Watt Matters: 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
Watt Matters
NACE 35.110, Production of electricity from non-renewable sources
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€321,898
2024 · €484,948-€163,050
Equity
€1.7m
2024 · €1.6m+€50,907
Cash
€41,884
2024 · €562,775-€520,891
Balance sheet total
€10.2m
2024 · €12.3m-€2.1m
Largest movements
Assets
- Tangible fixed assets -€1.1m
down €1.1m (-16.6%), from €6.9m to €5.7m
of which Plant, machinery and equipment: -€1.2m
- Cash -€520,891
down €520,891 (-92.6%), from €562,775 to €41,884
mainly Accrued charges and deferred income (-€1.8m) and Debts after one year (-€1.3m)
- Receivables within one year -€372,818
down €372,818 (-10.7%), from €3.5m to €3.1m
of which Other amounts receivable: -€1.3m
- Stocks and contracts -€128,131
down €128,131 (-41.4%), from €309,436 to €181,305
Equity and liabilities
- Accrued charges and deferred income -€1.8m
down €1.8m (-82.1%), from €2.1m to €383,579
- Debts after one year -€1.3m
down €1.3m (-26.2%), from €5.1m to €3.8m
- Current portion of long-term debt +€1.0m
up €1.0m (+77.7%), from €1.3m to €2.4m
- Trade debts -€364,700
down €364,700 (-24.9%), from €1.5m to €1.1m
- Other debts +€226,917
up €226,917 (+98.7%), from €230,000 to €456,917
Income statement
- Staff costs +€273,620
up €273,620 (+44.6%), from €613,385 to €887,004
- Gross operating margin +€59,921
up €59,921 (+2.3%), from €2.6m to €2.7m
- Financial charges -€45,268
down €45,268 (-17.0%), from €266,023 to €220,755
- Provisions -€39,133
down €39,133 (-51.0%), from €76,677 to €37,544
- Taxes +€30,017
up €30,017 (+32,975%), from €91 to €30,108
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
€484,948
Gross operating margin
+€59,921
Staff costs
-€273,620
Depreciation
-€10,607
Write-downs
-€193
Provisions
+€39,133
Other operating charges
+€492
Financial income
+€6,573
Financial charges
+€45,268
Taxes
-€30,017
Result 2025
€321,898
raises the resultlowers the result
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
+€197,948
Investment
-€127,031
Financing
-€591,808
Cash 2024
€562,775
From operations (derived)
+€197,948
Net result for the year
+€321,898
Depreciation
+€1.2m
Receivables after one year
-€51,864
Stocks and contracts
+€128,131
Receivables within one year
+€372,818
Deferred charges and accrued income
+€3,823
Provisions
+€37,544
Trade debts
-€364,700
Tax, wage and social debts
+€50,134
Other debts
+€226,917
Accrued charges and deferred income
-€1.8m
Investment (derived)
-€127,031
Investment in fixed assets (net)
-€127,031
Financing
-€591,808
Debts after one year
-€1.3m
Current portion of long-term debt
+€1.0m
Contributions, distributions and other
-€270,992
Cash 2025
€41,884
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,322,048 | €10,240,762 | -€2.1m | -16.9% |
| Formation expenses | 20 | €49,417 | €37,455 | -€11,962 | -24.2% |
| Fixed assets | 21/28 | €6,912,435 | €5,816,909 | -€1.1m | -15.8% |
| Intangible fixed assets | 21 | €9,553 | €57,932 | +€48,379 | +506% |
| Tangible fixed assets | 22/27 | €6,879,527 | €5,738,122 | -€1.1m | -16.6% |
| Plant, machinery and equipment | 23 | €6,825,542 | €5,647,229 | -€1.2m | -17.3% |
| Furniture and vehicles | 24 | €28,379 | €28,336 | -€42 | -0.1% |
| Other tangible fixed assets | 26 | €25,606 | €28,159 | +€2,553 | +10.0% |
| Assets under construction and advance payments | 27 | - | €34,399 | +€34,399 | |
| Financial fixed assets | 28 | €23,355 | €20,855 | -€2,500 | -10.7% |
| Current assets | 29/58 | €5,360,197 | €4,386,398 | -€973,799 | -18.2% |
| Amounts receivable after more than one year | 29 | €991,001 | €1,042,865 | +€51,864 | +5.2% |
| Trade receivables | 290 | €636,243 | €688,107 | +€51,864 | +8.2% |
