FLUVIUS WEST: 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
FLUVIUS WEST
NACE 35.140, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50.2m
2024 · €20.4m+€29.9m
Equity
€1.30bn
2024 · €738.2m+€556.9m
Cash
€1,337
2024 · €835+€502
Balance sheet total
€3.38bn
2024 · €2.21bn+€1.17bn
Largest movements
Assets
- Tangible fixed assets +€850.8m
up €850.8m (+45.3%), from €1.88bn to €2.73bn
of which Plant, machinery and equipment: +€694.1m
- Financial fixed assets +€100.7m
up €100.7m (+88.0%), from €114.5m to €215.3m
of which Companies linked by participating interests: +€103.5m
- Receivables within one year +€97.3m
up €97.3m (+79.0%), from €123.2m to €220.5m
of which Trade receivables: +€56.3m
- Receivables after one year +€90.9m
up €90.9m (+557%), from €16.3m to €107.3m
Equity and liabilities
- Debts after one year +€413.1m
up €413.1m (+31.5%), from €1.31bn to €1.72bn
- Contributions +€225.2m
up €225.2m (+64.8%), from €347.7m to €573.0m
- Reserves +€171.0m
up €171.0m (+85.5%), from €200.1m to €371.1m
of which Distributable reserves: +€115.5m
- Investment grants +€72.0m
up €72.0m (+2,436%), from €3.0m to €74.9m
- Trade debts +€68.8m
up €68.8m (+389%), from €17.7m to €86.5m
Income statement
- Turnover +€181.6m
up €181.6m (+50.4%), from €360.2m to €541.7m
- Goods and materials +€73.4m
up €73.4m (+45.6%), from €160.9m to €234.3m
- Services and other goods +€46.6m
up €46.6m (+36.6%), from €127.3m to €173.8m
- Depreciation +€30.6m
up €30.6m (+37.2%), from €82.2m to €112.9m
- Other operating income +€24.2m
up €24.2m (+31.3%), from €77.2m to €101.3m
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
€20.4m
Turnover
+€181.6m
Other operating income
+€24.2m
Goods and materials
-€73.4m
Services and other goods
-€46.6m
Depreciation
-€30.6m
Write-downs
-€210,730
Provisions
-€82,631
Other operating charges
-€1.4m
Other operating items
-€3.3m
Financial income
+€3.7m
Financial charges
-€13.5m
Taxes
-€10.9m
Deferred taxes and other
+€437,918
Result 2025
€50.2m
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
+€82.3m
Investment
-€1.07bn
Financing
+€987.5m
Cash 2024
€835
From operations (derived)
+€82.3m
Net result for the year
+€50.2m
Depreciation
+€112.9m
Receivables after one year
-€90.9m
Stocks and contracts
-€14.5m
Receivables within one year
-€97.3m
Deferred charges and accrued income
-€6.1m
Provisions
+€29.1m
Trade debts
+€68.8m
Tax, wage and social debts
+€7.0m
Advances received
+€3.0m
Other debts
+€3.0m
Accrued charges and deferred income
+€17.2m
Investment (derived)
-€1.07bn
Investment in fixed assets (net)
-€1.07bn
Financing
+€987.5m
Debts after one year
+€413.1m
Current portion of long-term debt
+€67.8m
Contributions, distributions and other
+€506.6m
Cash 2025
€1,337
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,212,213,444 | €3,378,067,279 | +€1.17bn | +52.7% |
| Fixed assets | 21/28 | €2,007,208,192 | €2,964,163,087 | +€957.0m | +47.7% |
| Intangible fixed assets | 21 | €14,581,211 | €19,954,862 | +€5.4m | +36.9% |
| Tangible fixed assets | 22/27 | €1,878,081,870 | €2,728,913,242 | +€850.8m | +45.3% |
| Land and buildings | 22 | €48,421,366 | €79,689,401 | +€31.3m | +64.6% |
| Plant, machinery and equipment | 23 | €1,681,538,338 | €2,375,613,277 | +€694.1m | +41.3% |
| Furniture and vehicles | 24 | €8,587,170 | €11,478,447 | +€2.9m | +33.7% |
