ORES Assets: 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
ORES Assets
NACE 35.140, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€96.5m
2024 · €72.4m+€24.1m
Equity
€2.07bn
2024 · €2.05bn+€20.7m
Cash
€101,515
2024 · €119,036-€17,521
Balance sheet total
€5.23bn
2024 · €4.87bn+€354.0m
Largest movements
Assets
- Tangible fixed assets +€253.0m
up €253.0m (+6.1%), from €4.17bn to €4.43bn
of which Plant, machinery and equipment: +€241.3m
- Receivables within one year +€157.2m
up €157.2m (+81.5%), from €192.9m to €350.1m
of which Other amounts receivable: +€149.4m
- Receivables after one year -€61.4m
down €61.4m (-67.4%), from €91.0m to €29.6m
of which Other amounts receivable: -€61.4m
Equity and liabilities
- Debts after one year +€344.8m
up €344.8m (+16.1%), from €2.15bn to €2.49bn
of which Financial debts: +€344.4m
- Contributions +€153.3m
up €153.3m (+17.7%), from €864.4m to €1.02bn
- Other debts -€128.2m
down €128.2m (-76.7%), from €167.3m to €39.0m
- Reserves -€110.2m
down €110.2m (-16.5%), from €667.6m to €557.3m
of which Distributable reserves: -€128.0m
Income statement
- Turnover +€97.1m
up €97.1m (+9.1%), from €1.06bn to €1.16bn
- Services and other goods +€46.8m
up €46.8m (+6.5%), from €724.8m to €771.6m
- Other operating income -€22.3m
down €22.3m (-30.5%), from €72.9m to €50.7m
- Other operating charges -€13.3m
down €13.3m (-27.3%), from €48.6m to €35.3m
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
€72.4m
Turnover
+€97.1m
Other operating income
-€22.3m
Goods and materials
+€5.4m
Services and other goods
-€46.8m
Depreciation
-€9.7m
Write-downs
+€979,459
Provisions
-€457,700
Other operating charges
+€13.3m
Other operating items
-€1.3m
Financial income
-€733,654
Financial charges
-€3.6m
Taxes
-€8.3m
Deferred taxes and other
+€559,179
Result 2025
€96.5m
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
+€164.5m
Investment
-€460.1m
Financing
+€295.6m
Cash 2024
€119,036
From operations (derived)
+€164.5m
Net result for the year
+€96.5m
Depreciation
+€186.8m
Receivables after one year
+€61.4m
Smaller working-capital items
-€1.3m
Receivables within one year
-€157.2m
Deferred charges and accrued income
+€16.3m
Trade debts
+€21.5m
Tax, wage and social debts
+€6.4m
Advances received
+€20.9m
Other debts
-€128.2m
Accrued charges and deferred income
+€41.4m
Investment (derived)
-€460.1m
Investment in fixed assets (net)
-€460.1m
Financing
+€295.6m
Debts after one year
+€344.8m
Current portion of long-term debt
+€26.6m
Contributions, distributions and other
-€75.8m
Cash 2025
€101,515
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,873,759,277 | €5,227,753,741 | +€354.0m | +7.3% |
| Fixed assets | 21/28 | €4,256,478,576 | €4,529,851,314 | +€273.4m | +6.4% |
| Intangible fixed assets | 21 | €75,499,672 | €95,917,372 | +€20.4m | +27.0% |
| Tangible fixed assets | 22/27 | €4,172,237,639 | €4,425,198,428 | +€253.0m | +6.1% |
| Land and buildings | 22 | €131,328,287 | €133,131,107 | +€1.8m | +1.4% |
| Plant, machinery and equipment | 23 | €4,002,945,323 | €4,244,238,447 | +€241.3m | +6.0% |
| Furniture and vehicles | 24 | €37,416,205 | €47,268,279 | +€9.9m | +26.3% |
| Other tangible fixed assets | 26 | €547,824 | €560,595 | +€12,771 | +2.3% |
| Financial fixed assets | 28 | €8,741,264 | €8,735,514 | -€5,750 | -0.1% |
