LO2: 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.
What changed
LO2
NACE 43.211, General electrical installation work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6,315
2024 · €45,340-€39,025
Equity
€1.2m
2024 · €1.3m-€99,760
Cash
€52,694
2024 · €96,403-€43,709
Balance sheet total
€2.0m
2024 · €2.1m-€82,948
Largest movements
Assets
- Tangible fixed assets -€110,090
down €110,090 (-7.9%), from €1.4m to €1.3m
of which Land and buildings: -€103,087
- Cash -€43,709
down €43,709 (-45.3%), from €96,403 to €52,694
mainly Contributions, distributions and other (-€106,074) and Investment in fixed assets (net) (-€55,645)
- Financial fixed assets +€43,361
up €43,361 (+7.6%), from €570,710 to €614,071
- Receivables within one year +€33,019
up €33,019 (+67.5%), from €48,887 to €81,906
of which Other amounts receivable: +€42,573
Equity and liabilities
- Reserves -€93,685
down €93,685 (-8.1%), from €1.2m to €1.1m
of which Distributable reserves: -€79,526
Income statement
- Gross operating margin -€15,888
down €15,888 (-8.7%), from €182,273 to €166,384
- Depreciation +€12,553
up €12,553 (+11.4%), from €109,820 to €122,373
- Taxes +€8,821
up €8,821, from €0 to €8,821
- Financial income -€4,482
down €4,482 (-42.4%), from €10,564 to €6,082
- Write-downs +€3,155
new in 2025: €3,155
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
€45,340
Gross operating margin
-€15,888
Depreciation
-€12,553
Write-downs
-€3,155
Other operating charges
-€2,440
Financial income
-€4,482
Financial charges
-€3,111
Taxes
-€8,821
Deferred taxes and other
+€11,425
Result 2025
€6,315
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
+€98,137
Investment
-€55,645
Financing
-€86,201
Cash 2024
€96,403
From operations (derived)
+€98,137
Net result for the year
+€6,315
Depreciation
+€122,373
Stocks and contracts
+€3,955
Receivables within one year
-€33,019
Deferred charges and accrued income
+€1,574
Provisions
-€4,720
Trade debts
-€6,627
Tax, wage and social debts
+€8,373
Accrued charges and deferred income
-€88
Investment (derived)
-€55,645
Investment in fixed assets (net)
-€55,645
Financing
-€86,201
Debts after one year
+€18,483
Current portion of long-term debt
+€1,390
Contributions, distributions and other
-€106,074
Cash 2025
€52,694
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,128,532 | €2,045,585 | -€82,948 | -3.9% |
| Fixed assets | 21/28 | €1,970,352 | €1,903,624 | -€66,728 | -3.4% |
| Tangible fixed assets | 22/27 | €1,399,642 | €1,289,552 | -€110,090 | -7.9% |
| Land and buildings | 22 | €1,370,103 | €1,267,016 | -€103,087 | -7.5% |
| Plant, machinery and equipment | 23 | €12,764 | €10,238 | -€2,526 | -19.8% |
| Furniture and vehicles | 24 | €16,775 | €12,298 | -€4,477 | -26.7% |
| Financial fixed assets | 28 | €570,710 | €614,071 | +€43,361 | +7.6% |
| Current assets | 29/58 | €158,180 | €141,961 | -€16,219 | -10.3% |
| Stocks and contracts in progress | 3 | €11,317 | €7,361 | -€3,955 | -35.0% |
| Stocks | 30/36 | €11,317 | €7,361 | -€3,955 | -35.0% |
| Amounts receivable within one year | 40/41 | €48,887 | €81,906 | +€33,019 | +67.5% |
| Trade receivables | 40 | €28,931 | €19,376 | -€9,554 | -33.0% |
| Other amounts receivable | 41 | €19,956 | €62,529 | +€42,573 | +213.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €96,403 | €52,694 | -€43,709 | -45.3% |
| Deferred charges and accrued income | 490/1 | €1,574 | €0 | -€1,574 | -100.0% |
| Total equity and liabilities | 10/49 | €2,128,532 | €2,045,585 | -€82,948 | -3.9% |
| Equity | 10/15 | €1,289,509 | €1,189,749 | -€99,760 | -7.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,151,171 | €1,057,486 | -€93,685 | -8.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €156,871 | €142,712 | -€14,159 | -9.0% |
| Distributable reserves | 133 | €988,100 | €908,574 | -€79,526 | -8.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €76,337 | €70,263 | -€6,074 | -8.0% |
| Provisions and deferred taxes | 16 | €45,957 | €41,238 | -€4,720 | -10.3% |
| Deferred taxes | 168 | €45,957 | €41,238 | -€4,720 | -10.3% |
| Amounts payable | 17/49 | €793,067 | €814,598 | +€21,532 | +2.7% |
| Amounts payable after more than one year | 17 | €681,160 | €699,643 | +€18,483 | +2.7% |
| Financial debts | 170/4 | €468,996 | €384,179 | -€84,817 | -18.1% |
| Other amounts payable | 178/9 | €212,164 | €315,464 | +€103,300 | +48.7% |
| Amounts payable within one year | 42/48 | €111,819 | €114,956 | +€3,137 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €83,427 | €84,817 | +€1,390 | +1.7% |
| Trade debts | 44 | €13,671 | €7,044 | -€6,627 | -48.5% |
| Suppliers | 440/4 | €13,671 | €7,044 | -€6,627 | -48.5% |
| Taxes, remuneration and social security | 45 | €14,721 | €23,095 | +€8,373 | +56.9% |
| Taxes | 450/3 | €14,721 | €23,095 | +€8,373 | +56.9% |
| Accrued charges and deferred income | 492/3 | €88 | €0 | -€88 | -100.0% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,820 | €122,373 | +€12,553 | +11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,155 | +€3,155 | |
| Other operating charges | 640/8 | €11,605 | €14,045 | +€2,440 | +21.0% |
| Gross operating margin | 9900 | €182,273 | €166,384 | -€15,888 | -8.7% |
| Operating profit (loss) | 9901 | €60,847 | €26,811 | -€34,036 | -55.9% |
| Financial income | 75/76B | €10,564 | €6,082 | -€4,482 | -42.4% |
| Recurring financial income | 75 | €10,564 | €6,082 | -€4,482 | -42.4% |
| Financial charges | 65/66B | €19,366 | €22,477 | +€3,111 | +16.1% |
| Recurring financial charges | 65 | €19,366 | €22,477 | +€3,111 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €52,045 | €10,416 | -€41,630 | -80.0% |
| Transfer from deferred taxes | 780 | €5,079 | €4,720 | -€359 | -7.1% |
| Transfer to deferred taxes | 680 | €11,785 | €0 | -€11,785 | -100.0% |
| Income taxes | 67/77 | €0 | €8,821 | +€8,821 | |
| Profit (loss) for the period | 9904 | €45,340 | €6,315 | -€39,025 | -86.1% |
| Transfer from tax-exempt reserves | 789 | €15,237 | €14,159 | -€1,078 | -7.1% |
| Transfer to tax-exempt reserves | 689 | €35,354 | €0 | -€35,354 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,223 | €20,474 | -€4,749 | -18.8% |
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 1 October 2026 via checked.be.