| Leasing and similar rights | 25 | €12,221,570 | €15,466,026 | +€3.2m | +26.5% |
| Other tangible fixed assets | 26 | €199,696 | €791,864 | +€592,168 | +297% |
| Assets under construction and advance payments | 27 | €127,113,730 | €245,874,227 | +€118.8m | +93.4% |
| Financial fixed assets | 28 | €114,545,112 | €215,294,983 | +€100.7m | +88.0% |
| Companies linked by participating interests | 282/3 | €18,892,643 | €122,371,550 | +€103.5m | +548% |
| Participating interests | 282 | €18,892,643 | €122,371,550 | +€103.5m | +548% |
| Other financial fixed assets | 284/8 | €95,652,468 | €92,923,433 | -€2.7m | -2.9% |
| Shares | 284 | €95,652,468 | €92,923,433 | -€2.7m | -2.9% |
| Current assets | 29/58 | €205,005,252 | €413,904,192 | +€208.9m | +102% |
| Amounts receivable after more than one year | 29 | €16,334,102 | €107,268,094 | +€90.9m | +557% |
| Other amounts receivable | 291 | €16,334,102 | €107,268,094 | +€90.9m | +557% |
| Stocks and contracts in progress | 3 | €2,562,318 | €17,048,603 | +€14.5m | +565% |
| Contracts in progress | 37 | €2,562,318 | €17,048,603 | +€14.5m | +565% |
| Amounts receivable within one year | 40/41 | €123,157,281 | €220,501,148 | +€97.3m | +79.0% |
| Trade receivables | 40 | €41,103,951 | €97,371,111 | +€56.3m | +137% |
| Other amounts receivable | 41 | €82,053,330 | €123,130,038 | +€41.1m | +50.1% |
| Cash at bank and in hand | 54/58 | €835 | €1,337 | +€502 | +60.1% |
| Deferred charges and accrued income | 490/1 | €62,950,716 | €69,085,010 | +€6.1m | +9.7% |
| Total equity and liabilities | 10/49 | €2,212,213,444 | €3,378,067,279 | +€1.17bn | +52.7% |
| Equity | 10/15 | €738,174,516 | €1,295,033,064 | +€556.9m | +75.4% |
| Contributions | 10/11 | €347,706,251 | €572,952,588 | +€225.2m | +64.8% |
| Revaluation surpluses | 12 | €146,166,249 | €192,155,112 | +€46.0m | +31.5% |
| Reserves | 13 | €200,068,989 | €371,095,351 | +€171.0m | +85.5% |
| Non-distributable reserves | 130/1 | €47,149,191 | €102,459,870 | +€55.3m | +117% |
| Financial assistance | 1313 | €719,006 | €360,041 | -€358,964 | -49.9% |
| Other | 1319 | €46,430,185 | €102,099,829 | +€55.7m | +120% |
| Tax-exempt reserves | 132 | €739,299 | €979,100 | +€239,801 | +32.4% |
| Distributable reserves | 133 | €152,180,499 | €267,656,381 | +€115.5m | +75.9% |
| Profit (loss) carried forward | 14 | €41,278,680 | €83,901,633 | +€42.6m | +103% |
| Investment grants | 15 | €2,954,346 | €74,928,380 | +€72.0m | +2,436% |
| Provisions and deferred taxes | 16 | €5,677,113 | €34,763,427 | +€29.1m | +512% |
| Provisions for liabilities and charges | 160/5 | €4,474,643 | €9,463,318 | +€5.0m | +111% |
| Environmental obligations | 163 | €4,474,643 | €4,463,318 | -€11,325 | -0.3% |
| Other liabilities and charges | 164/5 | - | €5,000,000 | +€5.0m | |
| Deferred taxes | 168 | €1,202,470 | €25,300,109 | +€24.1m | +2,004% |
| Amounts payable | 17/49 | €1,468,361,815 | €2,048,270,787 | +€579.9m | +39.5% |
| Amounts payable after more than one year | 17 | €1,310,671,997 | €1,723,746,813 | +€413.1m | +31.5% |
| Financial debts | 170/4 | €1,310,671,997 | €1,723,746,813 | +€413.1m | +31.5% |
| Leasing and similar obligations | 172 | €11,932,389 | €15,153,991 | +€3.2m | +27.0% |
| Credit institutions | 173 | €1,288,657,864 | €1,696,065,512 | +€407.4m | +31.6% |
| Other loans | 174 | €10,081,743 | €12,527,310 | +€2.4m | +24.3% |