| Affiliated companies | 280/1 | €479,508 | €479,508 | = | 0.0% |
| Participating interests | 280 | €479,508 | €479,508 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €8,233,367 | €8,233,367 | = | 0.0% |
| Participating interests | 282 | €3,100 | €3,100 | = | 0.0% |
| Amounts receivable | 283 | €8,230,267 | €8,230,267 | = | 0.0% |
| Other financial fixed assets | 284/8 | €28,388 | €22,638 | -€5,750 | -20.3% |
| Shares | 284 | €16,892 | €16,892 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,497 | €5,747 | -€5,750 | -50.0% |
| Current assets | 29/58 | €617,280,702 | €697,902,427 | +€80.6m | +13.1% |
| Amounts receivable after more than one year | 29 | €91,040,341 | €29,634,215 | -€61.4m | -67.4% |
| Trade receivables | 290 | €4,309,953 | €4,331,632 | +€21,679 | +0.5% |
| Other amounts receivable | 291 | €86,730,388 | €25,302,584 | -€61.4m | -70.8% |
| Stocks and contracts in progress | 3 | €11,732,473 | €12,867,990 | +€1.1m | +9.7% |
| Contracts in progress | 37 | €11,732,473 | €12,867,990 | +€1.1m | +9.7% |
| Amounts receivable within one year | 40/41 | €192,892,261 | €350,053,788 | +€157.2m | +81.5% |
| Trade receivables | 40 | €165,312,471 | €173,064,020 | +€7.8m | +4.7% |
| Other amounts receivable | 41 | €27,579,790 | €176,989,768 | +€149.4m | +542% |
| Cash at bank and in hand | 54/58 | €119,036 | €101,515 | -€17,521 | -14.7% |
| Deferred charges and accrued income | 490/1 | €321,496,591 | €305,244,918 | -€16.3m | -5.1% |
| Total equity and liabilities | 10/49 | €4,873,759,277 | €5,227,753,741 | +€354.0m | +7.3% |
| Equity | 10/15 | €2,050,231,411 | €2,070,897,517 | +€20.7m | +1.0% |
| Contributions | 10/11 | €864,445,117 | €1,017,794,036 | +€153.3m | +17.7% |
| Revaluation surpluses | 12 | €408,147,858 | €387,455,301 | -€20.7m | -5.1% |
| Reserves | 13 | €667,578,311 | €557,348,937 | -€110.2m | -16.5% |
| Non-distributable reserves | 130/1 | €371,383,549 | €392,076,106 | +€20.7m | +5.6% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €371,383,549 | €392,076,106 | +€20.7m | +5.6% |
| Tax-exempt reserves | 132 | €5,717,180 | €2,829,120 | -€2.9m | -50.5% |
| Distributable reserves | 133 | €290,477,582 | €162,443,711 | -€128.0m | -44.1% |
| Investment grants | 15 | €110,060,126 | €108,299,244 | -€1.8m | -1.6% |
| Provisions and deferred taxes | 16 | €40,306,127 | €40,176,866 | -€129,260 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €3,619,418 | €4,077,118 | +€457,700 | +12.6% |
| Environmental obligations | 163 | €3,619,418 | €3,619,418 | = | 0.0% |
| Other liabilities and charges | 164/5 | - | €457,700 | +€457,700 | |
| Deferred taxes | 168 | €36,686,709 | €36,099,748 | -€586,960 | -1.6% |
| Amounts payable | 17/49 | €2,783,221,740 | €3,116,679,358 | +€333.5m | +12.0% |
| Amounts payable after more than one year | 17 | €2,145,681,446 | €2,490,477,823 | +€344.8m | +16.1% |
| Financial debts | 170/4 | €2,143,302,866 | €2,487,682,823 | +€344.4m | +16.1% |
| Credit institutions | 173 | €170,638,670 | €119,071,654 | -€51.6m | -30.2% |
| Other loans | 174 | €1,972,664,196 | €2,368,611,170 | +€395.9m | +20.1% |
| Other amounts payable | 178/9 | €2,378,580 | €2,795,000 | +€416,420 | +17.5% |
| Amounts payable within one year | 42/48 | €583,476,043 | €530,772,686 | -€52.7m | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €188,978,706 | €215,620,043 | +€26.6m | +14.1% |
