ELECTRO SMULDERS: 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 SMULDERS
Largest movements
- Cash +€103,741
up €103,741 (+22.4%), from €463,086 to €566,828
mainly Net result for the year (+€159,740) and Depreciation (+€27,809)
- Current investments +€78,442
up €78,442 (+17.2%), from €455,622 to €534,064
- Tangible fixed assets -€19,758
down €19,758 (-22.1%), from €89,567 to €69,809
of which Furniture and vehicles: -€21,768
- Stocks and contracts -€19,072
down €19,072 (-6.6%), from €290,077 to €271,004
- Reserves +€156,740
up €156,740 (+19.1%), from €822,625 to €979,364
of which Distributable reserves: +€156,740
- Tax, wage and social debts -€34,570
down €34,570 (-49.2%), from €70,242 to €35,672
of which Taxes: -€34,421
- Other debts +€25,384
up €25,384 (+6.0%), from €424,202 to €449,586
- Gross operating margin -€50,584
down €50,584 (-12.3%), from €410,576 to €359,992
- Taxes -€14,348
down €14,348 (-17.6%), from €81,412 to €67,064
- Financial income +€13,135
up €13,135 (+29.0%), from €45,260 to €58,394
- Financial charges +€5,352
up €5,352 (+20.5%), from €26,122 to €31,474
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 | €1,367,472 | €1,506,043 | +€138,571 | +10.1% |
| Fixed assets | 21/28 | €89,567 | €69,809 | -€19,758 | -22.1% |
| Tangible fixed assets | 22/27 | €89,567 | €69,809 | -€19,758 | -22.1% |
| Plant, machinery and equipment | 23 | €11,885 | €13,895 | +€2,010 | +16.9% |
| Furniture and vehicles | 24 | €77,682 | €55,914 | -€21,768 | -28.0% |
| Current assets | 29/58 | €1,277,905 | €1,436,234 | +€158,329 | +12.4% |
| Stocks and contracts in progress | 3 | €290,077 | €271,004 | -€19,072 | -6.6% |
| Stocks | 30/36 | €290,077 | €271,004 | -€19,072 | -6.6% |
| Amounts receivable within one year | 40/41 | €60,474 | €53,757 | -€6,717 | -11.1% |
| Trade receivables | 40 | €48,446 | €44,507 | -€3,938 | -8.1% |
| Other amounts receivable | 41 | €12,028 | €9,250 | -€2,778 | -23.1% |
| Current investments | 50/53 | €455,622 | €534,064 | +€78,442 | +17.2% |
| Cash at bank and in hand | 54/58 | €463,086 | €566,828 | +€103,741 | +22.4% |
| Deferred charges and accrued income | 490/1 | €8,646 | €10,581 | +€1,935 | +22.4% |
| Total equity and liabilities | 10/49 | €1,367,472 | €1,506,043 | +€138,571 | +10.1% |
| Equity | 10/15 | €841,217 | €997,956 | +€156,740 | +18.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €822,625 | €979,364 | +€156,740 | +19.1% |
| Tax-exempt reserves | 132 | €822 | €822 | = | 0.0% |
| Distributable reserves | 133 | €821,802 | €978,542 | +€156,740 | +19.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €526,255 | €508,087 | -€18,169 | -3.5% |
| Amounts payable within one year | 42/48 | €526,255 | €507,338 | -€18,917 | -3.6% |
| Financial debts | 43 | €9,017 | €0 | -€9,017 | -100% |
| Other loans | 439 | €9,017 | €0 | -€9,017 | -100% |
| Trade debts | 44 | €22,794 | €22,081 | -€714 | -3.1% |
| Suppliers | 440/4 | €22,794 | €22,081 | -€714 | -3.1% |
| Taxes, remuneration and social security | 45 | €70,242 | €35,672 | -€34,570 | -49.2% |
| Taxes | 450/3 | €55,390 | €20,969 | -€34,421 | -62.1% |
| Remuneration and social security | 454/9 | €14,852 | €14,703 | -€149 | -1.0% |
| Other amounts payable | 47/48 | €424,202 | €449,586 | +€25,384 | +6.0% |
| Accrued charges and deferred income | 492/3 | - | €748 | +€748 | |
| Remuneration, social security and pensions | 62 | €129,349 | €129,165 | -€184 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,509 | €27,809 | +€301 | +1.1% |
| Other operating charges | 640/8 | €4,365 | €3,134 | -€1,232 | -28.2% |
| Gross operating margin | 9900 | €410,576 | €359,992 | -€50,584 | -12.3% |
| Operating profit (loss) | 9901 | €249,353 | €199,884 | -€49,469 | -19.8% |
| Financial income | 75/76B | €45,260 | €58,394 | +€13,135 | +29.0% |
| Recurring financial income | 75 | €45,260 | €58,394 | +€13,135 | +29.0% |
| Financial charges | 65/66B | €26,122 | €31,474 | +€5,352 | +20.5% |
| Recurring financial charges | 65 | €26,122 | €31,474 | +€5,352 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | €268,490 | €226,804 | -€41,686 | -15.5% |
| Income taxes | 67/77 | €81,412 | €67,064 | -€14,348 | -17.6% |
| Profit (loss) for the period | 9904 | €187,078 | €159,740 | -€27,338 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €187,078 | €159,740 | -€27,338 | -14.6% |
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.