ENCIMA: 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.
ENCIMA
Largest movements
- Receivables within one year -€171,016
down €171,016 (-34.8%), from €492,123 to €321,107
of which Trade receivables: -€174,145
- Tangible fixed assets -€27,193
down €27,193 (-18.0%), from €151,472 to €124,279
of which Other tangible fixed assets: -€16,413
- Intangible fixed assets -€16,299
down €16,299 (-15.2%), from €107,229 to €90,930
- Cash -€13,341
down €13,341 (-42.3%), from €31,527 to €18,186
mainly Trade debts (-€111,415) and Contributions, distributions and other (-€106,252)
- Trade debts -€111,415
down €111,415 (-33.1%), from €336,349 to €224,934
- Reserves -€62,102
down €62,102 (-49.8%), from €124,642 to €62,540
- Tax, wage and social debts -€26,615
down €26,615 (-16.3%), from €163,342 to €136,726
of which Taxes: -€18,074
- Debts after one year -€15,100
down €15,100 (-20.3%), from €74,494 to €59,394
- Other debts -€11,437
down €11,437 (-15.2%), from €75,020 to €63,583
- Write-downs +€84,464
up €84,464, from -€84,464 to €0
- Staff costs -€59,261
down €59,261 (-8.9%), from €663,170 to €603,910
- Gross operating margin +€42,182
up €42,182 (+6.3%), from €672,496 to €714,678
- Taxes -€19,319
down €19,319 (-93.6%), from €20,640 to €1,321
- Other operating charges -€12,976
down €12,976 (-73.4%), from €17,677 to €4,701
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 | €794,824 | €568,288 | -€226,535 | -28.5% |
| Fixed assets | 21/28 | €258,750 | €215,259 | -€43,492 | -16.8% |
| Intangible fixed assets | 21 | €107,229 | €90,930 | -€16,299 | -15.2% |
| Tangible fixed assets | 22/27 | €151,472 | €124,279 | -€27,193 | -18.0% |
| Furniture and vehicles | 24 | €61,504 | €50,724 | -€10,780 | -17.5% |
| Other tangible fixed assets | 26 | €89,968 | €73,555 | -€16,413 | -18.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €536,073 | €353,030 | -€183,043 | -34.1% |
| Amounts receivable within one year | 40/41 | €492,123 | €321,107 | -€171,016 | -34.8% |
| Trade receivables | 40 | €491,574 | €317,428 | -€174,145 | -35.4% |
| Other amounts receivable | 41 | €550 | €3,679 | +€3,129 | +569.4% |
| Cash at bank and in hand | 54/58 | €31,527 | €18,186 | -€13,341 | -42.3% |
| Deferred charges and accrued income | 490/1 | €12,423 | €13,737 | +€1,314 | +10.6% |
| Total equity and liabilities | 10/49 | €794,824 | €568,288 | -€226,535 | -28.5% |
| Equity | 10/15 | €130,680 | €68,552 | -€62,128 | -47.5% |
| Contributions | 10/11 | €5,996 | €5,996 | = | 0.0% |
| Reserves | 13 | €124,642 | €62,540 | -€62,102 | -49.8% |
| Distributable reserves | 133 | €124,642 | €62,540 | -€62,102 | -49.8% |
| Profit (loss) carried forward | 14 | €42 | €17 | -€25 | -60.4% |
| Amounts payable | 17/49 | €664,144 | €499,736 | -€164,408 | -24.8% |
| Amounts payable after more than one year | 17 | €74,494 | €59,394 | -€15,100 | -20.3% |
| Financial debts | 170/4 | €74,494 | €59,394 | -€15,100 | -20.3% |
| Amounts payable within one year | 42/48 | €589,650 | €440,342 | -€149,308 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €14,940 | €15,100 | +€160 | +1.1% |
| Trade debts | 44 | €336,349 | €224,934 | -€111,415 | -33.1% |
| Suppliers | 440/4 | €336,349 | €224,934 | -€111,415 | -33.1% |
| Taxes, remuneration and social security | 45 | €163,342 | €136,726 | -€26,615 | -16.3% |
| Taxes | 450/3 | €60,606 | €42,532 | -€18,074 | -29.8% |
| Remuneration and social security | 454/9 | €102,736 | €94,194 | -€8,542 | -8.3% |
| Other amounts payable | 47/48 | €75,020 | €63,583 | -€11,437 | -15.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €663,170 | €603,910 | -€59,261 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,481 | €52,149 | +€4,668 | +9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€84,464 | €0 | +€84,464 | |
| Other operating charges | 640/8 | €17,677 | €4,701 | -€12,976 | -73.4% |
| Gross operating margin | 9900 | €672,496 | €714,678 | +€42,182 | +6.3% |
| Operating profit (loss) | 9901 | €28,633 | €53,919 | +€25,286 | +88.3% |
| Financial income | 75/76B | €17 | €14 | -€4 | -20.7% |
| Recurring financial income | 75 | €17 | €14 | -€4 | -20.7% |
| Financial charges | 65/66B | €5,986 | €8,487 | +€2,502 | +41.8% |
| Recurring financial charges | 65 | €5,986 | €8,487 | +€2,502 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €22,664 | €45,446 | +€22,781 | +100.5% |
| Income taxes | 67/77 | €20,640 | €1,321 | -€19,319 | -93.6% |
| Profit (loss) for the period | 9904 | €2,025 | €44,125 | +€42,100 | +2079.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,025 | €44,125 | +€42,100 | +2079.5% |
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 12 October 2026 via checked.be.