| Other amounts receivable | 291 | €354,758 | €354,758 | = | 0.0% |
| Stocks and contracts in progress | 3 | €309,436 | €181,305 | -€128,131 | -41.4% |
| Stocks | 30/36 | €309,436 | €181,305 | -€128,131 | -41.4% |
| Amounts receivable within one year | 40/41 | €3,473,274 | €3,100,455 | -€372,818 | -10.7% |
| Trade receivables | 40 | €1,914,877 | €2,816,193 | +€901,316 | +47.1% |
| Other amounts receivable | 41 | €1,558,397 | €284,263 | -€1.3m | -81.8% |
| Cash at bank and in hand | 54/58 | €562,775 | €41,884 | -€520,891 | -92.6% |
| Deferred charges and accrued income | 490/1 | €23,711 | €19,889 | -€3,823 | -16.1% |
| Total equity and liabilities | 10/49 | €12,322,048 | €10,240,762 | -€2.1m | -16.9% |
| Equity | 10/15 | €1,608,561 | €1,659,468 | +€50,907 | +3.2% |
| Contributions | 10/11 | €750,700 | €750,700 | = | 0.0% |
| Reserves | 13 | €1,697 | €1,697 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,697 | €1,697 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,697 | €1,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | €623,609 | €715,508 | +€91,898 | +14.7% |
| Investment grants | 15 | €232,555 | €191,563 | -€40,992 | -17.6% |
| Provisions and deferred taxes | 16 | €308,679 | €346,223 | +€37,544 | +12.2% |
| Provisions for liabilities and charges | 160/5 | €308,679 | €346,223 | +€37,544 | +12.2% |
| Other liabilities and charges | 164/5 | €308,679 | €346,223 | +€37,544 | +12.2% |
| Amounts payable | 17/49 | €10,404,809 | €8,235,071 | -€2.2m | -20.9% |
| Amounts payable after more than one year | 17 | €5,142,501 | €3,793,519 | -€1.3m | -26.2% |
| Financial debts | 170/4 | €5,142,501 | €3,793,519 | -€1.3m | -26.2% |
| Amounts payable within one year | 42/48 | €3,117,456 | €4,057,973 | +€940,517 | +30.2% |
| Current portion of amounts payable after more than one year | 42 | €1,323,269 | €2,351,435 | +€1.0m | +77.7% |
| Trade debts | 44 | €1,466,203 | €1,101,503 | -€364,700 | -24.9% |
| Suppliers | 440/4 | €1,466,203 | €1,101,503 | -€364,700 | -24.9% |
| Taxes, remuneration and social security | 45 | €97,984 | €148,119 | +€50,134 | +51.2% |
| Taxes | 450/3 | €7,765 | €34,783 | +€27,018 | +348% |
| Remuneration and social security | 454/9 | €90,220 | €113,336 | +€23,116 | +25.6% |
| Other amounts payable | 47/48 | €230,000 | €456,917 | +€226,917 | +98.7% |
| Accrued charges and deferred income | 492/3 | €2,144,851 | €383,579 | -€1.8m | -82.1% |
| Non-recurring operating income | 76A | €1,191 | €3,805 | +€2,615 | +220% |
| Remuneration, social security and pensions | 62 | €613,385 | €887,004 | +€273,620 | +44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,223,912 | €1,234,519 | +€10,607 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €952 | €1,145 | +€193 | +20.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €76,677 | €37,544 | -€39,133 | -51.0% |
| Other operating charges | 640/8 | €1,578 | €1,086 | -€492 | -31.2% |
| Gross operating margin | 9900 | €2,599,800 | €2,659,722 | +€59,921 | +2.3% |
| Operating profit (loss) | 9901 | €683,297 | €498,424 | -€184,873 | -27.1% |
| Financial income | 75/76B | €67,765 | €74,337 | +€6,573 | +9.7% |
| Recurring financial income | 75 | €67,765 | €74,337 | +€6,573 | +9.7% |
| Financial charges | 65/66B | €266,023 | €220,755 | -€45,268 | -17.0% |
| Recurring financial charges | 65 | €266,023 | €220,755 | -€45,268 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €485,039 | €352,006 | -€133,033 | -27.4% |
| Income taxes | 67/77 | €91 | €30,108 | +€30,017 | +32,975% |
| Profit (loss) for the period | 9904 | €484,948 | €321,898 | -€163,050 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €484,948 | €321,898 | -€163,050 | -33.6% |
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 1 November 2026 via checked.be.