Fluvius System Operator: 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
Fluvius System Operator
NACE 35.110, Production of electricity from non-renewable sources
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€0
2024 · €0
Equity
€993.8m
2024 · €993.8m
Cash
€18,087
2024 · €25,392-€7,305
Balance sheet total
€10.20bn
2024 · €9.24bn+€962.9m
Largest movements
Assets
- Receivables after one year +€502.3m
up €502.3m (+6.8%), from €7.36bn to €7.86bn
- Receivables within one year +€461.0m
up €461.0m (+99.3%), from €464.1m to €925.1m
of which Trade receivables: +€323.8m
Equity and liabilities
- Debts after one year +€516.6m
up €516.6m (+7.1%), from €7.24bn to €7.76bn
- Current portion of long-term debt +€212.3m
up €212.3m (+97.1%), from €218.7m to €431.0m
- Other debts +€194.9m
up €194.9m (+112.4%), from €173.4m to €368.3m
Income statement
- Turnover +€178.8m
up €178.8m (+6.6%), from €2.72bn to €2.90bn
- Services and other goods +€118.4m
up €118.4m (+6.6%), from €1.79bn to €1.91bn
- Goods and materials +€40.0m
up €40.0m (+10.2%), from €394.0m to €434.1m
of which Change in stocks: decrease (increase): +€39.0m
- Staff costs +€32.8m
up €32.8m (+5.5%), from €592.3m to €625.1m
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
€0
Turnover
+€178.8m
Other operating income
+€4.8m
Goods and materials
-€40.0m
Services and other goods
-€118.4m
Staff costs
-€32.8m
Depreciation
+€409
Write-downs
+€3.5m
Other operating charges
-€807,692
Other operating items
-€34,336
Financial income
+€28.2m
Financial charges
-€22.7m
Taxes
-€518,187
Result 2025
€0
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
-€717.2m
Investment
-€1.8m
Financing
+€718.9m
Cash 2024
€25,392
From operations (derived)
-€717.2m
Depreciation
+€42,201
Receivables after one year
-€502.3m
Stocks and contracts
+€8.4m
Receivables within one year
-€461.0m
Deferred charges and accrued income
-€6.3m
Provisions
-€20.7m
Trade debts
+€40.6m
Tax, wage and social debts
+€5.0m
Other debts
+€194.9m
Accrued charges and deferred income
+€24.2m
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€11,061
Current investments
-€1.8m
Financing
+€718.9m
Debts after one year
+€516.6m
Current portion of long-term debt
+€212.3m
Short-term financial debts
-€10.0m
Cash 2025
€18,087
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,239,858,163 | €10,202,722,563 | +€962.9m | +10.4% |
| Fixed assets | 21/28 | €952,177,947 | €952,146,807 | -€31,140 | 0.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €236,032 | €200,979 | -€35,053 | -14.9% |
| Furniture and vehicles | 24 | €35,586 | €25,292 | -€10,294 | -28.9% |
| Other tangible fixed assets | 26 | €200,446 | €175,687 | -€24,759 | -12.4% |
| Financial fixed assets | 28 | €951,941,915 | €951,945,828 | +€3,913 | 0.0% |
| Affiliated companies | 280/1 | €165,000 | €165,000 | = | 0.0% |
| Participating interests | 280 | €165,000 | €165,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €949,931,770 | €949,931,770 | = | 0.0% |
| Participating interests | 282 | €949,931,770 | €949,931,770 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,845,145 | €1,849,058 | +€3,913 | +0.2% |
| Shares | 284 | €570,375 | €570,375 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,274,770 | €1,278,683 | +€3,913 | +0.3% |
| Current assets | 29/58 | €8,287,680,216 | €9,250,575,756 | +€962.9m | +11.6% |
| Amounts receivable after more than one year | 29 | €7,360,868,938 | €7,863,138,169 | +€502.3m | +6.8% |
| Other amounts receivable | 291 | €7,360,868,938 | €7,863,138,169 | +€502.3m | +6.8% |
| Stocks and contracts in progress | 3 | €223,230,395 | €214,782,031 | -€8.4m | -3.8% |
| Stocks | 30/36 | €223,230,395 | €214,782,031 | -€8.4m | -3.8% |
| Raw materials and consumables | 30/31 | €223,230,395 | €214,782,031 | -€8.4m | -3.8% |
| Amounts receivable within one year | 40/41 | €464,134,668 | €925,124,604 | +€461.0m | +99.3% |
| Trade receivables | 40 | €67,340,933 | €391,126,626 | +€323.8m | +480.8% |
| Other amounts receivable | 41 | €396,793,735 | €533,997,978 | +€137.2m | +34.6% |
| Current investments | 50/53 | €5,916,328 | €7,674,732 | +€1.8m | +29.7% |
| Other investments | 51/53 | €5,916,328 | €7,674,732 | +€1.8m | +29.7% |
| Cash at bank and in hand | 54/58 | €25,392 | €18,087 | -€7,305 | -28.8% |
| Deferred charges and accrued income | 490/1 | €233,504,494 | €239,838,133 | +€6.3m | +2.7% |
| Total equity and liabilities | 10/49 | €9,239,858,163 | €10,202,722,563 | +€962.9m | +10.4% |
| Equity | 10/15 | €993,793,597 | €993,793,597 | = | 0.0% |
