ENCETERA: 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.
ENCETERA
Largest movements
- Tangible fixed assets -€41,884
down €41,884 (-4.9%), from €862,484 to €820,599
of which Land and buildings: -€40,085
- Receivables after one year -€35,000
down €35,000 (-100.0%), from €35,000 to €0
- Debts after one year -€54,908
down €54,908 (-20.4%), from €269,050 to €214,142
- Reserves -€22,913
down €22,913 (-18.8%), from €121,955 to €99,042
of which Distributable reserves: -€22,913
- Gross operating margin +€35,092
up €35,092, from -€1,044 to €34,049
- Financial income -€4,540
down €4,540 (-22.6%), from €20,090 to €15,550
- Financial charges +€3,628
up €3,628 (+48.2%), from €7,522 to €11,150
of which Financial charges: +€3,628
- Depreciation +€1,330
up €1,330 (+2.7%), from €48,631 to €49,961
- Other operating charges -€372
down €372 (-3.3%), from €11,202 to €10,831
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 | €2,157,576 | €2,079,235 | -€78,341 | -3.6% |
| Fixed assets | 21/28 | €862,484 | €820,599 | -€41,884 | -4.9% |
| Tangible fixed assets | 22/27 | €862,484 | €820,599 | -€41,884 | -4.9% |
| Land and buildings | 22 | €859,702 | €819,617 | -€40,085 | -4.7% |
| Plant, machinery and equipment | 23 | €133 | €44 | -€89 | -66.9% |
| Furniture and vehicles | 24 | €2,649 | €938 | -€1,711 | -64.6% |
| Current assets | 29/58 | €1,295,093 | €1,258,636 | -€36,457 | -2.8% |
| Amounts receivable after more than one year | 29 | €35,000 | €0 | -€35,000 | -100.0% |
| Other amounts receivable | 291 | €35,000 | €0 | -€35,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €21,793 | €22,276 | +€484 | +2.2% |
| Trade receivables | 40 | €4,878 | €0 | -€4,878 | -100.0% |
| Other amounts receivable | 41 | €16,915 | €22,276 | +€5,362 | +31.7% |
| Cash at bank and in hand | 54/58 | €1,236,701 | €1,234,312 | -€2,389 | -0.2% |
| Deferred charges and accrued income | 490/1 | €1,599 | €2,048 | +€449 | +28.1% |
| Total equity and liabilities | 10/49 | €2,157,576 | €2,079,235 | -€78,341 | -3.6% |
| Equity | 10/15 | €1,823,914 | €1,801,000 | -€22,913 | -1.3% |
| Contributions | 10/11 | €1,701,959 | €1,701,959 | = | 0.0% |
| Reserves | 13 | €121,955 | €99,042 | -€22,913 | -18.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,757 | €1,757 | = | 0.0% |
| Distributable reserves | 133 | €120,198 | €97,284 | -€22,913 | -19.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €333,662 | €278,235 | -€55,428 | -16.6% |
| Amounts payable after more than one year | 17 | €269,050 | €214,142 | -€54,908 | -20.4% |
| Financial debts | 170/4 | €269,050 | €214,142 | -€54,908 | -20.4% |
| Amounts payable within one year | 42/48 | €64,107 | €62,831 | -€1,276 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €54,069 | €54,908 | +€840 | +1.6% |
| Trade debts | 44 | €6,981 | €4,873 | -€2,108 | -30.2% |
| Suppliers | 440/4 | €6,981 | €4,873 | -€2,108 | -30.2% |
| Taxes, remuneration and social security | 45 | €1,418 | €1,410 | -€8 | -0.6% |
| Taxes | 450/3 | €1,418 | €1,410 | -€8 | -0.6% |
| Other amounts payable | 47/48 | €1,640 | €1,640 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €505 | €1,262 | +€757 | +149.8% |
| Non-recurring operating income | 76A | €13,790 | €0 | -€13,790 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,631 | €49,961 | +€1,330 | +2.7% |
| Other operating charges | 640/8 | €11,202 | €10,831 | -€372 | -3.3% |
| Gross operating margin | 9900 | -€1,044 | €34,049 | +€35,092 | |
| Operating profit (loss) | 9901 | -€60,877 | -€26,743 | +€34,133 | +56.1% |
| Financial income | 75/76B | €20,090 | €15,550 | -€4,540 | -22.6% |
| Recurring financial income | 75 | €20,090 | €15,550 | -€4,540 | -22.6% |
| Financial charges | 65/66B | €7,522 | €11,150 | +€3,628 | +48.2% |
| Recurring financial charges | 65 | €7,522 | €11,150 | +€3,628 | +48.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€48,309 | -€22,344 | +€25,965 | +53.7% |
| Income taxes | 67/77 | €223 | €569 | +€347 | +155.8% |
| Profit (loss) for the period | 9904 | -€48,531 | -€22,913 | +€25,618 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,531 | -€22,913 | +€25,618 | +52.8% |
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 7 October 2026 via checked.be.