BALTEAU I.E.: 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
BALTEAU I.E.
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €3.0m+€140,391
Equity
€7.5m
2024 · €7.5m+€1,678
Cash
€2.8m
2024 · €2.2m+€598,387
Balance sheet total
€18.3m
2024 · €16.0m+€2.4m
Largest movements
Assets
- Receivables within one year +€2.0m
up €2.0m (+22.5%), from €8.7m to €10.6m
of which Trade receivables: +€2.3m
- Cash +€598,387
up €598,387 (+27.0%), from €2.2m to €2.8m
mainly Net result for the year (+€3.1m) and Trade debts (+€1.4m)
Equity and liabilities
- Trade debts +€1.4m
up €1.4m (+41.5%), from €3.3m to €4.6m
- Other debts +€367,198
up €367,198 (+10.5%), from €3.5m to €3.9m
- Advances received +€359,250
up €359,250 (+621%), from €57,856 to €417,106
- Tax, wage and social debts +€328,320
up €328,320 (+31.9%), from €1.0m to €1.4m
of which Taxes: +€255,993
Income statement
- Turnover +€7.4m
up €7.4m (+31.8%), from €23.2m to €30.6m
- Goods and materials +€5.2m
up €5.2m (+44.8%), from €11.7m to €16.9m
of which Purchases: +€5.1m
- Other operating income -€972,722
down €972,722 (-56.6%), from €1.7m to €745,124
- Staff costs +€668,068
up €668,068 (+9.0%), from €7.5m to €8.1m
- Financial income -€547,930
down €547,930 (-27.1%), from €2.0m to €1.5m
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
€3.0m
Turnover
+€7.4m
Other operating income
-€972,722
Goods and materials
-€5.2m
Services and other goods
+€253,660
Staff costs
-€668,068
Depreciation
+€8,028
Write-downs
+€71,456
Provisions
-€50,000
Other operating charges
+€20,116
Other operating items
+€127,637
Financial income
-€547,930
Financial charges
-€13,709
Taxes
-€247,988
Result 2025
€3.1m
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
+€3.8m
Investment
-€1,985
Financing
-€3.2m
Cash 2024
€2.2m
From operations (derived)
+€3.8m
Net result for the year
+€3.1m
Depreciation
+€99,260
Stocks and contracts
+€95,572
Receivables within one year
-€2.0m
Deferred charges and accrued income
-€27,104
Trade debts
+€1.4m
Tax, wage and social debts
+€328,320
Advances received
+€359,250
Other debts
+€367,198
Accrued charges and deferred income
+€4,869
Investment (derived)
-€1,985
Investment in fixed assets (net)
+€406
Current investments
-€2,391
Financing
-€3.2m
Debts after one year
-€34,000
Contributions, distributions and other
-€3.1m
Cash 2025
€2.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,964,346 | €18,349,742 | +€2.4m | +14.9% |
| Fixed assets | 21/28 | €4,468,927 | €4,369,261 | -€99,666 | -2.2% |
| Tangible fixed assets | 22/27 | €670,229 | €570,903 | -€99,326 | -14.8% |
| Land and buildings | 22 | €555,607 | €495,336 | -€60,271 | -10.8% |
| Furniture and vehicles | 24 | €81,633 | €46,828 | -€34,805 | -42.6% |
| Other tangible fixed assets | 26 | €32,989 | €28,739 | -€4,250 | -12.9% |
| Financial fixed assets | 28 | €3,798,698 | €3,798,358 | -€340 | 0.0% |
| Affiliated companies | 280/1 | €3,425,247 | €3,425,248 | +€1 | 0.0% |
| Participating interests | 280 | €3,425,247 | €3,425,248 | +€1 | 0.0% |
| Other financial fixed assets | 284/8 | €373,451 | €373,110 | -€341 | -0.1% |
| Shares | 284 | €16,124 | €16,124 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €357,327 | €356,986 | -€341 | -0.1% |
| Current assets | 29/58 | €11,495,419 | €13,980,481 | +€2.5m | +21.6% |
| Stocks and contracts in progress | 3 | €228,360 | €132,788 | -€95,572 | -41.9% |
| Stocks | 30/36 | €187,248 | €131,432 | -€55,816 | -29.8% |
| Goods purchased for resale | 34 | €187,248 | €131,432 | -€55,816 | -29.8% |
| Contracts in progress | 37 | €41,112 | €1,356 | -€39,756 | -96.7% |
| Amounts receivable within one year | 40/41 | €8,672,535 | €10,625,287 | +€2.0m | +22.5% |
| Trade receivables | 40 | €6,645,782 | €8,982,453 | +€2.3m | +35.2% |
| Other amounts receivable | 41 | €2,026,753 | €1,642,834 | -€383,919 | -18.9% |
| Current investments | 50/53 | €275,152 | €277,543 | +€2,391 | +0.9% |
| Other investments | 51/53 | €275,152 | €277,543 | +€2,391 | +0.9% |
| Cash at bank and in hand | 54/58 | €2,219,107 | €2,817,494 | +€598,387 | +27.0% |
| Deferred charges and accrued income | 490/1 | €100,265 | €127,369 | +€27,104 | +27.0% |
| Total equity and liabilities | 10/49 | €15,964,346 | €18,349,742 | +€2.4m | +14.9% |
