KORELEC: 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
KORELEC
NACE 43.211, General electrical installation work
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€707,759
2024 · €716,109-€8,350
Equity
€3.5m
2024 · €3.2m+€307,759
Cash
€1.5m
2024 · €1.2m+€350,388
Balance sheet total
€4.0m
2024 · €3.7m+€326,464
Largest movements
Assets
- Cash +€350,388
up €350,388 (+29.5%), from €1.2m to €1.5m
mainly Net result for the year (+€707,759) and Depreciation (+€213,997)
- Tangible fixed assets +€109,157
up €109,157 (+16.1%), from €678,992 to €788,149
of which Land and buildings: +€93,759
- Current investments -€100,000
down €100,000 (-11.1%), from €897,909 to €797,909
- Intangible fixed assets -€48,970
down €48,970 (-45.9%), from €106,729 to €57,759
Equity and liabilities
- Reserves +€313,934
up €313,934 (+9.9%), from €3.2m to €3.5m
of which Distributable reserves: +€190,000
Income statement
- Gross operating margin +€182,852
up €182,852 (+7.5%), from €2.4m to €2.6m
- Staff costs +€175,346
up €175,346 (+12.4%), from €1.4m to €1.6m
- Financial income +€50,634
up €50,634 (+151.5%), from €33,411 to €84,045
- Financial charges +€44,937
up €44,937, from -€37,686 to €7,252
- Depreciation +€35,649
up €35,649 (+20.0%), from €178,348 to €213,997
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
€716,109
Gross operating margin
+€182,852
Staff costs
-€175,346
Depreciation
-€35,649
Write-downs
+€21,096
Other operating charges
-€1,452
Financial income
+€50,634
Financial charges
-€44,937
Taxes
-€5,631
Deferred taxes and other
+€84
Result 2025
€707,759
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.
From operations
+€937,474
Investment
-€174,184
Financing
-€412,902
Cash 2024
€1.2m
From operations (derived)
+€937,474
Net result for the year
+€707,759
Depreciation
+€213,997
Stocks and contracts
+€3,373
Receivables within one year
+€6,872
Deferred charges and accrued income
-€26,134
Smaller working-capital items
-€26
Trade debts
+€31,632
Investment (derived)
-€174,184
Investment in fixed assets (net)
-€274,184
Current investments
+€100,000
Financing
-€412,902
Debts after one year
-€2,161
Current portion of long-term debt
-€10,741
Contributions, distributions and other
-€400,000
Cash 2025
€1.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,713,425 | €4,039,889 | +€326,464 | +8.8% |
| Fixed assets | 21/28 | €785,993 | €846,180 | +€60,187 | +7.7% |
| Intangible fixed assets | 21 | €106,729 | €57,759 | -€48,970 | -45.9% |
| Tangible fixed assets | 22/27 | €678,992 | €788,149 | +€109,157 | +16.1% |
| Land and buildings | 22 | €347,329 | €441,088 | +€93,759 | +27.0% |
| Plant, machinery and equipment | 23 | €87,235 | €78,530 | -€8,704 | -10.0% |
| Furniture and vehicles | 24 | €244,428 | €268,530 | +€24,102 | +9.9% |
| Financial fixed assets | 28 | €272 | €272 | = | 0.0% |
| Current assets | 29/58 | €2,927,433 | €3,193,710 | +€266,277 | +9.1% |
| Stocks and contracts in progress | 3 | €189,999 | €186,625 | -€3,373 | -1.8% |
| Stocks | 30/36 | €189,999 | €186,625 | -€3,373 | -1.8% |
| Amounts receivable within one year | 40/41 | €635,408 | €628,536 | -€6,872 | -1.1% |
| Trade receivables | 40 | €616,249 | €617,858 | +€1,609 | +0.3% |
| Other amounts receivable | 41 | €19,159 | €10,678 | -€8,481 | -44.3% |
