ELECTRABEL: 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.
What changed
ELECTRABEL
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5.00bn
2024 · €7.85bn-€2.85bn
Equity
€10.21bn
2024 · €15.63bn-€5.42bn
Cash
€30.7m
2024 · €15.2m+€15.4m
Balance sheet total
€20.52bn
2024 · €52.15bn-€31.62bn
Largest movements
Assets
- Financial fixed assets -€28.75bn
down €28.75bn (-74.6%), from €38.52bn to €9.77bn
of which Affiliated companies: -€29.10bn
- Receivables within one year -€3.31bn
down €3.31bn (-35.8%), from €9.25bn to €5.94bn
of which Other amounts receivable: -€3.37bn
Equity and liabilities
- Current portion of long-term debt -€9.90bn
down €9.90bn (-94.8%), from €10.43bn to €538.5m
- Contributions -€8.24bn
down €8.24bn (-64.0%), from €12.87bn to €4.63bn
of which Outside capital: -€8.23bn
- Other debts -€7.02bn
down €7.02bn (-92.5%), from €7.59bn to €571.6m
- Provisions -€5.54bn
down €5.54bn (-76.8%), from €7.21bn to €1.67bn
of which Provisions for liabilities and charges: -€5.54bn
- Profit (loss) carried forward +€5.00bn
up €5.00bn, from €0 to €5.00bn
Income statement
- Financial charges +€6.25bn
up €6.25bn (+1014.4%), from €615.6m to €6.86bn
of which Non-recurring financial charges: +€6.61bn
- Financial income +€3.82bn
up €3.82bn (+55.9%), from €6.82bn to €10.64bn
of which Financial income: +€5.03bn
- Goods and materials +€2.81bn
up €2.81bn (+38.9%), from €7.22bn to €10.03bn
of which Purchases: +€2.84bn
- Turnover +€2.06bn
up €2.06bn (+18.7%), from €11.02bn to €13.08bn
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
€7.85bn
Turnover
+€2.06bn
Other operating income
+€116.7m
Goods and materials
-€2.81bn
Services and other goods
-€93.8m
Staff costs
-€60.5m
Depreciation
+€20.8m
Write-downs
+€52.8m
Provisions
+€26.9m
Other operating charges
+€101.0m
Other operating items
+€97.9m
Financial income
+€3.82bn
Financial charges
-€6.25bn
Taxes
+€64.7m
Result 2025
€5.00bn
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.
From operations
-€4.80bn
Investment
+€28.42bn
Financing
-€23.61bn
Cash 2024
€15.2m
From operations (derived)
-€4.80bn
Net result for the year
+€5.00bn
Depreciation
+€290.8m
Smaller working-capital items
+€103.6m
Receivables within one year
+€3.31bn
Deferred charges and accrued income
-€428.0m
Provisions
-€5.54bn
Trade debts
-€873.2m
Other debts
-€7.02bn
Accrued charges and deferred income
+€356.0m
Investment (derived)
+€28.42bn
Investment in fixed assets (net)
+€28.42bn
Financing
-€23.61bn
Debts after one year
-€3.29bn
Current portion of long-term debt
-€9.90bn
Short-term financial debts
-€8,675
Contributions, distributions and other
-€10.42bn
Cash 2025
€30.7m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €52,147,120,654 | €20,524,145,594 | -€31.62bn | -60.6% |
| Fixed assets | 21/28 | €40,780,733,006 | €12,073,808,573 | -€28.71bn | -70.4% |
| Intangible fixed assets | 21 | €839,048,386 | €729,864,378 | -€109.2m | -13.0% |
| Tangible fixed assets | 22/27 | €1,421,105,806 | €1,576,823,993 | +€155.7m | +11.0% |
| Land and buildings | 22 | €39,072,623 | €29,355,463 | -€9.7m | -24.9% |
| Plant, machinery and equipment | 23 | €577,383,246 | €737,621,137 | +€160.2m | +27.8% |
| Furniture and vehicles | 24 | €4,928,782 | €3,963,984 | -€964,798 | -19.6% |
| Other tangible fixed assets | 26 | €3,742,989 | €1,438,475 | -€2.3m | -61.6% |
| Assets under construction and advance payments | 27 | €795,978,165 | €804,444,934 | +€8.5m | +1.1% |
| Financial fixed assets | 28 | €38,520,578,815 | €9,767,120,203 | -€28.75bn | -74.6% |
| Affiliated companies | 280/1 | €38,511,903,238 | €9,414,488,619 | -€29.10bn | -75.6% |
| Participating interests | 280 | €38,511,278,926 | €7,134,843,708 | -€31.38bn | -81.5% |
| Amounts receivable | 281 | €624,312 | €2,279,644,911 | +€2.28bn | +365045.2% |
| Companies linked by participating interests | 282/3 | €1,923,664 | €347,398,290 | +€345.5m | +17959.2% |
| Participating interests | 282 | €1,923,664 | €30,101,016 | +€28.2m | +1464.8% |
