PUBLILEC: 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
PUBLILEC
NACE 35.150, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23.8m
2024 · €2.4m+€21.4m
Equity
€168.3m
2024 · €162.5m+€5.8m
Cash
€356,377
2024 · €421,880-€65,503
Balance sheet total
€193.9m
2024 · €179.0m+€15.0m
Largest movements
Assets
- Current investments +€15.1m
up €15.1m (+337%), from €4.5m to €19.5m
Equity and liabilities
- Other debts +€9.5m
up €9.5m (+112%), from €8.5m to €18.0m
- Debts after one year -€7.5m
no longer reported in 2025 (was €7.5m)
- Current portion of long-term debt +€7.5m
new in 2025: €7.5m
- Profit (loss) carried forward +€5.8m
up €5.8m (+2,830%), from €205,802 to €6.0m
Income statement
- Financial income +€20.9m
up €20.9m (+552%), from €3.8m to €24.7m
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
€2.4m
Staff costs
-€39,161
Depreciation
-€517
Other operating charges
+€12,347
Other operating items
+€445,387
Financial income
+€20.9m
Financial charges
+€110,683
Taxes
-€10,184
Result 2025
€23.8m
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
+€33.0m
Investment
-€15.1m
Financing
-€18.0m
Cash 2024
€421,880
From operations (derived)
+€33.0m
Net result for the year
+€23.8m
Depreciation
+€1,743
Smaller working-capital items
+€32,967
Trade debts
-€252,776
Other debts
+€9.5m
Accrued charges and deferred income
-€90,503
Investment (derived)
-€15.1m
Investment in fixed assets (net)
-€2,948
Current investments
-€15.1m
Financing
-€18.0m
Debts after one year
-€7.5m
Current portion of long-term debt
+€7.5m
Contributions, distributions and other
-€18.0m
Cash 2025
€356,377
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,978,238 | €193,939,636 | +€15.0m | +8.4% |
| Fixed assets | 21/28 | €173,982,241 | €173,983,446 | +€1,205 | 0.0% |
| Tangible fixed assets | 22/27 | €50,460 | €51,665 | +€1,205 | +2.4% |
| Furniture and vehicles | 24 | €3,230 | €4,435 | +€1,205 | +37.3% |
| Other tangible fixed assets | 26 | €47,230 | €47,230 | = | 0.0% |
| Financial fixed assets | 28 | €173,931,781 | €173,931,781 | = | 0.0% |
| Affiliated companies | 280/1 | €78,935,225 | €78,935,225 | = | 0.0% |
| Participating interests | 280 | €78,935,225 | €78,935,225 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €94,996,220 | €94,996,220 | = | 0.0% |
| Participating interests | 282 | €94,996,220 | €94,996,220 | = | 0.0% |
| Other financial fixed assets | 284/8 | €336 | €336 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €336 | €336 | = | 0.0% |
| Current assets | 29/58 | €4,995,997 | €19,956,190 | +€15.0m | +299% |
| Amounts receivable within one year | 40/41 | €100,100 | €65,965 | -€34,135 | -34.1% |
| Trade receivables | 40 | €65,605 | - | -€65,605 | |
| Other amounts receivable | 41 | €34,495 | €65,965 | +€31,470 | +91.2% |
| Current investments | 50/53 | €4,464,130 | €19,529,927 | +€15.1m | +337% |
| Other investments | 51/53 | €4,464,130 | €19,529,927 | +€15.1m | +337% |
| Cash at bank and in hand | 54/58 | €421,880 | €356,377 | -€65,503 | -15.5% |
| Deferred charges and accrued income | 490/1 | €9,887 | €3,921 | -€5,966 | -60.3% |
| Total equity and liabilities | 10/49 | €178,978,238 | €193,939,636 | +€15.0m | +8.4% |
| Equity | 10/15 | €162,490,194 | €168,314,882 | +€5.8m | +3.6% |