| Equity | 10/15 | €7,512,191 | €7,513,869 | +€1,678 | 0.0% |
| Contributions | 10/11 | €2,578,996 | €2,578,995 | -€1 | 0.0% |
| Capital | 10 | €2,578,996 | €2,578,995 | -€1 | 0.0% |
| Issued capital | 100 | €2,578,996 | €2,578,995 | -€1 | 0.0% |
| Reserves | 13 | €4,933,195 | €4,934,874 | +€1,679 | 0.0% |
| Non-distributable reserves | 130/1 | €257,899 | €257,899 | = | 0.0% |
| Legal reserve | 130 | €257,899 | €257,899 | = | 0.0% |
| Distributable reserves | 133 | €4,675,296 | €4,676,975 | +€1,679 | 0.0% |
| Amounts payable | 17/49 | €8,452,155 | €10,835,873 | +€2.4m | +28.2% |
| Amounts payable after more than one year | 17 | €68,000 | €34,000 | -€34,000 | -50.0% |
| Financial debts | 170/4 | €68,000 | €34,000 | -€34,000 | -50.0% |
| Credit institutions | 173 | €68,000 | €34,000 | -€34,000 | -50.0% |
| Amounts payable within one year | 42/48 | €8,374,519 | €10,787,368 | +€2.4m | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €34,000 | €34,000 | = | 0.0% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €3,269,845 | €4,627,926 | +€1.4m | +41.5% |
| Suppliers | 440/4 | €3,269,845 | €4,627,926 | +€1.4m | +41.5% |
| Advances received on contracts in progress | 46 | €57,856 | €417,106 | +€359,250 | +621% |
| Taxes, remuneration and social security | 45 | €1,029,564 | €1,357,884 | +€328,320 | +31.9% |
| Taxes | 450/3 | €278,526 | €534,519 | +€255,993 | +91.9% |
| Remuneration and social security | 454/9 | €751,038 | €823,365 | +€72,327 | +9.6% |
| Other amounts payable | 47/48 | €3,483,254 | €3,850,452 | +€367,198 | +10.5% |
| Accrued charges and deferred income | 492/3 | €9,636 | €14,505 | +€4,869 | +50.5% |
| Operating income | 70/76A | €24,359,419 | €30,893,155 | +€6.5m | +26.8% |
| Turnover | 70 | €23,222,608 | €30,612,787 | +€7.4m | +31.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€581,035 | -€464,756 | +€116,279 | +20.0% |
| Other operating income | 74 | €1,717,846 | €745,124 | -€972,722 | -56.6% |
| Operating charges | 60/66A | €22,797,142 | €28,380,860 | +€5.6m | +24.5% |
| Goods for resale, raw materials and consumables | 60 | €11,687,416 | €16,917,684 | +€5.2m | +44.8% |
| Purchases | 600/8 | €11,717,674 | €16,861,868 | +€5.1m | +43.9% |
| Change in stocks: decrease (increase) | 609 | -€30,258 | €55,816 | +€86,074 | |
| Services and other goods | 61 | €3,876,650 | €3,622,990 | -€253,660 | -6.5% |
| Remuneration, social security and pensions | 62 | €7,456,701 | €8,124,769 | +€668,068 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,288 | €99,260 | -€8,028 | -7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€320,247 | -€391,703 | -€71,456 | -22.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€50,000 | - | +€50,000 | |
| Other operating charges | 640/8 | €27,976 | €7,860 | -€20,116 | -71.9% |
| Non-recurring operating charges | 66A | €11,358 | - | -€11,358 | |
| Operating profit (loss) | 9901 | €1,562,277 | €2,512,295 | +€950,018 | +60.8% |
| Financial income | 75/76B | €2,023,591 | €1,475,661 | -€547,930 | -27.1% |
| Recurring financial income | 75 | €2,023,591 | €1,475,661 | -€547,930 | -27.1% |
| Income from financial fixed assets | 750 | €1,970,707 | €1,432,203 | -€538,504 | -27.3% |
| Income from current assets | 751 | €46,265 | €43,437 | -€2,828 | -6.1% |
| Other financial income | 752/9 | €6,619 | €21 | -€6,598 | -99.7% |
| Financial charges | 65/66B | €138,354 | €152,063 | +€13,709 | +9.9% |
| Recurring financial charges | 65 | €138,354 | €152,063 | +€13,709 | +9.9% |
| Debt charges | 650 | €62,570 | €62,616 | +€46 | +0.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€12,921 | - | +€12,921 | |
| Other financial charges | 652/9 | €88,705 | €89,447 | +€742 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €3,447,514 | €3,835,893 | +€388,379 | +11.3% |
| Income taxes | 67/77 | €466,226 | €714,214 | +€247,988 | +53.2% |
| Taxes | 670/3 | €466,226 | €714,214 | +€247,988 | +53.2% |
| Profit (loss) for the period | 9904 | €2,981,288 | €3,121,679 | +€140,391 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,981,288 | €3,121,679 | +€140,391 | +4.7% |
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 14 October 2026 via checked.be.