BELWIND: what changed
Two fiscal 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
BELWIND
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11.8m
2024 · €11.7m+€146,177
Equity
€22.3m
2024 · €10.5m+€11.8m
Cash
€13.4m
2024 · €8.3m+€5.1m
Balance sheet total
€194.8m
2024 · €219.9m-€25.1m
Largest movements
Assets
- Tangible fixed assets -€29.1m
down €29.1m (-15.0%), from €194.5m to €165.3m
of which Plant, machinery and equipment: -€31.1m
- Cash +€5.1m
up €5.1m (+61.4%), from €8.3m to €13.4m
mainly Depreciation (+€31.2m) and Net result for the year (+€11.8m)
Equity and liabilities
- Debts after one year -€36.4m
down €36.4m (-25.1%), from €145.1m to €108.7m
- Profit (loss) carried forward +€11.8m
up €11.8m (+10235.4%), from €115,762 to €12.0m
- Other debts -€5.5m
no longer reported in 2025 (was €5.5m)
- Current portion of long-term debt +€2.2m
up €2.2m (+6.4%), from €34.6m to €36.8m
Income statement
- Services and other goods -€2.9m
down €2.9m (-9.0%), from €32.7m to €29.7m
- Financial charges -€2.9m
down €2.9m (-26.0%), from €11.1m to €8.2m
- Turnover -€2.6m
down €2.6m (-3.2%), from €82.4m to €79.7m
- Financial income -€2.3m
down €2.3m (-37.5%), from €6.2m to €3.9m
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
€11.7m
Turnover
-€2.6m
Other operating income
-€42,728
Goods and materials
-€53,163
Services and other goods
+€2.9m
Depreciation
-€240,116
Provisions
-€171,295
Other operating charges
+€2,637
Financial income
-€2.3m
Financial charges
+€2.9m
Taxes
-€223,087
Result 2025
€11.8m
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.
From operations
+€41.2m
Investment
-€2.0m
Financing
-€34.1m
Cash 2024
€8.3m
From operations (derived)
+€41.2m
Net result for the year
+€11.8m
Depreciation
+€31.2m
Receivables within one year
+€1.0m
Deferred charges and accrued income
+€4,939
Provisions
+€1.7m
Trade debts
+€1.2m
Tax, wage and social debts
+€172,827
Other debts
-€5.5m
Accrued charges and deferred income
-€329,905
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Financing
-€34.1m
Debts after one year
-€36.4m
Current portion of long-term debt
+€2.2m
Cash 2025
€13.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,853,132 | €194,763,771 | -€25.1m | -11.4% |
| Fixed assets | 21/28 | €194,511,937 | €165,345,852 | -€29.2m | -15.0% |
| Intangible fixed assets | 21 | €58,796 | €38,626 | -€20,170 | -34.3% |
| Tangible fixed assets | 22/27 | €194,453,141 | €165,307,226 | -€29.1m | -15.0% |
| Plant, machinery and equipment | 23 | €194,079,690 | €162,948,378 | -€31.1m | -16.0% |
| Assets under construction and advance payments | 27 | €373,451 | €2,358,848 | +€2.0m | +531.6% |
| Current assets | 29/58 | €25,341,195 | €29,417,919 | +€4.1m | +16.1% |
| Amounts receivable within one year | 40/41 | €15,966,720 | €14,966,245 | -€1.0m | -6.3% |
| Trade receivables | 40 | €15,854,051 | €14,862,060 | -€991,991 | -6.3% |
| Other amounts receivable | 41 | €112,670 | €104,186 | -€8,484 | -7.5% |
| Cash at bank and in hand | 54/58 | €8,283,389 | €13,365,526 | +€5.1m | +61.4% |
| Deferred charges and accrued income | 490/1 | €1,091,086 | €1,086,147 | -€4,939 | -0.5% |
| Total equity and liabilities | 10/49 | €219,853,132 | €194,763,771 | -€25.1m | -11.4% |
| Equity | 10/15 | €10,468,911 | €22,317,610 | +€11.8m | +113.2% |
| Contributions | 10/11 | €7,955,390 | €7,955,390 | = | 0.0% |
| Capital | 10 | €7,955,390 | €7,955,390 | = | 0.0% |
| Issued capital | 100 | €7,955,390 | €7,955,390 | = | 0.0% |