| Amounts receivable | 283 | - | €317,297,274 | +€317.3m | |
| Other financial fixed assets | 284/8 | €6,751,914 | €5,233,294 | -€1.5m | -22.5% |
| Shares | 284 | €6,377,661 | €4,862,790 | -€1.5m | -23.8% |
| Amounts receivable and cash guarantees | 285/8 | €374,252 | €370,503 | -€3,749 | -1.0% |
| Current assets | 29/58 | €11,366,387,647 | €8,450,337,020 | -€2.92bn | -25.7% |
| Amounts receivable after more than one year | 29 | €171,492,645 | €128,940,541 | -€42.6m | -24.8% |
| Trade receivables | 290 | €0 | €12,000,000 | +€12.0m | |
| Other amounts receivable | 291 | €171,492,645 | €116,940,541 | -€54.6m | -31.8% |
| Stocks and contracts in progress | 3 | €120,323,109 | €117,073,955 | -€3.2m | -2.7% |
| Stocks | 30/36 | €120,323,109 | €117,073,955 | -€3.2m | -2.7% |
| Raw materials and consumables | 30/31 | €106,385,997 | €96,375,795 | -€10.0m | -9.4% |
| Goods purchased for resale | 34 | €11,574,440 | €20,061,044 | +€8.5m | +73.3% |
| Advance payments | 36 | €2,362,672 | €637,115 | -€1.7m | -73.0% |
| Amounts receivable within one year | 40/41 | €9,254,028,019 | €5,940,340,173 | -€3.31bn | -35.8% |
| Trade receivables | 40 | €2,649,098,167 | €2,709,512,937 | +€60.4m | +2.3% |
| Other amounts receivable | 41 | €6,604,929,852 | €3,230,827,236 | -€3.37bn | -51.1% |
| Cash at bank and in hand | 54/58 | €15,237,360 | €30,685,720 | +€15.4m | +101.4% |
| Deferred charges and accrued income | 490/1 | €1,805,306,513 | €2,233,296,632 | +€428.0m | +23.7% |
| Total equity and liabilities | 10/49 | €52,147,120,654 | €20,524,145,594 | -€31.62bn | -60.6% |
| Equity | 10/15 | €15,630,540,083 | €10,209,056,283 | -€5.42bn | -34.7% |
| Contributions | 10/11 | €12,867,288,322 | €4,629,737,944 | -€8.24bn | -64.0% |
| Capital | 10 | €4,639,721,779 | €4,629,737,944 | -€10.0m | -0.2% |
| Issued capital | 100 | €5,789,721,779 | €5,779,737,944 | -€10.0m | -0.2% |
| Uncalled capital | 101 | €1,150,000,000 | €1,150,000,000 | = | 0.0% |
| Outside capital | 11 | €8,227,566,543 | €0 | -€8.23bn | -100.0% |
| Share premium | 1100/10 | €8,227,566,543 | €0 | -€8.23bn | -100.0% |
| Reserves | 13 | €2,762,880,102 | €578,972,224 | -€2.18bn | -79.0% |
| Non-distributable reserves | 130/1 | €578,972,224 | €578,972,224 | = | 0.0% |
| Legal reserve | 130 | €578,972,178 | €578,972,178 | = | 0.0% |
| Other | 1319 | €46 | €46 | = | 0.0% |
| Distributable reserves | 133 | €2,183,907,878 | €0 | -€2.18bn | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €5,000,029,826 | +€5.00bn | |
| Investment grants | 15 | €371,659 | €316,290 | -€55,369 | -14.9% |
| Provisions and deferred taxes | 16 | €7,212,857,377 | €1,671,140,758 | -€5.54bn | -76.8% |
| Provisions for liabilities and charges | 160/5 | €7,212,857,377 | €1,671,140,758 | -€5.54bn | -76.8% |
| Pensions and similar obligations | 160 | €131,301,251 | €135,659,193 | +€4.4m | +3.3% |
| Taxes | 161 | €46,610,157 | €47,230,157 | +€620,000 | +1.3% |
| Major repairs and maintenance | 162 | €138,948,854 | €129,339,977 | -€9.6m | -6.9% |
| Environmental obligations | 163 | €6,640,864,890 | €1,059,304,911 | -€5.58bn | -84.0% |
| Other liabilities and charges | 164/5 | €255,132,224 | €299,606,519 | +€44.5m | +17.4% |
| Deferred taxes | 168 | - | €0 | = | |
| Amounts payable | 17/49 | €29,303,723,194 | €8,643,948,553 | -€20.66bn | -70.5% |
| Amounts payable after more than one year | 17 | €5,571,647,881 | €2,284,105,453 | -€3.29bn | -59.0% |
| Financial debts | 170/4 | €5,571,108,714 | €2,283,566,286 | -€3.29bn | -59.0% |
| Other loans | 174 | €5,571,108,714 | €2,283,566,286 | -€3.29bn | -59.0% |
| Other amounts payable | 178/9 | €539,167 | €539,167 | = | 0.0% |
| Amounts payable within one year | 42/48 | €23,437,333,732 | €5,709,120,511 | -€17.73bn | -75.6% |
| Current portion of amounts payable after more than one year | 42 | €10,434,964,874 | €538,541,304 | -€9.90bn | -94.8% |
| Financial debts | 43 | €8,675 | €0 | -€8,675 | -100.0% |
