BENILCO: 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.
BENILCO
Largest movements
- Current investments +€287,115
up €287,115 (+13.9%), from €2.1m to €2.3m
- Tangible fixed assets -€75,489
down €75,489 (-99.2%), from €76,091 to €602
of which Land and buildings: -€72,038
- Cash +€65,008
up €65,008 (+194.0%), from €33,503 to €98,511
mainly Net result for the year (+€236,895) and Investment in fixed assets (net) (+€75,300)
- Reserves +€236,895
up €236,895 (+12.2%), from €1.9m to €2.2m
of which Distributable reserves: +€236,895
- Accrued charges and deferred income +€33,174
up €33,174 (+10.8%), from €307,841 to €341,016
- Staff costs -€45,607
down €45,607 (-92.5%), from €49,294 to €3,688
- Gross operating margin -€18,803
down €18,803 (-5.6%), from €337,153 to €318,350
- Financial income +€18,334
up €18,334 (+127.5%), from €14,383 to €32,717
- Taxes +€15,317
up €15,317 (+18.2%), from €84,317 to €99,635
- Depreciation -€5,853
down €5,853 (-96.9%), from €6,043 to €190
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,374,120 | €2,629,933 | +€255,813 | +10.8% |
| Fixed assets | 21/28 | €76,191 | €702 | -€75,489 | -99.1% |
| Tangible fixed assets | 22/27 | €76,091 | €602 | -€75,489 | -99.2% |
| Land and buildings | 22 | €72,038 | €0 | -€72,038 | -100.0% |
| Plant, machinery and equipment | 23 | €200 | €0 | -€200 | -100.0% |
| Furniture and vehicles | 24 | €3,853 | €602 | -€3,251 | -84.4% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €2,297,928 | €2,629,231 | +€331,302 | +14.4% |
| Amounts receivable within one year | 40/41 | €202,738 | €182,549 | -€20,189 | -10.0% |
| Trade receivables | 40 | €202,723 | €182,370 | -€20,353 | -10.0% |
| Other amounts receivable | 41 | €16 | €180 | +€164 | +1053.0% |
| Current investments | 50/53 | €2,059,398 | €2,346,514 | +€287,115 | +13.9% |
| Cash at bank and in hand | 54/58 | €33,503 | €98,511 | +€65,008 | +194.0% |
| Deferred charges and accrued income | 490/1 | €2,288 | €1,657 | -€631 | -27.6% |
| Total equity and liabilities | 10/49 | €2,374,120 | €2,629,933 | +€255,813 | +10.8% |
| Equity | 10/15 | €1,950,283 | €2,187,178 | +€236,895 | +12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,937,883 | €2,174,778 | +€236,895 | +12.2% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €1,927,883 | €2,164,778 | +€236,895 | +12.3% |
| Amounts payable | 17/49 | €423,836 | €442,754 | +€18,918 | +4.5% |
| Amounts payable within one year | 42/48 | €115,995 | €101,739 | -€14,256 | -12.3% |
| Financial debts | 43 | €3,429 | €3,398 | -€31 | -0.9% |
| Credit institutions | 430/8 | €3,429 | €3,398 | -€31 | -0.9% |
| Trade debts | 44 | €23,222 | €6,996 | -€16,227 | -69.9% |
| Suppliers | 440/4 | €23,222 | €6,996 | -€16,227 | -69.9% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €69,452 | €70,688 | +€1,237 | +1.8% |
| Taxes | 450/3 | €63,762 | €70,688 | +€6,927 | +10.9% |
| Remuneration and social security | 454/9 | €5,690 | €0 | -€5,690 | -100.0% |
| Other amounts payable | 47/48 | €19,892 | €20,657 | +€765 | +3.8% |
| Accrued charges and deferred income | 492/3 | €307,841 | €341,016 | +€33,174 | +10.8% |
| Non-recurring operating income | 76A | - | €84,630 | +€84,630 | |
| Remuneration, social security and pensions | 62 | €49,294 | €3,688 | -€45,607 | -92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,043 | €190 | -€5,853 | -96.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,032 | - | -€1,032 | |
| Other operating charges | 640/8 | €2,223 | €2,314 | +€91 | +4.1% |
| Non-recurring operating charges | 66A | €12,692 | €4,952 | -€7,739 | -61.0% |
| Gross operating margin | 9900 | €337,153 | €318,350 | -€18,803 | -5.6% |
| Operating profit (loss) | 9901 | €265,870 | €307,206 | +€41,337 | +15.5% |
| Financial income | 75/76B | €14,383 | €32,717 | +€18,334 | +127.5% |
| Recurring financial income | 75 | €14,383 | €32,717 | +€18,334 | +127.5% |
| Financial charges | 65/66B | €3,706 | €3,394 | -€312 | -8.4% |
| Recurring financial charges | 65 | €3,706 | €3,394 | -€312 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €276,546 | €336,530 | +€59,983 | +21.7% |
| Income taxes | 67/77 | €84,317 | €99,635 | +€15,317 | +18.2% |
| Profit (loss) for the period | 9904 | €192,229 | €236,895 | +€44,666 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €192,229 | €236,895 | +€44,666 | +23.2% |
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 9 October 2026 via checked.be.