FIRST ELEC T.D.: 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.
FIRST ELEC T.D.
Largest movements
- Cash -€8,309
down €8,309 (-18.4%), from €45,135 to €36,826
mainly Other debts (-€10,115) and Current portion of long-term debt (-€5,640)
- Tangible fixed assets -€8,216
down €8,216 (-41.1%), from €19,980 to €11,764
of which Furniture and vehicles: -€6,015
- Other debts -€10,115
no longer reported in 2025 (was €10,115)
- Reserves +€9,700
up €9,700 (+54.3%), from €17,875 to €27,575
of which Distributable reserves: +€9,700
- Current portion of long-term debt -€5,640
down €5,640 (-57.9%), from €9,741 to €4,100
- Tax, wage and social debts -€4,356
down €4,356 (-51.0%), from €8,550 to €4,193
of which Remuneration and social security: -€4,026
- Debts after one year -€4,100
down €4,100 (-43.9%), from €9,340 to €5,240
- Gross operating margin -€61,661
down €61,661 (-53.2%), from €115,913 to €54,251
- Staff costs -€55,109
down €55,109 (-61.1%), from €90,213 to €35,103
- Financial income +€3,587
up €3,587 (+728%), from €493 to €4,079
of which Non-recurring financial income: +€3,956
- Taxes -€1,726
down €1,726 (-36.0%), from €4,789 to €3,063
- Depreciation +€1,595
up €1,595 (+29.0%), from €5,501 to €7,096
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 | €86,842 | €70,816 | -€16,025 | -18.5% |
| Fixed assets | 21/28 | €20,110 | €11,894 | -€8,216 | -40.9% |
| Tangible fixed assets | 22/27 | €19,980 | €11,764 | -€8,216 | -41.1% |
| Plant, machinery and equipment | 23 | €3,648 | €2,844 | -€804 | -22.0% |
| Furniture and vehicles | 24 | €14,935 | €8,920 | -€6,015 | -40.3% |
| Leasing and similar rights | 25 | €1,397 | - | -€1,397 | |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €66,731 | €58,922 | -€7,809 | -11.7% |
| Stocks and contracts in progress | 3 | €305 | €971 | +€666 | +218% |
| Stocks | 30/36 | €305 | €971 | +€666 | +218% |
| Amounts receivable within one year | 40/41 | €18,535 | €18,393 | -€142 | -0.8% |
| Trade receivables | 40 | €15,928 | €8,822 | -€7,106 | -44.6% |
| Other amounts receivable | 41 | €2,607 | €9,571 | +€6,964 | +267% |
| Cash at bank and in hand | 54/58 | €45,135 | €36,826 | -€8,309 | -18.4% |
| Deferred charges and accrued income | 490/1 | €2,757 | €2,733 | -€24 | -0.9% |
| Total equity and liabilities | 10/49 | €86,842 | €70,816 | -€16,025 | -18.5% |
| Equity | 10/15 | €31,518 | €41,233 | +€9,715 | +30.8% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €17,875 | €27,575 | +€9,700 | +54.3% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Distributable reserves | 133 | €16,000 | €25,700 | +€9,700 | +60.6% |
| Profit (loss) carried forward | 14 | €7,393 | €7,408 | +€15 | +0.2% |
| Amounts payable | 17/49 | €55,323 | €29,583 | -€25,740 | -46.5% |
| Amounts payable after more than one year | 17 | €9,340 | €5,240 | -€4,100 | -43.9% |
| Financial debts | 170/4 | €9,340 | €5,240 | -€4,100 | -43.9% |
| Amounts payable within one year | 42/48 | €45,983 | €24,344 | -€21,640 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €9,741 | €4,100 | -€5,640 | -57.9% |
| Financial debts | 43 | €344 | €343 | -€1 | -0.3% |
| Credit institutions | 430/8 | €344 | €343 | -€1 | -0.3% |
| Trade debts | 44 | €17,234 | €15,707 | -€1,528 | -8.9% |
| Suppliers | 440/4 | €17,234 | €15,707 | -€1,528 | -8.9% |
| Taxes, remuneration and social security | 45 | €8,550 | €4,193 | -€4,356 | -51.0% |
| Taxes | 450/3 | €4,300 | €3,970 | -€330 | -7.7% |
| Remuneration and social security | 454/9 | €4,250 | €223 | -€4,026 | -94.7% |
| Other amounts payable | 47/48 | €10,115 | - | -€10,115 | |
| Remuneration, social security and pensions | 62 | €90,213 | €35,103 | -€55,109 | -61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,501 | €7,096 | +€1,595 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,266 | +€1,266 | |
| Other operating charges | 640/8 | €982 | €886 | -€96 | -9.8% |
| Non-recurring operating charges | 66A | €819 | - | -€819 | |
| Gross operating margin | 9900 | €115,913 | €54,251 | -€61,661 | -53.2% |
| Operating profit (loss) | 9901 | €18,398 | €9,900 | -€8,497 | -46.2% |
| Financial income | 75/76B | €493 | €4,079 | +€3,587 | +728% |
| Recurring financial income | 75 | €493 | €124 | -€369 | -74.9% |
| Non-recurring financial income | 76B | - | €3,956 | +€3,956 | |
| Financial charges | 65/66B | €1,806 | €1,202 | -€604 | -33.5% |
| Recurring financial charges | 65 | €1,806 | €1,202 | -€604 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €17,084 | €12,778 | -€4,306 | -25.2% |
| Income taxes | 67/77 | €4,789 | €3,063 | -€1,726 | -36.0% |
| Profit (loss) for the period | 9904 | €12,295 | €9,715 | -€2,580 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,295 | €9,715 | -€2,580 | -21.0% |
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 27 October 2026 via checked.be.