PATHOEKE INDUSTRIES: 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
PATHOEKE INDUSTRIES
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€226,185
2024 · €239,342-€13,157
Equity
€8.9m
2024 · €5.2m+€3.7m
Cash
€105,695
2024 · €29,041+€76,654
Balance sheet total
€14.8m
2024 · €11.1m+€3.7m
Largest movements
Assets
- Financial fixed assets +€3.6m
up €3.6m (+86.4%), from €4.2m to €7.7m
- Tangible fixed assets -€340,318
down €340,318 (-7.7%), from €4.4m to €4.1m
of which Leasing and similar rights: -€218,632
- Receivables within one year +€233,310
up €233,310 (+27.1%), from €859,447 to €1.1m
of which Other amounts receivable: +€252,381
- Current investments +€150,000
new in 2025: €150,000
Equity and liabilities
- Revaluation surpluses +€3.6m
new in 2025: €3.6m
- Debts after one year -€561,460
down €561,460 (-11.1%), from €5.0m to €4.5m
- Short-term financial debts +€500,000
new in 2025: €500,000
- Profit (loss) carried forward +€159,363
up €159,363 (+26.5%), from €601,961 to €761,324
Income statement
- Gross operating margin +€211,584
up €211,584 (+70.7%), from €299,291 to €510,875
- Financial income -€165,118
down €165,118 (-31.8%), from €519,209 to €354,092
of which Non-recurring financial income: -€169,983
- Financial charges +€73,154
up €73,154 (+38.4%), from €190,373 to €263,527
of which Non-recurring financial charges: +€80,017
- Other operating charges -€17,104
down €17,104 (-57.5%), from €29,729 to €12,625
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
€239,342
Gross operating margin
+€211,584
Depreciation
-€906
Other operating charges
+€17,104
Financial income
-€165,118
Financial charges
-€73,154
Taxes
+€1,311
Deferred taxes and other
-€3,977
Result 2025
€226,185
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
+€403,239
Investment
-€3.7m
Financing
+€3.4m
Cash 2024
€29,041
From operations (derived)
+€403,239
Net result for the year
+€226,185
Depreciation
+€340,318
Smaller working-capital items
+€10,394
Receivables within one year
-€233,310
Trade debts
-€39,082
Tax, wage and social debts
-€12,887
Other debts
+€100,000
Accrued charges and deferred income
+€11,622
Investment (derived)
-€3.7m
Investment in fixed assets (net)
-€3.6m
Current investments
-€150,000
Financing
+€3.4m
Debts after one year
-€561,460
Current portion of long-term debt
+€3,225
Short-term financial debts
+€500,000
Contributions, distributions and other
+€3.5m
Cash 2025
€105,695
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,113,061 | €14,817,467 | +€3.7m | +33.3% |
| Fixed assets | 21/28 | €8,587,168 | €11,834,712 | +€3.2m | +37.8% |
| Tangible fixed assets | 22/27 | €4,433,552 | €4,093,234 | -€340,318 | -7.7% |
| Land and buildings | 22 | €2,922,312 | €2,848,674 | -€73,638 | -2.5% |
| Plant, machinery and equipment | 23 | €15,598 | €11,739 | -€3,859 | -24.7% |
| Leasing and similar rights | 25 | €1,074,940 | €856,308 | -€218,632 | -20.3% |
| Other tangible fixed assets | 26 | €420,701 | €376,512 | -€44,190 | -10.5% |
| Financial fixed assets | 28 | €4,153,616 | €7,741,478 | +€3.6m | +86.4% |
| Current assets | 29/58 | €2,525,894 | €2,982,755 | +€456,861 | +18.1% |
| Amounts receivable after more than one year | 29 | €1,529,201 | €1,530,047 | +€846 | +0.1% |
| Other amounts receivable | 291 | €1,529,201 | €1,530,047 | +€846 | +0.1% |
| Amounts receivable within one year | 40/41 | €859,447 | €1,092,757 | +€233,310 | +27.1% |
| Trade receivables | 40 | €35,503 | €16,432 | -€19,071 | -53.7% |
