Encore Holding: 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 Holding
Largest movements
- Financial fixed assets -€2.9m
down €2.9m (-100%), from €2.9m to €0
- Tangible fixed assets +€1.1m
new in 2025: €1.1m
of which Land and buildings: +€744,001
- Intangible fixed assets +€1.0m
new in 2025: €1.0m
- Receivables within one year -€276,350
down €276,350 (-96.4%), from €286,546 to €10,196
of which Other amounts receivable: -€283,710
- Cash +€132,183
up €132,183 (+161%), from €81,977 to €214,160
mainly Investment in fixed assets (net) (+€490,293) and Provisions (+€401,996)
- Profit (loss) carried forward -€3.4m
down €3.4m (-736%), from -€463,363 to -€3.9m
- Reserves +€2.9m
new in 2025: €2.9m
- Other debts -€867,282
down €867,282 (-100%), from €867,282 to €0
- Provisions +€401,996
new in 2025: €401,996
- Trade debts +€42,252
up €42,252 (+1,580%), from €2,675 to €44,927
- Depreciation +€313,979
new in 2025: €313,979
- Gross operating margin -€104,246
down €104,246 (-1,005%), from -€10,369 to -€114,615
- Financial charges -€12,303
down €12,303 (-15.4%), from €79,693 to €67,390
- Other operating charges +€3,798
up €3,798 (+123%), from €3,086 to €6,884
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 | €3,282,327 | €2,338,378 | -€943,949 | -28.8% |
| Fixed assets | 21/28 | €2,913,804 | €2,109,532 | -€804,272 | -27.6% |
| Intangible fixed assets | 21 | - | €1,037,803 | +€1.0m | |
| Tangible fixed assets | 22/27 | - | €1,071,729 | +€1.1m | |
| Land and buildings | 22 | - | €744,001 | +€744,001 | |
| Assets under construction and advance payments | 27 | - | €327,728 | +€327,728 | |
| Financial fixed assets | 28 | €2,913,804 | €0 | -€2.9m | -100% |
| Current assets | 29/58 | €368,524 | €228,846 | -€139,678 | -37.9% |
| Amounts receivable within one year | 40/41 | €286,546 | €10,196 | -€276,350 | -96.4% |
| Trade receivables | 40 | €0 | €7,360 | +€7,360 | |
| Other amounts receivable | 41 | €286,546 | €2,837 | -€283,710 | -99.0% |
| Cash at bank and in hand | 54/58 | €81,977 | €214,160 | +€132,183 | +161% |
| Deferred charges and accrued income | 490/1 | - | €4,490 | +€4,490 | |
| Total equity and liabilities | 10/49 | €3,282,327 | €2,338,378 | -€943,949 | -28.8% |
| Equity | 10/15 | -€443,363 | -€946,228 | -€502,865 | -113% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €2,905,236 | +€2.9m | |
| Tax-exempt reserves | 132 | - | €2,905,236 | +€2.9m | |
| Profit (loss) carried forward | 14 | -€463,363 | -€3,871,465 | -€3.4m | -736% |
| Provisions and deferred taxes | 16 | - | €401,996 | +€401,996 | |
| Deferred taxes | 168 | - | €401,996 | +€401,996 | |
| Amounts payable | 17/49 | €3,725,690 | €2,882,610 | -€843,080 | -22.6% |
| Amounts payable after more than one year | 17 | €2,849,680 | €2,837,610 | -€12,070 | -0.4% |
| Financial debts | 170/4 | €1,355,000 | €1,574,275 | +€219,275 | +16.2% |
| Other amounts payable | 178/9 | €1,494,680 | €1,263,336 | -€231,344 | -15.5% |
| Amounts payable within one year | 42/48 | €876,010 | €45,000 | -€831,010 | -94.9% |
| Trade debts | 44 | €2,675 | €44,927 | +€42,252 | +1,580% |
| Suppliers | 440/4 | €2,675 | €44,927 | +€42,252 | +1,580% |
| Taxes, remuneration and social security | 45 | €6,053 | €73 | -€5,981 | -98.8% |
| Taxes | 450/3 | €6,053 | €73 | -€5,981 | -98.8% |
| Other amounts payable | 47/48 | €867,282 | €0 | -€867,282 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €313,979 | +€313,979 | |
| Other operating charges | 640/8 | €3,086 | €6,884 | +€3,798 | +123% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€10,369 | -€114,615 | -€104,246 | -1,005% |
| Operating profit (loss) | 9901 | -€13,454 | -€435,478 | -€422,024 | -3,137% |
| Financial income | 75/76B | €0 | €3 | +€3 | |
| Recurring financial income | 75 | €0 | €3 | +€3 | |
| Financial charges | 65/66B | €79,693 | €67,390 | -€12,303 | -15.4% |
| Recurring financial charges | 65 | €79,693 | €67,390 | -€12,303 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€93,148 | -€502,865 | -€409,718 | -440% |
| Profit (loss) for the period | 9904 | -€93,148 | -€502,865 | -€409,718 | -440% |
| Transfer to tax-exempt reserves | 689 | - | €2,905,236 | +€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€93,148 | -€3,408,102 | -€3.3m | -3,559% |
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 15 October 2026 via checked.be.