SENELEC: 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.
SENELEC
Largest movements
- Deferred charges and accrued income +€174,278
new in 2025: €174,278
- Cash -€31,656
down €31,656 (-61.3%), from €51,602 to €19,947
mainly Deferred charges and accrued income (-€174,278) and Debts after one year (-€121,095)
- Receivables within one year -€20,093
down €20,093 (-31.5%), from €63,880 to €43,787
of which Other amounts receivable: -€18,361
- Reserves +€232,283
up €232,283 (+19.5%), from €1.2m to €1.4m
of which Distributable reserves: +€234,143
- Debts after one year -€121,095
down €121,095 (-22.9%), from €528,067 to €406,972
- Tax, wage and social debts +€24,582
up €24,582 (+68.3%), from €35,984 to €60,567
of which Taxes: +€27,332
- Gross operating margin +€17,546
up €17,546 (+13.6%), from €128,994 to €146,540
- Financial income +€17,209
up €17,209 (+10.6%), from €161,677 to €178,886
- Taxes +€11,408
up €11,408 (+28.3%), from €40,324 to €51,733
- Financial charges -€5,456
down €5,456 (-12.7%), from €43,124 to €37,668
of which Financial charges: -€7,780
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,859,296 | €1,980,411 | +€121,116 | +6.5% |
| Fixed assets | 21/28 | €1,743,813 | €1,742,400 | -€1,413 | -0.1% |
| Tangible fixed assets | 22/27 | €1,591 | €178 | -€1,413 | -88.8% |
| Furniture and vehicles | 24 | €1,591 | €178 | -€1,413 | -88.8% |
| Financial fixed assets | 28 | €1,742,222 | €1,742,222 | = | 0.0% |
| Current assets | 29/58 | €115,483 | €238,011 | +€122,529 | +106% |
| Amounts receivable within one year | 40/41 | €63,880 | €43,787 | -€20,093 | -31.5% |
| Trade receivables | 40 | €45,507 | €43,774 | -€1,732 | -3.8% |
| Other amounts receivable | 41 | €18,373 | €13 | -€18,361 | -99.9% |
| Cash at bank and in hand | 54/58 | €51,602 | €19,947 | -€31,656 | -61.3% |
| Deferred charges and accrued income | 490/1 | - | €174,278 | +€174,278 | |
| Total equity and liabilities | 10/49 | €1,859,296 | €1,980,411 | +€121,116 | +6.5% |
| Equity | 10/15 | €1,199,904 | €1,432,187 | +€232,283 | +19.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €1,193,704 | €1,425,987 | +€232,283 | +19.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,191,844 | €1,425,987 | +€234,143 | +19.6% |
| Amounts payable | 17/49 | €659,392 | €548,225 | -€111,167 | -16.9% |
| Amounts payable after more than one year | 17 | €528,067 | €406,972 | -€121,095 | -22.9% |
| Financial debts | 170/4 | €528,067 | €406,972 | -€121,095 | -22.9% |
| Amounts payable within one year | 42/48 | €131,326 | €141,253 | +€9,927 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €36,645 | €38,126 | +€1,482 | +4.0% |
| Financial debts | 43 | €10,254 | €10,112 | -€142 | -1.4% |
| Credit institutions | 430/8 | €10,254 | €10,112 | -€142 | -1.4% |
| Trade debts | 44 | €44,418 | €28,423 | -€15,995 | -36.0% |
| Suppliers | 440/4 | €44,418 | €28,423 | -€15,995 | -36.0% |
| Taxes, remuneration and social security | 45 | €35,984 | €60,567 | +€24,582 | +68.3% |
| Taxes | 450/3 | €33,234 | €60,567 | +€27,332 | +82.2% |
| Remuneration and social security | 454/9 | €2,750 | €0 | -€2,750 | -100% |
| Other amounts payable | 47/48 | €4,025 | €4,025 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,240 | +€1,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,413 | €1,413 | = | 0.0% |
| Other operating charges | 640/8 | €939 | €2,329 | +€1,390 | +148% |
| Gross operating margin | 9900 | €128,994 | €146,540 | +€17,546 | +13.6% |
| Operating profit (loss) | 9901 | €126,641 | €142,798 | +€16,157 | +12.8% |
| Financial income | 75/76B | €161,677 | €178,886 | +€17,209 | +10.6% |
| Recurring financial income | 75 | €161,677 | €178,886 | +€17,209 | +10.6% |
| Financial charges | 65/66B | €43,124 | €37,668 | -€5,456 | -12.7% |
| Recurring financial charges | 65 | €43,124 | €35,344 | -€7,780 | -18.0% |
| Non-recurring financial charges | 66B | - | €2,324 | +€2,324 | |
| Profit (loss) for the period before taxes | 9903 | €245,194 | €284,016 | +€38,822 | +15.8% |
| Income taxes | 67/77 | €40,324 | €51,733 | +€11,408 | +28.3% |
| Profit (loss) for the period | 9904 | €204,870 | €232,283 | +€27,413 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €204,870 | €232,283 | +€27,413 | +13.4% |
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.