ELICIO: 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
ELICIO
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32.8m
2024 · €65.9m-€33.1m
Equity
€271.1m
2024 · €263.3m+€7.8m
Cash
€18.3m
2024 · €14.3m+€4.0m
Balance sheet total
€299.9m
2024 · €296.8m+€3.1m
Largest movements
Assets
- Current investments -€29.0m
down €29.0m (-22.0%), from €131.4m to €102.5m
- Financial fixed assets +€24.4m
up €24.4m (+16.8%), from €144.7m to €169.1m
of which Affiliated companies: +€24.4m
- Cash +€4.0m
up €4.0m (+28.3%), from €14.3m to €18.3m
mainly Net result for the year (+€32.8m) and Current investments (+€29.0m)
- Receivables within one year +€3.4m
up €3.4m (+155%), from €2.2m to €5.5m
of which Other amounts receivable: +€2.7m
Equity and liabilities
- Profit (loss) carried forward +€6.2m
up €6.2m (+9.6%), from €64.3m to €70.5m
- Other debts -€5.0m
down €5.0m (-16.7%), from €30.0m to €25.0m
Income statement
- Financial income -€31.5m
down €31.5m (-43.0%), from €73.1m to €41.6m
of which Financial income: -€32.4m
- Other operating income -€6.1m
down €6.1m (-88.2%), from €6.9m to €819,451
- Goods and materials -€4.2m
down €4.2m (-99.9%), from €4.2m to €3,090
of which Change in stocks: decrease (increase): -€2.4m
- Turnover +€2.8m
up €2.8m (+106%), from €2.6m to €5.4m
- Financial charges +€1.4m
up €1.4m (+204%), from €664,840 to €2.0m
of which Non-recurring financial charges: +€1.3m
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
€65.9m
Turnover
+€2.8m
Other operating income
-€6.1m
Goods and materials
+€4.2m
Services and other goods
-€190,843
Staff costs
-€927,525
Depreciation
-€113,274
Provisions
+€5,666
Other operating charges
-€2,951
Other operating items
+€3,345
Financial income
-€31.5m
Financial charges
-€1.4m
Taxes
-€355
Result 2025
€32.8m
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
+€25.1m
Investment
+€4.1m
Financing
-€25.1m
Cash 2024
€14.3m
From operations (derived)
+€25.1m
Net result for the year
+€32.8m
Depreciation
+€378,090
Receivables after one year
-€202,986
Stocks and contracts
-€82,493
Receivables within one year
-€3.4m
Deferred charges and accrued income
+€82,486
Smaller working-capital items
-€44,929
Trade debts
+€384,791
Tax, wage and social debts
+€144,805
Other debts
-€5.0m
Investment (derived)
+€4.1m
Investment in fixed assets (net)
-€24.9m
Current investments
+€29.0m
Financing
-€25.1m
Debts after one year
-€141,664
Contributions, distributions and other
-€25.0m
Cash 2025
€18.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €296,755,641 | €299,896,569 | +€3.1m | +1.1% |
| Fixed assets | 21/28 | €148,318,346 | €172,809,453 | +€24.5m | +16.5% |
| Intangible fixed assets | 21 | €111,146 | €171,400 | +€60,254 | +54.2% |
| Tangible fixed assets | 22/27 | €3,468,701 | €3,540,049 | +€71,349 | +2.1% |
| Land and buildings | 22 | €3,034,984 | €2,923,531 | -€111,454 | -3.7% |
| Plant, machinery and equipment | 23 | €141,041 | €124,455 | -€16,587 | -11.8% |
| Furniture and vehicles | 24 | €275,378 | €304,551 | +€29,172 | +10.6% |
| Other tangible fixed assets | 26 | €17,297 | €15,606 | -€1,690 | -9.8% |
| Assets under construction and advance payments | 27 | - | €171,907 | +€171,907 | |
| Financial fixed assets | 28 | €144,738,499 | €169,098,004 | +€24.4m | +16.8% |
| Affiliated companies | 280/1 | €144,369,324 | €168,728,829 | +€24.4m | +16.9% |
| Participating interests | 280 | €88,596,632 | €91,224,069 | +€2.6m | +3.0% |
| Amounts receivable | 281 | €55,772,692 | €77,504,760 | +€21.7m | +39.0% |
| Other financial fixed assets | 284/8 | €369,175 | €369,175 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €369,175 | €369,175 | = | 0.0% |
| Current assets | 29/58 | €148,437,295 | €127,087,116 | -€21.4m | -14.4% |
| Amounts receivable after more than one year | 29 | €71,848 | €274,834 | +€202,986 | +283% |
| Trade receivables | 290 | €71,848 | €274,834 | +€202,986 | +283% |
| Stocks and contracts in progress | 3 | - | €82,493 | +€82,493 | |
| Stocks | 30/36 | - | €82,493 | +€82,493 | |
| Property held for sale | 35 | - | €82,493 | +€82,493 | |
| Amounts receivable within one year | 40/41 | €2,170,798 | €5,544,127 | +€3.4m | +155% |
| Trade receivables | 40 | €811,802 | €1,452,201 | +€640,399 | +78.9% |
| Other amounts receivable | 41 | €1,358,996 | €4,091,926 | +€2.7m | +201% |
| Current investments | 50/53 | €131,427,635 | €102,457,519 | -€29.0m | -22.0% |
| Other investments | 51/53 | €131,427,635 | €102,457,519 | -€29.0m | -22.0% |
| Cash at bank and in hand | 54/58 | €14,276,093 | €18,319,707 | +€4.0m | +28.3% |
| Deferred charges and accrued income | 490/1 | €490,921 | €408,435 | -€82,486 | -16.8% |
