G-ELECT: 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.
G-ELECT
Largest movements
- Receivables within one year +€17,634
up €17,634 (+18.6%), from €95,057 to €112,692
of which Other amounts receivable: +€10,093
- Stocks and contracts +€11,350
up €11,350 (+37.9%), from €29,967 to €41,317
- Cash -€6,852
down €6,852 (-64.5%), from €10,620 to €3,768
mainly Receivables within one year (-€17,634) and Stocks and contracts (-€11,350)
- Tangible fixed assets -€4,409
down €4,409 (-46.6%), from €9,456 to €5,047
of which Furniture and vehicles: -€4,846
- Trade debts +€15,847
up €15,847 (+62.5%), from €25,335 to €41,182
- Tax, wage and social debts +€14,700
up €14,700 (+193.1%), from €7,611 to €22,310
of which Remuneration and social security: +€14,561
- Other debts -€8,841
down €8,841 (-17.9%), from €49,343 to €40,502
- Debts after one year -€3,660
down €3,660 (-59.5%), from €6,151 to €2,491
- Gross operating margin -€15,129
down €15,129 (-6.5%), from €234,395 to €219,266
- Staff costs -€7,958
down €7,958 (-3.7%), from €215,510 to €207,552
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €145,410 | €164,513 | +€19,103 | +13.1% |
| Fixed assets | 21/28 | €9,656 | €5,247 | -€4,409 | -45.7% |
| Tangible fixed assets | 22/27 | €9,456 | €5,047 | -€4,409 | -46.6% |
| Plant, machinery and equipment | 23 | €1,453 | €1,890 | +€437 | +30.0% |
| Furniture and vehicles | 24 | €8,003 | €3,157 | -€4,846 | -60.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €135,754 | €159,266 | +€23,512 | +17.3% |
| Stocks and contracts in progress | 3 | €29,967 | €41,317 | +€11,350 | +37.9% |
| Stocks | 30/36 | €29,967 | €41,317 | +€11,350 | +37.9% |
| Amounts receivable within one year | 40/41 | €95,057 | €112,692 | +€17,634 | +18.6% |
| Trade receivables | 40 | €83,369 | €90,910 | +€7,541 | +9.0% |
| Other amounts receivable | 41 | €11,688 | €21,782 | +€10,093 | +86.4% |
| Cash at bank and in hand | 54/58 | €10,620 | €3,768 | -€6,852 | -64.5% |
| Deferred charges and accrued income | 490/1 | €111 | €1,491 | +€1,380 | +1244.4% |
| Total equity and liabilities | 10/49 | €145,410 | €164,513 | +€19,103 | +13.1% |
| Equity | 10/15 | €48,323 | €49,223 | +€900 | +1.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €15,736 | €15,736 | = | 0.0% |
| Distributable reserves | 133 | €15,736 | €15,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,587 | €23,487 | +€900 | +4.0% |
| Amounts payable | 17/49 | €97,087 | €115,291 | +€18,203 | +18.7% |
| Amounts payable after more than one year | 17 | €6,151 | €2,491 | -€3,660 | -59.5% |
| Financial debts | 170/4 | €6,151 | €2,491 | -€3,660 | -59.5% |
| Amounts payable within one year | 42/48 | €90,936 | €112,800 | +€21,864 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €3,571 | €3,660 | +€89 | +2.5% |
| Financial debts | 43 | €5,076 | €5,146 | +€69 | +1.4% |
| Credit institutions | 430/8 | €5,076 | €5,146 | +€69 | +1.4% |
| Trade debts | 44 | €25,335 | €41,182 | +€15,847 | +62.5% |
| Suppliers | 440/4 | €25,335 | €41,182 | +€15,847 | +62.5% |
| Taxes, remuneration and social security | 45 | €7,611 | €22,310 | +€14,700 | +193.1% |
| Taxes | 450/3 | €1,700 | €1,838 | +€138 | +8.1% |
| Remuneration and social security | 454/9 | €5,911 | €20,472 | +€14,561 | +246.3% |
| Other amounts payable | 47/48 | €49,343 | €40,502 | -€8,841 | -17.9% |
| Remuneration, social security and pensions | 62 | €215,510 | €207,552 | -€7,958 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,626 | €5,759 | +€133 | +2.4% |
| Other operating charges | 640/8 | €979 | €1,375 | +€396 | +40.4% |
| Non-recurring operating charges | 66A | €1,026 | - | -€1,026 | |
| Gross operating margin | 9900 | €234,395 | €219,266 | -€15,129 | -6.5% |
| Operating profit (loss) | 9901 | €11,255 | €4,580 | -€6,674 | -59.3% |
| Financial income | 75/76B | - | €173 | +€173 | |
| Recurring financial income | 75 | - | €173 | +€173 | |
| Financial charges | 65/66B | €2,997 | €2,714 | -€283 | -9.5% |
| Recurring financial charges | 65 | €2,997 | €2,714 | -€283 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €8,257 | €2,039 | -€6,218 | -75.3% |
| Income taxes | 67/77 | €2,370 | €1,139 | -€1,230 | -51.9% |
| Profit (loss) for the period | 9904 | €5,888 | €900 | -€4,988 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,888 | €900 | -€4,988 | -84.7% |
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 2 October 2026 via checked.be.