EN management: 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.
EN management
Largest movements
- Cash -€64,419
down €64,419 (-85.7%), from €75,139 to €10,720
mainly Contributions, distributions and other (-€177,500) and Receivables within one year (-€5,371)
- Receivables within one year +€5,371
up €5,371 (+6.9%), from €77,778 to €83,148
of which Trade receivables: +€10,906
- Tangible fixed assets +€1,944
up €1,944 (+144%), from €1,347 to €3,291
of which Other tangible fixed assets: +€2,498
- Profit (loss) carried forward -€112,505
down €112,505 (-85.5%), from €131,623 to €19,117
- Other debts +€55,807
up €55,807 (+6,497%), from €859 to €56,666
- Gross operating margin -€71,199
down €71,199 (-46.2%), from €154,027 to €82,828
- Taxes -€12,502
down €12,502 (-42.6%), from €29,327 to €16,824
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 | €154,263 | €97,159 | -€57,105 | -37.0% |
| Fixed assets | 21/28 | €1,347 | €3,291 | +€1,944 | +144% |
| Tangible fixed assets | 22/27 | €1,347 | €3,291 | +€1,944 | +144% |
| Furniture and vehicles | 24 | €1,347 | €792 | -€555 | -41.2% |
| Other tangible fixed assets | 26 | - | €2,498 | +€2,498 | |
| Current assets | 29/58 | €152,917 | €93,868 | -€59,048 | -38.6% |
| Amounts receivable within one year | 40/41 | €77,778 | €83,148 | +€5,371 | +6.9% |
| Trade receivables | 40 | €71,566 | €82,473 | +€10,906 | +15.2% |
| Other amounts receivable | 41 | €6,211 | €676 | -€5,535 | -89.1% |
| Cash at bank and in hand | 54/58 | €75,139 | €10,720 | -€64,419 | -85.7% |
| Total equity and liabilities | 10/49 | €154,263 | €97,159 | -€57,105 | -37.0% |
| Equity | 10/15 | €133,623 | €21,117 | -€112,505 | -84.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,623 | €19,117 | -€112,505 | -85.5% |
| Amounts payable | 17/49 | €20,641 | €76,042 | +€55,401 | +268% |
| Amounts payable within one year | 42/48 | €20,641 | €76,042 | +€55,401 | +268% |
| Trade debts | 44 | €28 | €0 | -€28 | -100% |
| Suppliers | 440/4 | €28 | €0 | -€28 | -100% |
| Taxes, remuneration and social security | 45 | €19,753 | €19,376 | -€378 | -1.9% |
| Taxes | 450/3 | €17,048 | €16,652 | -€396 | -2.3% |
| Remuneration and social security | 454/9 | €2,706 | €2,724 | +€18 | +0.7% |
| Other amounts payable | 47/48 | €859 | €56,666 | +€55,807 | +6,497% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €555 | €666 | +€112 | +20.1% |
| Other operating charges | 640/8 | €64 | €465 | +€402 | +630% |
| Gross operating margin | 9900 | €154,027 | €82,828 | -€71,199 | -46.2% |
| Operating profit (loss) | 9901 | €153,409 | €81,696 | -€71,712 | -46.7% |
| Financial income | 75/76B | €108 | €330 | +€222 | +206% |
| Recurring financial income | 75 | €108 | €330 | +€222 | +206% |
| Financial charges | 65/66B | €302 | €207 | -€95 | -31.3% |
| Recurring financial charges | 65 | €302 | €207 | -€95 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €153,215 | €81,819 | -€71,396 | -46.6% |
| Income taxes | 67/77 | €29,327 | €16,824 | -€12,502 | -42.6% |
| Profit (loss) for the period | 9904 | €123,888 | €64,995 | -€58,893 | -47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €123,888 | €64,995 | -€58,893 | -47.5% |
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 16 October 2026 via checked.be.