ENAMEL MASTERPIECES: 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.
ENAMEL MASTERPIECES
Largest movements
- Tangible fixed assets -€58,695
down €58,695 (-25.6%), from €229,503 to €170,808
of which Plant, machinery and equipment: -€30,862
- Receivables within one year -€28,425
down €28,425 (-21.8%), from €130,456 to €102,031
of which Other amounts receivable: -€34,725
- Cash -€17,774
down €17,774 (-24.2%), from €73,469 to €55,695
mainly Contributions, distributions and other (-€50,000) and Other debts (-€45,000)
- Other debts -€45,000
no longer reported in 2025 (was €45,000)
- Tax, wage and social debts -€35,688
down €35,688 (-69.6%), from €51,261 to €15,573
- Trade debts -€14,030
down €14,030 (-20.9%), from €66,990 to €52,960
- Debts after one year -€12,586
down €12,586 (-97.3%), from €12,930 to €343
- Reserves +€5,000
up €5,000 (+1.9%), from €259,100 to €264,100
- Gross operating margin -€124,035
down €124,035 (-48.6%), from €255,393 to €131,359
- Taxes -€45,143
down €45,143 (-77.9%), from €57,948 to €12,806
- Depreciation +€11,697
up €11,697 (+24.9%), from €46,998 to €58,695
- Financial income -€4,203
down €4,203 (-88.5%), from €4,750 to €547
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 | €461,555 | €358,578 | -€102,977 | -22.3% |
| Fixed assets | 21/28 | €229,503 | €170,808 | -€58,695 | -25.6% |
| Tangible fixed assets | 22/27 | €229,503 | €170,808 | -€58,695 | -25.6% |
| Land and buildings | 22 | €46,903 | €44,394 | -€2,509 | -5.3% |
| Plant, machinery and equipment | 23 | €134,812 | €103,950 | -€30,862 | -22.9% |
| Furniture and vehicles | 24 | €47,788 | €22,464 | -€25,324 | -53.0% |
| Current assets | 29/58 | €232,052 | €187,771 | -€44,281 | -19.1% |
| Stocks and contracts in progress | 3 | €28,113 | €30,038 | +€1,926 | +6.8% |
| Stocks | 30/36 | €28,113 | €30,038 | +€1,926 | +6.8% |
| Amounts receivable within one year | 40/41 | €130,456 | €102,031 | -€28,425 | -21.8% |
| Trade receivables | 40 | €43,500 | €49,800 | +€6,300 | +14.5% |
| Other amounts receivable | 41 | €86,956 | €52,231 | -€34,725 | -39.9% |
| Cash at bank and in hand | 54/58 | €73,469 | €55,695 | -€17,774 | -24.2% |
| Deferred charges and accrued income | 490/1 | €14 | €6 | -€8 | -54.4% |
| Total equity and liabilities | 10/49 | €461,555 | €358,578 | -€102,977 | -22.3% |
| Equity | 10/15 | €272,063 | €277,969 | +€5,906 | +2.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €259,100 | €264,100 | +€5,000 | +1.9% |
| Distributable reserves | 133 | €259,100 | €264,100 | +€5,000 | +1.9% |
| Profit (loss) carried forward | 14 | €563 | €1,469 | +€906 | +161% |
| Amounts payable | 17/49 | €189,492 | €80,609 | -€108,883 | -57.5% |
| Amounts payable after more than one year | 17 | €12,930 | €343 | -€12,586 | -97.3% |
| Financial debts | 170/4 | €12,930 | €343 | -€12,586 | -97.3% |
| Amounts payable within one year | 42/48 | €176,562 | €80,266 | -€96,296 | -54.5% |
| Current portion of amounts payable after more than one year | 42 | €13,312 | €11,734 | -€1,578 | -11.9% |
| Trade debts | 44 | €66,990 | €52,960 | -€14,030 | -20.9% |
| Suppliers | 440/4 | €66,990 | €52,960 | -€14,030 | -20.9% |
| Taxes, remuneration and social security | 45 | €51,261 | €15,573 | -€35,688 | -69.6% |
| Taxes | 450/3 | €51,261 | €15,573 | -€35,688 | -69.6% |
| Other amounts payable | 47/48 | €45,000 | - | -€45,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,998 | €58,695 | +€11,697 | +24.9% |
| Other operating charges | 640/8 | €3,082 | €4,203 | +€1,121 | +36.4% |
| Gross operating margin | 9900 | €255,393 | €131,359 | -€124,035 | -48.6% |
| Operating profit (loss) | 9901 | €205,313 | €68,460 | -€136,853 | -66.7% |
| Financial income | 75/76B | €4,750 | €547 | -€4,203 | -88.5% |
| Recurring financial income | 75 | €4,750 | €547 | -€4,203 | -88.5% |
| Financial charges | 65/66B | €556 | €295 | -€260 | -46.9% |
| Recurring financial charges | 65 | €556 | €295 | -€260 | -46.9% |
| Profit (loss) for the period before taxes | 9903 | €209,508 | €68,712 | -€140,796 | -67.2% |
| Income taxes | 67/77 | €57,948 | €12,806 | -€45,143 | -77.9% |
| Profit (loss) for the period | 9904 | €151,559 | €55,906 | -€95,653 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €151,559 | €55,906 | -€95,653 | -63.1% |
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 15 October 2026 via checked.be.