C - Power: what changed
What changed
C - Power
NACE 35.120, Electricity, gas, steam and air conditioning supply
filed annual accounts (NBB)
Net result for the year
€18.4m
2024 · €22.6m-€4.2m
Equity
€289.0m
2024 · €271.9m+€17.0m
Cash
€72.5m
2024 · €64.2m+€8.2m
Balance sheet total
€536.4m
2024 · €579.9m-€43.5m
Largest movements
Assets
- Tangible fixed assets -€58.8m
down €58.8m (-13.2%), from €444.0m to €385.2m
of which Plant, machinery and equipment: -€58.9m
- Cash +€8.2m
up €8.2m (+12.8%), from €64.2m to €72.5m
mainly Depreciation (+€63.5m) and Net result for the year (+€18.4m)
- Receivables within one year +€6.1m
up €6.1m (+23.4%), from €26.2m to €32.3m
of which Trade receivables: +€6.0m
Equity and liabilities
- Debts after one year -€65.9m
down €65.9m (-33.0%), from €199.6m to €133.7m
- Profit (loss) carried forward +€17.4m
up €17.4m (+16.3%), from €107.1m to €124.5m
Income statement
- Turnover -€11.4m
down €11.4m (-8.0%), from €142.0m to €130.5m
- Financial charges -€4.1m
down €4.1m (-26.6%), from €15.4m to €11.3m
- Goods and materials -€4.0m
down €4.0m (-51.9%), from €7.7m to €3.7m
of which Change in stocks: decrease (increase): -€3.4m
- Other operating income -€3.2m
down €3.2m (-70.0%), from €4.6m to €1.4m
- Services and other goods -€2.2m
down €2.2m (-7.5%), from €29.9m to €27.6m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€22.6m
Turnover
-€11.4m
Other operating income
-€3.2m
Goods and materials
+€4.0m
Services and other goods
+€2.2m
Staff costs
-€185,586
Depreciation
-€37,941
Provisions
+€863,306
Other operating charges
+€255,790
Financial income
-€915,662
Financial charges
+€4.1m
Taxes
+€110,672
Result 2025
€18.4m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€77.6m
Investment
-€3.4m
Financing
-€65.9m
Cash 2024
€64.2m
From operations (derived)
+€77.6m
Net result for the year
+€18.4m
Depreciation
+€63.5m
Stocks and contracts
-€2.3m
Receivables within one year
-€6.1m
Deferred charges and accrued income
+€47,972
Provisions
+€3.3m
Trade debts
-€441,979
Tax, wage and social debts
+€2.1m
Other debts
-€900,000
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.4m
Financing
-€65.9m
Debts after one year
-€65.9m
Current portion of long-term debt
+€1.3m
Contributions, distributions and other
-€1.3m
Cash 2025
€72.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €579,902,831 | €536,392,038 | -€43.5m | -7.5% |
| Formation expenses | 20 | €27,308,248 | €23,882,823 | -€3.4m | -12.5% |
| Fixed assets | 21/28 | €448,725,799 | €392,087,398 | -€56.6m | -12.6% |
| Tangible fixed assets | 22/27 | €443,998,976 | €385,187,300 | -€58.8m | -13.2% |
| Land and buildings | 22 | €727,450 | €3,769,173 | +€3.0m | +418% |
| Plant, machinery and equipment | 23 | €439,842,321 | €380,980,703 | -€58.9m | -13.4% |
| Furniture and vehicles | 24 | €435,283 | €437,424 | +€2,141 | +0.5% |
| Assets under construction and advance payments | 27 | €2,993,922 | - | -€3.0m | |
| Financial fixed assets | 28 | €4,726,822 | €6,900,098 | +€2.2m | +46.0% |
| Affiliated companies | 280/1 | €451,870 | €451,870 | = | 0.0% |
| Participating interests | 280 | €451,870 | €451,870 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,274,952 | €6,448,228 | +€2.2m | +50.8% |
| Amounts receivable and cash guarantees | 285/8 | €4,274,952 | €6,448,228 | +€2.2m | +50.8% |
| Current assets | 29/58 | €103,868,784 | €120,421,817 | +€16.6m | +15.9% |
| Stocks and contracts in progress | 3 | €11,485,238 | €13,738,810 | +€2.3m | +19.6% |
| Stocks | 30/36 | €11,485,238 | €13,738,810 | +€2.3m | +19.6% |
| Raw materials and consumables | 30/31 | €11,485,238 | €13,738,810 | +€2.3m | +19.6% |
| Amounts receivable within one year | 40/41 | €26,161,717 | €32,281,158 | +€6.1m | +23.4% |
| Trade receivables | 40 | €26,110,711 | €32,098,192 | +€6.0m | +22.9% |
| Other amounts receivable | 41 | €51,006 | €182,967 | +€131,960 | +259% |
| Cash at bank and in hand | 54/58 | €64,238,453 | €72,466,446 | +€8.2m | +12.8% |
| Deferred charges and accrued income | 490/1 | €1,983,375 | €1,935,403 | -€47,972 | -2.4% |
| Total equity and liabilities | 10/49 | €579,902,831 | €536,392,038 | -€43.5m | -7.5% |
| Equity | 10/15 | €271,937,630 | €288,983,304 | +€17.0m | +6.3% |
