SYSTEM EDSTRÖM BELGIUM: 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.
SYSTEM EDSTRÖM BELGIUM
Largest movements
- Cash +€665,941
up €665,941 (+1,200%), from €55,517 to €721,457
mainly Contributions, distributions and other (+€594,671) and Trade debts (+€299,839)
- Receivables within one year +€186,285
up €186,285 (+39.4%), from €473,265 to €659,550
of which Trade receivables: +€186,127
- Tangible fixed assets -€78,946
down €78,946 (-23.6%), from €335,158 to €256,211
- Stocks and contracts -€47,645
down €47,645 (-15.7%), from €304,427 to €256,782
- Contributions +€594,671
up €594,671 (+91.7%), from €648,600 to €1.2m
- Trade debts +€299,839
up €299,839 (+60.7%), from €493,764 to €793,603
- Profit (loss) carried forward -€62,920
down €62,920 (-13.1%), from -€480,224 to -€543,144
- Debts after one year -€44,560
down €44,560 (-18.2%), from €244,356 to €199,795
- Tax, wage and social debts -€39,008
down €39,008 (-39.0%), from €100,079 to €61,071
of which Taxes: -€32,657
- Staff costs -€62,022
down €62,022 (-13.8%), from €450,526 to €388,504
- Depreciation -€10,613
down €10,613 (-12.6%), from €84,003 to €73,390
- Other operating charges +€4,427
up €4,427 (+57.7%), from €7,675 to €12,102
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.
Derived cash bridge
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 | €1,215,523 | €1,922,920 | +€707,396 | +58.2% |
| Fixed assets | 21/28 | €372,975 | €278,395 | -€94,580 | -25.4% |
| Intangible fixed assets | 21 | €32,337 | €16,704 | -€15,634 | -48.3% |
| Tangible fixed assets | 22/27 | €335,158 | €256,211 | -€78,946 | -23.6% |
| Plant, machinery and equipment | 23 | €13,715 | €9,481 | -€4,234 | -30.9% |
| Furniture and vehicles | 24 | €75,468 | €53,052 | -€22,416 | -29.7% |
| Leasing and similar rights | 25 | €50,946 | €26,364 | -€24,582 | -48.3% |
| Other tangible fixed assets | 26 | €195,029 | €167,314 | -€27,715 | -14.2% |
| Financial fixed assets | 28 | €5,480 | €5,480 | = | 0.0% |
| Current assets | 29/58 | €842,548 | €1,644,524 | +€801,976 | +95.2% |
| Stocks and contracts in progress | 3 | €304,427 | €256,782 | -€47,645 | -15.7% |
| Stocks | 30/36 | €304,427 | €256,782 | -€47,645 | -15.7% |
| Amounts receivable within one year | 40/41 | €473,265 | €659,550 | +€186,285 | +39.4% |
| Trade receivables | 40 | €473,265 | €659,393 | +€186,127 | +39.3% |
| Other amounts receivable | 41 | €0 | €157 | +€157 | |
| Cash at bank and in hand | 54/58 | €55,517 | €721,457 | +€665,941 | +1,200% |
| Deferred charges and accrued income | 490/1 | €9,340 | €6,735 | -€2,605 | -27.9% |
| Total equity and liabilities | 10/49 | €1,215,523 | €1,922,920 | +€707,396 | +58.2% |
| Equity | 10/15 | €190,837 | €722,589 | +€531,751 | +279% |
| Contributions | 10/11 | €648,600 | €1,243,271 | +€594,671 | +91.7% |
| Reserves | 13 | €22,461 | €22,461 | = | 0.0% |
| Distributable reserves | 133 | €22,461 | €22,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€480,224 | -€543,144 | -€62,920 | -13.1% |
| Amounts payable | 17/49 | €1,024,686 | €1,200,331 | +€175,645 | +17.1% |
| Amounts payable after more than one year | 17 | €244,356 | €199,795 | -€44,560 | -18.2% |
| Financial debts | 170/4 | €244,356 | €199,795 | -€44,560 | -18.2% |
| Amounts payable within one year | 42/48 | €776,576 | €999,565 | +€222,989 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €55,894 | €33,309 | -€22,585 | -40.4% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €493,764 | €793,603 | +€299,839 | +60.7% |
| Suppliers | 440/4 | €493,764 | €793,603 | +€299,839 | +60.7% |
| Advances received on contracts in progress | 46 | €14,680 | €0 | -€14,680 | -100% |
| Taxes, remuneration and social security | 45 | €100,079 | €61,071 | -€39,008 | -39.0% |
| Taxes | 450/3 | €64,876 | €32,219 | -€32,657 | -50.3% |
| Remuneration and social security | 454/9 | €35,203 | €28,851 | -€6,351 | -18.0% |
| Other amounts payable | 47/48 | €12,159 | €11,582 | -€577 | -4.7% |
| Accrued charges and deferred income | 492/3 | €3,754 | €971 | -€2,783 | -74.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €450,526 | €388,504 | -€62,022 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,003 | €73,390 | -€10,613 | -12.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €2,742 | +€2,742 | |
| Other operating charges | 640/8 | €7,675 | €12,102 | +€4,427 | +57.7% |
| Non-recurring operating charges | 66A | €743 | €0 | -€743 | -100% |
| Gross operating margin | 9900 | €431,307 | €430,184 | -€1,123 | -0.3% |
| Operating profit (loss) | 9901 | -€111,641 | -€46,554 | +€65,087 | +58.3% |
| Financial income | 75/76B | €259 | €612 | +€353 | +136% |
| Recurring financial income | 75 | €259 | €612 | +€353 | +136% |
| Financial charges | 65/66B | €16,690 | €15,863 | -€827 | -5.0% |
| Recurring financial charges | 65 | €16,690 | €15,863 | -€827 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€128,071 | -€61,805 | +€66,267 | +51.7% |
| Income taxes | 67/77 | €166 | €1,115 | +€949 | +571% |
| Profit (loss) for the period | 9904 | -€128,238 | -€62,920 | +€65,318 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€128,238 | -€62,920 | +€65,318 | +50.9% |
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 29 October 2026 via checked.be.