CATHELEC: 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.
CATHELEC
Largest movements
- Current investments +€850,000
new in 2025: €850,000
- Tangible fixed assets +€475,131
up €475,131 (+99.5%), from €477,316 to €952,447
- Receivables within one year +€402,159
up €402,159 (+1166.1%), from €34,489 to €436,647
of which Other amounts receivable: +€403,000
- Cash +€52,478
up €52,478 (+65.8%), from €79,797 to €132,274
mainly Net result for the year (+€945,659) and Contributions, distributions and other (+€561,100)
- Reserves +€838,632
up €838,632 (+1572.4%), from €53,335 to €891,966
of which Tax-exempt reserves: +€832,632
- Revaluation surpluses +€645,100
new in 2025: €645,100
- Provisions +€277,544
up €277,544, from €0 to €277,544
of which Deferred taxes: +€277,544
- Accrued charges and deferred income -€84,392
down €84,392 (-95.1%), from €88,784 to €4,392
- Other debts +€58,800
up €58,800 (+1470.7%), from €3,998 to €62,798
- Gross operating margin +€1.2m
up €1.2m (+1095.9%), from €109,967 to €1.3m
- Provisions +€37,404
no longer reported in 2025 (was -€37,404)
- Depreciation -€33,326
down €33,326 (-52.5%), from €63,472 to €30,145
- Taxes +€22,177
up €22,177 (+124.7%), from €17,783 to €39,960
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 | €591,726 | €2,371,368 | +€1.8m | +300.8% |
| Fixed assets | 21/28 | €477,440 | €952,447 | +€475,007 | +99.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €477,316 | €952,447 | +€475,131 | +99.5% |
| Land and buildings | 22 | €477,316 | €952,447 | +€475,131 | +99.5% |
| Financial fixed assets | 28 | €124 | €0 | -€124 | -100.0% |
| Current assets | 29/58 | €114,286 | €1,418,922 | +€1.3m | +1141.6% |
| Amounts receivable within one year | 40/41 | €34,489 | €436,647 | +€402,159 | +1166.1% |
| Trade receivables | 40 | €7,489 | €6,647 | -€842 | -11.2% |
| Other amounts receivable | 41 | €27,000 | €430,000 | +€403,000 | +1492.6% |
| Current investments | 50/53 | - | €850,000 | +€850,000 | |
| Cash at bank and in hand | 54/58 | €79,797 | €132,274 | +€52,478 | +65.8% |
| Total equity and liabilities | 10/49 | €591,726 | €2,371,368 | +€1.8m | +300.8% |
| Equity | 10/15 | €492,605 | €1,999,364 | +€1.5m | +305.9% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Revaluation surpluses | 12 | - | €645,100 | +€645,100 | |
| Reserves | 13 | €53,335 | €891,966 | +€838,632 | +1572.4% |
| Non-distributable reserves | 130/1 | €18,000 | €24,000 | +€6,000 | +33.3% |
| Legal reserve | 130 | €18,000 | €24,000 | +€6,000 | +33.3% |
| Tax-exempt reserves | 132 | - | €832,632 | +€832,632 | |
| Distributable reserves | 133 | €35,335 | €35,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | €240,956 | €263,983 | +€23,027 | +9.6% |
| Provisions and deferred taxes | 16 | €0 | €277,544 | +€277,544 | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | - | €277,544 | +€277,544 | |
| Amounts payable | 17/49 | €99,121 | €94,460 | -€4,660 | -4.7% |
| Amounts payable within one year | 42/48 | €10,337 | €90,068 | +€79,732 | +771.3% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,339 | €27,270 | +€20,932 | +330.2% |
| Taxes | 450/3 | €6,339 | €27,270 | +€20,932 | +330.2% |
| Other amounts payable | 47/48 | €3,998 | €62,798 | +€58,800 | +1470.7% |
| Accrued charges and deferred income | 492/3 | €88,784 | €4,392 | -€84,392 | -95.1% |
| Non-recurring operating income | 76A | - | €1,110,621 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,472 | €30,145 | -€33,326 | -52.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€37,404 | - | +€37,404 | |
| Other operating charges | 640/8 | €28,239 | €21,747 | -€6,493 | -23.0% |
| Gross operating margin | 9900 | €109,967 | €1,315,100 | +€1.2m | +1095.9% |
| Operating profit (loss) | 9901 | €55,661 | €1,263,208 | +€1.2m | +2169.5% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €55,618 | €1,263,163 | +€1.2m | +2171.1% |
| Transfer to deferred taxes | 680 | - | €277,544 | +€277,544 | |
| Income taxes | 67/77 | €17,783 | €39,960 | +€22,177 | +124.7% |
| Profit (loss) for the period | 9904 | €37,835 | €945,659 | +€907,824 | +2399.5% |
| Transfer to tax-exempt reserves | 689 | - | €832,632 | +€832,632 | |
| Profit (loss) for the period to be appropriated | 9905 | €37,835 | €113,027 | +€75,193 | +198.7% |
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 2 October 2026 via checked.be.