EXPELEC: 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.
EXPELEC
Largest movements
- Receivables within one year -€26,315
down €26,315 (-44.9%), from €58,604 to €32,289
of which Trade receivables: -€27,085
- Cash +€10,304
up €10,304 (+295%), from €3,492 to €13,796
mainly Receivables within one year (+€26,315) and Depreciation (+€8,432)
- Tangible fixed assets +€4,860
up €4,860 (+3.0%), from €162,845 to €167,705
of which Leasing and similar rights: +€9,110
- Trade debts +€7,608
up €7,608 (+1,303%), from €584 to €8,191
- Debts after one year -€7,261
down €7,261 (-4.6%), from €157,936 to €150,676
- Tax, wage and social debts -€4,510
down €4,510 (-42.5%), from €10,608 to €6,099
- Gross operating margin -€5,962
down €5,962 (-31.5%), from €18,908 to €12,946
- Depreciation -€4,845
down €4,845 (-36.5%), from €13,277 to €8,432
- Taxes -€1,691
down €1,691, from €1,649 to -€42
- Other operating charges +€574
up €574 (+98.4%), from €583 to €1,157
- Financial income -€462
down €462 (-20.0%), from €2,312 to €1,850
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 | €276,003 | €268,923 | -€7,080 | -2.6% |
| Fixed assets | 21/28 | €162,845 | €167,705 | +€4,860 | +3.0% |
| Tangible fixed assets | 22/27 | €162,845 | €167,705 | +€4,860 | +3.0% |
| Land and buildings | 22 | €150,879 | €146,797 | -€4,082 | -2.7% |
| Furniture and vehicles | 24 | €8,203 | €9,125 | +€922 | +11.2% |
| Leasing and similar rights | 25 | €889 | €9,999 | +€9,110 | +1,025% |
| Other tangible fixed assets | 26 | €2,874 | €1,784 | -€1,090 | -37.9% |
| Current assets | 29/58 | €113,158 | €101,218 | -€11,940 | -10.6% |
| Amounts receivable after more than one year | 29 | €51,062 | €52,466 | +€1,404 | +2.7% |
| Other amounts receivable | 291 | €51,062 | €52,466 | +€1,404 | +2.7% |
| Amounts receivable within one year | 40/41 | €58,604 | €32,289 | -€26,315 | -44.9% |
| Trade receivables | 40 | €37,316 | €10,231 | -€27,085 | -72.6% |
| Other amounts receivable | 41 | €21,288 | €22,058 | +€770 | +3.6% |
| Cash at bank and in hand | 54/58 | €3,492 | €13,796 | +€10,304 | +295% |
| Deferred charges and accrued income | 490/1 | - | €2,667 | +€2,667 | |
| Total equity and liabilities | 10/49 | €276,003 | €268,923 | -€7,080 | -2.6% |
| Equity | 10/15 | €85,715 | €83,696 | -€2,019 | -2.4% |
| Contributions | 10/11 | €161,973 | €161,973 | = | 0.0% |
| Capital | 10 | €161,973 | €161,973 | = | 0.0% |
| Issued capital | 100 | €161,973 | €161,973 | = | 0.0% |
| Revaluation surpluses | 12 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €3,491 | €3,491 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,491 | €3,491 | = | 0.0% |
| Legal reserve | 130 | €3,491 | €3,491 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,750 | -€106,769 | -€2,019 | -1.9% |
| Amounts payable | 17/49 | €190,288 | €185,226 | -€5,061 | -2.7% |
| Amounts payable after more than one year | 17 | €157,936 | €150,676 | -€7,261 | -4.6% |
| Financial debts | 170/4 | €157,936 | €150,676 | -€7,261 | -4.6% |
| Amounts payable within one year | 42/48 | €31,231 | €34,551 | +€3,320 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €7,039 | €7,261 | +€221 | +3.1% |
| Financial debts | 43 | €13,000 | €13,000 | = | 0.0% |
| Credit institutions | 430/8 | €13,000 | €13,000 | = | 0.0% |
| Trade debts | 44 | €584 | €8,191 | +€7,608 | +1,303% |
| Suppliers | 440/4 | €584 | €8,191 | +€7,608 | +1,303% |
| Taxes, remuneration and social security | 45 | €10,608 | €6,099 | -€4,510 | -42.5% |
| Taxes | 450/3 | €10,608 | €6,099 | -€4,510 | -42.5% |
| Accrued charges and deferred income | 492/3 | €1,120 | - | -€1,120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,277 | €8,432 | -€4,845 | -36.5% |
| Other operating charges | 640/8 | €583 | €1,157 | +€574 | +98.4% |
| Gross operating margin | 9900 | €18,908 | €12,946 | -€5,962 | -31.5% |
| Operating profit (loss) | 9901 | €5,048 | €3,356 | -€1,691 | -33.5% |
| Financial income | 75/76B | €2,312 | €1,850 | -€462 | -20.0% |
| Recurring financial income | 75 | €2,312 | €1,850 | -€462 | -20.0% |
| Financial charges | 65/66B | €7,179 | €7,268 | +€89 | +1.2% |
| Recurring financial charges | 65 | €7,179 | €7,268 | +€89 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €181 | -€2,061 | -€2,242 | |
| Income taxes | 67/77 | €1,649 | -€42 | -€1,691 | |
| Profit (loss) for the period | 9904 | -€1,467 | -€2,019 | -€551 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,467 | -€2,019 | -€551 | -37.6% |
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.