ENCEFA: 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.
ENCEFA
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets +€111,390
up €111,390 (+33.2%), from €335,836 to €447,226
- Cash -€63,067
down €63,067 (-45.8%), from €137,611 to €74,544
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€126,797)
- Reserves +€192,894
up €192,894 (+105.3%), from €183,195 to €376,089
of which Tax-exempt reserves: +€192,858
- Provisions +€64,286
new in 2025: €64,286
- Other debts -€8,856
down €8,856 (-8.5%), from €104,060 to €95,204
- Gross operating margin +€265,817
up €265,817, from -€6,181 to €259,636
- Depreciation +€13,471
up €13,471 (+695.9%), from €1,936 to €15,407
- Financial income +€13,468
up €13,468 (+511.7%), from €2,632 to €16,099
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €478,243 | €725,172 | +€246,929 | +51.6% |
| Fixed assets | 21/28 | €335,836 | €447,226 | +€111,390 | +33.2% |
| Tangible fixed assets | 22/27 | €335,836 | €447,226 | +€111,390 | +33.2% |
| Land and buildings | 22 | €335,836 | €447,226 | +€111,390 | +33.2% |
| Current assets | 29/58 | €142,408 | €277,947 | +€135,539 | +95.2% |
| Amounts receivable within one year | 40/41 | €3,055 | €1,594 | -€1,462 | -47.8% |
| Other amounts receivable | 41 | €3,055 | €1,594 | -€1,462 | -47.8% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €137,611 | €74,544 | -€63,067 | -45.8% |
| Deferred charges and accrued income | 490/1 | €1,742 | €1,809 | +€68 | +3.9% |
| Total equity and liabilities | 10/49 | €478,243 | €725,172 | +€246,929 | +51.6% |
| Equity | 10/15 | €369,115 | €562,009 | +€192,894 | +52.3% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €183,195 | €376,089 | +€192,894 | +105.3% |
| Non-distributable reserves | 130/1 | €19,234 | €19,234 | = | 0.0% |
| Legal reserve | 130 | €19,234 | €19,234 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €192,858 | +€192,858 | |
| Distributable reserves | 133 | €163,960 | €163,996 | +€36 | 0.0% |
| Provisions and deferred taxes | 16 | - | €64,286 | +€64,286 | |
| Deferred taxes | 168 | - | €64,286 | +€64,286 | |
| Amounts payable | 17/49 | €109,129 | €98,878 | -€10,251 | -9.4% |
| Amounts payable within one year | 42/48 | €108,385 | €98,006 | -€10,379 | -9.6% |
| Trade debts | 44 | €164 | €379 | +€216 | +131.5% |
| Suppliers | 440/4 | €164 | €379 | +€216 | +131.5% |
| Taxes, remuneration and social security | 45 | €4,162 | €2,423 | -€1,739 | -41.8% |
| Taxes | 450/3 | €4,162 | €2,423 | -€1,739 | -41.8% |
| Other amounts payable | 47/48 | €104,060 | €95,204 | -€8,856 | -8.5% |
| Accrued charges and deferred income | 492/3 | €744 | €872 | +€128 | +17.2% |
| Non-recurring operating income | 76A | - | €268,568 | +€268,568 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,936 | €15,407 | +€13,471 | +695.9% |
| Other operating charges | 640/8 | €4,093 | €2,894 | -€1,199 | -29.3% |
| Gross operating margin | 9900 | -€6,181 | €259,636 | +€265,817 | |
| Operating profit (loss) | 9901 | -€12,210 | €241,335 | +€253,545 | |
| Financial income | 75/76B | €2,632 | €16,099 | +€13,468 | +511.7% |
| Recurring financial income | 75 | €2,632 | €16,099 | +€13,468 | +511.7% |
| Financial charges | 65/66B | €1,766 | €255 | -€1,512 | -85.6% |
| Recurring financial charges | 65 | €1,766 | €255 | -€1,512 | -85.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,344 | €257,180 | +€268,524 | |
| Transfer from deferred taxes | 780 | - | €2,856 | +€2,856 | |
| Transfer to deferred taxes | 680 | - | €67,142 | +€67,142 | |
| Profit (loss) for the period | 9904 | -€11,344 | €192,894 | +€204,238 | |
| Transfer from tax-exempt reserves | 789 | - | €8,568 | +€8,568 | |
| Transfer to tax-exempt reserves | 689 | - | €201,426 | +€201,426 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,344 | €36 | +€11,380 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.