E.N.C. 2.0: 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.
E.N.C. 2.0
Largest movements
- Receivables within one year +€23,167
up €23,167 (+63.8%), from €36,295 to €59,462
of which Trade receivables: +€15,599
- Tangible fixed assets -€12,538
down €12,538 (-15.3%), from €81,840 to €69,303
of which Plant, machinery and equipment: -€11,097
- Deferred charges and accrued income +€1,812
new in 2025: €1,812
- Profit (loss) carried forward +€17,309
up €17,309 (+38.8%), from -€44,617 to -€27,308
- Debts after one year -€12,850
no longer reported in 2025 (was €12,850)
- Tax, wage and social debts +€9,191
up €9,191 (+13.9%), from €66,356 to €75,547
of which Remuneration and social security: +€15,505
- Other debts -€8,763
down €8,763 (-22.5%), from €38,959 to €30,196
- Trade debts +€6,283
up €6,283 (+20.6%), from €30,448 to €36,732
- Gross operating margin +€33,010
up €33,010 (+25.0%), from €132,107 to €165,116
- Financial charges -€6,595
down €6,595 (-63.8%), from €10,337 to €3,742
- Staff costs -€1,655
down €1,655 (-1.3%), from €123,404 to €121,749
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 | €119,609 | €131,017 | +€11,407 | +9.5% |
| Fixed assets | 21/28 | €82,203 | €69,666 | -€12,538 | -15.3% |
| Tangible fixed assets | 22/27 | €81,840 | €69,303 | -€12,538 | -15.3% |
| Plant, machinery and equipment | 23 | €77,813 | €66,715 | -€11,097 | -14.3% |
| Other tangible fixed assets | 26 | €4,028 | €2,587 | -€1,440 | -35.8% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €37,406 | €61,351 | +€23,945 | +64.0% |
| Amounts receivable within one year | 40/41 | €36,295 | €59,462 | +€23,167 | +63.8% |
| Trade receivables | 40 | €31,432 | €47,030 | +€15,599 | +49.6% |
| Other amounts receivable | 41 | €4,864 | €12,432 | +€7,568 | +156% |
| Cash at bank and in hand | 54/58 | €1,111 | €78 | -€1,033 | -93.0% |
| Deferred charges and accrued income | 490/1 | - | €1,812 | +€1,812 | |
| Total equity and liabilities | 10/49 | €119,609 | €131,017 | +€11,407 | +9.5% |
| Equity | 10/15 | -€41,617 | -€24,308 | +€17,309 | +41.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,617 | -€27,308 | +€17,309 | +38.8% |
| Amounts payable | 17/49 | €161,227 | €155,325 | -€5,901 | -3.7% |
| Amounts payable after more than one year | 17 | €12,850 | - | -€12,850 | |
| Financial debts | 170/4 | €12,850 | - | -€12,850 | |
| Amounts payable within one year | 42/48 | €148,376 | €155,325 | +€6,949 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €12,613 | €12,850 | +€238 | +1.9% |
| Trade debts | 44 | €30,448 | €36,732 | +€6,283 | +20.6% |
| Suppliers | 440/4 | €30,448 | €36,732 | +€6,283 | +20.6% |
| Taxes, remuneration and social security | 45 | €66,356 | €75,547 | +€9,191 | +13.9% |
| Taxes | 450/3 | €44,560 | €38,245 | -€6,314 | -14.2% |
| Remuneration and social security | 454/9 | €21,796 | €37,301 | +€15,505 | +71.1% |
| Other amounts payable | 47/48 | €38,959 | €30,196 | -€8,763 | -22.5% |
| Remuneration, social security and pensions | 62 | €123,404 | €121,749 | -€1,655 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,461 | €12,538 | +€76 | +0.6% |
| Other operating charges | 640/8 | €1,203 | €1,396 | +€194 | +16.1% |
| Non-recurring operating charges | 66A | - | €8,383 | +€8,383 | |
| Gross operating margin | 9900 | €132,107 | €165,116 | +€33,010 | +25.0% |
| Operating profit (loss) | 9901 | -€4,961 | €21,051 | +€26,012 | |
| Financial income | 75/76B | €0 | €1 | +€0 | +105% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +105% |
| Financial charges | 65/66B | €10,337 | €3,742 | -€6,595 | -63.8% |
| Recurring financial charges | 65 | €10,337 | €3,742 | -€6,595 | -63.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,298 | €17,309 | +€32,607 | |
| Profit (loss) for the period | 9904 | -€15,298 | €17,309 | +€32,607 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,298 | €17,309 | +€32,607 |
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 28 October 2026 via checked.be.