ENCOBEL: 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.
ENCOBEL
Largest movements
- Receivables within one year +€148,467
up €148,467 (+172%), from €86,113 to €234,579
of which Trade receivables: +€125,441
- Stocks and contracts -€67,031
down €67,031 (-37.7%), from €177,996 to €110,965
- Trade debts +€63,169
up €63,169 (+45.6%), from €138,557 to €201,726
- Profit (loss) carried forward +€26,966
up €26,966 (+54.2%), from €49,749 to €76,715
- Other debts -€5,060
down €5,060 (-41.4%), from €12,213 to €7,154
- Tax, wage and social debts -€4,920
down €4,920 (-78.0%), from €6,306 to €1,387
of which Remuneration and social security: -€3,673
- Gross operating margin +€12,380
up €12,380 (+17.0%), from €72,610 to €84,990
- Financial charges +€5,924
up €5,924 (+146%), from €4,050 to €9,974
- Staff costs +€4,797
up €4,797 (+11.3%), from €42,384 to €47,181
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 | €275,832 | €355,986 | +€80,154 | +29.1% |
| Fixed assets | 21/28 | €2,415 | €3,003 | +€587 | +24.3% |
| Tangible fixed assets | 22/27 | €552 | €340 | -€212 | -38.4% |
| Plant, machinery and equipment | 23 | €552 | €340 | -€212 | -38.4% |
| Financial fixed assets | 28 | €1,863 | €2,662 | +€799 | +42.9% |
| Current assets | 29/58 | €273,416 | €352,983 | +€79,567 | +29.1% |
| Stocks and contracts in progress | 3 | €177,996 | €110,965 | -€67,031 | -37.7% |
| Contracts in progress | 37 | €177,996 | €110,965 | -€67,031 | -37.7% |
| Amounts receivable within one year | 40/41 | €86,113 | €234,579 | +€148,467 | +172% |
| Trade receivables | 40 | €63,457 | €188,898 | +€125,441 | +198% |
| Other amounts receivable | 41 | €22,656 | €45,682 | +€23,026 | +102% |
| Cash at bank and in hand | 54/58 | €9,308 | €5,917 | -€3,391 | -36.4% |
| Deferred charges and accrued income | 490/1 | - | €1,522 | +€1,522 | |
| Total equity and liabilities | 10/49 | €275,832 | €355,986 | +€80,154 | +29.1% |
| Equity | 10/15 | €88,754 | €115,720 | +€26,966 | +30.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,405 | €20,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,545 | €18,545 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,749 | €76,715 | +€26,966 | +54.2% |
| Amounts payable | 17/49 | €187,077 | €240,266 | +€53,188 | +28.4% |
| Amounts payable within one year | 42/48 | €187,076 | €240,266 | +€53,190 | +28.4% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Credit institutions | 430/8 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €138,557 | €201,726 | +€63,169 | +45.6% |
| Suppliers | 440/4 | €138,557 | €201,726 | +€63,169 | +45.6% |
| Taxes, remuneration and social security | 45 | €6,306 | €1,387 | -€4,920 | -78.0% |
| Taxes | 450/3 | €1,694 | €448 | -€1,246 | -73.6% |
| Remuneration and social security | 454/9 | €4,612 | €939 | -€3,673 | -79.6% |
| Other amounts payable | 47/48 | €12,213 | €7,154 | -€5,060 | -41.4% |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Remuneration, social security and pensions | 62 | €42,384 | €47,181 | +€4,797 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €224 | €212 | -€13 | -5.6% |
| Other operating charges | 640/8 | €748 | €1,049 | +€301 | +40.2% |
| Gross operating margin | 9900 | €72,610 | €84,990 | +€12,380 | +17.0% |
| Operating profit (loss) | 9901 | €29,254 | €36,548 | +€7,294 | +24.9% |
| Financial income | 75/76B | - | €392 | +€392 | |
| Recurring financial income | 75 | - | €392 | +€392 | |
| Financial charges | 65/66B | €4,050 | €9,974 | +€5,924 | +146% |
| Recurring financial charges | 65 | €4,050 | €9,974 | +€5,924 | +146% |
| Profit (loss) for the period before taxes | 9903 | €25,204 | €26,966 | +€1,761 | +7.0% |
| Profit (loss) for the period | 9904 | €25,204 | €26,966 | +€1,761 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,204 | €26,966 | +€1,761 | +7.0% |
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 22 October 2026 via checked.be.