4 - ENERGY: 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.
4 - ENERGY
Largest movements
- Tangible fixed assets -€57,470
down €57,470 (-15.3%), from €375,165 to €317,694
of which Leasing and similar rights: -€57,373
- Receivables within one year -€16,191
down €16,191 (-49.5%), from €32,728 to €16,537
of which Other amounts receivable: -€17,505
- Current portion of long-term debt -€102,549
down €102,549 (-100%), from €102,549 to €0
- Other debts +€31,012
up €31,012 (+68.9%), from €45,000 to €76,012
- Gross operating margin +€35,682
up €35,682 (+25.4%), from €140,614 to €176,297
- Taxes +€11,372
up €11,372 (+81.2%), from €13,996 to €25,368
- Financial charges -€5,746
down €5,746 (-56.3%), from €10,201 to €4,454
- Depreciation -€2,305
down €2,305 (-3.1%), from €73,302 to €70,997
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.
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 | €587,671 | €516,209 | -€71,463 | -12.2% |
| Fixed assets | 21/28 | €375,165 | €317,694 | -€57,470 | -15.3% |
| Tangible fixed assets | 22/27 | €375,165 | €317,694 | -€57,470 | -15.3% |
| Plant, machinery and equipment | 23 | €567 | €470 | -€97 | -17.1% |
| Leasing and similar rights | 25 | €374,598 | €317,225 | -€57,373 | -15.3% |
| Current assets | 29/58 | €212,507 | €198,514 | -€13,992 | -6.6% |
| Amounts receivable within one year | 40/41 | €32,728 | €16,537 | -€16,191 | -49.5% |
| Trade receivables | 40 | €3,083 | €4,397 | +€1,314 | +42.6% |
| Other amounts receivable | 41 | €29,645 | €12,140 | -€17,505 | -59.0% |
| Cash at bank and in hand | 54/58 | €177,278 | €179,255 | +€1,977 | +1.1% |
| Deferred charges and accrued income | 490/1 | €2,500 | €2,722 | +€222 | +8.9% |
| Total equity and liabilities | 10/49 | €587,671 | €516,209 | -€71,463 | -12.2% |
| Equity | 10/15 | €391,273 | €390,607 | -€666 | -0.2% |
| Contributions | 10/11 | €340,000 | €340,000 | = | 0.0% |
| Capital | 10 | €340,000 | €340,000 | = | 0.0% |
| Issued capital | 100 | €340,000 | €340,000 | = | 0.0% |
| Reserves | 13 | €30,759 | €34,000 | +€3,241 | +10.5% |
| Non-distributable reserves | 130/1 | €30,349 | €34,000 | +€3,651 | +12.0% |
| Legal reserve | 130 | €30,349 | €34,000 | +€3,651 | +12.0% |
| Distributable reserves | 133 | €410 | €0 | -€410 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €20,514 | €16,607 | -€3,907 | -19.0% |
| Provisions and deferred taxes | 16 | €41,762 | €41,762 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €41,762 | €41,762 | = | 0.0% |
| Major repairs and maintenance | 162 | €41,762 | €41,762 | = | 0.0% |
| Amounts payable | 17/49 | €154,637 | €83,840 | -€70,796 | -45.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €154,637 | €83,840 | -€70,796 | -45.8% |
| Current portion of amounts payable after more than one year | 42 | €102,549 | €0 | -€102,549 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,789 | €2,603 | +€814 | +45.5% |
| Suppliers | 440/4 | €1,789 | €2,603 | +€814 | +45.5% |
| Taxes, remuneration and social security | 45 | €5,298 | €5,226 | -€73 | -1.4% |
| Taxes | 450/3 | €5,298 | €5,226 | -€73 | -1.4% |
| Other amounts payable | 47/48 | €45,000 | €76,012 | +€31,012 | +68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,302 | €70,997 | -€2,305 | -3.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,171 | €607 | -€563 | -48.1% |
| Gross operating margin | 9900 | €140,614 | €176,297 | +€35,682 | +25.4% |
| Operating profit (loss) | 9901 | €66,141 | €104,692 | +€38,551 | +58.3% |
| Financial income | 75/76B | €3,952 | €4,384 | +€431 | +10.9% |
| Recurring financial income | 75 | €3,952 | €4,384 | +€431 | +10.9% |
| Financial charges | 65/66B | €10,201 | €4,454 | -€5,746 | -56.3% |
| Recurring financial charges | 65 | €10,201 | €4,454 | -€5,746 | -56.3% |
| Profit (loss) for the period before taxes | 9903 | €59,893 | €104,621 | +€44,728 | +74.7% |
| Income taxes | 67/77 | €13,996 | €25,368 | +€11,372 | +81.2% |
| Profit (loss) for the period | 9904 | €45,897 | €79,253 | +€33,356 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,897 | €79,253 | +€33,356 | +72.7% |
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 20 October 2026 via checked.be.