TheSignallingCompany: 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
TheSignallingCompany
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€8.4m
2024 · -€5.8m-€2.6m
Equity
-€20.4m
2024 · -€11.9m-€8.5m
Cash
€371,303
2024 · €30,165+€341,138
Balance sheet total
€51.8m
2024 · €36.7m+€15.1m
Largest movements
Assets
- Stocks and contracts +€9.2m
up €9.2m (+129%), from €7.1m to €16.3m
of which Contracts in progress: +€6.0m
- Intangible fixed assets +€4.7m
up €4.7m (+16.3%), from €29.0m to €33.8m
- Receivables within one year +€818,872
up €818,872 (+383%), from €213,959 to €1.0m
of which Trade receivables: +€797,856
Equity and liabilities
- Debts after one year +€14.7m
up €14.7m (+41.2%), from €35.6m to €50.2m
- Profit (loss) carried forward -€8.4m
down €8.4m (-63.1%), from -€13.4m to -€21.8m
- Advances received +€7.9m
up €7.9m (+76.8%), from €10.3m to €18.2m
- Trade debts +€850,004
up €850,004 (+36.0%), from €2.4m to €3.2m
Income statement
- Depreciation +€1.2m
up €1.2m (+1,658%), from €75,240 to €1.3m
- Financial charges +€1.2m
up €1.2m (+42.2%), from €2.8m to €4.0m
- Staff costs +€474,756
up €474,756 (+20.6%), from €2.3m to €2.8m
- Gross operating margin +€443,737
up €443,737 (+72.8%), from -€609,502 to -€165,765
- Write-downs +€143,256
new in 2025: €143,256
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
-€5.8m
Gross operating margin
+€443,737
Staff costs
-€474,756
Depreciation
-€1.2m
Write-downs
-€143,256
Other operating charges
-€1,876
Other operating items
-€852
Financial income
-€1,069
Financial charges
-€1.2m
Taxes
-€4,696
Result 2025
-€8.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€8.4m
Investment
-€6.0m
Financing
+€14.7m
Cash 2024
€30,165
From operations (derived)
-€8.4m
Net result for the year
-€8.4m
Depreciation
+€1.3m
Stocks and contracts
-€9.2m
Receivables within one year
-€818,872
Deferred charges and accrued income
-€24,411
Trade debts
+€850,004
Tax, wage and social debts
+€55,232
Advances received
+€7.9m
Investment (derived)
-€6.0m
Investment in fixed assets (net)
-€6.0m
Financing
+€14.7m
Debts after one year
+€14.7m
Current portion of long-term debt
+€93,793
Contributions, distributions and other
-€43,122
Cash 2025
€371,303
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,737,109 | €51,838,266 | +€15.1m | +41.1% |
| Fixed assets | 21/28 | €29,239,324 | €33,942,378 | +€4.7m | +16.1% |
| Intangible fixed assets | 21 | €29,038,832 | €33,772,638 | +€4.7m | +16.3% |
| Tangible fixed assets | 22/27 | €125,491 | €80,374 | -€45,117 | -36.0% |
| Land and buildings | 22 | €7,018 | €3,190 | -€3,828 | -54.5% |
| Furniture and vehicles | 24 | €118,473 | €77,184 | -€41,290 | -34.9% |
| Financial fixed assets | 28 | €75,001 | €89,366 | +€14,365 | +19.2% |
| Current assets | 29/58 | €7,497,785 | €17,895,888 | +€10.4m | +139% |
| Stocks and contracts in progress | 3 | €7,134,325 | €16,348,007 | +€9.2m | +129% |
| Stocks | 30/36 | €2,491,925 | €5,679,508 | +€3.2m | +128% |
| Contracts in progress | 37 | €4,642,400 | €10,668,499 | +€6.0m | +130% |
| Amounts receivable within one year | 40/41 | €213,959 | €1,032,832 | +€818,872 | +383% |
| Trade receivables | 40 | €45,100 | €842,956 | +€797,856 | +1,769% |
| Other amounts receivable | 41 | €168,859 | €189,876 | +€21,017 | +12.4% |
| Cash at bank and in hand | 54/58 | €30,165 | €371,303 | +€341,138 | +1,131% |
| Deferred charges and accrued income | 490/1 | €119,336 | €143,748 | +€24,411 | +20.5% |
| Total equity and liabilities | 10/49 | €36,737,109 | €51,838,266 | +€15.1m | +41.1% |
| Equity | 10/15 | -€11,903,175 | -€20,378,293 | -€8.5m | -71.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,360,578 | -€21,792,574 | -€8.4m | -63.1% |
| Investment grants | 15 | €1,207,403 | €1,164,281 | -€43,122 | -3.6% |
| Amounts payable | 17/49 | €48,640,285 | €72,216,559 | +€23.6m | +48.5% |
| Amounts payable after more than one year | 17 | €35,576,030 | €50,248,027 | +€14.7m | +41.2% |
| Financial debts | 170/4 | €35,576,030 | €50,248,027 | +€14.7m | +41.2% |
| Amounts payable within one year | 42/48 | €13,064,254 | €21,968,532 | +€8.9m | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €146,002 | €239,795 | +€93,793 | +64.2% |
| Trade debts | 44 | €2,362,024 | €3,212,027 | +€850,004 | +36.0% |
| Suppliers | 440/4 | €2,362,024 | €3,212,027 | +€850,004 | +36.0% |
| Advances received on contracts in progress | 46 | €10,287,000 | €18,192,250 | +€7.9m | +76.8% |
| Taxes, remuneration and social security | 45 | €269,229 | €324,460 | +€55,232 | +20.5% |
| Taxes | 450/3 | €29,251 | €47,354 | +€18,103 | +61.9% |
| Remuneration and social security | 454/9 | €239,978 | €277,107 | +€37,128 | +15.5% |
| Non-recurring operating income | 76A | €1,848 | €240 | -€1,608 | -87.0% |
| Remuneration, social security and pensions | 62 | €2,300,290 | €2,775,046 | +€474,756 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,240 | €1,322,835 | +€1.2m | +1,658% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €143,256 | +€143,256 | |
| Other operating charges | 640/8 | - | €1,876 | +€1,876 | |
| Non-recurring operating charges | 66A | €400 | €1,252 | +€852 | +213% |
| Gross operating margin | 9900 | -€609,502 | -€165,765 | +€443,737 | +72.8% |
| Operating profit (loss) | 9901 | -€2,985,431 | -€4,410,029 | -€1.4m | -47.7% |
| Financial income | 75/76B | €2,078 | €1,009 | -€1,069 | -51.5% |
| Recurring financial income | 75 | €2,078 | €1,009 | -€1,069 | -51.5% |
| Financial charges | 65/66B | €2,827,563 | €4,020,944 | +€1.2m | +42.2% |
| Recurring financial charges | 65 | €2,827,563 | €4,020,944 | +€1.2m | +42.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,810,916 | -€8,429,963 | -€2.6m | -45.1% |
| Income taxes | 67/77 | -€2,664 | €2,032 | +€4,696 | |
| Profit (loss) for the period | 9904 | -€5,808,252 | -€8,431,995 | -€2.6m | -45.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,808,252 | -€8,431,995 | -€2.6m | -45.2% |
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 25 October 2026 via checked.be.