FILCOPEL: 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
FILCOPEL
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1,129
2024 · €372+€757
Equity
€401,600
2024 · €400,471+€1,129
Cash
€14,948
2024 · €7,076+€7,872
Balance sheet total
€1.8m
2024 · €1.6m+€148,099
Largest movements
Assets
- Tangible fixed assets +€145,597
up €145,597 (+11.0%), from €1.3m to €1.5m
of which Land and buildings: +€143,633
Equity and liabilities
- Debts after one year +€343,007
up €343,007 (+35.1%), from €976,880 to €1.3m
- Short-term financial debts -€194,594
no longer reported in 2025 (was €194,594)
Income statement
- Gross operating margin +€6,647
up €6,647 (+7.5%), from €89,074 to €95,721
- Depreciation +€6,543
up €6,543 (+23.0%), from €28,426 to €34,968
- Financial charges -€2,872
down €2,872 (-5.2%), from €54,719 to €51,847
- Other operating charges +€1,990
up €1,990 (+13.2%), from €15,080 to €17,069
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
€372
Gross operating margin
+€6,647
Staff costs
-€694
Depreciation
-€6,543
Other operating charges
-€1,990
Financial income
-€155
Financial charges
+€2,872
Taxes
+€619
Result 2025
€1,129
raises the resultlowers the result
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
+€30,966
Investment
-€180,425
Financing
+€157,332
Cash 2024
€7,076
From operations (derived)
+€30,966
Net result for the year
+€1,129
Depreciation
+€34,968
Receivables within one year
+€942
Deferred charges and accrued income
+€4,288
Trade debts
-€11,855
Tax, wage and social debts
-€1,257
Other debts
+€1,229
Accrued charges and deferred income
+€1,520
Investment (derived)
-€180,425
Investment in fixed assets (net)
-€180,425
Financing
+€157,332
Debts after one year
+€343,007
Current portion of long-term debt
+€8,918
Short-term financial debts
-€194,594
Cash 2025
€14,948
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,607,047 | €1,755,146 | +€148,099 | +9.2% |
| Fixed assets | 21/28 | €1,327,701 | €1,473,158 | +€145,457 | +11.0% |
| Tangible fixed assets | 22/27 | €1,327,561 | €1,473,158 | +€145,597 | +11.0% |
| Land and buildings | 22 | €1,314,743 | €1,458,376 | +€143,633 | +10.9% |
| Plant, machinery and equipment | 23 | €12,263 | €9,972 | -€2,291 | -18.7% |
| Furniture and vehicles | 24 | €555 | €4,810 | +€4,255 | +767% |
| Financial fixed assets | 28 | €140 | - | -€140 | |
| Current assets | 29/58 | €279,345 | €281,988 | +€2,642 | +0.9% |
| Amounts receivable after more than one year | 29 | €241,500 | €241,500 | = | 0.0% |
| Other amounts receivable | 291 | €241,500 | €241,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,352 | €18,410 | -€942 | -4.9% |
| Other amounts receivable | 41 | €19,352 | €18,410 | -€942 | -4.9% |
| Cash at bank and in hand | 54/58 | €7,076 | €14,948 | +€7,872 | +111% |
| Deferred charges and accrued income | 490/1 | €11,418 | €7,130 | -€4,288 | -37.6% |
| Total equity and liabilities | 10/49 | €1,607,047 | €1,755,146 | +€148,099 | +9.2% |
| Equity | 10/15 | €400,471 | €401,600 | +€1,129 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €381,871 | €383,000 | +€1,129 | +0.3% |
| Tax-exempt reserves | 132 | €2,476 | €2,476 | = | 0.0% |
| Distributable reserves | 133 | €379,395 | €380,524 | +€1,129 | +0.3% |
| Amounts payable | 17/49 | €1,206,576 | €1,353,545 | +€146,970 | +12.2% |
| Amounts payable after more than one year | 17 | €976,880 | €1,319,887 | +€343,007 | +35.1% |
| Financial debts | 170/4 | €976,880 | €1,319,887 | +€343,007 | +35.1% |
| Amounts payable within one year | 42/48 | €229,696 | €32,138 | -€197,558 | -86.0% |
| Current portion of amounts payable after more than one year | 42 | €9,543 | €18,462 | +€8,918 | +93.5% |
| Financial debts | 43 | €194,594 | - | -€194,594 | |
| Credit institutions | 430/8 | €194,594 | - | -€194,594 | |
| Trade debts | 44 | €21,595 | €9,740 | -€11,855 | -54.9% |
| Suppliers | 440/4 | €21,595 | €9,740 | -€11,855 | -54.9% |
| Taxes, remuneration and social security | 45 | €3,964 | €2,707 | -€1,257 | -31.7% |
| Taxes | 450/3 | €1,980 | €1,757 | -€223 | -11.3% |
| Remuneration and social security | 454/9 | €1,984 | €950 | -€1,034 | -52.1% |
| Other amounts payable | 47/48 | - | €1,229 | +€1,229 | |
| Accrued charges and deferred income | 492/3 | - | €1,520 | +€1,520 | |
| Remuneration, social security and pensions | 62 | - | €694 | +€694 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,426 | €34,968 | +€6,543 | +23.0% |
| Other operating charges | 640/8 | €15,080 | €17,069 | +€1,990 | +13.2% |
| Gross operating margin | 9900 | €89,074 | €95,721 | +€6,647 | +7.5% |
| Operating profit (loss) | 9901 | €45,569 | €42,990 | -€2,579 | -5.7% |
| Financial income | 75/76B | €10,710 | €10,555 | -€155 | -1.4% |
| Recurring financial income | 75 | €10,710 | €10,555 | -€155 | -1.4% |
| Financial charges | 65/66B | €54,719 | €51,847 | -€2,872 | -5.2% |
| Recurring financial charges | 65 | €54,719 | €51,847 | -€2,872 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €1,561 | €1,698 | +€138 | +8.8% |
| Income taxes | 67/77 | €1,188 | €569 | -€619 | -52.1% |
| Profit (loss) for the period | 9904 | €372 | €1,129 | +€757 | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €372 | €1,129 | +€757 | +203% |
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.