| Contributions | 10/11 | €497,894,071 | €497,894,071 | = | 0.0% |
| Reserves | 13 | €495,879,953 | €495,879,953 | = | 0.0% |
| Tax-exempt reserves | 132 | €507,064 | €507,064 | = | 0.0% |
| Distributable reserves | 133 | €495,372,888 | €495,372,888 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,574 | €19,574 | = | 0.0% |
| Provisions and deferred taxes | 16 | €121,079,000 | €100,352,000 | -€20.7m | -17.1% |
| Provisions for liabilities and charges | 160/5 | €121,079,000 | €100,352,000 | -€20.7m | -17.1% |
| Pensions and similar obligations | 160 | €121,079,000 | €100,352,000 | -€20.7m | -17.1% |
| Amounts payable | 17/49 | €8,124,985,566 | €9,108,576,966 | +€983.6m | +12.1% |
| Amounts payable after more than one year | 17 | €7,244,636,743 | €7,761,231,985 | +€516.6m | +7.1% |
| Financial debts | 170/4 | €7,244,636,743 | €7,761,231,985 | +€516.6m | +7.1% |
| Unsubordinated bonds | 171 | €6,460,243,266 | €6,857,952,660 | +€397.7m | +6.2% |
| Credit institutions | 173 | €752,393,476 | €871,279,325 | +€118.9m | +15.8% |
| Other loans | 174 | €32,000,000 | €32,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €758,607,931 | €1,201,357,146 | +€442.7m | +58.4% |
| Current portion of amounts payable after more than one year | 42 | €218,715,201 | €431,000,105 | +€212.3m | +97.1% |
| Financial debts | 43 | €58,028,236 | €48,077,020 | -€10.0m | -17.1% |
| Credit institutions | 430/8 | €58,028,236 | €48,077,020 | -€10.0m | -17.1% |
| Trade debts | 44 | €179,642,464 | €220,246,062 | +€40.6m | +22.6% |
| Suppliers | 440/4 | €179,642,464 | €220,246,062 | +€40.6m | +22.6% |
| Taxes, remuneration and social security | 45 | €128,829,452 | €133,783,013 | +€5.0m | +3.8% |
| Taxes | 450/3 | €16,583,347 | €17,090,284 | +€506,937 | +3.1% |
| Remuneration and social security | 454/9 | €112,246,105 | €116,692,729 | +€4.4m | +4.0% |
| Other amounts payable | 47/48 | €173,392,578 | €368,250,945 | +€194.9m | +112.4% |
| Accrued charges and deferred income | 492/3 | €121,740,893 | €145,987,835 | +€24.2m | +19.9% |
| Operating income | 70/76A | €2,831,278,564 | €3,003,356,981 | +€172.1m | +6.1% |
| Turnover | 70 | €2,718,178,789 | €2,897,001,208 | +€178.8m | +6.6% |
| Own construction capitalised | 72 | €34,336 | - | -€34,336 | |
| Other operating income | 74 | €80,802,439 | €85,628,773 | +€4.8m | +6.0% |
| Non-recurring operating income | 76A | €32,263,000 | €20,727,000 | -€11.5m | -35.8% |
| Operating charges | 60/66A | €2,805,023,667 | €2,982,085,540 | +€177.1m | +6.3% |
| Goods for resale, raw materials and consumables | 60 | €394,014,919 | €434,055,190 | +€40.0m | +10.2% |
| Purchases | 600/8 | €425,716,433 | €426,740,125 | +€1.0m | +0.2% |
| Change in stocks: decrease (increase) | 609 | -€31,701,514 | €7,315,065 | +€39.0m | |
| Services and other goods | 61 | €1,787,990,791 | €1,906,426,554 | +€118.4m | +6.6% |
| Remuneration, social security and pensions | 62 | €592,300,150 | €625,121,802 | +€32.8m | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,609 | €42,201 | -€409 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,181,682 | -€6,688,778 | -€3.5m | -110.2% |
| Other operating charges | 640/8 | €1,593,880 | €2,401,572 | +€807,692 | +50.7% |
| Non-recurring operating charges | 66A | €32,263,000 | €20,727,000 | -€11.5m | -35.8% |
| Operating profit (loss) | 9901 | €26,254,897 | €21,271,441 | -€5.0m | -19.0% |
| Financial income | 75/76B | €190,960,820 | €219,127,885 | +€28.2m | +14.8% |
| Recurring financial income | 75 | €190,960,820 | €219,127,885 | +€28.2m | +14.8% |
| Income from current assets | 751 | €190,264,122 | €218,621,493 | +€28.4m | +14.9% |
| Other financial income | 752/9 | €696,698 | €506,393 | -€190,305 | -27.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €208,244,062 | €230,909,485 | +€22.7m | +10.9% |
| Recurring financial charges | 65 | €208,244,062 | €230,909,485 | +€22.7m | +10.9% |
| Debt charges | 650 | €208,196,616 | €230,877,814 | +€22.7m | +10.9% |
| Other financial charges | 652/9 | €47,446 | €31,671 | -€15,775 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €8,971,654 | €9,489,842 | +€518,187 | +5.8% |
| Income taxes | 67/77 | €8,971,654 | €9,489,842 | +€518,187 | +5.8% |
| Taxes | 670/3 | €9,030,102 | €9,489,842 | +€459,740 | +5.1% |
| Tax adjustments and reversals of tax provisions | 77 | €58,448 | - | -€58,448 | |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €0 | = |
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 2 October 2026 via checked.be.