T-POWER: 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
T-POWER
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€29.3m
2024 · €25.3m+€4.1m
Equity
€74.4m
2024 · €68.4m+€5.9m
Cash
€18.5m
2024 · €12.1m+€6.4m
Balance sheet total
€123.5m
2024 · €136.3m-€12.7m
Largest movements
Assets
- Tangible fixed assets -€17.5m
down €17.5m (-14.5%), from €120.1m to €102.6m
of which Plant, machinery and equipment: -€16.5m
- Cash +€6.4m
up €6.4m (+52.6%), from €12.1m to €18.5m
mainly Net result for the year (+€29.3m) and Depreciation (+€17.5m)
- Receivables within one year -€1.6m
down €1.6m (-47.3%), from €3.3m to €1.7m
of which Other amounts receivable: -€1.7m
Equity and liabilities
- Current portion of long-term debt -€12.9m
down €12.9m (-50.0%), from €25.7m to €12.9m
- Debts after one year -€12.9m
no longer reported in 2025 (was €12.9m)
- Other debts +€6.5m
up €6.5m (+73.9%), from €8.8m to €15.3m
- Profit (loss) carried forward +€5.9m
up €5.9m (+17.8%), from €33.4m to €39.3m
- Tax, wage and social debts +€1.8m
up €1.8m (+115%), from €1.6m to €3.4m
of which Taxes: +€2.0m
Income statement
- Turnover +€3.5m
up €3.5m (+4.7%), from €74.4m to €77.9m
- Financial charges -€1.7m
down €1.7m (-46.2%), from €3.6m to €2.0m
- Taxes +€802,460
up €802,460 (+9.2%), from €8.8m to €9.6m
of which Taxes: +€1.0m
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
€25.3m
Turnover
+€3.5m
Other operating income
-€30,068
Goods and materials
+€464,743
Services and other goods
-€570,943
Staff costs
+€7,131
Depreciation
+€13,651
Other operating charges
+€2,979
Other operating items
+€481
Financial income
-€213,206
Financial charges
+€1.7m
Taxes
-€802,460
Result 2025
€29.3m
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
+€55.6m
Investment
-€58,762
Financing
-€49.1m
Cash 2024
€12.1m
From operations (derived)
+€55.6m
Net result for the year
+€29.3m
Depreciation
+€17.5m
Receivables within one year
+€1.6m
Deferred charges and accrued income
+€90,630
Trade debts
-€936,173
Tax, wage and social debts
+€1.8m
Other debts
+€6.5m
Accrued charges and deferred income
-€299,776
Investment (derived)
-€58,762
Investment in fixed assets (net)
-€58,762
Financing
-€49.1m
Debts after one year
-€12.9m
Current portion of long-term debt
-€12.9m
Contributions, distributions and other
-€23.4m
Cash 2025
€18.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,278,330 | €123,547,701 | -€12.7m | -9.3% |
| Fixed assets | 21/28 | €120,110,947 | €102,644,359 | -€17.5m | -14.5% |
| Tangible fixed assets | 22/27 | €120,110,947 | €102,644,359 | -€17.5m | -14.5% |
| Land and buildings | 22 | €6,445,633 | €5,650,467 | -€795,166 | -12.3% |
| Plant, machinery and equipment | 23 | €111,371,390 | €94,844,113 | -€16.5m | -14.8% |
| Furniture and vehicles | 24 | €2,959 | €100 | -€2,859 | -96.6% |
| Other tangible fixed assets | 26 | €2,290,966 | €2,090,917 | -€200,048 | -8.7% |
| Assets under construction and advance payments | 27 | - | €58,762 | +€58,762 | |
| Current assets | 29/58 | €16,167,383 | €20,903,342 | +€4.7m | +29.3% |
| Amounts receivable within one year | 40/41 | €3,289,203 | €1,734,769 | -€1.6m | -47.3% |
| Trade receivables | 40 | €907,566 | €1,067,805 | +€160,239 | +17.7% |
| Other amounts receivable | 41 | €2,381,637 | €666,964 | -€1.7m | -72.0% |
| Cash at bank and in hand | 54/58 | €12,128,478 | €18,509,502 | +€6.4m | +52.6% |
| Deferred charges and accrued income | 490/1 | €749,702 | €659,071 | -€90,630 | -12.1% |
| Total equity and liabilities | 10/49 | €136,278,330 | €123,547,701 | -€12.7m | -9.3% |
| Equity | 10/15 | €68,438,603 | €74,375,528 | +€5.9m | +8.7% |
| Contributions | 10/11 | €31,891,934 | €31,891,934 | = | 0.0% |
