Ecluse: 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
Ecluse
NACE 35.300, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€523,735
2024 · -€417,625+€941,360
Equity
€29.2m
2024 · €16.1m+€13.2m
Cash
€1.1m
2024 · €569,696+€523,050
Balance sheet total
€63.6m
2024 · €37.9m+€25.7m
Largest movements
Assets
- Tangible fixed assets +€23.4m
up €23.4m (+108%), from €21.7m to €45.0m
of which Assets under construction and advance payments: +€25.8m
- Current investments +€2.3m
new in 2025: €2.3m
- Receivables after one year -€727,727
down €727,727 (-15.9%), from €4.6m to €3.8m
Equity and liabilities
- Debts after one year +€12.1m
up €12.1m (+106%), from €11.4m to €23.5m
- Contributions +€7.5m
up €7.5m (+55.6%), from €13.5m to €21.0m
- Investment grants +€5.1m
up €5.1m (+195%), from €2.6m to €7.8m
- Trade debts +€1.5m
up €1.5m (+376%), from €394,525 to €1.9m
- Accrued charges and deferred income -€996,891
down €996,891 (-13.0%), from €7.7m to €6.7m
Income statement
- Gross operating margin +€794,880
up €794,880 (+44.6%), from €1.8m to €2.6m
- Depreciation +€59,745
up €59,745 (+2.5%), from €2.4m to €2.5m
- Financial charges -€57,095
down €57,095 (-21.0%), from €272,524 to €215,430
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
-€417,625
Gross operating margin
+€794,880
Depreciation
-€59,745
Other operating charges
-€3,762
Other operating items
+€147,493
Financial income
+€5,399
Financial charges
+€57,095
Result 2025
€523,735
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
+€4.4m
Investment
-€28.6m
Financing
+€24.7m
Cash 2024
€569,696
From operations (derived)
+€4.4m
Net result for the year
+€523,735
Depreciation
+€2.5m
Receivables after one year
+€727,727
Receivables within one year
+€301,321
Smaller working-capital items
+€22,937
Provisions
-€116,713
Trade debts
+€1.5m
Accrued charges and deferred income
-€996,891
Investment (derived)
-€28.6m
Investment in fixed assets (net)
-€26.3m
Current investments
-€2.3m
Financing
+€24.7m
Debts after one year
+€12.1m
Contributions, distributions and other
+€12.6m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,883,426 | €63,567,087 | +€25.7m | +67.8% |
| Fixed assets | 21/28 | €30,689,718 | €54,545,618 | +€23.9m | +77.7% |
| Tangible fixed assets | 22/27 | €21,679,718 | €45,035,618 | +€23.4m | +108% |
| Plant, machinery and equipment | 23 | €17,845,407 | €15,387,241 | -€2.5m | -13.8% |
| Furniture and vehicles | 24 | €1,757 | €1,406 | -€352 | -20.0% |
| Assets under construction and advance payments | 27 | €3,832,554 | €29,646,972 | +€25.8m | +674% |
| Financial fixed assets | 28 | €9,010,000 | €9,510,000 | +€500,000 | +5.5% |
| Current assets | 29/58 | €7,193,708 | €9,021,469 | +€1.8m | +25.4% |
| Amounts receivable after more than one year | 29 | €4,571,050 | €3,843,323 | -€727,727 | -15.9% |
| Other amounts receivable | 291 | €4,571,050 | €3,843,323 | -€727,727 | -15.9% |
| Amounts receivable within one year | 40/41 | €2,051,990 | €1,750,669 | -€301,321 | -14.7% |
| Trade receivables | 40 | €2,014,424 | €1,749,049 | -€265,375 | -13.2% |
| Other amounts receivable | 41 | €37,566 | €1,620 | -€35,946 | -95.7% |
| Current investments | 50/53 | - | €2,300,000 | +€2.3m | |
| Cash at bank and in hand | 54/58 | €569,696 | €1,092,746 | +€523,050 | +91.8% |
| Deferred charges and accrued income | 490/1 | €972 | €34,732 | +€33,760 | +3,472% |
| Total equity and liabilities | 10/49 | €37,883,426 | €63,567,087 | +€25.7m | +67.8% |
| Equity | 10/15 | €16,092,295 | €29,244,634 | +€13.2m | +81.7% |
| Contributions | 10/11 | €13,500,000 | €21,000,000 | +€7.5m | +55.6% |
| Reserves | 13 | - | €480,037 | +€480,037 | |
| Distributable reserves | 133 | - | €480,037 | +€480,037 | |
| Profit (loss) carried forward | 14 | -€43,699 | - | +€43,699 | |
| Investment grants | 15 | €2,635,994 | €7,764,597 | +€5.1m | +195% |
| Provisions and deferred taxes | 16 | €1,135,318 | €1,018,605 | -€116,713 | -10.3% |
| Provisions for liabilities and charges | 160/5 | €1,135,318 | €1,018,605 | -€116,713 | -10.3% |
| Major repairs and maintenance | 162 | €1,135,318 | €1,018,605 | -€116,713 | -10.3% |
| Amounts payable | 17/49 | €20,655,812 | €33,303,848 | +€12.6m | +61.2% |
| Amounts payable after more than one year | 17 | €11,425,583 | €23,528,792 | +€12.1m | +106% |
| Financial debts | 170/4 | €11,425,583 | €23,528,792 | +€12.1m | +106% |
| Amounts payable within one year | 42/48 | €1,580,057 | €3,121,774 | +€1.5m | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €1,179,996 | €1,179,996 | = | 0.0% |
| Trade debts | 44 | €394,525 | €1,879,546 | +€1.5m | +376% |
| Suppliers | 440/4 | €394,525 | €1,879,546 | +€1.5m | +376% |
| Taxes, remuneration and social security | 45 | €5,536 | €10,948 | +€5,412 | +97.8% |
| Taxes | 450/3 | €1,999 | €8,843 | +€6,844 | +342% |
| Remuneration and social security | 454/9 | €3,537 | €2,104 | -€1,432 | -40.5% |
| Other amounts payable | 47/48 | - | €51,285 | +€51,285 | |
| Accrued charges and deferred income | 492/3 | €7,650,173 | €6,653,282 | -€996,891 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,398,773 | €2,458,518 | +€59,745 | +2.5% |
| Other operating charges | 640/8 | €1,832 | €5,595 | +€3,762 | +205% |
| Non-recurring operating charges | 66A | €147,493 | - | -€147,493 | |
| Gross operating margin | 9900 | €1,782,764 | €2,577,644 | +€794,880 | +44.6% |
| Operating profit (loss) | 9901 | -€765,334 | €113,532 | +€878,866 | |
| Financial income | 75/76B | €620,234 | €625,633 | +€5,399 | +0.9% |
| Recurring financial income | 75 | €620,234 | €625,633 | +€5,399 | +0.9% |
| Financial charges | 65/66B | €272,524 | €215,430 | -€57,095 | -21.0% |
| Recurring financial charges | 65 | €272,524 | €215,430 | -€57,095 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€417,625 | €523,735 | +€941,360 | |
| Profit (loss) for the period | 9904 | -€417,625 | €523,735 | +€941,360 | |
| Profit (loss) for the period to be appropriated | 9905 | -€417,625 | €523,735 | +€941,360 |
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.