| Reserves | 13 | €2,397,759 | €2,397,759 | = | 0.0% |
| Non-distributable reserves | 130/1 | €795,539 | €795,539 | = | 0.0% |
| Legal reserve | 130 | €795,539 | €795,539 | = | 0.0% |
| Distributable reserves | 133 | €1,602,220 | €1,602,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,762 | €11,964,461 | +€11.8m | +10235.4% |
| Provisions and deferred taxes | 16 | €16,767,908 | €18,498,604 | +€1.7m | +10.3% |
| Provisions for liabilities and charges | 160/5 | €16,767,908 | €18,498,604 | +€1.7m | +10.3% |
| Other liabilities and charges | 164/5 | €16,767,908 | €18,498,604 | +€1.7m | +10.3% |
| Amounts payable | 17/49 | €192,616,313 | €153,947,557 | -€38.7m | -20.1% |
| Amounts payable after more than one year | 17 | €145,062,770 | €108,710,269 | -€36.4m | -25.1% |
| Financial debts | 170/4 | €145,062,770 | €108,710,269 | -€36.4m | -25.1% |
| Subordinated loans | 170 | €11,097,367 | €11,512,037 | +€414,671 | +3.7% |
| Credit institutions | 173 | €133,965,403 | €97,198,232 | -€36.8m | -27.4% |
| Amounts payable within one year | 42/48 | €43,906,441 | €41,920,091 | -€2.0m | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €34,563,677 | €36,767,171 | +€2.2m | +6.4% |
| Trade debts | 44 | €1,635,554 | €2,805,472 | +€1.2m | +71.5% |
| Suppliers | 440/4 | €1,635,554 | €2,805,472 | +€1.2m | +71.5% |
| Taxes, remuneration and social security | 45 | €2,174,620 | €2,347,448 | +€172,827 | +7.9% |
| Taxes | 450/3 | €2,174,620 | €2,347,448 | +€172,827 | +7.9% |
| Other amounts payable | 47/48 | €5,532,589 | - | -€5.5m | |
| Accrued charges and deferred income | 492/3 | €3,647,102 | €3,317,196 | -€329,905 | -9.0% |
| Operating income | 70/76A | €82,913,113 | €80,230,590 | -€2.7m | -3.2% |
| Turnover | 70 | €82,387,350 | €79,747,555 | -€2.6m | -3.2% |
| Other operating income | 74 | €525,763 | €483,035 | -€42,728 | -8.1% |
| Operating charges | 60/66A | €66,120,107 | €63,644,467 | -€2.5m | -3.7% |
| Goods for resale, raw materials and consumables | 60 | €934,720 | €987,883 | +€53,163 | +5.7% |
| Purchases | 600/8 | €934,720 | €987,883 | +€53,163 | +5.7% |
| Services and other goods | 61 | €32,677,482 | €29,739,905 | -€2.9m | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,911,366 | €31,151,482 | +€240,116 | +0.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,559,401 | €1,730,696 | +€171,295 | +11.0% |
| Other operating charges | 640/8 | €37,138 | €34,501 | -€2,637 | -7.1% |
| Operating profit (loss) | 9901 | €16,793,007 | €16,586,123 | -€206,884 | -1.2% |
| Financial income | 75/76B | €6,205,653 | €3,880,809 | -€2.3m | -37.5% |
| Recurring financial income | 75 | €6,205,653 | €3,880,809 | -€2.3m | -37.5% |
| Income from financial fixed assets | 750 | €6,205,653 | - | -€6.2m | |
| Other financial income | 752/9 | - | €3,880,809 | +€3.9m | |
| Financial charges | 65/66B | €11,146,646 | €8,245,654 | -€2.9m | -26.0% |
| Recurring financial charges | 65 | €11,146,646 | €8,245,654 | -€2.9m | -26.0% |
| Debt charges | 650 | €11,146,646 | €8,245,654 | -€2.9m | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €11,852,014 | €12,221,278 | +€369,264 | +3.1% |
| Income taxes | 67/77 | €149,492 | €372,579 | +€223,087 | +149.2% |
| Taxes | 670/3 | €149,492 | €372,579 | +€223,087 | +149.2% |
| Profit (loss) for the period | 9904 | €11,702,522 | €11,848,699 | +€146,177 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,702,522 | €11,848,699 | +€146,177 | +1.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.