| Current investments | 50/53 | €897,909 | €797,909 | -€100,000 | -11.1% |
| Cash at bank and in hand | 54/58 | €1,185,772 | €1,536,160 | +€350,388 | +29.5% |
| Deferred charges and accrued income | 490/1 | €18,346 | €44,480 | +€26,134 | +142.5% |
| Total equity and liabilities | 10/49 | €3,713,425 | €4,039,889 | +€326,464 | +8.8% |
| Equity | 10/15 | €3,227,592 | €3,535,352 | +€307,759 | +9.5% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €3,160,000 | €3,473,934 | +€313,934 | +9.9% |
| Tax-exempt reserves | 132 | €10,000 | €133,934 | +€123,934 | +1239.3% |
| Distributable reserves | 133 | €3,150,000 | €3,340,000 | +€190,000 | +6.0% |
| Profit (loss) carried forward | 14 | €7,592 | €1,418 | -€6,174 | -81.3% |
| Provisions and deferred taxes | 16 | €3,333 | €2,545 | -€789 | -23.7% |
| Deferred taxes | 168 | €3,333 | €2,545 | -€789 | -23.7% |
| Amounts payable | 17/49 | €482,500 | €501,993 | +€19,493 | +4.0% |
| Amounts payable after more than one year | 17 | €2,161 | €0 | -€2,161 | -100.0% |
| Financial debts | 170/4 | €2,161 | €0 | -€2,161 | -100.0% |
| Amounts payable within one year | 42/48 | €474,671 | €497,910 | +€23,239 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €12,902 | €2,161 | -€10,741 | -83.3% |
| Trade debts | 44 | €79,710 | €111,342 | +€31,632 | +39.7% |
| Suppliers | 440/4 | €79,710 | €111,342 | +€31,632 | +39.7% |
| Taxes, remuneration and social security | 45 | €175,308 | €177,039 | +€1,732 | +1.0% |
| Taxes | 450/3 | €12,422 | €622 | -€11,801 | -95.0% |
| Remuneration and social security | 454/9 | €162,886 | €176,418 | +€13,532 | +8.3% |
| Other amounts payable | 47/48 | €206,751 | €207,368 | +€617 | +0.3% |
| Accrued charges and deferred income | 492/3 | €5,668 | €4,083 | -€1,585 | -28.0% |
| Non-recurring operating income | 76A | €2,066 | €1,200 | -€866 | -41.9% |
| Remuneration, social security and pensions | 62 | €1,414,573 | €1,589,919 | +€175,346 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,348 | €213,997 | +€35,649 | +20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,096 | €0 | -€21,096 | -100.0% |
| Other operating charges | 640/8 | €12,433 | €13,885 | +€1,452 | +11.7% |
| Gross operating margin | 9900 | €2,437,274 | €2,620,126 | +€182,852 | +7.5% |
| Operating profit (loss) | 9901 | €810,823 | €802,324 | -€8,500 | -1.0% |
| Financial income | 75/76B | €33,411 | €84,045 | +€50,634 | +151.5% |
| Recurring financial income | 75 | €33,411 | €84,045 | +€50,634 | +151.5% |
| Financial charges | 65/66B | -€37,686 | €7,252 | +€44,937 | |
| Recurring financial charges | 65 | -€37,686 | €7,252 | +€44,937 | |
| Profit (loss) for the period before taxes | 9903 | €881,920 | €879,117 | -€2,803 | -0.3% |
| Transfer from deferred taxes | 780 | €1,002 | €1,089 | +€87 | +8.7% |
| Transfer to deferred taxes | 680 | €298 | €300 | +€2 | +0.8% |
| Income taxes | 67/77 | €166,516 | €172,147 | +€5,631 | +3.4% |
| Profit (loss) for the period | 9904 | €716,109 | €707,759 | -€8,350 | -1.2% |
| Transfer from tax-exempt reserves | 789 | €3,247 | €3,266 | +€19 | +0.6% |
| Transfer to tax-exempt reserves | 689 | €893 | €127,200 | +€126,307 | +14151.1% |
| Profit (loss) for the period to be appropriated | 9905 | €718,464 | €583,826 | -€134,638 | -18.7% |
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 10 October 2026 via checked.be.