D-ESTATE: 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.
What changed
D-ESTATE
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€136,453
2024 · €201,171-€64,719
Equity
€6.4m
2024 · €6.2m+€136,453
Cash
€758,629
2024 · €689,629+€69,000
Balance sheet total
€21.7m
2024 · €24.5m-€2.8m
Largest movements
Assets
- Current investments -€4.1m
down €4.1m (-100%), from €4.1m to €0
- Tangible fixed assets +€876,878
up €876,878 (+5.1%), from €17.1m to €18.0m
of which Assets under construction and advance payments: +€1.5m
- Receivables within one year +€488,072
up €488,072 (+80.7%), from €604,667 to €1.1m
of which Trade receivables: +€503,570
Equity and liabilities
- Other debts -€2.8m
down €2.8m (-42.2%), from €6.6m to €3.8m
- Debts after one year -€1.4m
down €1.4m (-14.2%), from €9.5m to €8.2m
- Short-term financial debts +€915,000
new in 2025: €915,000
- Trade debts +€357,157
up €357,157 (+64.5%), from €553,369 to €910,526
Income statement
- Financial income -€125,588
down €125,588 (-79.4%), from €158,267 to €32,679
- Turnover +€85,617
up €85,617 (+3.4%), from €2.5m to €2.6m
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.
Result 2024
€201,171
Turnover
+€85,617
Other operating income
+€13,509
Services and other goods
-€21,378
Depreciation
-€24,090
Other operating charges
-€10,487
Financial income
-€125,588
Financial charges
-€467
Taxes
+€12,966
Deferred taxes and other
+€5,199
Result 2025
€136,453
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.5m
Investment
+€2.0m
Financing
-€421,352
Cash 2024
€689,629
From operations (derived)
-€1.5m
Net result for the year
+€136,453
Depreciation
+€1.2m
Receivables within one year
-€488,072
Deferred charges and accrued income
+€146,997
Provisions
-€45,696
Trade debts
+€357,157
Other debts
-€2.8m
Accrued charges and deferred income
-€1,138
Investment (derived)
+€2.0m
Investment in fixed assets (net)
-€2.1m
Current investments
+€4.1m
Financing
-€421,352
Debts after one year
-€1.4m
Current portion of long-term debt
+€15,689
Short-term financial debts
+€915,000
Cash 2025
€758,629
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,497,258 | €21,734,212 | -€2.8m | -11.3% |
| Fixed assets | 21/28 | €19,005,965 | €19,882,843 | +€876,878 | +4.6% |
| Tangible fixed assets | 22/27 | €17,106,536 | €17,983,414 | +€876,878 | +5.1% |
| Land and buildings | 22 | €14,622,368 | €14,310,430 | -€311,938 | -2.1% |
| Plant, machinery and equipment | 23 | €2,224,067 | €1,880,129 | -€343,938 | -15.5% |
| Furniture and vehicles | 24 | €31,352 | €24,314 | -€7,037 | -22.4% |
| Assets under construction and advance payments | 27 | €228,750 | €1,768,541 | +€1.5m | +673% |
| Financial fixed assets | 28 | €1,899,429 | €1,899,429 | = | 0.0% |
| Affiliated companies | 280/1 | €1,899,429 | €1,899,429 | = | 0.0% |
| Participating interests | 280 | €1,899,429 | €1,899,429 | = | 0.0% |
| Current assets | 29/58 | €5,491,293 | €1,851,368 | -€3.6m | -66.3% |
| Amounts receivable within one year | 40/41 | €604,667 | €1,092,740 | +€488,072 | +80.7% |
| Trade receivables | 40 | €5,183 | €508,753 | +€503,570 | +9,716% |
| Other amounts receivable | 41 | €599,485 | €583,987 | -€15,498 | -2.6% |
| Current investments | 50/53 | €4,050,000 | €0 | -€4.1m | -100% |
| Other investments | 51/53 | €4,050,000 | €0 | -€4.1m | -100% |
| Cash at bank and in hand | 54/58 | €689,629 | €758,629 | +€69,000 | +10.0% |
| Deferred charges and accrued income | 490/1 | €146,997 | €0 | -€146,997 | -100% |
