ALEX ENEMAN: 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.
ALEX ENEMAN
Largest movements
- Cash +€388,157
up €388,157 (+169.0%), from €229,661 to €617,818
mainly Current investments (+€300,000) and Net result for the year (+€59,730)
- Current investments -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Tangible fixed assets -€18,565
down €18,565 (-35.0%), from €53,103 to €34,538
of which Furniture and vehicles: -€10,942
- Deferred charges and accrued income -€6,981
down €6,981 (-90.4%), from €7,722 to €741
- Reserves +€58,064
up €58,064 (+10.4%), from €556,092 to €614,157
- Gross operating margin -€77,511
down €77,511 (-33.8%), from €229,322 to €151,811
- Taxes -€17,176
down €17,176 (-34.3%), from €50,147 to €32,971
- Staff costs -€16,615
down €16,615 (-25.7%), from €64,606 to €47,991
- Depreciation -€4,210
down €4,210 (-18.5%), from €22,775 to €18,565
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 | €610,270 | €667,460 | +€57,190 | +9.4% |
| Fixed assets | 21/28 | €53,103 | €34,538 | -€18,565 | -35.0% |
| Tangible fixed assets | 22/27 | €53,103 | €34,538 | -€18,565 | -35.0% |
| Plant, machinery and equipment | 23 | €6,590 | €1,966 | -€4,624 | -70.2% |
| Furniture and vehicles | 24 | €38,352 | €27,411 | -€10,942 | -28.5% |
| Other tangible fixed assets | 26 | €8,160 | €5,161 | -€2,999 | -36.8% |
| Current assets | 29/58 | €557,167 | €632,922 | +€75,755 | +13.6% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €9,784 | €4,363 | -€5,421 | -55.4% |
| Stocks | 30/36 | €9,784 | €4,363 | -€5,421 | -55.4% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €229,661 | €617,818 | +€388,157 | +169.0% |
| Deferred charges and accrued income | 490/1 | €7,722 | €741 | -€6,981 | -90.4% |
| Total equity and liabilities | 10/49 | €610,270 | €667,460 | +€57,190 | +9.4% |
| Equity | 10/15 | €574,692 | €632,757 | +€58,064 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €556,092 | €614,157 | +€58,064 | +10.4% |
| Distributable reserves | 133 | €556,092 | €614,157 | +€58,064 | +10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,578 | €34,703 | -€874 | -2.5% |
| Amounts payable within one year | 42/48 | €33,501 | €34,703 | +€1,202 | +3.6% |
| Trade debts | 44 | €8,120 | €8,836 | +€716 | +8.8% |
| Suppliers | 440/4 | €8,120 | €8,836 | +€716 | +8.8% |
| Taxes, remuneration and social security | 45 | €21,645 | €23,266 | +€1,621 | +7.5% |
| Taxes | 450/3 | €13,360 | €17,738 | +€4,378 | +32.8% |
| Remuneration and social security | 454/9 | €8,285 | €5,528 | -€2,757 | -33.3% |
| Other amounts payable | 47/48 | €3,736 | €2,602 | -€1,134 | -30.4% |
| Accrued charges and deferred income | 492/3 | €2,077 | €0 | -€2,077 | -100.0% |
| Remuneration, social security and pensions | 62 | €64,606 | €47,991 | -€16,615 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,775 | €18,565 | -€4,210 | -18.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,127 | €965 | -€163 | -14.4% |
| Non-recurring operating charges | 66A | €701 | €0 | -€701 | -100.0% |
| Gross operating margin | 9900 | €229,322 | €151,811 | -€77,511 | -33.8% |
| Operating profit (loss) | 9901 | €140,114 | €84,290 | -€55,824 | -39.8% |
| Financial income | 75/76B | €7,625 | €9,094 | +€1,469 | +19.3% |
| Recurring financial income | 75 | €7,625 | €9,094 | +€1,469 | +19.3% |
| Financial charges | 65/66B | €451 | €683 | +€232 | +51.4% |
| Recurring financial charges | 65 | €451 | €683 | +€232 | +51.4% |
| Profit (loss) for the period before taxes | 9903 | €147,288 | €92,701 | -€54,586 | -37.1% |
| Income taxes | 67/77 | €50,147 | €32,971 | -€17,176 | -34.3% |
| Profit (loss) for the period | 9904 | €97,140 | €59,730 | -€37,410 | -38.5% |
| Profit (loss) for the period to be appropriated | 9905 | €97,140 | €59,730 | -€37,410 | -38.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.