AENIGMA: what changed
Two fiscal 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.
AENIGMA
Largest movements
- Tangible fixed assets -€13,777
down €13,777 (-13.9%), from €99,002 to €85,226
of which Land and buildings: -€6,901
- Cash -€5,627
down €5,627 (-39.8%), from €14,154 to €8,527
mainly Debts after one year (-€39,101) and Investment in fixed assets (net) (-€4,919)
- Debts after one year -€39,101
down €39,101 (-100.0%), from €39,101 to €0
- Profit (loss) carried forward +€12,750
up €12,750, from -€12,750 to €0
- Reserves +€10,215
up €10,215 (+6.2%), from €165,046 to €175,260
- Trade debts -€3,596
down €3,596 (-68.5%), from €5,247 to €1,651
- Tax, wage and social debts +€2,925
up €2,925 (+50.4%), from €5,808 to €8,733
- Gross operating margin -€18,909
down €18,909 (-25.1%), from €75,443 to €56,533
- Taxes -€2,738
down €2,738 (-15.0%), from €18,237 to €15,498
- Financial income +€1,276
up €1,276 (+82.8%), from €1,541 to €2,817
- Financial charges -€869
down €869 (-42.7%), from €2,037 to €1,168
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 | €256,600 | €235,828 | -€20,772 | -8.1% |
| Fixed assets | 21/28 | €99,002 | €85,226 | -€13,777 | -13.9% |
| Tangible fixed assets | 22/27 | €99,002 | €85,226 | -€13,777 | -13.9% |
| Land and buildings | 22 | €47,541 | €40,639 | -€6,901 | -14.5% |
| Plant, machinery and equipment | 23 | €14,304 | €14,752 | +€449 | +3.1% |
| Furniture and vehicles | 24 | €4,247 | €3,065 | -€1,183 | -27.8% |
| Other tangible fixed assets | 26 | €32,910 | €26,769 | -€6,141 | -18.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €157,597 | €150,602 | -€6,995 | -4.4% |
| Stocks and contracts in progress | 3 | €10,000 | €10,000 | = | 0.0% |
| Stocks | 30/36 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,203 | €17,852 | -€1,351 | -7.0% |
| Trade receivables | 40 | €18,940 | €16,952 | -€1,988 | -10.5% |
| Other amounts receivable | 41 | €263 | €900 | +€636 | +241.8% |
| Current investments | 50/53 | €110,660 | €110,660 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,154 | €8,527 | -€5,627 | -39.8% |
| Deferred charges and accrued income | 490/1 | €3,580 | €3,563 | -€17 | -0.5% |
| Total equity and liabilities | 10/49 | €256,600 | €235,828 | -€20,772 | -8.1% |
| Equity | 10/15 | €158,496 | €181,460 | +€22,965 | +14.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,046 | €175,260 | +€10,215 | +6.2% |
| Distributable reserves | 133 | €165,046 | €175,260 | +€10,215 | +6.2% |
| Profit (loss) carried forward | 14 | -€12,750 | €0 | +€12,750 | |
| Amounts payable | 17/49 | €98,104 | €54,367 | -€43,737 | -44.6% |
| Amounts payable after more than one year | 17 | €39,101 | €0 | -€39,101 | -100.0% |
| Financial debts | 170/4 | €39,101 | €0 | -€39,101 | -100.0% |
| Amounts payable within one year | 42/48 | €59,003 | €54,367 | -€4,636 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €45,907 | €43,958 | -€1,949 | -4.2% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €5,247 | €1,651 | -€3,596 | -68.5% |
| Suppliers | 440/4 | €5,247 | €1,651 | -€3,596 | -68.5% |
| Taxes, remuneration and social security | 45 | €5,808 | €8,733 | +€2,925 | +50.4% |
| Taxes | 450/3 | €5,808 | €8,733 | +€2,925 | +50.4% |
| Other amounts payable | 47/48 | €2,041 | €25 | -€2,015 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,393 | €18,696 | -€697 | -3.6% |
| Other operating charges | 640/8 | €763 | €1,024 | +€261 | +34.3% |
| Non-recurring operating charges | 66A | €679 | €0 | -€679 | -100.0% |
| Gross operating margin | 9900 | €75,443 | €56,533 | -€18,909 | -25.1% |
| Operating profit (loss) | 9901 | €54,608 | €36,814 | -€17,794 | -32.6% |
| Financial income | 75/76B | €1,541 | €2,817 | +€1,276 | +82.8% |
| Recurring financial income | 75 | €1,541 | €2,817 | +€1,276 | +82.8% |
| Financial charges | 65/66B | €2,037 | €1,168 | -€869 | -42.7% |
| Recurring financial charges | 65 | €2,037 | €1,168 | -€869 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | €54,112 | €38,463 | -€15,649 | -28.9% |
| Income taxes | 67/77 | €18,237 | €15,498 | -€2,738 | -15.0% |
| Profit (loss) for the period | 9904 | €35,876 | €22,965 | -€12,911 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,876 | €22,965 | -€12,911 | -36.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.