FORMULA-AIR: 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
FORMULA-AIR
NACE 46.643, Wholesale of electrical equipment, including installation materials
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€80,350
2024 · €75,944+€4,406
Equity
€1.9m
2024 · €1.8m+€80,350
Cash
€6,173
2024 · €8,070-€1,897
Balance sheet total
€4.6m
2024 · €4.3m+€337,154
Largest movements
Assets
- Receivables within one year +€255,495
up €255,495 (+14.9%), from €1.7m to €2.0m
of which Trade receivables: +€251,715
- Stocks and contracts +€136,936
up €136,936 (+6.0%), from €2.3m to €2.4m
- Tangible fixed assets -€70,182
down €70,182 (-28.3%), from €247,862 to €177,680
of which Other tangible fixed assets: -€37,118
Equity and liabilities
- Short-term financial debts +€123,676
up €123,676 (+15.8%), from €784,759 to €908,436
of which Credit institutions: +€75,000
- Trade debts +€123,450
up €123,450 (+9.5%), from €1.3m to €1.4m
- Reserves +€80,350
up €80,350 (+4.5%), from €1.8m to €1.8m
of which Distributable reserves: +€80,350
- Tax, wage and social debts +€57,665
up €57,665 (+39.5%), from €146,150 to €203,815
of which Taxes: +€54,601
Income statement
- Turnover -€14.9m
no longer reported in 2025 (was €14.9m)
- Goods and materials -€11.2m
no longer reported in 2025 (was €11.2m)
of which Purchases: -€11.6m
- Services and other goods -€3.3m
no longer reported in 2025 (was €3.3m)
- Gross operating margin +€2.0m
new in 2025: €2.0m
- Other operating income -€1.6m
no longer reported in 2025 (was €1.6m)
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
€75,944
Turnover
-€14.9m
Other operating income
-€1.6m
Goods and materials
+€11.2m
Services and other goods
+€3.3m
Staff costs
-€18,913
Depreciation
+€18,206
Write-downs
+€3,068
Other operating charges
-€49,266
Other operating items
+€2.0m
Financial income
+€32,805
Financial charges
-€11,004
Taxes
+€9,863
Result 2025
€80,350
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€45,369
Investment
-€36,455
Financing
+€79,926
Cash 2024
€8,070
From operations (derived)
-€45,369
Net result for the year
+€80,350
Depreciation
+€107,636
Stocks and contracts
-€136,936
Receivables within one year
-€255,495
Deferred charges and accrued income
-€17,800
Trade debts
+€123,450
Tax, wage and social debts
+€57,665
Advances received
-€356
Accrued charges and deferred income
-€3,881
Investment (derived)
-€36,455
Investment in fixed assets (net)
-€36,455
Financing
+€79,926
Debts after one year
-€43,750
Short-term financial debts
+€123,676
Cash 2025
€6,173
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,284,890 | €4,622,044 | +€337,154 | +7.9% |
| Fixed assets | 21/28 | €248,862 | €177,680 | -€71,182 | -28.6% |
| Tangible fixed assets | 22/27 | €247,862 | €177,680 | -€70,182 | -28.3% |
| Plant, machinery and equipment | 23 | €85,622 | €63,963 | -€21,659 | -25.3% |
| Furniture and vehicles | 24 | €76,944 | €65,539 | -€11,404 | -14.8% |
| Other tangible fixed assets | 26 | €85,296 | €48,178 | -€37,118 | -43.5% |
| Financial fixed assets | 28 | €1,000 | - | -€1,000 | |
| Other financial fixed assets | 284/8 | €1,000 | - | -€1,000 | |
| Amounts receivable and cash guarantees | 285/8 | €1,000 | - | -€1,000 | |
| Current assets | 29/58 | €4,036,029 | €4,444,364 | +€408,335 | +10.1% |
| Stocks and contracts in progress | 3 | €2,300,389 | €2,437,325 | +€136,936 | +6.0% |
| Stocks | 30/36 | €2,300,389 | €2,437,325 | +€136,936 | +6.0% |
| Goods purchased for resale | 34 | €2,300,389 | - | -€2.3m | |
| Amounts receivable within one year | 40/41 | €1,717,663 | €1,973,158 | +€255,495 | +14.9% |
| Trade receivables | 40 | €1,701,093 | €1,952,808 | +€251,715 | +14.8% |
| Other amounts receivable | 41 | €16,570 | €20,350 | +€3,780 | +22.8% |
| Cash at bank and in hand | 54/58 | €8,070 | €6,173 | -€1,897 | -23.5% |
