ENCA: what changed
Two fiscal 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.
What changed
ENCA
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€170,280
2024 · €208,599-€38,319
Equity
€2.4m
2024 · €2.2m+€170,280
Cash
€36,602
2024 · €10,695+€25,908
Balance sheet total
€4.0m
2024 · €4.0m-€1,537
Largest movements
Assets
- Tangible fixed assets -€166,398
down €166,398 (-4.3%), from €3.9m to €3.7m
- Receivables within one year +€106,424
up €106,424 (+120.7%), from €88,173 to €194,597
of which Other amounts receivable: +€76,524
- Current investments +€50,000
new in 2025: €50,000
Equity and liabilities
- Reserves +€184,875
up €184,875 (+13.7%), from €1.4m to €1.5m
of which Distributable reserves: +€195,000
- Other debts -€116,769
down €116,769 (-10.8%), from €1.1m to €965,164
Income statement
- Gross operating margin -€59,685
down €59,685 (-10.9%), from €545,455 to €485,770
- Taxes -€10,895
down €10,895 (-14.8%), from €73,721 to €62,825
- Financial charges -€10,698
down €10,698 (-18.5%), from €57,906 to €47,208
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.
Result 2024
€208,599
Gross operating margin
-€59,685
Depreciation
-€1,118
Other operating charges
+€839
Financial income
+€52
Financial charges
+€10,698
Taxes
+€10,895
Result 2025
€170,280
Cash bridge derived
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.
From operations
+€115,214
Investment
-€57,736
Financing
-€31,570
Cash 2024
€10,695
From operations (derived)
+€115,214
Net result for the year
+€170,280
Depreciation
+€174,169
Receivables after one year
+€17,569
Receivables within one year
-€106,424
Deferred charges and accrued income
-€134
Provisions
-€7,278
Trade debts
-€6,526
Other debts
-€116,769
Accrued charges and deferred income
-€9,674
Investment (derived)
-€57,736
Investment in fixed assets (net)
-€7,736
Current investments
-€50,000
Financing
-€31,570
Debts after one year
-€37,213
Current portion of long-term debt
+€5,643
Cash 2025
€36,602
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,026,283 | €4,024,746 | -€1,537 | 0.0% |
| Fixed assets | 21/28 | €3,859,564 | €3,693,131 | -€166,433 | -4.3% |
| Tangible fixed assets | 22/27 | €3,859,529 | €3,693,131 | -€166,398 | -4.3% |
| Land and buildings | 22 | €3,859,529 | €3,693,131 | -€166,398 | -4.3% |
| Financial fixed assets | 28 | €35 | €0 | -€35 | -100.0% |
| Current assets | 29/58 | €166,719 | €331,615 | +€164,896 | +98.9% |
| Amounts receivable after more than one year | 29 | €63,889 | €46,319 | -€17,569 | -27.5% |
| Other amounts receivable | 291 | €63,889 | €46,319 | -€17,569 | -27.5% |
| Amounts receivable within one year | 40/41 | €88,173 | €194,597 | +€106,424 | +120.7% |
| Trade receivables | 40 | €45,714 | €75,614 | +€29,900 | +65.4% |
| Other amounts receivable | 41 | €42,459 | €118,983 | +€76,524 | +180.2% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €10,695 | €36,602 | +€25,908 | +242.2% |
| Deferred charges and accrued income | 490/1 | €3,963 | €4,096 | +€134 | +3.4% |
| Total equity and liabilities | 10/49 | €4,026,283 | €4,024,746 | -€1,537 | 0.0% |
| Equity | 10/15 | €2,194,544 | €2,364,824 | +€170,280 | +7.8% |
| Contributions | 10/11 | €825,000 | €825,000 | = | 0.0% |
| Capital | 10 | €825,000 | €825,000 | = | 0.0% |
| Issued capital | 100 | €825,000 | €825,000 | = | 0.0% |
| Reserves | 13 | €1,352,343 | €1,537,218 | +€184,875 | +13.7% |
| Non-distributable reserves | 130/1 | €57,000 | €66,500 | +€9,500 | +16.7% |
| Legal reserve | 130 | €57,000 | €66,500 | +€9,500 | +16.7% |
| Tax-exempt reserves | 132 | €345,343 | €325,718 | -€19,625 | -5.7% |
| Distributable reserves | 133 | €950,000 | €1,145,000 | +€195,000 | +20.5% |
| Profit (loss) carried forward | 14 | €17,201 | €2,606 | -€14,595 | -84.8% |
| Provisions and deferred taxes | 16 | €125,524 | €118,246 | -€7,278 | -5.8% |
| Deferred taxes | 168 | €125,524 | €118,246 | -€7,278 | -5.8% |
| Amounts payable | 17/49 | €1,706,215 | €1,541,676 | -€164,539 | -9.6% |
| Amounts payable after more than one year | 17 | €484,220 | €447,007 | -€37,213 | -7.7% |
| Financial debts | 170/4 | €484,220 | €447,007 | -€37,213 | -7.7% |
| Amounts payable within one year | 42/48 | €1,171,861 | €1,054,208 | -€117,652 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €31,570 | €37,213 | +€5,643 | +17.9% |
| Trade debts | 44 | €58,358 | €51,832 | -€6,526 | -11.2% |
| Suppliers | 440/4 | €58,358 | €51,832 | -€6,526 | -11.2% |
| Other amounts payable | 47/48 | €1,081,933 | €965,164 | -€116,769 | -10.8% |
| Accrued charges and deferred income | 492/3 | €50,134 | €40,460 | -€9,674 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,051 | €174,169 | +€1,118 | +0.6% |
| Other operating charges | 640/8 | €45,315 | €44,476 | -€839 | -1.9% |
| Gross operating margin | 9900 | €545,455 | €485,770 | -€59,685 | -10.9% |
| Operating profit (loss) | 9901 | €327,089 | €267,125 | -€59,964 | -18.3% |
| Financial income | 75/76B | €5,859 | €5,911 | +€52 | +0.9% |
| Recurring financial income | 75 | €5,859 | €5,911 | +€52 | +0.9% |
| Financial charges | 65/66B | €57,906 | €47,208 | -€10,698 | -18.5% |
| Recurring financial charges | 65 | €57,906 | €47,208 | -€10,698 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €275,042 | €225,828 | -€49,214 | -17.9% |
| Transfer from deferred taxes | 780 | €7,278 | €7,278 | = | 0.0% |
| Income taxes | 67/77 | €73,721 | €62,825 | -€10,895 | -14.8% |
| Profit (loss) for the period | 9904 | €208,599 | €170,280 | -€38,319 | -18.4% |
| Transfer from tax-exempt reserves | 789 | €19,625 | €19,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €228,224 | €189,905 | -€38,319 | -16.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.