RELEC: 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.
RELEC
Largest movements
- Receivables within one year -€14,395
down €14,395 (-34.3%), from €41,952 to €27,557
of which Trade receivables: -€13,011
- Cash -€2,075
no longer reported in 2025 (was €2,075)
mainly Net result for the year (-€21,092) and Other debts (-€3,951)
- Profit (loss) carried forward -€20,696
no longer reported in 2025 (was €20,696)
- Short-term financial debts +€5,346
new in 2025: €5,346
- Other debts -€3,951
down €3,951 (-54.0%), from €7,315 to €3,364
- Tax, wage and social debts +€2,332
up €2,332 (+49.9%), from €4,673 to €7,006
- Gross operating margin -€11,490
down €11,490 (-276.9%), from -€4,150 to -€15,640
- Taxes +€2,303
up €2,303 (+1255.1%), from €183 to €2,486
- Other operating charges +€1,291
up €1,291 (+166.3%), from €776 to €2,067
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 | €88,533 | €71,595 | -€16,939 | -19.1% |
| Current assets | 29/58 | €88,533 | €71,595 | -€16,939 | -19.1% |
| Amounts receivable after more than one year | 29 | €39,940 | €39,940 | = | 0.0% |
| Other amounts receivable | 291 | €39,940 | €39,940 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,975 | €2,126 | -€850 | -28.6% |
| Stocks | 30/36 | €2,975 | €2,126 | -€850 | -28.6% |
| Amounts receivable within one year | 40/41 | €41,952 | €27,557 | -€14,395 | -34.3% |
| Trade receivables | 40 | €40,341 | €27,330 | -€13,011 | -32.3% |
| Other amounts receivable | 41 | €1,611 | €227 | -€1,384 | -85.9% |
| Cash at bank and in hand | 54/58 | €2,075 | - | -€2,075 | |
| Deferred charges and accrued income | 490/1 | €1,591 | €1,972 | +€381 | +23.9% |
| Total equity and liabilities | 10/49 | €88,533 | €71,595 | -€16,939 | -19.1% |
| Equity | 10/15 | €71,084 | €49,991 | -€21,092 | -29.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €31,387 | €30,991 | -€396 | -1.3% |
| Distributable reserves | 133 | €31,387 | €30,991 | -€396 | -1.3% |
| Profit (loss) carried forward | 14 | €20,696 | - | -€20,696 | |
| Amounts payable | 17/49 | €17,450 | €21,603 | +€4,154 | +23.8% |
| Amounts payable within one year | 42/48 | €17,450 | €21,603 | +€4,154 | +23.8% |
| Financial debts | 43 | - | €5,346 | +€5,346 | |
| Credit institutions | 430/8 | - | €5,346 | +€5,346 | |
| Trade debts | 44 | €5,461 | €5,889 | +€427 | +7.8% |
| Suppliers | 440/4 | €5,461 | €5,889 | +€427 | +7.8% |
| Taxes, remuneration and social security | 45 | €4,673 | €7,006 | +€2,332 | +49.9% |
| Taxes | 450/3 | €4,673 | €7,006 | +€2,332 | +49.9% |
| Other amounts payable | 47/48 | €7,315 | €3,364 | -€3,951 | -54.0% |
| Other operating charges | 640/8 | €776 | €2,067 | +€1,291 | +166.3% |
| Gross operating margin | 9900 | -€4,150 | -€15,640 | -€11,490 | -276.9% |
| Operating profit (loss) | 9901 | -€4,926 | -€17,708 | -€12,781 | -259.5% |
| Financial income | 75/76B | €6 | - | -€6 | |
| Recurring financial income | 75 | €6 | - | -€6 | |
| Financial charges | 65/66B | €763 | €899 | +€136 | +17.8% |
| Recurring financial charges | 65 | €763 | €899 | +€136 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,683 | -€18,606 | -€12,923 | -227.4% |
| Income taxes | 67/77 | €183 | €2,486 | +€2,303 | +1255.1% |
| Profit (loss) for the period | 9904 | -€5,866 | -€21,092 | -€15,226 | -259.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,866 | -€21,092 | -€15,226 | -259.5% |
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 11 October 2026 via checked.be.