| Deferred charges and accrued income | 490/1 | €9,907 | €27,708 | +€17,800 | +180% |
| Total equity and liabilities | 10/49 | €4,284,890 | €4,622,044 | +€337,154 | +7.9% |
| Equity | 10/15 | €1,785,750 | €1,866,099 | +€80,350 | +4.5% |
| Contributions | 10/11 | €17,948 | €17,948 | = | 0.0% |
| Reserves | 13 | €1,767,802 | €1,848,152 | +€80,350 | +4.5% |
| Non-distributable reserves | 130/1 | €1,795 | €1,795 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,795 | €1,795 | = | 0.0% |
| Distributable reserves | 133 | €1,766,007 | €1,846,357 | +€80,350 | +4.5% |
| Amounts payable | 17/49 | €2,499,141 | €2,755,944 | +€256,804 | +10.3% |
| Amounts payable after more than one year | 17 | €185,938 | €142,188 | -€43,750 | -23.5% |
| Financial debts | 170/4 | €185,938 | €142,188 | -€43,750 | -23.5% |
| Credit institutions | 173 | €185,938 | - | -€185,938 | |
| Amounts payable within one year | 42/48 | €2,309,322 | €2,613,757 | +€304,435 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €43,750 | €43,750 | = | 0.0% |
| Financial debts | 43 | €784,759 | €908,436 | +€123,676 | +15.8% |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Other loans | 439 | €784,759 | €833,436 | +€48,676 | +6.2% |
| Trade debts | 44 | €1,298,555 | €1,422,005 | +€123,450 | +9.5% |
| Suppliers | 440/4 | €1,298,555 | €1,422,005 | +€123,450 | +9.5% |
| Advances received on contracts in progress | 46 | €36,107 | €35,752 | -€356 | -1.0% |
| Taxes, remuneration and social security | 45 | €146,150 | €203,815 | +€57,665 | +39.5% |
| Taxes | 450/3 | €22,713 | €77,313 | +€54,601 | +240% |
| Remuneration and social security | 454/9 | €123,437 | €126,501 | +€3,064 | +2.5% |
| Accrued charges and deferred income | 492/3 | €3,881 | - | -€3,881 | |
| Operating income | 70/76A | €16,488,720 | - | -€16.5m | |
| Turnover | 70 | €14,884,617 | - | -€14.9m | |
| Other operating income | 74 | €1,585,622 | - | -€1.6m | |
| Non-recurring operating income | 76A | €18,481 | €11,697 | -€6,784 | -36.7% |
| Operating charges | 60/66A | €16,349,977 | - | -€16.3m | |
| Goods for resale, raw materials and consumables | 60 | €11,228,012 | - | -€11.2m | |
| Purchases | 600/8 | €11,607,090 | - | -€11.6m | |
| Change in stocks: decrease (increase) | 609 | -€379,077 | - | +€379,077 | |
| Services and other goods | 61 | €3,287,657 | - | -€3.3m | |
| Remuneration, social security and pensions | 62 | €1,697,703 | €1,716,616 | +€18,913 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,842 | €107,636 | -€18,206 | -14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,311 | €5,243 | -€3,068 | -36.9% |
| Other operating charges | 640/8 | €2,452 | €51,717 | +€49,266 | +2,009% |
| Non-recurring operating charges | 66A | - | €604 | +€604 | |
| Gross operating margin | 9900 | - | €1,993,302 | +€2.0m | |
| Operating profit (loss) | 9901 | €138,742 | €111,484 | -€27,258 | -19.6% |
| Financial income | 75/76B | €6,651 | €39,455 | +€32,805 | +493% |
| Recurring financial income | 75 | €6,651 | €39,455 | +€32,805 | +493% |
| Income from current assets | 751 | €235 | - | -€235 | |
| Other financial income | 752/9 | €6,416 | - | -€6,416 | |
| Financial charges | 65/66B | €30,313 | €41,317 | +€11,004 | +36.3% |
| Recurring financial charges | 65 | €30,313 | €41,317 | +€11,004 | +36.3% |
| Debt charges | 650 | €21,446 | - | -€21,446 | |
| Other financial charges | 652/9 | €8,867 | - | -€8,867 | |
| Profit (loss) for the period before taxes | 9903 | €115,080 | €109,623 | -€5,457 | -4.7% |
| Income taxes | 67/77 | €39,136 | €29,273 | -€9,863 | -25.2% |
| Taxes | 670/3 | €39,136 | - | -€39,136 | |
| Profit (loss) for the period | 9904 | €75,944 | €80,350 | +€4,406 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €75,944 | €80,350 | +€4,406 | +5.8% |
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 23 October 2026 via checked.be.