ENCORE CP: 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.
ENCORE CP
Largest movements
- Cash +€31,177
up €31,177 (+60.8%), from €51,303 to €82,480
mainly Net result for the year (+€33,614) and Depreciation (+€27,127)
- Receivables within one year +€22,547
up €22,547 (+89.6%), from €25,162 to €47,709
of which Trade receivables: +€22,453
- Tangible fixed assets +€12,422
up €12,422 (+5.3%), from €234,506 to €246,928
of which Leasing and similar rights: +€9,876
- Intangible fixed assets -€4,238
down €4,238 (-27.6%), from €15,331 to €11,094
- Reserves +€35,095
up €35,095 (+62.7%), from €56,000 to €91,095
- Tax, wage and social debts +€21,316
up €21,316 (+100.1%), from €21,295 to €42,611
of which Remuneration and social security: +€20,510
- Debts after one year -€6,694
down €6,694 (-3.5%), from €189,109 to €182,416
- Investment grants +€6,502
up €6,502 (+30.1%), from €21,625 to €28,128
- Trade debts +€4,850
up €4,850 (+67.2%), from €7,216 to €12,066
- Staff costs +€63,636
up €63,636 (+219.7%), from €28,961 to €92,597
- Gross operating margin +€35,025
up €35,025 (+28.1%), from €124,561 to €159,585
- Financial income +€10,806
up €10,806 (+383.2%), from €2,820 to €13,626
- Depreciation +€9,491
up €9,491 (+53.8%), from €17,637 to €27,127
- Taxes -€6,407
down €6,407 (-48.1%), from €13,333 to €6,926
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 | €328,111 | €391,138 | +€63,027 | +19.2% |
| Fixed assets | 21/28 | €249,837 | €258,021 | +€8,185 | +3.3% |
| Intangible fixed assets | 21 | €15,331 | €11,094 | -€4,238 | -27.6% |
| Tangible fixed assets | 22/27 | €234,506 | €246,928 | +€12,422 | +5.3% |
| Land and buildings | 22 | €184,085 | €182,234 | -€1,851 | -1.0% |
| Plant, machinery and equipment | 23 | €28,120 | €32,141 | +€4,021 | +14.3% |
| Furniture and vehicles | 24 | €2,237 | €2,614 | +€377 | +16.8% |
| Leasing and similar rights | 25 | €20,063 | €29,939 | +€9,876 | +49.2% |
| Current assets | 29/58 | €78,274 | €133,117 | +€54,843 | +70.1% |
| Stocks and contracts in progress | 3 | €1,809 | €2,929 | +€1,119 | +61.9% |
| Stocks | 30/36 | €1,809 | €2,929 | +€1,119 | +61.9% |
| Amounts receivable within one year | 40/41 | €25,162 | €47,709 | +€22,547 | +89.6% |
| Trade receivables | 40 | €13,893 | €36,345 | +€22,453 | +161.6% |
| Other amounts receivable | 41 | €11,269 | €11,364 | +€94 | +0.8% |
| Cash at bank and in hand | 54/58 | €51,303 | €82,480 | +€31,177 | +60.8% |
| Total equity and liabilities | 10/49 | €328,111 | €391,138 | +€63,027 | +19.2% |
| Equity | 10/15 | €94,106 | €134,223 | +€40,116 | +42.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €56,000 | €91,095 | +€35,095 | +62.7% |
| Distributable reserves | 133 | €56,000 | €91,095 | +€35,095 | +62.7% |
| Profit (loss) carried forward | 14 | €1,481 | - | -€1,481 | |
| Investment grants | 15 | €21,625 | €28,128 | +€6,502 | +30.1% |
| Amounts payable | 17/49 | €234,005 | €256,916 | +€22,911 | +9.8% |
| Amounts payable after more than one year | 17 | €189,109 | €182,416 | -€6,694 | -3.5% |
| Financial debts | 170/4 | €189,109 | €182,416 | -€6,694 | -3.5% |
| Amounts payable within one year | 42/48 | €44,895 | €74,500 | +€29,605 | +65.9% |
| Current portion of amounts payable after more than one year | 42 | €16,384 | €19,822 | +€3,438 | +21.0% |
| Trade debts | 44 | €7,216 | €12,066 | +€4,850 | +67.2% |
| Suppliers | 440/4 | €7,216 | €12,066 | +€4,850 | +67.2% |
| Taxes, remuneration and social security | 45 | €21,295 | €42,611 | +€21,316 | +100.1% |
| Taxes | 450/3 | €17,571 | €18,376 | +€805 | +4.6% |
| Remuneration and social security | 454/9 | €3,725 | €24,235 | +€20,510 | +550.7% |
| Remuneration, social security and pensions | 62 | €28,961 | €92,597 | +€63,636 | +219.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,637 | €27,127 | +€9,491 | +53.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €514 | - | -€514 | |
| Other operating charges | 640/8 | €1,849 | €4,262 | +€2,413 | +130.5% |
| Gross operating margin | 9900 | €124,561 | €159,585 | +€35,025 | +28.1% |
| Operating profit (loss) | 9901 | €75,600 | €35,599 | -€40,001 | -52.9% |
| Financial income | 75/76B | €2,820 | €13,626 | +€10,806 | +383.2% |
| Recurring financial income | 75 | €2,820 | €13,626 | +€10,806 | +383.2% |
| Financial charges | 65/66B | €8,189 | €8,685 | +€496 | +6.1% |
| Recurring financial charges | 65 | €8,189 | €8,685 | +€496 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €70,231 | €40,540 | -€29,690 | -42.3% |
| Income taxes | 67/77 | €13,333 | €6,926 | -€6,407 | -48.1% |
| Profit (loss) for the period | 9904 | €56,898 | €33,614 | -€23,283 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,898 | €33,614 | -€23,283 | -40.9% |
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.