| Contributions | 10/11 | €143,538,714 | €143,538,714 | = | 0.0% |
| Reserves | 13 | €18,745,678 | €18,745,678 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,567,132 | €18,567,132 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,567,132 | €18,567,132 | = | 0.0% |
| Distributable reserves | 133 | €178,546 | €178,546 | = | 0.0% |
| Profit (loss) carried forward | 14 | €205,802 | €6,030,490 | +€5.8m | +2,830% |
| Amounts payable | 17/49 | €16,488,044 | €25,624,754 | +€9.1m | +55.4% |
| Amounts payable after more than one year | 17 | €7,500,000 | - | -€7.5m | |
| Financial debts | 170/4 | €7,500,000 | - | -€7.5m | |
| Other loans | 174 | €7,500,000 | - | -€7.5m | |
| Amounts payable within one year | 42/48 | €8,794,101 | €25,521,314 | +€16.7m | +190% |
| Current portion of amounts payable after more than one year | 42 | - | €7,500,000 | +€7.5m | |
| Trade debts | 44 | €252,782 | €6 | -€252,776 | -100.0% |
| Suppliers | 440/4 | €252,782 | €6 | -€252,776 | -100.0% |
| Taxes, remuneration and social security | 45 | €51,415 | €44,281 | -€7,134 | -13.9% |
| Taxes | 450/3 | €10,210 | €23,217 | +€13,007 | +127% |
| Remuneration and social security | 454/9 | €41,205 | €21,064 | -€20,141 | -48.9% |
| Other amounts payable | 47/48 | €8,489,904 | €17,977,027 | +€9.5m | +112% |
| Accrued charges and deferred income | 492/3 | €193,943 | €103,440 | -€90,503 | -46.7% |
| Operating income | 70/76A | €141,607 | €2,879 | -€138,728 | -98.0% |
| Other operating income | 74 | €141,607 | €2,879 | -€138,728 | -98.0% |
| Operating charges | 60/66A | €1,162,354 | €605,570 | -€556,784 | -47.9% |
| Services and other goods | 61 | €796,106 | €211,991 | -€584,115 | -73.4% |
| Remuneration, social security and pensions | 62 | €351,677 | €390,838 | +€39,161 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,226 | €1,743 | +€517 | +42.2% |
| Other operating charges | 640/8 | €13,345 | €998 | -€12,347 | -92.5% |
| Operating profit (loss) | 9901 | -€1,020,747 | -€602,691 | +€418,056 | +41.0% |
| Financial income | 75/76B | €3,779,373 | €24,650,008 | +€20.9m | +552% |
| Recurring financial income | 75 | €3,779,373 | €24,650,008 | +€20.9m | +552% |
| Income from financial fixed assets | 750 | €3,702,579 | €24,377,503 | +€20.7m | +558% |
| Income from current assets | 751 | €76,594 | €138,986 | +€62,392 | +81.5% |
| Other financial income | 752/9 | €200 | €133,519 | +€133,319 | +66,660% |
| Financial charges | 65/66B | €333,068 | €222,385 | -€110,683 | -33.2% |
| Recurring financial charges | 65 | €333,068 | €222,385 | -€110,683 | -33.2% |
| Debt charges | 650 | €332,484 | €221,803 | -€110,681 | -33.3% |
| Other financial charges | 652/9 | €584 | €582 | -€2 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €2,425,558 | €23,824,932 | +€21.4m | +882% |
| Income taxes | 67/77 | -€9,939 | €245 | +€10,184 | |
| Taxes | 670/3 | €22,978 | €245 | -€22,733 | -98.9% |
| Tax adjustments and reversals of tax provisions | 77 | €32,917 | - | -€32,917 | |
| Profit (loss) for the period | 9904 | €2,435,497 | €23,824,687 | +€21.4m | +878% |
| Profit (loss) for the period to be appropriated | 9905 | €2,435,497 | €23,824,687 | +€21.4m | +878% |
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.