ENERTEC: 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.
What changed
ENERTEC
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€326,327
2024 · €253,759+€72,567
Equity
€1.9m
2024 · €1.7m+€233,379
Cash
€668,803
2024 · €408,576+€260,227
Balance sheet total
€5.7m
2024 · €5.2m+€477,531
Largest movements
Assets
- Receivables within one year +€366,612
up €366,612 (+36.2%), from €1.0m to €1.4m
of which Trade receivables: +€345,369
- Cash +€260,227
up €260,227 (+63.7%), from €408,576 to €668,803
mainly Trade debts (+€411,966) and Net result for the year (+€326,327)
- Stocks and contracts -€142,373
down €142,373 (-19.4%), from €734,821 to €592,449
of which Contracts in progress: -€171,312
Equity and liabilities
- Trade debts +€411,966
up €411,966 (+51.9%), from €793,152 to €1.2m
- Profit (loss) carried forward +€242,327
up €242,327 (+16.7%), from €1.5m to €1.7m
- Debts after one year -€230,378
down €230,378 (-10.1%), from €2.3m to €2.0m
Income statement
- Gross operating margin +€444,257
up €444,257 (+15.0%), from €3.0m to €3.4m
- Staff costs +€376,974
up €376,974 (+16.5%), from €2.3m to €2.7m
- Write-downs -€106,715
down €106,715 (-98.1%), from €108,751 to €2,036
- Depreciation +€63,186
up €63,186 (+31.9%), from €197,916 to €261,103
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
€253,759
Gross operating margin
+€444,257
Staff costs
-€376,974
Depreciation
-€63,186
Write-downs
+€106,715
Other operating charges
-€2,079
Other operating items
+€5,104
Financial income
-€8,679
Financial charges
-€4,549
Taxes
-€28,042
Result 2025
€326,327
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
+€809,527
Investment
-€248,736
Financing
-€300,564
Cash 2024
€408,576
From operations (derived)
+€809,527
Net result for the year
+€326,327
Depreciation
+€261,103
Stocks and contracts
+€142,373
Receivables within one year
-€366,612
Deferred charges and accrued income
-€5,431
Trade debts
+€411,966
Tax, wage and social debts
+€31,802
Other debts
+€8,000
Investment (derived)
-€248,736
Investment in fixed assets (net)
-€248,736
Financing
-€300,564
Debts after one year
-€230,378
Current portion of long-term debt
+€22,762
Contributions, distributions and other
-€92,947
Cash 2025
€668,803
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,217,804 | €5,695,336 | +€477,531 | +9.2% |
| Fixed assets | 21/28 | €3,032,427 | €3,020,060 | -€12,367 | -0.4% |
| Tangible fixed assets | 22/27 | €2,270,463 | €2,249,986 | -€20,477 | -0.9% |
| Land and buildings | 22 | €1,827,964 | €1,753,636 | -€74,329 | -4.1% |
| Plant, machinery and equipment | 23 | €46,532 | €48,549 | +€2,018 | +4.3% |
| Furniture and vehicles | 24 | €395,967 | €447,801 | +€51,834 | +13.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €761,964 | €770,074 | +€8,110 | +1.1% |
| Current assets | 29/58 | €2,185,377 | €2,675,275 | +€489,898 | +22.4% |
| Stocks and contracts in progress | 3 | €734,821 | €592,449 | -€142,373 | -19.4% |
| Stocks | 30/36 | €219,097 | €248,037 | +€28,939 | +13.2% |
| Contracts in progress | 37 | €515,724 | €344,412 | -€171,312 | -33.2% |
| Amounts receivable within one year | 40/41 | €1,013,613 | €1,380,225 | +€366,612 | +36.2% |
| Trade receivables | 40 | €940,156 | €1,285,525 | +€345,369 | +36.7% |
| Other amounts receivable | 41 | €73,457 | €94,701 | +€21,243 | +28.9% |
| Cash at bank and in hand | 54/58 | €408,576 | €668,803 | +€260,227 | +63.7% |
| Deferred charges and accrued income | 490/1 | €28,367 | €33,798 | +€5,431 | +19.1% |
| Total equity and liabilities | 10/49 | €5,217,804 | €5,695,336 | +€477,531 | +9.2% |
| Equity | 10/15 | €1,708,108 | €1,941,488 | +€233,379 | +13.7% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €8,500 | €8,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,500 | €8,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,500 | €8,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,454,847 | €1,697,174 | +€242,327 | +16.7% |
| Investment grants | 15 | €159,761 | €150,814 | -€8,947 | -5.6% |
| Amounts payable | 17/49 | €3,509,696 | €3,753,848 | +€244,152 | +7.0% |
| Amounts payable after more than one year | 17 | €2,270,354 | €2,039,976 | -€230,378 | -10.1% |
| Financial debts | 170/4 | €2,270,354 | €2,039,976 | -€230,378 | -10.1% |
| Amounts payable within one year | 42/48 | €1,239,342 | €1,713,872 | +€474,530 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | €306,858 | €329,619 | +€22,762 | +7.4% |
| Trade debts | 44 | €793,152 | €1,205,118 | +€411,966 | +51.9% |
| Suppliers | 440/4 | €793,152 | €1,205,118 | +€411,966 | +51.9% |
| Taxes, remuneration and social security | 45 | €63,333 | €95,135 | +€31,802 | +50.2% |
| Taxes | 450/3 | €14,599 | €19,063 | +€4,464 | +30.6% |
| Remuneration and social security | 454/9 | €48,734 | €76,072 | +€27,338 | +56.1% |
| Other amounts payable | 47/48 | €76,000 | €84,000 | +€8,000 | +10.5% |
| Non-recurring operating income | 76A | €0 | €51,226 | +€51,226 | |
| Remuneration, social security and pensions | 62 | €2,281,521 | €2,658,495 | +€376,974 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,916 | €261,103 | +€63,186 | +31.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €108,751 | €2,036 | -€106,715 | -98.1% |
| Other operating charges | 640/8 | €9,381 | €11,460 | +€2,079 | +22.2% |
| Non-recurring operating charges | 66A | €5,104 | €0 | -€5,104 | -100.0% |
| Gross operating margin | 9900 | €2,964,306 | €3,408,563 | +€444,257 | +15.0% |
| Operating profit (loss) | 9901 | €361,633 | €475,470 | +€113,837 | +31.5% |
| Financial income | 75/76B | €22,748 | €14,070 | -€8,679 | -38.2% |
| Recurring financial income | 75 | €22,748 | €14,070 | -€8,679 | -38.2% |
| Financial charges | 65/66B | €51,601 | €56,150 | +€4,549 | +8.8% |
| Recurring financial charges | 65 | €51,601 | €56,150 | +€4,549 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €332,781 | €433,390 | +€100,609 | +30.2% |
| Income taxes | 67/77 | €79,021 | €107,063 | +€28,042 | +35.5% |
| Profit (loss) for the period | 9904 | €253,759 | €326,327 | +€72,567 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €253,759 | €326,327 | +€72,567 | +28.6% |
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 11 October 2026 via checked.be.