1Enclose: 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.
1Enclose
Largest movements
- Receivables within one year +€91,611
up €91,611 (+24.8%), from €369,619 to €461,230
of which Trade receivables: +€100,442
- Tangible fixed assets -€74,959
down €74,959 (-83.2%), from €90,139 to €15,179
of which Leasing and similar rights: -€66,225
- Cash +€39,492
up €39,492 (+173436.7%), from €23 to €39,514
mainly Other debts (+€111,433) and Investment in fixed assets (net) (+€66,225)
- Other debts +€111,433
up €111,433 (+65.2%), from €170,818 to €282,252
- Debts after one year -€62,182
down €62,182 (-28.6%), from €217,282 to €155,100
- Current portion of long-term debt -€17,710
down €17,710 (-100.0%), from €17,710 to €0
- Profit (loss) carried forward +€17,085
up €17,085 (+20.1%), from -€85,102 to -€68,018
- Accrued charges and deferred income +€8,460
up €8,460 (+14447.3%), from €59 to €8,519
- Depreciation -€25,543
down €25,543 (-64.5%), from €39,623 to €14,079
- Gross operating margin -€17,444
down €17,444 (-28.8%), from €60,532 to €43,088
- Financial charges +€1,890
up €1,890 (+29.6%), from €6,377 to €8,267
- Taxes +€1,346
up €1,346 (+1595.2%), from €84 to €1,430
- Other operating charges -€1,208
down €1,208 (-35.2%), from €3,435 to €2,227
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.
Cash bridge derived
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 | €485,989 | €537,184 | +€51,195 | +10.5% |
| Fixed assets | 21/28 | €114,663 | €34,359 | -€80,304 | -70.0% |
| Intangible fixed assets | 21 | €24,525 | €19,180 | -€5,345 | -21.8% |
| Tangible fixed assets | 22/27 | €90,139 | €15,179 | -€74,959 | -83.2% |
| Plant, machinery and equipment | 23 | €12,678 | €8,837 | -€3,841 | -30.3% |
| Furniture and vehicles | 24 | €11,236 | €6,342 | -€4,893 | -43.6% |
| Leasing and similar rights | 25 | €66,225 | €0 | -€66,225 | -100.0% |
| Current assets | 29/58 | €371,326 | €502,825 | +€131,499 | +35.4% |
| Amounts receivable within one year | 40/41 | €369,619 | €461,230 | +€91,611 | +24.8% |
| Trade receivables | 40 | €344,974 | €445,417 | +€100,442 | +29.1% |
| Other amounts receivable | 41 | €24,645 | €15,814 | -€8,831 | -35.8% |
| Cash at bank and in hand | 54/58 | €23 | €39,514 | +€39,492 | +173436.7% |
| Deferred charges and accrued income | 490/1 | €1,684 | €2,081 | +€396 | +23.5% |
| Total equity and liabilities | 10/49 | €485,989 | €537,184 | +€51,195 | +10.5% |
| Equity | 10/15 | €54,557 | €71,642 | +€17,085 | +31.3% |
| Contributions | 10/11 | €78,500 | €78,500 | = | 0.0% |
| Reserves | 13 | €61,159 | €61,159 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,611 | €19,611 | = | 0.0% |
| Distributable reserves | 133 | €41,548 | €41,548 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,102 | -€68,018 | +€17,085 | +20.1% |
| Amounts payable | 17/49 | €431,432 | €465,542 | +€34,110 | +7.9% |
| Amounts payable after more than one year | 17 | €217,282 | €155,100 | -€62,182 | -28.6% |
| Financial debts | 170/4 | €217,282 | €155,100 | -€62,182 | -28.6% |
| Amounts payable within one year | 42/48 | €214,092 | €301,923 | +€87,831 | +41.0% |
| Current portion of amounts payable after more than one year | 42 | €17,710 | €0 | -€17,710 | -100.0% |
| Trade debts | 44 | €25,564 | €19,292 | -€6,273 | -24.5% |
| Suppliers | 440/4 | €25,564 | €19,292 | -€6,273 | -24.5% |
| Taxes, remuneration and social security | 45 | €0 | €380 | +€380 | |
| Taxes | 450/3 | €0 | €380 | +€380 | |
| Other amounts payable | 47/48 | €170,818 | €282,252 | +€111,433 | +65.2% |
| Accrued charges and deferred income | 492/3 | €59 | €8,519 | +€8,460 | +14447.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,623 | €14,079 | -€25,543 | -64.5% |
| Other operating charges | 640/8 | €3,435 | €2,227 | -€1,208 | -35.2% |
| Gross operating margin | 9900 | €60,532 | €43,088 | -€17,444 | -28.8% |
| Operating profit (loss) | 9901 | €17,474 | €26,782 | +€9,308 | +53.3% |
| Financial charges | 65/66B | €6,377 | €8,267 | +€1,890 | +29.6% |
| Recurring financial charges | 65 | €6,377 | €8,267 | +€1,890 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €11,097 | €18,515 | +€7,418 | +66.8% |
| Income taxes | 67/77 | €84 | €1,430 | +€1,346 | +1595.2% |
| Profit (loss) for the period | 9904 | €11,013 | €17,085 | +€6,072 | +55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,013 | €17,085 | +€6,072 | +55.1% |
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 9 October 2026 via checked.be.