High Voltage: 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.
High Voltage
Largest movements
- Tangible fixed assets -€21,692
down €21,692 (-41.1%), from €52,774 to €31,081
of which Furniture and vehicles: -€22,500
- Cash +€5,746
up €5,746 (+34.6%), from €16,621 to €22,367
mainly Depreciation (+€15,538) and Net result for the year (+€11,058)
- Receivables within one year +€3,268
up €3,268 (+51.7%), from €6,323 to €9,591
of which Trade receivables: +€3,099
- Debts after one year -€14,035
no longer reported in 2025 (was €14,035)
of which Other amounts payable: -€10,912
- Reserves +€11,058
up €11,058 (+26.9%), from €41,088 to €52,146
- Tax, wage and social debts -€7,695
down €7,695 (-44.3%), from €17,353 to €9,658
of which Taxes: -€7,945
- Trade debts -€773
down €773 (-33.2%), from €2,324 to €1,552
- Gross operating margin -€12,595
down €12,595 (-27.9%), from €45,217 to €32,621
- Taxes -€3,952
down €3,952 (-52.4%), from €7,548 to €3,596
- Depreciation +€3,517
up €3,517 (+29.3%), from €12,021 to €15,538
- Other operating charges +€653
up €653 (+38.3%), from €1,705 to €2,357
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 | €77,206 | €65,106 | -€12,100 | -15.7% |
| Fixed assets | 21/28 | €52,774 | €31,081 | -€21,692 | -41.1% |
| Tangible fixed assets | 22/27 | €52,774 | €31,081 | -€21,692 | -41.1% |
| Plant, machinery and equipment | 23 | €1,003 | €2,025 | +€1,023 | +102.0% |
| Furniture and vehicles | 24 | €50,560 | €28,060 | -€22,500 | -44.5% |
| Other tangible fixed assets | 26 | €1,211 | €996 | -€215 | -17.8% |
| Current assets | 29/58 | €24,432 | €34,025 | +€9,593 | +39.3% |
| Amounts receivable within one year | 40/41 | €6,323 | €9,591 | +€3,268 | +51.7% |
| Trade receivables | 40 | €6,318 | €9,418 | +€3,099 | +49.1% |
| Other amounts receivable | 41 | €5 | €173 | +€168 | +3418.5% |
| Cash at bank and in hand | 54/58 | €16,621 | €22,367 | +€5,746 | +34.6% |
| Deferred charges and accrued income | 490/1 | €1,488 | €2,067 | +€579 | +38.9% |
| Total equity and liabilities | 10/49 | €77,206 | €65,106 | -€12,100 | -15.7% |
| Equity | 10/15 | €42,588 | €53,646 | +€11,058 | +26.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €41,088 | €52,146 | +€11,058 | +26.9% |
| Distributable reserves | 133 | €41,088 | €52,146 | +€11,058 | +26.9% |
| Amounts payable | 17/49 | €34,618 | €11,460 | -€23,158 | -66.9% |
| Amounts payable after more than one year | 17 | €14,035 | - | -€14,035 | |
| Financial debts | 170/4 | €3,123 | - | -€3,123 | |
| Other amounts payable | 178/9 | €10,912 | - | -€10,912 | |
| Amounts payable within one year | 42/48 | €20,333 | €11,210 | -€9,123 | -44.9% |
| Current portion of amounts payable after more than one year | 42 | €655 | - | -€655 | |
| Trade debts | 44 | €2,324 | €1,552 | -€773 | -33.2% |
| Suppliers | 440/4 | €2,324 | €1,552 | -€773 | -33.2% |
| Taxes, remuneration and social security | 45 | €17,353 | €9,658 | -€7,695 | -44.3% |
| Taxes | 450/3 | €15,353 | €7,408 | -€7,945 | -51.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,250 | +€250 | +12.5% |
| Accrued charges and deferred income | 492/3 | €250 | €250 | = | 0.0% |
| Non-recurring operating income | 76A | €43,602 | - | -€43,602 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,021 | €15,538 | +€3,517 | +29.3% |
| Other operating charges | 640/8 | €1,705 | €2,357 | +€653 | +38.3% |
| Gross operating margin | 9900 | €45,217 | €32,621 | -€12,595 | -27.9% |
| Operating profit (loss) | 9901 | €31,491 | €14,726 | -€16,765 | -53.2% |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €332 | €87 | -€245 | -73.8% |
| Recurring financial charges | 65 | €332 | €87 | -€245 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €31,159 | €14,655 | -€16,504 | -53.0% |
| Income taxes | 67/77 | €7,548 | €3,596 | -€3,952 | -52.4% |
| Profit (loss) for the period | 9904 | €23,611 | €11,058 | -€12,553 | -53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,611 | €11,058 | -€12,553 | -53.2% |
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 4 October 2026 via checked.be.