CINERGIE: 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.
CINERGIE
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+14.6%), from €12.9m to €14.8m
of which Land and buildings: +€1.3m
- Cash +€470,380
up €470,380 (+94.5%), from €497,925 to €968,305
mainly Depreciation (+€2.3m) and Debts after one year (+€1.6m)
- Receivables within one year -€306,527
down €306,527 (-6.1%), from €5.0m to €4.7m
of which Trade receivables: -€257,015
- Debts after one year +€1.6m
up €1.6m (+23.2%), from €6.9m to €8.5m
- Profit (loss) carried forward +€621,065
up €621,065 (+14.1%), from €4.4m to €5.0m
- Trade debts -€595,585
down €595,585 (-26.5%), from €2.2m to €1.7m
- Current portion of long-term debt +€341,206
up €341,206 (+20.4%), from €1.7m to €2.0m
- Tax, wage and social debts +€272,137
up €272,137 (+296%), from €91,791 to €363,928
of which Taxes: +€211,783
- Turnover -€9.8m
no longer reported in 2025 (was €9.8m)
- Purchases and services -€7.3m
no longer reported in 2025 (was €7.3m)
- Gross operating margin +€795,416
up €795,416 (+26.7%), from €3.0m to €3.8m
- Depreciation +€460,900
up €460,900 (+25.4%), from €1.8m to €2.3m
- Financial charges +€133,956
up €133,956 (+47.3%), from €283,180 to €417,136
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.
Derived cash bridge
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 | €20,684,292 | €22,844,459 | +€2.2m | +10.4% |
| Fixed assets | 21/28 | €13,031,171 | €14,826,293 | +€1.8m | +13.8% |
| Intangible fixed assets | 21 | €90,897 | - | -€90,897 | |
| Tangible fixed assets | 22/27 | €12,938,774 | €14,824,793 | +€1.9m | +14.6% |
| Land and buildings | 22 | €7,454,829 | €8,752,344 | +€1.3m | +17.4% |
| Plant, machinery and equipment | 23 | €2,570,238 | €3,835,797 | +€1.3m | +49.2% |
| Furniture and vehicles | 24 | €62,022 | €46,385 | -€15,637 | -25.2% |
| Leasing and similar rights | 25 | €2,851,685 | €2,190,267 | -€661,417 | -23.2% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €7,653,121 | €8,018,165 | +€365,044 | +4.8% |
| Stocks and contracts in progress | 3 | €1,929,208 | €2,155,196 | +€225,988 | +11.7% |
| Stocks | 30/36 | €1,929,208 | €2,155,196 | +€225,988 | +11.7% |
| Amounts receivable within one year | 40/41 | €5,046,351 | €4,739,824 | -€306,527 | -6.1% |
| Trade receivables | 40 | €4,995,944 | €4,738,928 | -€257,015 | -5.1% |
| Other amounts receivable | 41 | €50,407 | €895 | -€49,512 | -98.2% |
| Cash at bank and in hand | 54/58 | €497,925 | €968,305 | +€470,380 | +94.5% |
| Deferred charges and accrued income | 490/1 | €179,638 | €154,841 | -€24,797 | -13.8% |
| Total equity and liabilities | 10/49 | €20,684,292 | €22,844,459 | +€2.2m | +10.4% |
| Equity | 10/15 | €9,775,827 | €10,323,076 | +€547,249 | +5.6% |
| Contributions | 10/11 | €3,332,800 | €3,332,800 | = | 0.0% |
| Reserves | 13 | €810,500 | €810,500 | = | 0.0% |
| Distributable reserves | 133 | €810,500 | €810,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,396,626 | €5,017,691 | +€621,065 | +14.1% |
| Investment grants | 15 | €1,235,901 | €1,162,085 | -€73,816 | -6.0% |
| Amounts payable | 17/49 | €10,908,465 | €12,521,383 | +€1.6m | +14.8% |
| Amounts payable after more than one year | 17 | €6,888,206 | €8,486,559 | +€1.6m | +23.2% |
| Financial debts | 170/4 | €6,888,206 | €8,486,559 | +€1.6m | +23.2% |
| Amounts payable within one year | 42/48 | €4,015,486 | €4,032,913 | +€17,427 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €1,672,741 | €2,013,947 | +€341,206 | +20.4% |
| Trade debts | 44 | €2,249,982 | €1,654,398 | -€595,585 | -26.5% |
| Suppliers | 440/4 | €2,249,982 | €1,654,398 | -€595,585 | -26.5% |
| Taxes, remuneration and social security | 45 | €91,791 | €363,928 | +€272,137 | +296% |
| Taxes | 450/3 | €18,463 | €230,246 | +€211,783 | +1,147% |
| Remuneration and social security | 454/9 | €73,328 | €133,682 | +€60,354 | +82.3% |
| Other amounts payable | 47/48 | €971 | €640 | -€331 | -34.1% |
| Accrued charges and deferred income | 492/3 | €4,774 | €1,911 | -€2,863 | -60.0% |
| Turnover | 70 | €9,805,477 | - | -€9.8m | |
| Non-recurring operating income | 76A | €53,031 | - | -€53,031 | |
| Goods, raw materials, services and sundry goods | 60/61 | €7,282,986 | - | -€7.3m | |
| Remuneration, social security and pensions | 62 | €562,136 | €667,694 | +€105,559 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,816,136 | €2,277,036 | +€460,900 | +25.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €92,592 | €21,997 | -€70,595 | -76.2% |
| Other operating charges | 640/8 | €14,111 | €19,983 | +€5,872 | +41.6% |
| Non-recurring operating charges | 66A | €38,964 | €17,428 | -€21,536 | -55.3% |
| Gross operating margin | 9900 | €2,984,052 | €3,779,468 | +€795,416 | +26.7% |
| Operating profit (loss) | 9901 | €460,112 | €775,329 | +€315,216 | +68.5% |
| Financial income | 75/76B | €212,181 | €263,076 | +€50,895 | +24.0% |
| Recurring financial income | 75 | €212,181 | €263,076 | +€50,895 | +24.0% |
| Financial charges | 65/66B | €283,180 | €417,136 | +€133,956 | +47.3% |
| Recurring financial charges | 65 | €283,180 | €417,136 | +€133,956 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €389,114 | €621,269 | +€232,155 | +59.7% |
| Income taxes | 67/77 | €522 | €205 | -€317 | -60.8% |
| Profit (loss) for the period | 9904 | €388,592 | €621,065 | +€232,473 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €388,592 | €621,065 | +€232,473 | +59.8% |
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 15 October 2026 via checked.be.