| Other amounts receivable | 41 | €823,944 | €1,076,325 | +€252,381 | +30.6% |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €29,041 | €105,695 | +€76,654 | +264% |
| Deferred charges and accrued income | 490/1 | €108,205 | €104,255 | -€3,950 | -3.7% |
| Total equity and liabilities | 10/49 | €11,113,061 | €14,817,467 | +€3.7m | +33.3% |
| Equity | 10/15 | €5,249,297 | €8,944,994 | +€3.7m | +70.4% |
| Contributions | 10/11 | €3,671,840 | €3,671,840 | = | 0.0% |
| Capital | 10 | €3,671,840 | €3,671,840 | = | 0.0% |
| Issued capital | 100 | €3,671,840 | €3,671,840 | = | 0.0% |
| Revaluation surpluses | 12 | - | €3,587,862 | +€3.6m | |
| Reserves | 13 | €975,495 | €923,967 | -€51,528 | -5.3% |
| Non-distributable reserves | 130/1 | €367,184 | €367,184 | = | 0.0% |
| Legal reserve | 130 | €367,184 | €367,184 | = | 0.0% |
| Tax-exempt reserves | 132 | €336,606 | €285,078 | -€51,528 | -15.3% |
| Distributable reserves | 133 | €271,706 | €271,706 | = | 0.0% |
| Profit (loss) carried forward | 14 | €601,961 | €761,324 | +€159,363 | +26.5% |
| Provisions and deferred taxes | 16 | €87,735 | €95,026 | +€7,290 | +8.3% |
| Deferred taxes | 168 | €87,735 | €95,026 | +€7,290 | +8.3% |
| Amounts payable | 17/49 | €5,776,029 | €5,777,447 | +€1,417 | 0.0% |
| Amounts payable after more than one year | 17 | €5,044,831 | €4,483,371 | -€561,460 | -11.1% |
| Financial debts | 170/4 | €5,044,831 | €4,483,371 | -€561,460 | -11.1% |
| Amounts payable within one year | 42/48 | €618,988 | €1,170,244 | +€551,256 | +89.1% |
| Current portion of amounts payable after more than one year | 42 | €502,137 | €505,362 | +€3,225 | +0.6% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €101,204 | €62,122 | -€39,082 | -38.6% |
| Suppliers | 440/4 | €101,204 | €62,122 | -€39,082 | -38.6% |
| Taxes, remuneration and social security | 45 | €12,887 | €0 | -€12,887 | -100% |
| Taxes | 450/3 | €12,887 | €0 | -€12,887 | -100% |
| Other amounts payable | 47/48 | €2,760 | €102,760 | +€100,000 | +3,623% |
| Accrued charges and deferred income | 492/3 | €112,210 | €123,832 | +€11,622 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339,412 | €340,318 | +€906 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €29,729 | €12,625 | -€17,104 | -57.5% |
| Gross operating margin | 9900 | €299,291 | €510,875 | +€211,584 | +70.7% |
| Operating profit (loss) | 9901 | -€69,850 | €157,932 | +€227,782 | |
| Financial income | 75/76B | €519,209 | €354,092 | -€165,118 | -31.8% |
| Recurring financial income | 75 | €269,209 | €274,075 | +€4,866 | +1.8% |
| Non-recurring financial income | 76B | €250,000 | €80,017 | -€169,983 | -68.0% |
| Financial charges | 65/66B | €190,373 | €263,527 | +€73,154 | +38.4% |
| Recurring financial charges | 65 | €190,373 | €183,510 | -€6,862 | -3.6% |
| Non-recurring financial charges | 66B | - | €80,017 | +€80,017 | |
| Profit (loss) for the period before taxes | 9903 | €258,987 | €248,496 | -€10,491 | -4.1% |
| Transfer from deferred taxes | 780 | €15,036 | €11,059 | -€3,977 | -26.4% |
| Income taxes | 67/77 | €34,682 | €33,371 | -€1,311 | -3.8% |
| Profit (loss) for the period | 9904 | €239,342 | €226,185 | -€13,157 | -5.5% |
| Transfer from tax-exempt reserves | 789 | €29,201 | €33,178 | +€3,977 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €268,543 | €259,363 | -€9,180 | -3.4% |
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 14 October 2026 via checked.be.