| Capital | 10 | €31,891,934 | €31,891,934 | = | 0.0% |
| Issued capital | 100 | €31,891,934 | €31,891,934 | = | 0.0% |
| Reserves | 13 | €3,189,193 | €3,189,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,189,193 | €3,189,193 | = | 0.0% |
| Legal reserve | 130 | €3,189,193 | €3,189,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,357,476 | €39,294,401 | +€5.9m | +17.8% |
| Provisions and deferred taxes | 16 | €5,000,000 | €5,000,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,000,000 | €5,000,000 | = | 0.0% |
| Environmental obligations | 163 | €5,000,000 | €5,000,000 | = | 0.0% |
| Amounts payable | 17/49 | €62,839,727 | €44,172,172 | -€18.7m | -29.7% |
| Amounts payable after more than one year | 17 | €12,866,667 | - | -€12.9m | |
| Financial debts | 170/4 | €12,866,667 | - | -€12.9m | |
| Credit institutions | 173 | €12,866,667 | - | -€12.9m | |
| Amounts payable within one year | 42/48 | €47,374,486 | €41,873,374 | -€5.5m | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €25,733,333 | €12,866,666 | -€12.9m | -50.0% |
| Trade debts | 44 | €11,275,073 | €10,338,900 | -€936,173 | -8.3% |
| Suppliers | 440/4 | €11,275,073 | €10,338,900 | -€936,173 | -8.3% |
| Taxes, remuneration and social security | 45 | €1,566,080 | €3,367,808 | +€1.8m | +115% |
| Taxes | 450/3 | €1,391,635 | €3,361,697 | +€2.0m | +142% |
| Remuneration and social security | 454/9 | €174,445 | €6,111 | -€168,334 | -96.5% |
| Other amounts payable | 47/48 | €8,800,000 | €15,300,000 | +€6.5m | +73.9% |
| Accrued charges and deferred income | 492/3 | €2,598,574 | €2,298,798 | -€299,776 | -11.5% |
| Operating income | 70/76A | €74,432,215 | €77,923,678 | +€3.5m | +4.7% |
| Turnover | 70 | €74,400,875 | €77,921,925 | +€3.5m | +4.7% |
| Own construction capitalised | 72 | - | €481 | +€481 | |
| Other operating income | 74 | €31,340 | €1,272 | -€30,068 | -95.9% |
| Operating charges | 60/66A | €37,330,536 | €37,412,974 | +€82,438 | +0.2% |
| Goods for resale, raw materials and consumables | 60 | €7,221,251 | €6,756,508 | -€464,743 | -6.4% |
| Purchases | 600/8 | €7,221,251 | €6,756,508 | -€464,743 | -6.4% |
| Services and other goods | 61 | €12,386,184 | €12,957,127 | +€570,943 | +4.6% |
| Remuneration, social security and pensions | 62 | €9,245 | €2,114 | -€7,131 | -77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,539,001 | €17,525,350 | -€13,651 | -0.1% |
| Other operating charges | 640/8 | €174,854 | €171,875 | -€2,979 | -1.7% |
| Operating profit (loss) | 9901 | €37,101,679 | €40,510,705 | +€3.4m | +9.2% |
| Financial income | 75/76B | €564,838 | €351,632 | -€213,206 | -37.7% |
| Recurring financial income | 75 | €564,838 | €351,632 | -€213,206 | -37.7% |
| Income from current assets | 751 | €564,530 | €350,319 | -€214,211 | -37.9% |
| Other financial income | 752/9 | €308 | €1,313 | +€1,005 | +326% |
| Financial charges | 65/66B | €3,646,634 | €1,963,656 | -€1.7m | -46.2% |
| Recurring financial charges | 65 | €3,646,634 | €1,963,656 | -€1.7m | -46.2% |
| Debt charges | 650 | €3,555,476 | €1,860,081 | -€1.7m | -47.7% |
| Other financial charges | 652/9 | €91,158 | €103,575 | +€12,417 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €34,019,884 | €38,898,681 | +€4.9m | +14.3% |
| Income taxes | 67/77 | €8,759,295 | €9,561,755 | +€802,460 | +9.2% |
| Taxes | 670/3 | €8,759,295 | €9,784,670 | +€1.0m | +11.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €222,915 | +€222,915 | |
| Profit (loss) for the period | 9904 | €25,260,588 | €29,336,925 | +€4.1m | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,260,588 | €29,336,925 | +€4.1m | +16.1% |
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 13 October 2026 via checked.be.