ENC: 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.
ENC
Largest movements
- Financial fixed assets +€500,000
up €500,000 (+333%), from €150,000 to €650,000
- Tangible fixed assets -€36,978
down €36,978 (-5.1%), from €730,556 to €693,578
of which Furniture and vehicles: -€19,754
- Receivables within one year +€19,448
up €19,448 (+10.8%), from €179,316 to €198,763
of which Trade receivables: +€21,680
- Cash -€18,997
down €18,997 (-64.9%), from €29,280 to €10,283
mainly Investment in fixed assets (net) (-€501,321) and Tax, wage and social debts (-€95,533)
- Short-term financial debts +€500,000
new in 2025: €500,000
- Tax, wage and social debts -€95,533
down €95,533 (-69.3%), from €137,954 to €42,421
- Other debts +€78,031
up €78,031, from €0 to €78,031
- Debts after one year -€37,138
down €37,138 (-23.0%), from €161,183 to €124,045
- Gross operating margin -€51,733
down €51,733 (-41.8%), from €123,761 to €72,028
- Taxes -€24,669
down €24,669 (-77.1%), from €32,014 to €7,344
- Depreciation +€13,087
up €13,087 (+51.9%), from €25,212 to €38,299
- Financial charges +€4,610
up €4,610 (+137%), from €3,365 to €7,975
- Financial income -€1,726
down €1,726 (-84.4%), from €2,047 to €320
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 | €1,092,776 | €1,553,791 | +€461,015 | +42.2% |
| Fixed assets | 21/28 | €880,556 | €1,343,578 | +€463,022 | +52.6% |
| Tangible fixed assets | 22/27 | €730,556 | €693,578 | -€36,978 | -5.1% |
| Land and buildings | 22 | €635,817 | €618,594 | -€17,223 | -2.7% |
| Furniture and vehicles | 24 | €94,739 | €74,985 | -€19,754 | -20.9% |
| Financial fixed assets | 28 | €150,000 | €650,000 | +€500,000 | +333% |
| Current assets | 29/58 | €212,220 | €210,212 | -€2,007 | -0.9% |
| Amounts receivable within one year | 40/41 | €179,316 | €198,763 | +€19,448 | +10.8% |
| Trade receivables | 40 | €10,583 | €32,263 | +€21,680 | +205% |
| Other amounts receivable | 41 | €168,733 | €166,500 | -€2,233 | -1.3% |
| Cash at bank and in hand | 54/58 | €29,280 | €10,283 | -€18,997 | -64.9% |
| Deferred charges and accrued income | 490/1 | €3,624 | €1,166 | -€2,458 | -67.8% |
| Total equity and liabilities | 10/49 | €1,092,776 | €1,553,791 | +€461,015 | +42.2% |
| Equity | 10/15 | €751,713 | €764,969 | +€13,256 | +1.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €675,101 | €688,358 | +€13,256 | +2.0% |
| Distributable reserves | 133 | €675,101 | €688,358 | +€13,256 | +2.0% |
| Profit (loss) carried forward | 14 | €70,412 | €70,412 | = | 0.0% |
| Amounts payable | 17/49 | €341,063 | €788,821 | +€447,759 | +131% |
| Amounts payable after more than one year | 17 | €161,183 | €124,045 | -€37,138 | -23.0% |
| Financial debts | 170/4 | €161,183 | €124,045 | -€37,138 | -23.0% |
| Amounts payable within one year | 42/48 | €179,880 | €662,644 | +€482,764 | +268% |
| Current portion of amounts payable after more than one year | 42 | €39,002 | €41,427 | +€2,425 | +6.2% |
| Financial debts | 43 | - | €500,000 | +€500,000 | |
| Credit institutions | 430/8 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €2,925 | €765 | -€2,159 | -73.8% |
| Suppliers | 440/4 | €2,925 | €765 | -€2,159 | -73.8% |
| Taxes, remuneration and social security | 45 | €137,954 | €42,421 | -€95,533 | -69.3% |
| Taxes | 450/3 | €137,954 | €42,421 | -€95,533 | -69.3% |
| Other amounts payable | 47/48 | €0 | €78,031 | +€78,031 | |
| Accrued charges and deferred income | 492/3 | - | €2,133 | +€2,133 | |
| Non-recurring operating income | 76A | €49,328 | - | -€49,328 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,212 | €38,299 | +€13,087 | +51.9% |
| Other operating charges | 640/8 | €4,804 | €5,474 | +€670 | +13.9% |
| Gross operating margin | 9900 | €123,761 | €72,028 | -€51,733 | -41.8% |
| Operating profit (loss) | 9901 | €93,745 | €28,255 | -€65,490 | -69.9% |
| Financial income | 75/76B | €2,047 | €320 | -€1,726 | -84.4% |
| Recurring financial income | 75 | €2,047 | €320 | -€1,726 | -84.4% |
| Financial charges | 65/66B | €3,365 | €7,975 | +€4,610 | +137% |
| Recurring financial charges | 65 | €3,365 | €7,975 | +€4,610 | +137% |
| Profit (loss) for the period before taxes | 9903 | €92,426 | €20,600 | -€71,826 | -77.7% |
| Income taxes | 67/77 | €32,014 | €7,344 | -€24,669 | -77.1% |
| Profit (loss) for the period | 9904 | €60,413 | €13,256 | -€47,157 | -78.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,413 | €13,256 | -€47,157 | -78.1% |
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 21 October 2026 via checked.be.