IRENE III: what changed
What changed
IRENE III
NACE 35.110, Production of electricity from non-renewable sources
filed annual accounts (NBB)
Net result for the year
€51,838
2024 · -€8,426+€60,263
Equity
€2.1m
2024 · €2.1m+€51,838
Cash
€424,430
2024 · €246,528+€177,901
Balance sheet total
€3.1m
2024 · €3.4m-€219,789
Largest movements
Assets
- Tangible fixed assets -€290,176
down €290,176 (-13.7%), from €2.1m to €1.8m
- Cash +€177,901
up €177,901 (+72.2%), from €246,528 to €424,430
mainly Depreciation (+€290,176) and Receivables within one year (+€105,978)
- Receivables within one year -€105,978
down €105,978 (-10.6%), from €1.0m to €897,266
of which Trade receivables: -€144,544
Equity and liabilities
- Short-term financial debts -€186,538
down €186,538 (-40.0%), from €466,346 to €279,807
- Revaluation surpluses -€115,448
down €115,448 (-14.3%), from €808,140 to €692,692
- Reserves +€115,448
up €115,448 (+13.8%), from €838,140 to €953,589
of which Distributable reserves: +€115,448
- Debts after one year -€100,000
down €100,000 (-16.7%), from €600,000 to €500,000
- Profit (loss) carried forward +€51,838
up €51,838 (+43.4%), from €119,374 to €171,212
Income statement
- Turnover +€91,534
up €91,534 (+19.7%), from €464,609 to €556,143
- Gross operating margin +€88,299
up €88,299 (+28.9%), from €305,139 to €393,438
- Financial charges -€20,251
down €20,251 (-44.9%), from €45,111 to €24,861
- Financial income -€18,324
down €18,324 (-31.3%), from €58,450 to €40,126
- Write-downs +€7,235
new in 2025: €7,235
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€8,426
Gross operating margin
+€88,299
Write-downs
-€7,235
Other operating charges
-€7
Financial income
-€18,324
Financial charges
+€20,251
Taxes
+€5,169
Deferred taxes and other
-€27,889
Result 2025
€51,838
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€464,440
Investment
€0
Financing
-€286,538
Cash 2024
€246,528
From operations (derived)
+€464,440
Net result for the year
+€51,838
Depreciation
+€290,176
Receivables within one year
+€105,978
Deferred charges and accrued income
+€1,536
Trade debts
+€17,237
Tax, wage and social debts
+€13,772
Other debts
-€808
Accrued charges and deferred income
-€15,289
Financing
-€286,538
Debts after one year
-€100,000
Short-term financial debts
-€186,538
Cash 2025
€424,430
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,367,731 | €3,147,943 | -€219,789 | -6.5% |
| Fixed assets | 21/28 | €2,116,424 | €1,826,247 | -€290,176 | -13.7% |
| Tangible fixed assets | 22/27 | €2,116,424 | €1,826,247 | -€290,176 | -13.7% |
| Land and buildings | 22 | €2,116,424 | €1,826,247 | -€290,176 | -13.7% |
| Current assets | 29/58 | €1,251,308 | €1,321,695 | +€70,388 | +5.6% |
| Amounts receivable within one year | 40/41 | €1,003,244 | €897,266 | -€105,978 | -10.6% |
| Trade receivables | 40 | €229,809 | €85,265 | -€144,544 | -62.9% |
| Other amounts receivable | 41 | €773,435 | €812,000 | +€38,566 | +5.0% |
| Cash at bank and in hand | 54/58 | €246,528 | €424,430 | +€177,901 | +72.2% |
| Deferred charges and accrued income | 490/1 | €1,536 | - | -€1,536 | |
| Total equity and liabilities | 10/49 | €3,367,731 | €3,147,943 | -€219,789 | -6.5% |
| Equity | 10/15 | €2,065,654 | €2,117,492 | +€51,838 | +2.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Revaluation surpluses | 12 | €808,140 | €692,692 | -€115,448 | -14.3% |
| Reserves | 13 | €838,140 | €953,589 | +€115,448 | +13.8% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €808,140 | €923,589 | +€115,448 | +14.3% |
| Profit (loss) carried forward | 14 | €119,374 | €171,212 | +€51,838 | +43.4% |
| Amounts payable | 17/49 | €1,302,077 | €1,030,451 | -€271,626 | -20.9% |
| Amounts payable after more than one year | 17 | €600,000 | €500,000 | -€100,000 | -16.7% |
| Financial debts | 170/4 | €600,000 | €500,000 | -€100,000 | -16.7% |
| Amounts payable within one year | 42/48 | €686,788 | €530,451 | -€156,337 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 43 | €466,346 | €279,807 | -€186,538 | -40.0% |
| Credit institutions | 430/8 | €466,346 | €279,807 | -€186,538 | -40.0% |
| Trade debts | 44 | €107,541 | €124,778 | +€17,237 | +16.0% |
| Suppliers | 440/4 | €107,541 | €124,778 | +€17,237 | +16.0% |
| Taxes, remuneration and social security | 45 | €12,093 | €25,865 | +€13,772 | +114% |
| Taxes | 450/3 | €12,093 | €25,865 | +€13,772 | +114% |
| Other amounts payable | 47/48 | €808 | - | -€808 | |
| Accrued charges and deferred income | 492/3 | €15,289 | - | -€15,289 | |
| Turnover | 70 | €464,609 | €556,143 | +€91,534 | +19.7% |
| Non-recurring operating income | 76A | - | €808 | +€808 | |
| Goods, raw materials, services and sundry goods | 60/61 | €159,470 | €164,572 | +€5,102 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €290,176 | €290,176 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,235 | +€7,235 | |
| Other operating charges | 640/8 | €1,053 | €1,061 | +€7 | +0.7% |
| Gross operating margin | 9900 | €305,139 | €393,438 | +€88,299 | +28.9% |
| Operating profit (loss) | 9901 | €13,910 | €94,967 | +€81,057 | +583% |
| Financial income | 75/76B | €58,450 | €40,126 | -€18,324 | -31.3% |
| Recurring financial income | 75 | €58,450 | €40,126 | -€18,324 | -31.3% |
| Financial charges | 65/66B | €45,111 | €24,861 | -€20,251 | -44.9% |
| Recurring financial charges | 65 | €45,111 | €24,861 | -€20,251 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €27,249 | €110,232 | +€82,984 | +305% |
| Transfer from deferred taxes | 780 | €27,889 | - | -€27,889 | |
| Income taxes | 67/77 | €63,563 | €58,394 | -€5,169 | -8.1% |
| Profit (loss) for the period | 9904 | -€8,426 | €51,838 | +€60,263 | |
| Transfer from tax-exempt reserves | 789 | €83,667 | - | -€83,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,241 | €51,838 | -€23,403 | -31.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.