SENERGHO: 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.
SENERGHO
Largest movements
- Tangible fixed assets +€2.1m
up €2.1m (+83.0%), from €2.5m to €4.6m
of which Plant, machinery and equipment: +€1.5m
- Receivables within one year -€284,580
down €284,580 (-21.3%), from €1.3m to €1.1m
of which Trade receivables: -€195,922
- Cash -€124,293
down €124,293 (-46.6%), from €266,846 to €142,553
mainly Investment in fixed assets (net) (-€2.5m) and Net result for the year (-€461,776)
- Current portion of long-term debt +€1.1m
up €1.1m (+490%), from €217,741 to €1.3m
- Revaluation surpluses +€650,000
new in 2025: €650,000
- Reserves -€461,776
down €461,776 (-71.0%), from €650,199 to €188,423
- Trade debts +€311,403
up €311,403 (+64.0%), from €486,752 to €798,155
- Debts after one year +€81,954
up €81,954 (+5.6%), from €1.5m to €1.6m
- Gross operating margin -€131,509
down €131,509 (-41.9%), from €313,681 to €182,172
- Other operating charges +€71,636
up €71,636 (+549%), from €13,055 to €84,691
- Depreciation +€58,448
up €58,448 (+17.1%), from €342,628 to €401,076
- Financial charges +€52,598
up €52,598 (+79.9%), from €65,859 to €118,457
- Staff costs +€29,056
up €29,056 (+65.8%), from €44,178 to €73,234
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 | €4,173,652 | €5,802,063 | +€1.6m | +39.0% |
| Fixed assets | 21/28 | €2,494,214 | €4,562,817 | +€2.1m | +82.9% |
| Intangible fixed assets | 21 | €2,871 | €2,549 | -€322 | -11.2% |
| Tangible fixed assets | 22/27 | €2,491,343 | €4,560,269 | +€2.1m | +83.0% |
| Land and buildings | 22 | €964,225 | €1,609,616 | +€645,391 | +66.9% |
| Plant, machinery and equipment | 23 | €1,355,718 | €2,851,402 | +€1.5m | +110% |
| Furniture and vehicles | 24 | €103,726 | €71,587 | -€32,139 | -31.0% |
| Leasing and similar rights | 25 | €67,674 | €27,664 | -€40,010 | -59.1% |
| Current assets | 29/58 | €1,679,438 | €1,239,246 | -€440,192 | -26.2% |
| Stocks and contracts in progress | 3 | €36,624 | €10,695 | -€25,929 | -70.8% |
| Stocks | 30/36 | €36,624 | €10,695 | -€25,929 | -70.8% |
| Amounts receivable within one year | 40/41 | €1,335,684 | €1,051,104 | -€284,580 | -21.3% |
| Trade receivables | 40 | €372,374 | €176,452 | -€195,922 | -52.6% |
| Other amounts receivable | 41 | €963,310 | €874,652 | -€88,657 | -9.2% |
| Cash at bank and in hand | 54/58 | €266,846 | €142,553 | -€124,293 | -46.6% |
| Deferred charges and accrued income | 490/1 | €40,284 | €34,893 | -€5,390 | -13.4% |
| Total equity and liabilities | 10/49 | €4,173,652 | €5,802,063 | +€1.6m | +39.0% |
| Equity | 10/15 | €1,512,549 | €1,686,325 | +€173,776 | +11.5% |
| Contributions | 10/11 | €693,600 | €693,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €650,000 | +€650,000 | |
| Reserves | 13 | €650,199 | €188,423 | -€461,776 | -71.0% |
| Distributable reserves | 133 | €650,199 | €188,423 | -€461,776 | -71.0% |
| Investment grants | 15 | €168,750 | €154,301 | -€14,449 | -8.6% |
| Provisions and deferred taxes | 16 | €56,250 | €51,434 | -€4,816 | -8.6% |
| Deferred taxes | 168 | €56,250 | €51,434 | -€4,816 | -8.6% |
| Amounts payable | 17/49 | €2,604,852 | €4,064,304 | +€1.5m | +56.0% |
| Amounts payable after more than one year | 17 | €1,473,084 | €1,555,038 | +€81,954 | +5.6% |
| Financial debts | 170/4 | €1,473,084 | €1,555,038 | +€81,954 | +5.6% |
| Amounts payable within one year | 42/48 | €931,508 | €2,300,306 | +€1.4m | +147% |
| Current portion of amounts payable after more than one year | 42 | €217,741 | €1,284,013 | +€1.1m | +490% |
| Trade debts | 44 | €486,752 | €798,155 | +€311,403 | +64.0% |
| Suppliers | 440/4 | €486,752 | €798,155 | +€311,403 | +64.0% |
| Taxes, remuneration and social security | 45 | €9,376 | €16,794 | +€7,418 | +79.1% |
| Taxes | 450/3 | €1,321 | €2,934 | +€1,613 | +122% |
| Remuneration and social security | 454/9 | €8,056 | €13,860 | +€5,805 | +72.1% |
| Other amounts payable | 47/48 | €217,639 | €201,343 | -€16,296 | -7.5% |
| Accrued charges and deferred income | 492/3 | €200,260 | €208,961 | +€8,701 | +4.3% |
| Remuneration, social security and pensions | 62 | €44,178 | €73,234 | +€29,056 | +65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342,628 | €401,076 | +€58,448 | +17.1% |
| Other operating charges | 640/8 | €13,055 | €84,691 | +€71,636 | +549% |
| Gross operating margin | 9900 | €313,681 | €182,172 | -€131,509 | -41.9% |
| Operating profit (loss) | 9901 | -€86,181 | -€376,829 | -€290,649 | -337% |
| Financial income | 75/76B | €14,145 | €28,694 | +€14,549 | +103% |
| Recurring financial income | 75 | €14,145 | €28,694 | +€14,549 | +103% |
| Financial charges | 65/66B | €65,859 | €118,457 | +€52,598 | +79.9% |
| Recurring financial charges | 65 | €65,859 | €118,457 | +€52,598 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | -€137,894 | -€466,592 | -€328,698 | -238% |
| Transfer from deferred taxes | 780 | €0 | €4,816 | +€4,816 | |
| Transfer to deferred taxes | 680 | €966 | €0 | -€966 | -100% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€138,860 | -€461,776 | -€322,916 | -233% |
| Profit (loss) for the period to be appropriated | 9905 | -€138,860 | -€461,776 | -€322,916 | -233% |
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 23 October 2026 via checked.be.