FIEVA: 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
FIEVA
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€554,334
2024 · -€176,753+€731,087
Equity
€12.6m
2024 · €12.9m-€293,000
Cash
€3.1m
2024 · €2.7m+€413,308
Balance sheet total
€28.0m
2024 · €31.8m-€3.8m
Largest movements
Assets
- Tangible fixed assets -€3.2m
down €3.2m (-17.7%), from €18.2m to €15.0m
- Formation expenses -€535,950
down €535,950 (-36.8%), from €1.5m to €919,933
- Cash +€413,308
up €413,308 (+15.1%), from €2.7m to €3.1m
mainly Depreciation (+€3.2m) and Net result for the year (+€554,334)
- Receivables after one year -€391,717
down €391,717 (-4.9%), from €7.9m to €7.5m
Equity and liabilities
- Debts after one year -€3.6m
down €3.6m (-23.8%), from €14.9m to €11.4m
- Investment grants -€847,334
down €847,334 (-18.3%), from €4.6m to €3.8m
- Profit (loss) carried forward +€554,334
up €554,334, from -€286,292 to €268,042
Income statement
- Turnover +€5.4m
new in 2025: €5.4m
- Purchases and services +€1.3m
new in 2025: €1.3m
- Financial charges -€219,234
down €219,234 (-13.1%), from €1.7m to €1.4m
- Financial income -€196,350
down €196,350 (-15.4%), from €1.3m to €1.1m
- Gross operating margin +€162,816
up €162,816 (+4.1%), from €4.0m to €4.2m
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
-€176,753
Gross operating margin
+€162,816
Write-downs
+€515
Other operating charges
+€6,881
Other operating items
+€537,990
Financial income
-€196,350
Financial charges
+€219,234
Result 2025
€554,334
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
+€4.2m
Investment
+€535,950
Financing
-€4.3m
Cash 2024
€2.7m
From operations (derived)
+€4.2m
Net result for the year
+€554,334
Depreciation
+€3.2m
Receivables after one year
+€391,717
Receivables within one year
+€146,935
Deferred charges and accrued income
-€90,683
Smaller working-capital items
+€3,053
Accrued charges and deferred income
-€69,178
Investment (derived)
+€535,950
Investment in fixed assets (net)
+€535,950
Financing
-€4.3m
Debts after one year
-€3.6m
Current portion of long-term debt
+€129,954
Contributions, distributions and other
-€847,334
Cash 2025
€3.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,791,520 | €28,006,581 | -€3.8m | -11.9% |
| Formation expenses | 20 | €1,455,883 | €919,933 | -€535,950 | -36.8% |
| Fixed assets | 21/28 | €18,789,387 | €15,575,057 | -€3.2m | -17.1% |
| Tangible fixed assets | 22/27 | €18,202,602 | €14,988,272 | -€3.2m | -17.7% |
| Plant, machinery and equipment | 23 | €18,202,602 | €14,988,272 | -€3.2m | -17.7% |
| Financial fixed assets | 28 | €586,785 | €586,785 | = | 0.0% |
| Current assets | 29/58 | €11,546,250 | €11,511,590 | -€34,660 | -0.3% |
| Amounts receivable after more than one year | 29 | €7,929,486 | €7,537,769 | -€391,717 | -4.9% |
| Other amounts receivable | 291 | €7,929,486 | €7,537,769 | -€391,717 | -4.9% |
| Amounts receivable within one year | 40/41 | €728,009 | €581,074 | -€146,935 | -20.2% |
| Trade receivables | 40 | €105,274 | €178,026 | +€72,751 | +69.1% |
| Other amounts receivable | 41 | €622,735 | €403,049 | -€219,686 | -35.3% |
| Cash at bank and in hand | 54/58 | €2,730,753 | €3,144,061 | +€413,308 | +15.1% |
| Deferred charges and accrued income | 490/1 | €158,002 | €248,685 | +€90,683 | +57.4% |
| Total equity and liabilities | 10/49 | €31,791,520 | €28,006,581 | -€3.8m | -11.9% |
| Equity | 10/15 | €12,907,067 | €12,614,067 | -€293,000 | -2.3% |
| Contributions | 10/11 | €8,543,531 | €8,543,531 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,860 | €16,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €16,860 | €16,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€286,292 | €268,042 | +€554,334 | |
| Investment grants | 15 | €4,632,968 | €3,785,635 | -€847,334 | -18.3% |
| Amounts payable | 17/49 | €18,884,454 | €15,392,514 | -€3.5m | -18.5% |
| Amounts payable after more than one year | 17 | €14,933,190 | €11,377,421 | -€3.6m | -23.8% |
| Financial debts | 170/4 | €14,933,190 | €11,377,421 | -€3.6m | -23.8% |
| Amounts payable within one year | 42/48 | €3,610,816 | €3,743,823 | +€133,007 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €3,425,815 | €3,555,769 | +€129,954 | +3.8% |
| Trade debts | 44 | €162,978 | €162,330 | -€648 | -0.4% |
| Suppliers | 440/4 | €162,978 | €162,330 | -€648 | -0.4% |
| Taxes, remuneration and social security | 45 | €22,022 | €25,723 | +€3,701 | +16.8% |
| Taxes | 450/3 | €22,022 | €25,723 | +€3,701 | +16.8% |
| Accrued charges and deferred income | 492/3 | €340,448 | €271,270 | -€69,178 | -20.3% |
| Turnover | 70 | - | €5,431,870 | +€5.4m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,264,653 | +€1.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,214,330 | €3,214,330 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,209 | €694 | -€515 | -42.6% |
| Other operating charges | 640/8 | €32,574 | €25,693 | -€6,881 | -21.1% |
| Non-recurring operating charges | 66A | €537,990 | €0 | -€537,990 | -100% |
| Gross operating margin | 9900 | €4,004,401 | €4,167,217 | +€162,816 | +4.1% |
| Operating profit (loss) | 9901 | €218,298 | €926,501 | +€708,203 | +324% |
| Financial income | 75/76B | €1,273,319 | €1,076,970 | -€196,350 | -15.4% |
| Recurring financial income | 75 | €1,273,319 | €1,076,970 | -€196,350 | -15.4% |
| Financial charges | 65/66B | €1,668,370 | €1,449,136 | -€219,234 | -13.1% |
| Recurring financial charges | 65 | €1,668,370 | €1,449,136 | -€219,234 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | -€176,753 | €554,334 | +€731,087 | |
| Profit (loss) for the period | 9904 | -€176,753 | €554,334 | +€731,087 | |
| Profit (loss) for the period to be appropriated | 9905 | -€176,753 | €554,334 | +€731,087 |
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.