Energy Smart Modules: 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.
Energy Smart Modules
Largest movements
- Cash -€31,558
down €31,558 (-43.2%), from €73,103 to €41,545
mainly Investment in fixed assets (net) (-€26,412) and Receivables within one year (-€24,098)
- Receivables within one year +€24,098
up €24,098 (+39.4%), from €61,135 to €85,234
of which Trade receivables: +€20,349
- Intangible fixed assets +€6,581
up €6,581 (+17.5%), from €37,559 to €44,140
- Stocks and contracts -€5,059
down €5,059 (-6.6%), from €76,267 to €71,208
- Trade debts -€5,802
down €5,802 (-50.0%), from €11,600 to €5,798
- Tax, wage and social debts -€2,896
down €2,896 (-20.9%), from €13,838 to €10,942
of which Taxes: -€6,566
- Depreciation +€5,655
up €5,655 (+44.4%), from €12,735 to €18,390
- Gross operating margin +€3,364
up €3,364 (+18.0%), from €18,642 to €22,006
- Taxes -€555
down €555 (-29.2%), from €1,898 to €1,344
- Other operating charges -€441
down €441 (-55.7%), from €791 to €350
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 | €252,848 | €247,687 | -€5,161 | -2.0% |
| Fixed assets | 21/28 | €41,195 | €49,217 | +€8,022 | +19.5% |
| Intangible fixed assets | 21 | €37,559 | €44,140 | +€6,581 | +17.5% |
| Tangible fixed assets | 22/27 | €3,636 | €5,077 | +€1,441 | +39.6% |
| Plant, machinery and equipment | 23 | - | €2,036 | +€2,036 | |
| Furniture and vehicles | 24 | €3,636 | €3,040 | -€596 | -16.4% |
| Current assets | 29/58 | €211,653 | €198,470 | -€13,183 | -6.2% |
| Stocks and contracts in progress | 3 | €76,267 | €71,208 | -€5,059 | -6.6% |
| Stocks | 30/36 | €76,267 | €71,208 | -€5,059 | -6.6% |
| Amounts receivable within one year | 40/41 | €61,135 | €85,234 | +€24,098 | +39.4% |
| Trade receivables | 40 | €61,135 | €81,484 | +€20,349 | +33.3% |
| Other amounts receivable | 41 | - | €3,749 | +€3,749 | |
| Cash at bank and in hand | 54/58 | €73,103 | €41,545 | -€31,558 | -43.2% |
| Deferred charges and accrued income | 490/1 | €1,147 | €483 | -€664 | -57.9% |
| Total equity and liabilities | 10/49 | €252,848 | €247,687 | -€5,161 | -2.0% |
| Equity | 10/15 | €161,755 | €163,425 | +€1,670 | +1.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,755 | €156,425 | +€1,670 | +1.1% |
| Amounts payable | 17/49 | €91,093 | €84,262 | -€6,831 | -7.5% |
| Amounts payable within one year | 42/48 | €91,093 | €84,262 | -€6,831 | -7.5% |
| Trade debts | 44 | €11,600 | €5,798 | -€5,802 | -50.0% |
| Suppliers | 440/4 | €11,600 | €5,798 | -€5,802 | -50.0% |
| Taxes, remuneration and social security | 45 | €13,838 | €10,942 | -€2,896 | -20.9% |
| Taxes | 450/3 | €10,638 | €4,072 | -€6,566 | -61.7% |
| Remuneration and social security | 454/9 | €3,200 | €6,870 | +€3,670 | +115% |
| Other amounts payable | 47/48 | €65,655 | €67,522 | +€1,867 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,735 | €18,390 | +€5,655 | +44.4% |
| Other operating charges | 640/8 | €791 | €350 | -€441 | -55.7% |
| Gross operating margin | 9900 | €18,642 | €22,006 | +€3,364 | +18.0% |
| Operating profit (loss) | 9901 | €5,116 | €3,266 | -€1,850 | -36.2% |
| Financial income | 75/76B | €131 | €69 | -€61 | -46.9% |
| Recurring financial income | 75 | €131 | €69 | -€61 | -46.9% |
| Financial charges | 65/66B | €247 | €321 | +€74 | +29.8% |
| Recurring financial charges | 65 | €247 | €321 | +€74 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €4,999 | €3,014 | -€1,985 | -39.7% |
| Income taxes | 67/77 | €1,898 | €1,344 | -€555 | -29.2% |
| Profit (loss) for the period | 9904 | €3,101 | €1,670 | -€1,431 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,101 | €1,670 | -€1,431 | -46.1% |
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 28 October 2026 via checked.be.