ENERSOL: 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
ENERSOL
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€251,280
2024 · €1.6m-€1.3m
Equity
€7.0m
2024 · €7.0m+€36,877
Cash
€1.3m
2024 · €546,132+€712,599
Balance sheet total
€19.4m
2024 · €18.2m+€1.2m
Largest movements
Assets
- Receivables within one year -€1.9m
down €1.9m (-27.0%), from €7.0m to €5.1m
of which Trade receivables: -€2.3m
- Financial fixed assets +€1.3m
up €1.3m (+117.7%), from €1.1m to €2.4m
of which Affiliated companies: +€1.5m
- Stocks and contracts +€888,243
up €888,243 (+37.9%), from €2.3m to €3.2m
of which Stocks: +€1.0m
- Cash +€712,599
up €712,599 (+130.5%), from €546,132 to €1.3m
mainly Receivables within one year (+€1.9m) and Trade debts (+€1.2m)
- Current investments +€672,221
up €672,221 (+21.7%), from €3.1m to €3.8m
of which Other investments: +€352,221
Equity and liabilities
- Trade debts +€1.2m
up €1.2m (+72.2%), from €1.7m to €2.9m
- Debts after one year +€816,804
up €816,804 (+57.5%), from €1.4m to €2.2m
- Provisions -€530,239
down €530,239 (-29.2%), from €1.8m to €1.3m
- Advances received +€507,842
up €507,842 (+13.7%), from €3.7m to €4.2m
- Tax, wage and social debts -€453,058
down €453,058 (-33.8%), from €1.3m to €886,301
of which Taxes: -€234,184
Income statement
- Turnover -€6.1m
down €6.1m (-20.6%), from €29.6m to €23.5m
- Goods and materials -€3.2m
down €3.2m (-19.1%), from €16.6m to €13.4m
of which Change in stocks: decrease (increase): -€2.0m
- Staff costs -€958,892
down €958,892 (-11.1%), from €8.6m to €7.7m
- Other operating income +€822,634
up €822,634 (+44.1%), from €1.9m to €2.7m
- Provisions -€492,009
down €492,009 (-1287.0%), from -€38,229 to -€530,239
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.
Result 2024
€1.6m
Turnover
-€6.1m
Other operating income
+€822,634
Goods and materials
+€3.2m
Services and other goods
+€46,783
Staff costs
+€958,892
Depreciation
+€96,872
Write-downs
-€123,279
Provisions
+€492,009
Other operating charges
+€16,609
Other operating items
-€842,515
Financial income
-€189,231
Financial charges
-€39,877
Taxes
+€381,402
Result 2025
€251,280
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.
From operations
+€2.3m
Investment
-€2.2m
Financing
+€647,844
Cash 2024
€546,132
From operations (derived)
+€2.3m
Net result for the year
+€251,280
Depreciation
+€839,762
Receivables after one year
+€15,353
Stocks and contracts
-€888,243
Receivables within one year
+€1.9m
Deferred charges and accrued income
-€123,339
Provisions
-€530,239
Trade debts
+€1.2m
Tax, wage and social debts
-€453,058
Advances received
+€507,842
Other debts
-€295,012
Accrued charges and deferred income
-€132,233
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€1.5m
Current investments
-€672,221
Financing
+€647,844
Debts after one year
+€816,804
Current portion of long-term debt
+€45,443
Contributions, distributions and other
-€214,403
Cash 2025
€1.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,211,739 | €19,411,410 | +€1.2m | +6.6% |
| Fixed assets | 21/28 | €5,156,006 | €5,856,560 | +€700,554 | +13.6% |
| Intangible fixed assets | 21 | €133,019 | €132,040 | -€979 | -0.7% |
| Tangible fixed assets | 22/27 | €3,938,101 | €3,362,628 | -€575,473 | -14.6% |
| Land and buildings | 22 | €44,330 | €36,922 | -€7,408 | -16.7% |
| Plant, machinery and equipment | 23 | €396,942 | €387,993 | -€8,949 | -2.3% |
| Furniture and vehicles | 24 | €554,426 | €377,992 | -€176,434 | -31.8% |
| Leasing and similar rights | 25 | €1,690,278 | €1,519,107 | -€171,171 | -10.1% |
