D-ENSO: 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.
D-ENSO
Largest movements
- Cash +€1.5m
up €1.5m (+3,912%), from €38,300 to €1.5m
mainly Net result for the year (+€980,759) and Advances received (+€660,993)
- Stocks and contracts +€529,895
up €529,895 (+75.1%), from €705,646 to €1.2m
of which Contracts in progress: +€437,411
- Receivables within one year -€90,432
down €90,432 (-8.0%), from €1.1m to €1.0m
of which Trade receivables: -€507,006
- Advances received +€660,993
new in 2025: €660,993
- Reserves +€650,759
up €650,759 (+104%), from €627,552 to €1.3m
of which Distributable reserves: +€536,687
- Trade debts +€626,314
up €626,314 (+165%), from €379,930 to €1.0m
- Short-term financial debts +€301,827
up €301,827 (+101%), from €300,000 to €601,827
- Debts after one year -€177,204
down €177,204 (-28.2%), from €628,724 to €451,519
- Gross operating margin +€1.3m
up €1.3m (+84.7%), from €1.5m to €2.8m
- Staff costs +€593,893
up €593,893 (+78.5%), from €756,253 to €1.4m
- Taxes +€103,074
up €103,074 (+123%), from €83,478 to €186,553
- Depreciation +€85,231
up €85,231 (+45.3%), from €188,020 to €273,251
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,787,976 | €4,776,593 | +€2.0m | +71.3% |
| Fixed assets | 21/28 | €908,714 | €947,037 | +€38,322 | +4.2% |
| Intangible fixed assets | 21 | €5,708 | €3,669 | -€2,038 | -35.7% |
| Tangible fixed assets | 22/27 | €901,517 | €943,367 | +€41,851 | +4.6% |
| Plant, machinery and equipment | 23 | €615,295 | €529,967 | -€85,328 | -13.9% |
| Furniture and vehicles | 24 | €121,565 | €130,671 | +€9,106 | +7.5% |
| Other tangible fixed assets | 26 | €164,657 | €282,729 | +€118,073 | +71.7% |
| Financial fixed assets | 28 | €1,490 | €0 | -€1,490 | -100% |
| Current assets | 29/58 | €1,879,262 | €3,829,556 | +€2.0m | +104% |
| Stocks and contracts in progress | 3 | €705,646 | €1,235,541 | +€529,895 | +75.1% |
| Stocks | 30/36 | €271,038 | €363,522 | +€92,484 | +34.1% |
| Contracts in progress | 37 | €434,608 | €872,019 | +€437,411 | +101% |
| Amounts receivable within one year | 40/41 | €1,128,008 | €1,037,576 | -€90,432 | -8.0% |
| Trade receivables | 40 | €1,118,662 | €611,656 | -€507,006 | -45.3% |
| Other amounts receivable | 41 | €9,346 | €425,920 | +€416,574 | +4,457% |
| Cash at bank and in hand | 54/58 | €38,300 | €1,536,689 | +€1.5m | +3,912% |
| Deferred charges and accrued income | 490/1 | €7,308 | €19,750 | +€12,442 | +170% |
| Total equity and liabilities | 10/49 | €2,787,976 | €4,776,593 | +€2.0m | +71.3% |
| Equity | 10/15 | €687,552 | €1,338,311 | +€650,759 | +94.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €627,552 | €1,278,311 | +€650,759 | +104% |
| Tax-exempt reserves | 132 | - | €114,071 | +€114,071 | |
| Distributable reserves | 133 | €627,552 | €1,164,240 | +€536,687 | +85.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,100,423 | €3,438,282 | +€1.3m | +63.7% |
| Amounts payable after more than one year | 17 | €628,724 | €451,519 | -€177,204 | -28.2% |
| Financial debts | 170/4 | €628,724 | €451,519 | -€177,204 | -28.2% |
| Amounts payable within one year | 42/48 | €1,471,700 | €2,986,762 | +€1.5m | +103% |
| Current portion of amounts payable after more than one year | 42 | €197,139 | €206,942 | +€9,803 | +5.0% |
| Financial debts | 43 | €300,000 | €601,827 | +€301,827 | +101% |
| Credit institutions | 430/8 | €300,000 | €601,827 | +€301,827 | +101% |
| Trade debts | 44 | €379,930 | €1,006,244 | +€626,314 | +165% |
| Suppliers | 440/4 | €379,930 | €1,006,244 | +€626,314 | +165% |
| Advances received on contracts in progress | 46 | - | €660,993 | +€660,993 | |
| Taxes, remuneration and social security | 45 | €209,294 | €173,423 | -€35,871 | -17.1% |
| Taxes | 450/3 | €103,456 | €0 | -€103,456 | -100% |
| Remuneration and social security | 454/9 | €105,838 | €173,423 | +€67,585 | +63.9% |
| Other amounts payable | 47/48 | €385,337 | €337,333 | -€48,003 | -12.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €756,253 | €1,350,146 | +€593,893 | +78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,020 | €273,251 | +€85,231 | +45.3% |
| Other operating charges | 640/8 | €2,139 | €3,025 | +€887 | +41.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,530,768 | €2,827,301 | +€1.3m | +84.7% |
| Operating profit (loss) | 9901 | €584,356 | €1,200,878 | +€616,522 | +106% |
| Financial income | 75/76B | €20 | €1,795 | +€1,775 | +8,704% |
| Recurring financial income | 75 | €20 | €1,795 | +€1,775 | +8,704% |
| Financial charges | 65/66B | €40,701 | €35,362 | -€5,339 | -13.1% |
| Recurring financial charges | 65 | €40,701 | €35,362 | -€5,339 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €543,676 | €1,167,311 | +€623,635 | +115% |
| Income taxes | 67/77 | €83,478 | €186,553 | +€103,074 | +123% |
| Profit (loss) for the period | 9904 | €460,198 | €980,759 | +€520,560 | +113% |
| Transfer to tax-exempt reserves | 689 | - | €114,071 | +€114,071 | |
| Profit (loss) for the period to be appropriated | 9905 | €460,198 | €866,687 | +€406,489 | +88.3% |
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 15 October 2026 via checked.be.