| Amounts payable within one year | 42/48 | €131,645,800 | €281,300,595 | +€149.7m | +114% |
| Current portion of amounts payable after more than one year | 42 | €77,830,367 | €145,623,581 | +€67.8m | +87.1% |
| Trade debts | 44 | €17,701,998 | €86,529,313 | +€68.8m | +389% |
| Suppliers | 440/4 | €17,701,998 | €86,529,313 | +€68.8m | +389% |
| Advances received on contracts in progress | 46 | €11,372,425 | €14,381,842 | +€3.0m | +26.5% |
| Taxes, remuneration and social security | 45 | €7,014,884 | €14,002,410 | +€7.0m | +99.6% |
| Taxes | 450/3 | €7,014,884 | €14,002,410 | +€7.0m | +99.6% |
| Other amounts payable | 47/48 | €17,726,126 | €20,763,448 | +€3.0m | +17.1% |
| Accrued charges and deferred income | 492/3 | €26,044,018 | €43,223,380 | +€17.2m | +66.0% |
| Operating income | 70/76A | €437,668,136 | €642,355,755 | +€204.7m | +46.8% |
| Turnover | 70 | €360,191,712 | €541,745,938 | +€181.6m | +50.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €300,420 | -€731,770 | -€1.0m | |
| Other operating income | 74 | €77,176,004 | €101,341,587 | +€24.2m | +31.3% |
| Operating charges | 60/66A | €389,028,233 | €543,639,570 | +€154.6m | +39.7% |
| Goods for resale, raw materials and consumables | 60 | €160,918,073 | €234,333,671 | +€73.4m | +45.6% |
| Purchases | 600/8 | €160,918,073 | €234,333,671 | +€73.4m | +45.6% |
| Services and other goods | 61 | €127,269,686 | €173,839,503 | +€46.6m | +36.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,235,357 | €112,867,143 | +€30.6m | +37.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€745,578 | -€534,849 | +€210,730 | +28.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€93,956 | -€11,325 | +€82,631 | +87.9% |
| Other operating charges | 640/8 | €19,444,650 | €20,855,363 | +€1.4m | +7.3% |
| Non-recurring operating charges | 66A | - | €2,290,065 | +€2.3m | |
| Operating profit (loss) | 9901 | €48,639,904 | €98,716,185 | +€50.1m | +103% |
| Financial income | 75/76B | €13,134,206 | €16,882,576 | +€3.7m | +28.5% |
| Recurring financial income | 75 | €13,134,206 | €16,882,576 | +€3.7m | +28.5% |
| Income from financial fixed assets | 750 | €11,347,515 | €11,150,705 | -€196,809 | -1.7% |
| Income from current assets | 751 | €1,748,733 | €4,389,388 | +€2.6m | +151% |
| Other financial income | 752/9 | €37,959 | €1,342,483 | +€1.3m | +3,437% |
| Financial charges | 65/66B | €35,361,018 | €48,899,006 | +€13.5m | +38.3% |
| Recurring financial charges | 65 | €35,361,018 | €48,899,006 | +€13.5m | +38.3% |
| Debt charges | 650 | €35,359,974 | €48,895,891 | +€13.5m | +38.3% |
| Other financial charges | 652/9 | €1,043 | €3,115 | +€2,072 | +199% |
| Profit (loss) for the period before taxes | 9903 | €26,413,092 | €66,699,755 | +€40.3m | +153% |
| Transfer from deferred taxes | 780 | €17,333 | €455,251 | +€437,918 | +2,526% |
| Income taxes | 67/77 | €6,031,789 | €16,905,051 | +€10.9m | +180% |
| Taxes | 670/3 | €6,188,621 | €16,906,327 | +€10.7m | +173% |
| Tax adjustments and reversals of tax provisions | 77 | €156,832 | €1,276 | -€155,556 | -99.2% |
| Profit (loss) for the period | 9904 | €20,398,636 | €50,249,954 | +€29.9m | +146% |
| Transfer from tax-exempt reserves | 789 | €14,041 | €23,767 | +€9,726 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,412,677 | €50,273,721 | +€29.9m | +146% |
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 27 October 2026 via checked.be.