| Trade debts | 44 | €124,292,302 | €145,828,088 | +€21.5m | +17.3% |
| Suppliers | 440/4 | €124,292,302 | €145,828,088 | +€21.5m | +17.3% |
| Advances received on contracts in progress | 46 | €95,655,701 | €116,601,384 | +€20.9m | +21.9% |
| Taxes, remuneration and social security | 45 | €7,287,932 | €13,701,814 | +€6.4m | +88.0% |
| Taxes | 450/3 | €7,287,932 | €13,701,814 | +€6.4m | +88.0% |
| Other amounts payable | 47/48 | €167,261,402 | €39,021,358 | -€128.2m | -76.7% |
| Accrued charges and deferred income | 492/3 | €54,064,250 | €95,428,848 | +€41.4m | +76.5% |
| Operating income | 70/76A | €1,136,742,135 | €1,211,220,575 | +€74.5m | +6.6% |
| Turnover | 70 | €1,062,304,170 | €1,159,409,027 | +€97.1m | +9.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €894,819 | €1,135,517 | +€240,698 | +26.9% |
| Other operating income | 74 | €72,943,146 | €50,676,031 | -€22.3m | -30.5% |
| Non-recurring operating income | 76A | €600,000 | €0 | -€600,000 | -100% |
| Operating charges | 60/66A | €988,421,421 | €1,026,644,371 | +€38.2m | +3.9% |
| Goods for resale, raw materials and consumables | 60 | €36,307,850 | €30,863,239 | -€5.4m | -15.0% |
| Purchases | 600/8 | €36,307,850 | €30,863,239 | -€5.4m | -15.0% |
| Services and other goods | 61 | €724,801,342 | €771,640,948 | +€46.8m | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,104,485 | €186,772,588 | +€9.7m | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,640,749 | €661,290 | -€979,459 | -59.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €457,700 | +€457,700 | |
| Other operating charges | 640/8 | €48,566,995 | €35,301,589 | -€13.3m | -27.3% |
| Non-recurring operating charges | 66A | - | €947,017 | +€947,017 | |
| Operating profit (loss) | 9901 | €148,320,714 | €184,576,204 | +€36.3m | +24.4% |
| Financial income | 75/76B | €4,354,324 | €3,620,669 | -€733,654 | -16.8% |
| Recurring financial income | 75 | €4,354,324 | €3,620,669 | -€733,654 | -16.8% |
| Income from financial fixed assets | 750 | €262 | €0 | -€262 | -100% |
| Income from current assets | 751 | €489,613 | €415,373 | -€74,240 | -15.2% |
| Other financial income | 752/9 | €3,864,449 | €3,205,297 | -€659,152 | -17.1% |
| Financial charges | 65/66B | €49,430,927 | €53,077,651 | +€3.6m | +7.4% |
| Recurring financial charges | 65 | €49,430,927 | €53,077,651 | +€3.6m | +7.4% |
| Debt charges | 650 | €49,412,287 | €53,065,884 | +€3.7m | +7.4% |
| Other financial charges | 652/9 | €18,640 | €11,767 | -€6,873 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €103,244,111 | €135,119,222 | +€31.9m | +30.9% |
| Transfer from deferred taxes | 780 | €27,781 | €586,960 | +€559,179 | +2,013% |
| Income taxes | 67/77 | €30,893,966 | €39,200,589 | +€8.3m | +26.9% |
| Taxes | 670/3 | €30,893,966 | €39,200,589 | +€8.3m | +26.9% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €0 | -€0 | -100% |
| Profit (loss) for the period | 9904 | €72,377,926 | €96,505,594 | +€24.1m | +33.3% |
| Transfer from tax-exempt reserves | 789 | €269,440 | €2,888,060 | +€2.6m | +972% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €0 | -€997,770 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €71,649,596 | €99,393,653 | +€27.7m | +38.7% |
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 30 October 2026 via checked.be.