GREENERGY: 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
GREENERGY
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€136,827
2024 · -€56,967-€79,861
Equity
€209,039
2024 · €345,866-€136,827
Cash
€27,633
2024 · €25,508+€2,125
Balance sheet total
€6.1m
2024 · €6.2m-€94,568
Largest movements
Assets
- Tangible fixed assets -€63,729
down €63,729 (-13.8%), from €460,734 to €397,005
of which Land and buildings: -€55,531
Equity and liabilities
- Reserves -€217,662
down €217,662 (-58.5%), from €372,056 to €154,394
of which Distributable reserves: -€217,662
- Other debts +€83,000
up €83,000 (+21.7%), from €382,643 to €465,643
- Profit (loss) carried forward +€80,835
up €80,835 (+44.3%), from -€182,492 to -€101,657
Income statement
- Taxes +€49,100
new in 2025: €49,100
- Gross operating margin -€45,361
down €45,361, from €38,582 to -€6,779
- Other operating charges -€16,700
down €16,700 (-52.5%), from €31,798 to €15,098
- Depreciation +€1,696
up €1,696 (+2.7%), from €62,033 to €63,729
- Staff costs +€1,229
up €1,229, from €0 to €1,229
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
-€56,967
Gross operating margin
-€45,361
Staff costs
-€1,229
Depreciation
-€1,696
Other operating charges
+€16,700
Financial income
+€250
Financial charges
+€575
Taxes
-€49,100
Result 2025
-€136,827
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
+€17,113
Investment
€0
Financing
-€14,989
Cash 2024
€25,508
From operations (derived)
+€17,113
Net result for the year
-€136,827
Depreciation
+€63,729
Receivables within one year
+€37,488
Deferred charges and accrued income
-€4,524
Trade debts
-€27,457
Tax, wage and social debts
+€1,705
Other debts
+€83,000
Financing
-€14,989
Debts after one year
-€5,522
Current portion of long-term debt
-€9,467
Cash 2025
€27,633
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,191,127 | €6,096,559 | -€94,568 | -1.5% |
| Fixed assets | 21/28 | €464,734 | €401,005 | -€63,729 | -13.7% |
| Tangible fixed assets | 22/27 | €460,734 | €397,005 | -€63,729 | -13.8% |
| Land and buildings | 22 | €373,046 | €317,515 | -€55,531 | -14.9% |
| Plant, machinery and equipment | 23 | €28,288 | €23,749 | -€4,540 | -16.0% |
| Furniture and vehicles | 24 | €8,561 | €4,903 | -€3,658 | -42.7% |
| Assets under construction and advance payments | 27 | €50,839 | €50,839 | = | 0.0% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €5,726,394 | €5,695,554 | -€30,839 | -0.5% |
| Stocks and contracts in progress | 3 | €69,637 | €69,637 | = | 0.0% |
| Stocks | 30/36 | €69,637 | €69,637 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,118,010 | €3,080,522 | -€37,488 | -1.2% |
| Trade receivables | 40 | €2,841,687 | €2,811,799 | -€29,888 | -1.1% |
| Other amounts receivable | 41 | €276,323 | €268,723 | -€7,600 | -2.8% |
| Cash at bank and in hand | 54/58 | €25,508 | €27,633 | +€2,125 | +8.3% |
| Deferred charges and accrued income | 490/1 | €2,513,239 | €2,517,763 | +€4,524 | +0.2% |
| Total equity and liabilities | 10/49 | €6,191,127 | €6,096,559 | -€94,568 | -1.5% |
| Equity | 10/15 | €345,866 | €209,039 | -€136,827 | -39.6% |
| Contributions | 10/11 | €156,302 | €156,302 | = | 0.0% |
| Reserves | 13 | €372,056 | €154,394 | -€217,662 | -58.5% |
| Tax-exempt reserves | 132 | €154,394 | €154,394 | = | 0.0% |
| Distributable reserves | 133 | €217,662 | €0 | -€217,662 | -100% |
| Profit (loss) carried forward | 14 | -€182,492 | -€101,657 | +€80,835 | +44.3% |
| Provisions and deferred taxes | 16 | €505,000 | €505,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €505,000 | €505,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €505,000 | €505,000 | = | 0.0% |
| Amounts payable | 17/49 | €5,340,261 | €5,382,520 | +€42,259 | +0.8% |
| Amounts payable after more than one year | 17 | €5,522 | €0 | -€5,522 | -100% |
| Financial debts | 170/4 | €5,522 | €0 | -€5,522 | -100% |
| Amounts payable within one year | 42/48 | €5,332,739 | €5,380,520 | +€47,781 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €9,467 | €0 | -€9,467 | -100% |
| Trade debts | 44 | €4,940,629 | €4,913,172 | -€27,457 | -0.6% |
| Suppliers | 440/4 | €4,940,629 | €4,913,172 | -€27,457 | -0.6% |
| Taxes, remuneration and social security | 45 | - | €1,705 | +€1,705 | |
| Taxes | 450/3 | - | €1,705 | +€1,705 | |
| Other amounts payable | 47/48 | €382,643 | €465,643 | +€83,000 | +21.7% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,000 | = | 0.0% |
| Non-recurring operating income | 76A | €32,000 | €0 | -€32,000 | -100% |
| Remuneration, social security and pensions | 62 | €0 | €1,229 | +€1,229 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,033 | €63,729 | +€1,696 | +2.7% |
| Other operating charges | 640/8 | €31,798 | €15,098 | -€16,700 | -52.5% |
| Gross operating margin | 9900 | €38,582 | -€6,779 | -€45,361 | |
| Operating profit (loss) | 9901 | -€55,248 | -€86,834 | -€31,586 | -57.2% |
| Financial income | 75/76B | €0 | €250 | +€250 | +2,500,000% |
| Recurring financial income | 75 | €0 | €250 | +€250 | +2,500,000% |
| Financial charges | 65/66B | €1,718 | €1,143 | -€575 | -33.5% |
| Recurring financial charges | 65 | €1,718 | €1,143 | -€575 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | -€56,967 | -€87,727 | -€30,761 | -54.0% |
| Income taxes | 67/77 | - | €49,100 | +€49,100 | |
| Profit (loss) for the period | 9904 | -€56,967 | -€136,827 | -€79,861 | -140% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,967 | -€136,827 | -€79,861 | -140% |
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 19 October 2026 via checked.be.