ENERGY DISTRIBUTION: 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.
ENERGY DISTRIBUTION
Largest movements
- Receivables within one year -€221,152
down €221,152 (-19.8%), from €1.1m to €893,500
of which Trade receivables: -€205,114
- Tangible fixed assets -€119,442
down €119,442 (-9.6%), from €1.2m to €1.1m
of which Land and buildings: -€88,370
- Cash -€83,977
down €83,977 (-71.8%), from €116,937 to €32,960
mainly Net result for the year (-€255,396) and Debts after one year (-€153,044)
- Deferred charges and accrued income -€83,624
down €83,624 (-49.3%), from €169,592 to €85,968
- Profit (loss) carried forward -€255,396
down €255,396 (-63.5%), from -€402,324 to -€657,719
- Debts after one year -€153,044
down €153,044 (-11.5%), from €1.3m to €1.2m
- Trade debts -€80,670
down €80,670 (-13.5%), from €597,230 to €516,560
- Other debts +€50,038
up €50,038 (+10.0%), from €500,000 to €550,038
- Current portion of long-term debt -€42,710
down €42,710 (-21.3%), from €200,689 to €157,979
- Gross operating margin -€155,402
down €155,402 (-25.8%), from €601,763 to €446,360
- Write-downs -€30,621
down €30,621, from €6,151 to -€24,470
- Staff costs +€11,442
up €11,442 (+2.3%), from €504,763 to €516,205
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 | €3,708,928 | €3,189,026 | -€519,902 | -14.0% |
| Fixed assets | 21/28 | €1,254,512 | €1,129,182 | -€125,330 | -10.0% |
| Tangible fixed assets | 22/27 | €1,247,875 | €1,128,433 | -€119,442 | -9.6% |
| Land and buildings | 22 | €1,155,223 | €1,066,853 | -€88,370 | -7.6% |
| Plant, machinery and equipment | 23 | €3,294 | €1,431 | -€1,863 | -56.6% |
| Furniture and vehicles | 24 | €89,358 | €60,149 | -€29,209 | -32.7% |
| Financial fixed assets | 28 | €6,637 | €749 | -€5,888 | -88.7% |
| Current assets | 29/58 | €2,454,416 | €2,059,844 | -€394,572 | -16.1% |
| Stocks and contracts in progress | 3 | €1,053,234 | €1,047,416 | -€5,818 | -0.6% |
| Stocks | 30/36 | €1,053,234 | €1,047,416 | -€5,818 | -0.6% |
| Amounts receivable within one year | 40/41 | €1,114,652 | €893,500 | -€221,152 | -19.8% |
| Trade receivables | 40 | €1,098,614 | €893,500 | -€205,114 | -18.7% |
| Other amounts receivable | 41 | €16,038 | €0 | -€16,038 | -100% |
| Cash at bank and in hand | 54/58 | €116,937 | €32,960 | -€83,977 | -71.8% |
| Deferred charges and accrued income | 490/1 | €169,592 | €85,968 | -€83,624 | -49.3% |
| Total equity and liabilities | 10/49 | €3,708,928 | €3,189,026 | -€519,902 | -14.0% |
| Equity | 10/15 | €889,560 | €623,597 | -€265,963 | -29.9% |
| Contributions | 10/11 | €455,107 | €455,107 | = | 0.0% |
| Capital | 10 | €455,107 | €455,107 | = | 0.0% |
| Issued capital | 100 | €455,107 | €455,107 | = | 0.0% |
| Reserves | 13 | €811,452 | €811,452 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,750 | €46,750 | = | 0.0% |
| Legal reserve | 130 | €46,750 | €46,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €727,201 | €727,201 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€402,324 | -€657,719 | -€255,396 | -63.5% |
| Investment grants | 15 | €25,325 | €14,758 | -€10,568 | -41.7% |
| Amounts payable | 17/49 | €2,819,368 | €2,565,429 | -€253,939 | -9.0% |
| Amounts payable after more than one year | 17 | €1,335,849 | €1,182,805 | -€153,044 | -11.5% |
| Financial debts | 170/4 | €1,335,849 | €1,182,805 | -€153,044 | -11.5% |
| Amounts payable within one year | 42/48 | €1,479,019 | €1,378,124 | -€100,895 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €200,689 | €157,979 | -€42,710 | -21.3% |
| Financial debts | 43 | €12,084 | €12,084 | = | 0.0% |
| Credit institutions | 430/8 | €12,084 | €12,084 | = | 0.0% |
| Trade debts | 44 | €597,230 | €516,560 | -€80,670 | -13.5% |
| Suppliers | 440/4 | €597,230 | €516,560 | -€80,670 | -13.5% |
| Taxes, remuneration and social security | 45 | €169,016 | €141,463 | -€27,553 | -16.3% |
| Taxes | 450/3 | €106,428 | €64,409 | -€42,020 | -39.5% |
| Remuneration and social security | 454/9 | €62,587 | €77,054 | +€14,467 | +23.1% |
| Other amounts payable | 47/48 | €500,000 | €550,038 | +€50,038 | +10.0% |
| Accrued charges and deferred income | 492/3 | €4,500 | €4,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €504,763 | €516,205 | +€11,442 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,736 | €120,466 | -€2,270 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,151 | -€24,470 | -€30,621 | |
| Other operating charges | 640/8 | €20,493 | €21,330 | +€837 | +4.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €601,763 | €446,360 | -€155,402 | -25.8% |
| Operating profit (loss) | 9901 | -€52,381 | -€187,171 | -€134,791 | -257% |
| Financial income | 75/76B | €55,850 | €54,510 | -€1,339 | -2.4% |
| Recurring financial income | 75 | €55,850 | €54,510 | -€1,339 | -2.4% |
| Financial charges | 65/66B | €127,783 | €122,206 | -€5,577 | -4.4% |
| Recurring financial charges | 65 | €127,783 | €122,206 | -€5,577 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | -€124,314 | -€254,867 | -€130,553 | -105% |
| Income taxes | 67/77 | €529 | €529 | -€0 | -0.1% |
| Profit (loss) for the period | 9904 | -€124,843 | -€255,396 | -€130,553 | -105% |
| Profit (loss) for the period to be appropriated | 9905 | -€124,843 | -€255,396 | -€130,553 | -105% |
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 17 October 2026 via checked.be.