ENCOR: 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.
ENCOR
Largest movements
- Cash +€79,657
up €79,657 (+447%), from €17,823 to €97,480
mainly Net result for the year (+€87,215) and Debts after one year (+€25,000)
- Deferred charges and accrued income +€6,243
up €6,243 (+506%), from €1,235 to €7,478
- Profit (loss) carried forward +€51,173
no longer reported in 2025 (was -€51,173)
- Reserves +€35,209
up €35,209 (+502%), from €7,009 to €42,218
- Debts after one year +€25,000
new in 2025: €25,000
- Trade debts -€19,577
down €19,577 (-61.2%), from €32,011 to €12,434
- Other debts -€4,803
down €4,803 (-77.8%), from €6,173 to €1,370
- Gross operating margin +€119,059
up €119,059 (+303%), from €39,344 to €158,403
- Taxes +€22,262
new in 2025: €22,262
- Other operating charges -€19,819
down €19,819 (-79.9%), from €24,811 to €4,992
- Staff costs -€4,966
down €4,966 (-27.1%), from €18,311 to €13,345
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 | €42,829 | €128,308 | +€85,479 | +200% |
| Fixed assets | 21/28 | €11,010 | €10,197 | -€813 | -7.4% |
| Intangible fixed assets | 21 | €763 | €551 | -€212 | -27.8% |
| Tangible fixed assets | 22/27 | €10,247 | €9,646 | -€601 | -5.9% |
| Furniture and vehicles | 24 | €1,016 | €287 | -€729 | -71.7% |
| Other tangible fixed assets | 26 | €9,232 | €9,359 | +€128 | +1.4% |
| Current assets | 29/58 | €31,819 | €118,112 | +€86,292 | +271% |
| Stocks and contracts in progress | 3 | €1,049 | €842 | -€207 | -19.7% |
| Stocks | 30/36 | €1,049 | €842 | -€207 | -19.7% |
| Amounts receivable within one year | 40/41 | €11,713 | €12,312 | +€599 | +5.1% |
| Trade receivables | 40 | €10,218 | €8,805 | -€1,414 | -13.8% |
| Other amounts receivable | 41 | €1,495 | €3,508 | +€2,013 | +135% |
| Cash at bank and in hand | 54/58 | €17,823 | €97,480 | +€79,657 | +447% |
| Deferred charges and accrued income | 490/1 | €1,235 | €7,478 | +€6,243 | +506% |
| Total equity and liabilities | 10/49 | €42,829 | €128,308 | +€85,479 | +200% |
| Equity | 10/15 | -€6,664 | €79,718 | +€86,382 | |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €7,009 | €42,218 | +€35,209 | +502% |
| Distributable reserves | 133 | €7,009 | €42,218 | +€35,209 | +502% |
| Profit (loss) carried forward | 14 | -€51,173 | - | +€51,173 | |
| Amounts payable | 17/49 | €49,493 | €48,591 | -€903 | -1.8% |
| Amounts payable after more than one year | 17 | - | €25,000 | +€25,000 | |
| Other amounts payable | 178/9 | - | €25,000 | +€25,000 | |
| Amounts payable within one year | 42/48 | €44,844 | €18,346 | -€26,499 | -59.1% |
| Trade debts | 44 | €32,011 | €12,434 | -€19,577 | -61.2% |
| Suppliers | 440/4 | €32,011 | €12,434 | -€19,577 | -61.2% |
| Taxes, remuneration and social security | 45 | €6,661 | €4,542 | -€2,119 | -31.8% |
| Taxes | 450/3 | €432 | €2,711 | +€2,279 | +528% |
| Remuneration and social security | 454/9 | €6,229 | €1,831 | -€4,398 | -70.6% |
| Other amounts payable | 47/48 | €6,173 | €1,370 | -€4,803 | -77.8% |
| Accrued charges and deferred income | 492/3 | €4,649 | €5,245 | +€596 | +12.8% |
| Non-recurring operating income | 76A | - | €142,331 | +€142,331 | |
| Remuneration, social security and pensions | 62 | €18,311 | €13,345 | -€4,966 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,811 | €2,013 | +€202 | +11.1% |
| Other operating charges | 640/8 | €24,811 | €4,992 | -€19,819 | -79.9% |
| Non-recurring operating charges | 66A | €42,161 | €27,011 | -€15,149 | -35.9% |
| Gross operating margin | 9900 | €39,344 | €158,403 | +€119,059 | +303% |
| Operating profit (loss) | 9901 | -€47,750 | €111,042 | +€158,792 | |
| Financial income | 75/76B | €52 | - | -€52 | |
| Recurring financial income | 75 | €52 | - | -€52 | |
| Financial charges | 65/66B | €404 | €1,565 | +€1,161 | +287% |
| Recurring financial charges | 65 | €404 | €1,565 | +€1,161 | +287% |
| Profit (loss) for the period before taxes | 9903 | -€48,102 | €109,477 | +€157,579 | |
| Transfer from deferred taxes | 780 | €5,125 | - | -€5,125 | |
| Income taxes | 67/77 | - | €22,262 | +€22,262 | |
| Profit (loss) for the period | 9904 | -€42,977 | €87,215 | +€130,192 | |
| Transfer from tax-exempt reserves | 789 | €10,485 | - | -€10,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,492 | €87,215 | +€119,707 |
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 13 October 2026 via checked.be.