| Credit institutions | 430/8 | €8,675 | €0 | -€8,675 | -100.0% |
| Trade debts | 44 | €3,249,343,885 | €2,376,102,769 | -€873.2m | -26.9% |
| Suppliers | 440/4 | €3,249,343,885 | €2,376,102,769 | -€873.2m | -26.9% |
| Advances received on contracts in progress | 46 | €1,804,620,475 | €1,826,865,375 | +€22.2m | +1.2% |
| Taxes, remuneration and social security | 45 | €360,414,679 | €396,013,623 | +€35.6m | +9.9% |
| Taxes | 450/3 | €193,998,423 | €192,366,953 | -€1.6m | -0.8% |
| Remuneration and social security | 454/9 | €166,416,256 | €203,646,670 | +€37.2m | +22.4% |
| Other amounts payable | 47/48 | €7,587,981,144 | €571,597,441 | -€7.02bn | -92.5% |
| Accrued charges and deferred income | 492/3 | €294,741,581 | €650,722,589 | +€356.0m | +120.8% |
| Operating income | 70/76A | €11,763,143,566 | €13,986,278,999 | +€2.22bn | +18.9% |
| Turnover | 70 | €11,023,083,522 | €13,083,049,444 | +€2.06bn | +18.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€132,697 | €0 | +€132,697 | |
| Own construction capitalised | 72 | €65,117,799 | €69,000,141 | +€3.9m | +6.0% |
| Other operating income | 74 | €671,159,899 | €787,841,332 | +€116.7m | +17.4% |
| Non-recurring operating income | 76A | €3,915,042 | €46,388,082 | +€42.5m | +1084.9% |
| Operating charges | 60/66A | €10,033,791,230 | €12,744,457,663 | +€2.71bn | +27.0% |
| Goods for resale, raw materials and consumables | 60 | €7,218,799,215 | €10,027,993,882 | +€2.81bn | +38.9% |
| Purchases | 600/8 | €7,204,979,458 | €10,045,437,660 | +€2.84bn | +39.4% |
| Change in stocks: decrease (increase) | 609 | €13,819,757 | -€17,443,778 | -€31.3m | |
| Services and other goods | 61 | €1,088,524,177 | €1,182,361,426 | +€93.8m | +8.6% |
| Remuneration, social security and pensions | 62 | €690,497,158 | €751,010,284 | +€60.5m | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,594,678 | €290,815,587 | -€20.8m | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €81,628,829 | €28,823,800 | -€52.8m | -64.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €125,094,151 | €98,226,734 | -€26.9m | -21.5% |
| Other operating charges | 640/8 | €412,760,967 | €311,728,792 | -€101.0m | -24.5% |
| Non-recurring operating charges | 66A | €104,892,056 | €53,497,158 | -€51.4m | -49.0% |
| Operating profit (loss) | 9901 | €1,729,352,336 | €1,241,821,336 | -€487.5m | -28.2% |
| Financial income | 75/76B | €6,824,386,310 | €10,642,357,127 | +€3.82bn | +55.9% |
| Recurring financial income | 75 | €5,079,423,036 | €10,107,340,314 | +€5.03bn | +99.0% |
| Income from financial fixed assets | 750 | €5,031,546,761 | €10,046,222,713 | +€5.01bn | +99.7% |
| Income from current assets | 751 | €38,600,075 | €28,670,097 | -€9.9m | -25.7% |
| Other financial income | 752/9 | €9,276,201 | €32,447,504 | +€23.2m | +249.8% |
| Non-recurring financial income | 76B | €1,744,963,274 | €535,016,812 | -€1.21bn | -69.3% |
| Financial charges | 65/66B | €615,633,088 | €6,860,820,483 | +€6.25bn | +1014.4% |
| Recurring financial charges | 65 | €590,974,770 | €222,651,950 | -€368.3m | -62.3% |
| Debt charges | 650 | €532,015,642 | €200,315,115 | -€331.7m | -62.3% |
| Other financial charges | 652/9 | €58,959,128 | €22,336,835 | -€36.6m | -62.1% |
| Non-recurring financial charges | 66B | €24,658,318 | €6,638,168,533 | +€6.61bn | +26820.6% |
| Profit (loss) for the period before taxes | 9903 | €7,938,105,558 | €5,023,357,980 | -€2.91bn | -36.7% |
| Income taxes | 67/77 | €88,037,990 | €23,328,155 | -€64.7m | -73.5% |
| Taxes | 670/3 | €88,041,242 | €23,328,155 | -€64.7m | -73.5% |
| Tax adjustments and reversals of tax provisions | 77 | €3,252 | €0 | -€3,252 | -100.0% |
| Profit (loss) for the period | 9904 | €7,850,067,569 | €5,000,029,826 | -€2.85bn | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,850,067,569 | €5,000,029,826 | -€2.85bn | -36.3% |
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 3 October 2026 via checked.be.