| Other tangible fixed assets | 26 | €1,140,698 | €949,615 | -€191,082 | -16.8% |
| Assets under construction and advance payments | 27 | €111,427 | €90,998 | -€20,429 | -18.3% |
| Financial fixed assets | 28 | €1,084,886 | €2,361,893 | +€1.3m | +117.7% |
| Affiliated companies | 280/1 | €197,500 | €1,697,500 | +€1.5m | +759.5% |
| Participating interests | 280 | €197,500 | €1,697,500 | +€1.5m | +759.5% |
| Companies linked by participating interests | 282/3 | €844,934 | €599,934 | -€245,000 | -29.0% |
| Participating interests | 282 | €844,934 | €599,934 | -€245,000 | -29.0% |
| Other financial fixed assets | 284/8 | €42,452 | €64,459 | +€22,006 | +51.8% |
| Shares | 284 | €14,374 | €37,228 | +€22,854 | +159.0% |
| Amounts receivable and cash guarantees | 285/8 | €28,078 | €27,231 | -€848 | -3.0% |
| Current assets | 29/58 | €13,055,733 | €13,554,850 | +€499,117 | +3.8% |
| Amounts receivable after more than one year | 29 | €37,048 | €21,695 | -€15,353 | -41.4% |
| Other amounts receivable | 291 | €37,048 | €21,695 | -€15,353 | -41.4% |
| Stocks and contracts in progress | 3 | €2,344,008 | €3,232,250 | +€888,243 | +37.9% |
| Stocks | 30/36 | €1,390,881 | €2,422,121 | +€1.0m | +74.1% |
| Raw materials and consumables | 30/31 | €1,280,036 | €1,427,735 | +€147,699 | +11.5% |
| Goods purchased for resale | 34 | €110,845 | €994,386 | +€883,541 | +797.1% |
| Contracts in progress | 37 | €953,126 | €810,129 | -€142,997 | -15.0% |
| Amounts receivable within one year | 40/41 | €6,958,356 | €5,076,426 | -€1.9m | -27.0% |
| Trade receivables | 40 | €6,097,266 | €3,810,295 | -€2.3m | -37.5% |
| Other amounts receivable | 41 | €861,090 | €1,266,131 | +€405,041 | +47.0% |
| Current investments | 50/53 | €3,102,192 | €3,774,412 | +€672,221 | +21.7% |
| Own shares | 50 | - | €320,000 | +€320,000 | |
| Other investments | 51/53 | €3,102,192 | €3,454,412 | +€352,221 | +11.4% |
| Cash at bank and in hand | 54/58 | €546,132 | €1,258,730 | +€712,599 | +130.5% |
| Deferred charges and accrued income | 490/1 | €67,998 | €191,337 | +€123,339 | +181.4% |
| Total equity and liabilities | 10/49 | €18,211,739 | €19,411,410 | +€1.2m | +6.6% |
| Equity | 10/15 | €6,989,793 | €7,026,670 | +€36,877 | +0.5% |
| Contributions | 10/11 | €360,000 | €360,000 | = | 0.0% |
| Reserves | 13 | €1,860,032 | €1,986,332 | +€126,300 | +6.8% |
| Non-distributable reserves | 130/1 | €161,725 | €481,725 | +€320,000 | +197.9% |
| Reserves not available under the articles | 1311 | €161,725 | €161,725 | = | 0.0% |
| Own shares acquired | 1312 | - | €320,000 | +€320,000 | |
| Tax-exempt reserves | 132 | €494,907 | €410,707 | -€84,200 | -17.0% |
| Distributable reserves | 133 | €1,203,400 | €1,093,900 | -€109,500 | -9.1% |
| Profit (loss) carried forward | 14 | €4,652,925 | €4,576,053 | -€76,872 | -1.7% |
| Investment grants | 15 | €116,837 | €104,286 | -€12,551 | -10.7% |
| Provisions and deferred taxes | 16 | €1,814,927 | €1,284,688 | -€530,239 | -29.2% |
| Provisions for liabilities and charges | 160/5 | €1,814,927 | €1,284,688 | -€530,239 | -29.2% |
| Other liabilities and charges | 164/5 | €1,814,927 | €1,284,688 | -€530,239 | -29.2% |
| Amounts payable | 17/49 | €9,407,019 | €11,100,052 | +€1.7m | +18.0% |
| Amounts payable after more than one year | 17 | €1,419,771 | €2,236,575 | +€816,804 | +57.5% |
| Financial debts | 170/4 | €1,419,771 | €2,236,575 | +€816,804 | +57.5% |
| Leasing and similar obligations | 172 | €483,994 | €351,323 | -€132,671 | -27.4% |
| Credit institutions | 173 | €935,777 | €1,885,251 | +€949,475 | +101.5% |
