €157,913 | +€25,203 | +19.0% |
| Furniture and vehicles | 24 | €132,711 | €157,913 | +€25,203 | +19.0% |
| Financial fixed assets | 28 | €12,331,408 | €12,331,408 | = | 0.0% |
| Current assets | 29/58 | €31,632,200 | €34,774,391 | +€3.1m | +9.9% |
| Amounts receivable within one year | 40/41 | €669,330 | €498,160 | -€171,170 | -25.6% |
| Trade receivables | 40 | €352,379 | €262,339 | -€90,040 | -25.6% |
| Other amounts receivable | 41 | €316,951 | €235,821 | -€81,130 | -25.6% |
| Current investments | 50/53 | €29,185,187 | €33,000,065 | +€3.8m | +13.1% |
| Cash at bank and in hand | 54/58 | €1,774,727 | €1,274,258 | -€500,469 | -28.2% |
| Deferred charges and accrued income | 490/1 | €2,957 | €1,908 | -€1,048 | -35.5% |
| Total equity and liabilities | 10/49 | €44,096,319 | €47,658,230 | +€3.6m | +8.1% |
| Equity | 10/15 | €41,872,522 | €45,384,771 | +€3.5m | +8.4% |
| Contributions | 10/11 | €62,200 | €62,200 | = | 0.0% |
| Capital | 10 | €62,200 | €62,200 | = | 0.0% |
| Issued capital | 100 | €62,200 | €62,200 | = | 0.0% |
| Reserves | 13 | €41,687,091 | €45,108,091 | +€3.4m | +8.2% |
| Non-distributable reserves | 130/1 | €6,220 | €6,220 | = | 0.0% |
| Legal reserve | 130 | €6,220 | €6,220 | = | 0.0% |
| Tax-exempt reserves | 132 | €564,955 | €880,705 | +€315,750 | +55.9% |
| Distributable reserves | 133 | €41,115,916 | €44,221,166 | +€3.1m | +7.6% |
| Profit (loss) carried forward | 14 | €123,230 | €214,480 | +€91,249 | +74.0% |
| Amounts payable | 17/49 | €2,223,797 | €2,273,459 | +€49,662 | +2.2% |
| Amounts payable within one year | 42/48 | €2,222,246 | €2,273,138 | +€50,892 | +2.3% |
| Trade debts | 44 | €25,816 | €39,657 | +€13,841 | +53.6% |
| Suppliers | 440/4 | €25,816 | €39,657 | +€13,841 | +53.6% |
| Taxes, remuneration and social security | 45 | €196,430 | €233,480 | +€37,051 | +18.9% |
| Taxes | 450/3 | €35,950 | €55,536 | +€19,586 | +54.5% |
| Remuneration and social security | 454/9 | €160,480 | €177,944 | +€17,465 | +10.9% |
| Other amounts payable | 47/48 | €2,000,000 | €2,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,551 | €321 | -€1,230 | -79.3% |
| Remuneration, social security and pensions | 62 | €941,382 | €1,069,088 | +€127,707 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,961 | €101,909 | +€42,948 | +72.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €327 | - | -€327 | |
| Other operating charges | 640/8 | €33,325 | €32,907 | -€417 | -1.3% |
| Gross operating margin | 9900 | €2,925,310 | €2,909,442 | -€15,868 | -0.5% |
| Operating profit (loss) | 9901 | €1,891,315 | €1,705,537 | -€185,778 | -9.8% |
| Financial income | 75/76B | €7,626,072 | €4,636,278 | -€3.0m | -39.2% |
| Recurring financial income | 75 | €7,626,072 | €4,636,278 | -€3.0m | -39.2% |
| Financial charges | 65/66B | €148,210 | €271,476 | +€123,266 | +83.2% |
| Recurring financial charges | 65 | €148,210 | €271,476 | +€123,266 | +83.2% |
| Profit (loss) for the period before taxes | 9903 | €9,369,177 | €6,070,339 | -€3.3m | -35.2% |
| Income taxes | 67/77 | €562,732 | €547,585 | -€15,147 | -2.7% |
| Profit (loss) for the period | 9904 | €8,806,445 | €5,522,754 | -€3.3m | -37.3% |
| Transfer from tax-exempt reserves | 789 | - | €105,250 | +€105,250 | |
| Transfer to tax-exempt reserves | 689 | €336,800 | €421,000 | +€84,200 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,469,645 | €5,207,004 | -€3.3m | -38.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.