| Total equity and liabilities | 10/49 | €24,497,258 | €21,734,212 | -€2.8m | -11.3% |
| Equity | 10/15 | €6,226,360 | €6,362,812 | +€136,453 | +2.2% |
| Contributions | 10/11 | €690,964 | €690,964 | = | 0.0% |
| Capital | 10 | €690,964 | €690,964 | = | 0.0% |
| Issued capital | 100 | €690,964 | €690,964 | = | 0.0% |
| Reserves | 13 | €5,535,396 | €5,671,848 | +€136,453 | +2.5% |
| Non-distributable reserves | 130/1 | €69,096 | €69,096 | = | 0.0% |
| Legal reserve | 130 | €69,096 | €69,096 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,077,623 | €1,940,535 | -€137,087 | -6.6% |
| Distributable reserves | 133 | €3,388,677 | €3,662,216 | +€273,540 | +8.1% |
| Provisions and deferred taxes | 16 | €233,017 | €187,321 | -€45,696 | -19.6% |
| Deferred taxes | 168 | €233,017 | €187,321 | -€45,696 | -19.6% |
| Amounts payable | 17/49 | €18,037,882 | €15,184,078 | -€2.9m | -15.8% |
| Amounts payable after more than one year | 17 | €9,535,305 | €8,183,263 | -€1.4m | -14.2% |
| Financial debts | 170/4 | €9,535,305 | €8,183,263 | -€1.4m | -14.2% |
| Credit institutions | 173 | €9,535,305 | €8,183,263 | -€1.4m | -14.2% |
| Amounts payable within one year | 42/48 | €8,501,440 | €7,000,815 | -€1.5m | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €1,336,352 | €1,352,042 | +€15,689 | +1.2% |
| Financial debts | 43 | - | €915,000 | +€915,000 | |
| Credit institutions | 430/8 | - | €915,000 | +€915,000 | |
| Trade debts | 44 | €553,369 | €910,526 | +€357,157 | +64.5% |
| Suppliers | 440/4 | €553,369 | €910,526 | +€357,157 | +64.5% |
| Other amounts payable | 47/48 | €6,611,718 | €3,823,247 | -€2.8m | -42.2% |
| Accrued charges and deferred income | 492/3 | €1,138 | €0 | -€1,138 | -100% |
| Operating income | 70/76A | €2,804,602 | €2,903,728 | +€99,126 | +3.5% |
| Turnover | 70 | €2,497,411 | €2,583,027 | +€85,617 | +3.4% |
| Other operating income | 74 | €307,191 | €320,701 | +€13,509 | +4.4% |
| Operating charges | 60/66A | €2,305,446 | €2,361,400 | +€55,955 | +2.4% |
| Services and other goods | 61 | €794,948 | €816,326 | +€21,378 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,198,603 | €1,222,693 | +€24,090 | +2.0% |
| Other operating charges | 640/8 | €311,894 | €322,381 | +€10,487 | +3.4% |
| Operating profit (loss) | 9901 | €499,157 | €542,328 | +€43,171 | +8.6% |
| Financial income | 75/76B | €158,267 | €32,679 | -€125,588 | -79.4% |
| Recurring financial income | 75 | €158,267 | €32,679 | -€125,588 | -79.4% |
| Income from current assets | 751 | €158,267 | €32,679 | -€125,588 | -79.4% |
| Financial charges | 65/66B | €391,792 | €392,259 | +€467 | +0.1% |
| Recurring financial charges | 65 | €391,792 | €392,259 | +€467 | +0.1% |
| Debt charges | 650 | €390,411 | €389,761 | -€649 | -0.2% |
| Other financial charges | 652/9 | €1,381 | €2,497 | +€1,116 | +80.8% |
| Profit (loss) for the period before taxes | 9903 | €265,632 | €182,748 | -€82,883 | -31.2% |
| Transfer from deferred taxes | 780 | €40,496 | €45,696 | +€5,199 | +12.8% |
| Income taxes | 67/77 | €104,957 | €91,991 | -€12,966 | -12.4% |
| Taxes | 670/3 | €104,957 | €91,991 | -€12,966 | -12.4% |
| Profit (loss) for the period | 9904 | €201,171 | €136,453 | -€64,719 | -32.2% |
| Transfer from tax-exempt reserves | 789 | €121,489 | €137,087 | +€15,598 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €322,660 | €273,540 | -€49,120 | -15.2% |
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 31 October 2026 via checked.be.