| Amounts payable within one year | 42/48 | €7,794,826 | €8,803,288 | +€1.0m | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €582,383 | €627,826 | +€45,443 | +7.8% |
| Trade debts | 44 | €1,666,511 | €2,869,757 | +€1.2m | +72.2% |
| Suppliers | 440/4 | €1,666,511 | €2,869,757 | +€1.2m | +72.2% |
| Advances received on contracts in progress | 46 | €3,709,866 | €4,217,708 | +€507,842 | +13.7% |
| Taxes, remuneration and social security | 45 | €1,339,359 | €886,301 | -€453,058 | -33.8% |
| Taxes | 450/3 | €407,628 | €173,444 | -€234,184 | -57.5% |
| Remuneration and social security | 454/9 | €931,731 | €712,857 | -€218,873 | -23.5% |
| Other amounts payable | 47/48 | €496,708 | €201,696 | -€295,012 | -59.4% |
| Accrued charges and deferred income | 492/3 | €192,422 | €60,189 | -€132,233 | -68.7% |
| Operating income | 70/76A | €30,190,463 | €24,108,046 | -€6.1m | -20.1% |
| Turnover | 70 | €29,631,773 | €23,519,111 | -€6.1m | -20.6% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,307,230 | -€2,101,041 | -€793,810 | -60.7% |
| Other operating income | 74 | €1,864,001 | €2,686,635 | +€822,634 | +44.1% |
| Non-recurring operating income | 76A | €1,920 | €3,341 | +€1,421 | +74.0% |
| Operating charges | 60/66A | €28,570,154 | €23,971,194 | -€4.6m | -16.1% |
| Goods for resale, raw materials and consumables | 60 | €16,571,343 | €13,410,142 | -€3.2m | -19.1% |
| Purchases | 600/8 | €15,648,911 | €14,488,780 | -€1.2m | -7.4% |
| Change in stocks: decrease (increase) | 609 | €922,432 | -€1,078,638 | -€2.0m | |
| Services and other goods | 61 | €2,417,750 | €2,370,967 | -€46,783 | -1.9% |
| Remuneration, social security and pensions | 62 | €8,621,936 | €7,663,045 | -€958,892 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €936,634 | €839,762 | -€96,872 | -10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€20,026 | €103,253 | +€123,279 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€38,229 | -€530,239 | -€492,009 | -1287.0% |
| Other operating charges | 640/8 | €52,023 | €35,414 | -€16,609 | -31.9% |
| Non-recurring operating charges | 66A | €28,723 | €78,849 | +€50,126 | +174.5% |
| Operating profit (loss) | 9901 | €1,620,309 | €136,852 | -€1.5m | -91.6% |
| Financial income | 75/76B | €508,278 | €319,047 | -€189,231 | -37.2% |
| Recurring financial income | 75 | €508,278 | €319,047 | -€189,231 | -37.2% |
| Income from financial fixed assets | 750 | €430,738 | €199,173 | -€231,565 | -53.8% |
| Income from current assets | 751 | €47,091 | €43,187 | -€3,904 | -8.3% |
| Other financial income | 752/9 | €30,449 | €76,686 | +€46,238 | +151.9% |
| Financial charges | 65/66B | €86,673 | €126,550 | +€39,877 | +46.0% |
| Recurring financial charges | 65 | €86,673 | €126,550 | +€39,877 | +46.0% |
| Debt charges | 650 | €51,454 | €75,668 | +€24,214 | +47.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €35,219 | €50,882 | +€15,663 | +44.5% |
| Profit (loss) for the period before taxes | 9903 | €2,041,914 | €329,349 | -€1.7m | -83.9% |
| Income taxes | 67/77 | €459,471 | €78,069 | -€381,402 | -83.0% |
| Taxes | 670/3 | €459,471 | €78,069 | -€381,402 | -83.0% |
| Profit (loss) for the period | 9904 | €1,582,442 | €251,280 | -€1.3m | -84.1% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €210,500 | +€126,300 | +150.0% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €126,300 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,540,342 | €335,480 | -€1.2m | -78.2% |
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 29 September 2026 via checked.be.