| Contributions | 10/11 | €147,637,471 | €147,637,471 | = | 0.0% |
| Capital | 10 | €147,637,471 | €147,637,471 | = | 0.0% |
| Issued capital | 100 | €147,637,471 | €147,637,471 | = | 0.0% |
| Reserves | 13 | €9,887,779 | €10,805,688 | +€917,909 | +9.3% |
| Non-distributable reserves | 130/1 | €9,887,779 | €10,805,688 | +€917,909 | +9.3% |
| Legal reserve | 130 | €9,887,779 | €10,805,688 | +€917,909 | +9.3% |
| Profit (loss) carried forward | 14 | €107,053,005 | €124,493,269 | +€17.4m | +16.3% |
| Investment grants | 15 | €7,359,375 | €6,046,875 | -€1.3m | -17.8% |
| Provisions and deferred taxes | 16 | €35,752,761 | €39,030,991 | +€3.3m | +9.2% |
| Provisions for liabilities and charges | 160/5 | €33,299,636 | €37,015,366 | +€3.7m | +11.2% |
| Other liabilities and charges | 164/5 | €33,299,636 | €37,015,366 | +€3.7m | +11.2% |
| Deferred taxes | 168 | €2,453,125 | €2,015,625 | -€437,500 | -17.8% |
| Amounts payable | 17/49 | €272,212,439 | €208,377,743 | -€63.8m | -23.5% |
| Amounts payable after more than one year | 17 | €199,574,483 | €133,687,080 | -€65.9m | -33.0% |
| Financial debts | 170/4 | €199,574,483 | €133,687,080 | -€65.9m | -33.0% |
| Credit institutions | 173 | €199,574,483 | €133,687,080 | -€65.9m | -33.0% |
| Amounts payable within one year | 42/48 | €72,637,957 | €74,690,663 | +€2.1m | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €64,590,277 | €65,887,403 | +€1.3m | +2.0% |
| Trade debts | 44 | €3,299,086 | €2,857,107 | -€441,979 | -13.4% |
| Suppliers | 440/4 | €3,299,086 | €2,857,107 | -€441,979 | -13.4% |
| Taxes, remuneration and social security | 45 | €3,848,594 | €5,946,154 | +€2.1m | +54.5% |
| Taxes | 450/3 | €3,262,337 | €5,297,012 | +€2.0m | +62.4% |
| Remuneration and social security | 454/9 | €586,257 | €649,142 | +€62,885 | +10.7% |
| Other amounts payable | 47/48 | €900,000 | - | -€900,000 | |
| Operating income | 70/76A | €146,580,178 | €131,923,849 | -€14.7m | -10.0% |
| Turnover | 70 | €141,959,165 | €130,535,608 | -€11.4m | -8.0% |
| Other operating income | 74 | €4,621,013 | €1,388,241 | -€3.2m | -70.0% |
| Operating charges | 60/66A | €109,255,310 | €102,111,793 | -€7.1m | -6.5% |
| Goods for resale, raw materials and consumables | 60 | €7,708,703 | €3,710,167 | -€4.0m | -51.9% |
| Purchases | 600/8 | €6,580,208 | €5,963,738 | -€616,469 | -9.4% |
| Change in stocks: decrease (increase) | 609 | €1,128,496 | -€2,253,572 | -€3.4m | |
| Services and other goods | 61 | €29,890,804 | €27,641,393 | -€2.2m | -7.5% |
| Remuneration, social security and pensions | 62 | €2,947,326 | €3,132,912 | +€185,586 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,466,609 | €63,504,550 | +€37,941 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,579,037 | €3,715,730 | -€863,306 | -18.9% |
| Other operating charges | 640/8 | €662,830 | €407,040 | -€255,790 | -38.6% |
| Operating profit (loss) | 9901 | €37,324,869 | €29,812,056 | -€7.5m | -20.1% |
| Financial income | 75/76B | €3,590,036 | €2,674,373 | -€915,662 | -25.5% |
| Recurring financial income | 75 | €3,590,036 | €2,674,373 | -€915,662 | -25.5% |
| Income from financial fixed assets | 750 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Income from current assets | 751 | €1,977,536 | €1,111,873 | -€865,662 | -43.8% |
| Other financial income | 752/9 | €1,312,500 | €1,312,500 | = | 0.0% |
| Financial charges | 65/66B | €15,400,023 | €11,299,979 | -€4.1m | -26.6% |
| Recurring financial charges | 65 | €15,400,023 | €11,299,979 | -€4.1m | -26.6% |
| Debt charges | 650 | €15,320,746 | €11,224,319 | -€4.1m | -26.7% |
| Other financial charges | 652/9 | €79,277 | €75,660 | -€3,617 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €25,514,881 | €21,186,451 | -€4.3m | -17.0% |
| Transfer from deferred taxes | 780 | €437,500 | €437,500 | = | 0.0% |
| Income taxes | 67/77 | €3,376,449 | €3,265,778 | -€110,672 | -3.3% |
| Taxes | 670/3 | €3,376,449 | €3,265,778 | -€110,672 | -3.3% |
| Profit (loss) for the period | 9904 | €22,575,932 | €18,358,173 | -€4.2m | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,575,932 | €18,358,173 | -€4.2m | -18.7% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.