CINERGEC: 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.
CINERGEC
Largest movements
- Cash +€78,141
up €78,141 (+173.0%), from €45,169 to €123,310
mainly Accrued charges and deferred income (+€66,028) and Net result for the year (+€37,421)
- Receivables within one year +€10,680
up €10,680 (+5.7%), from €185,897 to €196,577
of which Trade receivables: +€9,479
- Deferred charges and accrued income +€7,238
up €7,238 (+654.2%), from €1,106 to €8,344
- Tangible fixed assets -€6,078
down €6,078 (-48.3%), from €12,582 to €6,504
of which Plant, machinery and equipment: -€3,826
- Accrued charges and deferred income +€66,028
new in 2025: €66,028
- Trade debts -€19,512
down €19,512 (-18.0%), from €108,135 to €88,622
- Profit (loss) carried forward +€16,744
no longer reported in 2025 (was -€16,744)
- Other debts +€13,372
new in 2025: €13,372
- Reserves +€5,678
up €5,678 (+14.2%), from €39,950 to €45,628
of which Distributable reserves: +€5,678
- Staff costs -€30,636
down €30,636 (-7.8%), from €395,265 to €364,629
- Taxes +€14,079
up €14,079 (+240.7%), from €5,850 to €19,929
- Other operating charges -€6,230
down €6,230 (-55.2%), from €11,294 to €5,064
- Depreciation -€4,775
down €4,775 (-58.3%), from €8,187 to €3,413
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 | €251,079 | €340,231 | +€89,152 | +35.5% |
| Fixed assets | 21/28 | €16,867 | €10,789 | -€6,078 | -36.0% |
| Tangible fixed assets | 22/27 | €12,582 | €6,504 | -€6,078 | -48.3% |
| Land and buildings | 22 | €4,159 | €3,617 | -€543 | -13.0% |
| Plant, machinery and equipment | 23 | €5,433 | €1,608 | -€3,826 | -70.4% |
| Furniture and vehicles | 24 | €2,990 | €1,280 | -€1,710 | -57.2% |
| Financial fixed assets | 28 | €4,285 | €4,285 | = | 0.0% |
| Current assets | 29/58 | €234,212 | €329,442 | +€95,230 | +40.7% |
| Stocks and contracts in progress | 3 | €2,040 | €1,211 | -€828 | -40.6% |
| Stocks | 30/36 | €2,040 | €1,211 | -€828 | -40.6% |
| Amounts receivable within one year | 40/41 | €185,897 | €196,577 | +€10,680 | +5.7% |
| Trade receivables | 40 | €171,944 | €181,423 | +€9,479 | +5.5% |
| Other amounts receivable | 41 | €13,954 | €15,155 | +€1,201 | +8.6% |
| Cash at bank and in hand | 54/58 | €45,169 | €123,310 | +€78,141 | +173.0% |
| Deferred charges and accrued income | 490/1 | €1,106 | €8,344 | +€7,238 | +654.2% |
| Total equity and liabilities | 10/49 | €251,079 | €340,231 | +€89,152 | +35.5% |
| Equity | 10/15 | €85,206 | €107,628 | +€22,421 | +26.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €39,950 | €45,628 | +€5,678 | +14.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €20,678 | +€5,678 | +37.9% |
| Profit (loss) carried forward | 14 | -€16,744 | - | +€16,744 | |
| Provisions and deferred taxes | 16 | €5,823 | €10,516 | +€4,693 | +80.6% |
| Provisions for liabilities and charges | 160/5 | €5,823 | €10,516 | +€4,693 | +80.6% |
| Other liabilities and charges | 164/5 | €5,823 | €10,516 | +€4,693 | +80.6% |
| Amounts payable | 17/49 | €160,049 | €222,087 | +€62,038 | +38.8% |
| Amounts payable within one year | 42/48 | €160,049 | €156,059 | -€3,990 | -2.5% |
| Financial debts | 43 | €192 | €166 | -€26 | -13.5% |
| Credit institutions | 430/8 | €192 | €166 | -€26 | -13.5% |
| Trade debts | 44 | €108,135 | €88,622 | -€19,512 | -18.0% |
| Suppliers | 440/4 | €108,135 | €88,622 | -€19,512 | -18.0% |
| Taxes, remuneration and social security | 45 | €51,723 | €53,899 | +€2,177 | +4.2% |
| Taxes | 450/3 | €6,068 | €11,319 | +€5,251 | +86.5% |
| Remuneration and social security | 454/9 | €45,655 | €42,580 | -€3,075 | -6.7% |
| Other amounts payable | 47/48 | - | €13,372 | +€13,372 | |
| Accrued charges and deferred income | 492/3 | - | €66,028 | +€66,028 | |
| Remuneration, social security and pensions | 62 | €395,265 | €364,629 | -€30,636 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,187 | €3,413 | -€4,775 | -58.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,823 | €4,693 | -€1,130 | -19.4% |
| Other operating charges | 640/8 | €11,294 | €5,064 | -€6,230 | -55.2% |
| Non-recurring operating charges | 66A | - | €2,665 | +€2,665 | |
| Gross operating margin | 9900 | €443,515 | €440,518 | -€2,997 | -0.7% |
| Operating profit (loss) | 9901 | €22,946 | €60,054 | +€37,109 | +161.7% |
| Financial income | 75/76B | €42 | €549 | +€507 | +1205.3% |
| Recurring financial income | 75 | €42 | €549 | +€507 | +1205.3% |
| Financial charges | 65/66B | €2,787 | €3,254 | +€466 | +16.7% |
| Recurring financial charges | 65 | €2,787 | €3,254 | +€466 | +16.7% |
| Profit (loss) for the period before taxes | 9903 | €20,200 | €57,350 | +€37,150 | +183.9% |
| Income taxes | 67/77 | €5,850 | €19,929 | +€14,079 | +240.7% |
| Profit (loss) for the period | 9904 | €14,350 | €37,421 | +€23,071 | +160.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,350 | €37,421 | +€23,071 | +160.8% |
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 10 October 2026 via checked.be.