| Total equity and liabilities | 10/49 | €296,755,641 | €299,896,569 | +€3.1m | +1.1% |
| Equity | 10/15 | €263,263,302 | €271,061,332 | +€7.8m | +3.0% |
| Contributions | 10/11 | €191,494,474 | €191,494,474 | = | 0.0% |
| Capital | 10 | €191,494,474 | €191,494,474 | = | 0.0% |
| Issued capital | 100 | €191,494,474 | €191,494,474 | = | 0.0% |
| Reserves | 13 | €7,452,721 | €9,092,623 | +€1.6m | +22.0% |
| Non-distributable reserves | 130/1 | €7,096,721 | €8,736,623 | +€1.6m | +23.1% |
| Legal reserve | 130 | €7,096,721 | €8,736,623 | +€1.6m | +23.1% |
| Distributable reserves | 133 | €356,000 | €356,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €64,316,106 | €70,474,235 | +€6.2m | +9.6% |
| Provisions and deferred taxes | 16 | €773,552 | €776,851 | +€3,299 | +0.4% |
| Provisions for liabilities and charges | 160/5 | €773,552 | €776,851 | +€3,299 | +0.4% |
| Pensions and similar obligations | 160 | €23,552 | €26,851 | +€3,299 | +14.0% |
| Other liabilities and charges | 164/5 | €750,000 | €750,000 | = | 0.0% |
| Amounts payable | 17/49 | €32,718,787 | €28,058,386 | -€4.7m | -14.2% |
| Amounts payable after more than one year | 17 | €424,992 | €283,328 | -€141,664 | -33.3% |
| Financial debts | 170/4 | €424,992 | €283,328 | -€141,664 | -33.3% |
| Credit institutions | 173 | €424,992 | €283,328 | -€141,664 | -33.3% |
| Amounts payable within one year | 42/48 | €31,848,398 | €27,377,889 | -€4.5m | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €141,664 | €141,664 | = | 0.0% |
| Trade debts | 44 | €451,661 | €836,452 | +€384,791 | +85.2% |
| Suppliers | 440/4 | €451,661 | €836,452 | +€384,791 | +85.2% |
| Taxes, remuneration and social security | 45 | €1,254,944 | €1,399,749 | +€144,805 | +11.5% |
| Taxes | 450/3 | €95,112 | €249,374 | +€154,262 | +162% |
| Remuneration and social security | 454/9 | €1,159,832 | €1,150,375 | -€9,457 | -0.8% |
| Other amounts payable | 47/48 | €30,000,130 | €25,000,025 | -€5.0m | -16.7% |
| Accrued charges and deferred income | 492/3 | €445,396 | €397,169 | -€48,228 | -10.8% |
| Operating income | 70/76A | €9,582,558 | €6,261,666 | -€3.3m | -34.7% |
| Turnover | 70 | €2,640,903 | €5,441,148 | +€2.8m | +106% |
| Other operating income | 74 | €6,941,655 | €819,451 | -€6.1m | -88.2% |
| Non-recurring operating income | 76A | - | €1,067 | +€1,067 | |
| Operating charges | 60/66A | €16,078,392 | €13,066,469 | -€3.0m | -18.7% |
| Goods for resale, raw materials and consumables | 60 | €4,241,661 | €3,090 | -€4.2m | -99.9% |
| Purchases | 600/8 | €1,964,027 | €85,583 | -€1.9m | -95.6% |
| Change in stocks: decrease (increase) | 609 | €2,277,634 | -€82,493 | -€2.4m | |
| Services and other goods | 61 | €4,830,582 | €5,021,425 | +€190,843 | +4.0% |
| Remuneration, social security and pensions | 62 | €6,683,719 | €7,611,244 | +€927,525 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €264,816 | €378,090 | +€113,274 | +42.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,965 | €3,299 | -€5,666 | -63.2% |
| Other operating charges | 640/8 | €46,371 | €49,321 | +€2,951 | +6.4% |
| Non-recurring operating charges | 66A | €2,278 | - | -€2,278 | |
| Operating profit (loss) | 9901 | -€6,495,833 | -€6,804,803 | -€308,970 | -4.8% |
| Financial income | 75/76B | €73,085,987 | €41,632,207 | -€31.5m | -43.0% |
| Recurring financial income | 75 | €73,073,468 | €40,670,182 | -€32.4m | -44.3% |
| Income from financial fixed assets | 750 | €69,630,212 | €37,026,365 | -€32.6m | -46.8% |
| Income from current assets | 751 | €3,094,044 | €2,849,328 | -€244,716 | -7.9% |
| Other financial income | 752/9 | €349,212 | €794,490 | +€445,277 | +128% |
| Non-recurring financial income | 76B | €12,519 | €962,024 | +€949,505 | +7,584% |
| Financial charges | 65/66B | €664,840 | €2,019,724 | +€1.4m | +204% |
| Recurring financial charges | 65 | €286,051 | €368,069 | +€82,018 | +28.7% |
| Debt charges | 650 | €102,239 | €121,063 | +€18,825 | +18.4% |
| Other financial charges | 652/9 | €183,812 | €247,005 | +€63,193 | +34.4% |
| Non-recurring financial charges | 66B | €378,789 | €1,651,656 | +€1.3m | +336% |
| Profit (loss) for the period before taxes | 9903 | €65,925,314 | €32,807,679 | -€33.1m | -50.2% |
| Income taxes | 67/77 | €9,294 | €9,649 | +€355 | +3.8% |
| Taxes | 670/3 | €9,294 | €9,649 | +€355 | +3.8% |
| Profit (loss) for the period | 9904 | €65,916,020 | €32,798,030 | -€33.1m | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,916,020 | €32,798,030 | -€33.1m | -50.2% |
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 14 October 2026 via checked.be.