ENCOREUN: 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.
ENCOREUN
Largest movements
- Tangible fixed assets -€64,345
down €64,345 (-82.4%), from €78,082 to €13,737
of which Plant, machinery and equipment: -€62,907
- Cash -€59,533
down €59,533 (-28.7%), from €207,277 to €147,744
- Stocks and contracts +€19,153
up €19,153 (+29.8%), from €64,243 to €83,396
- Tax, wage and social debts -€218,967
down €218,967 (-80.8%), from €270,932 to €51,965
of which Remuneration and social security: -€206,560
- Trade debts +€109,388
up €109,388 (+84.7%), from €129,091 to €238,479
- Other debts +€82,910
up €82,910 (+1,550%), from €5,350 to €88,259
- Profit (loss) carried forward -€61,063
new in 2025: -€61,063
- Investment grants -€18,399
no longer reported in 2025 (was €18,399)
- Staff costs +€34,648
up €34,648 (+8.8%), from €394,238 to €428,886
- Taxes -€11,330
no longer reported in 2025 (was €11,330)
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €433,699 | €327,420 | -€106,279 | -24.5% |
| Fixed assets | 21/28 | €78,082 | €13,737 | -€64,345 | -82.4% |
| Tangible fixed assets | 22/27 | €78,082 | €13,737 | -€64,345 | -82.4% |
| Plant, machinery and equipment | 23 | €69,620 | €6,713 | -€62,907 | -90.4% |
| Furniture and vehicles | 24 | €1,241 | €2,074 | +€833 | +67.2% |
| Other tangible fixed assets | 26 | €7,221 | €4,950 | -€2,271 | -31.4% |
| Current assets | 29/58 | €355,617 | €313,683 | -€41,934 | -11.8% |
| Stocks and contracts in progress | 3 | €64,243 | €83,396 | +€19,153 | +29.8% |
| Stocks | 30/36 | €64,243 | €83,396 | +€19,153 | +29.8% |
| Amounts receivable within one year | 40/41 | €62,271 | €61,892 | -€379 | -0.6% |
| Trade receivables | 40 | €9,926 | €10,976 | +€1,050 | +10.6% |
| Other amounts receivable | 41 | €52,345 | €50,916 | -€1,429 | -2.7% |
| Cash at bank and in hand | 54/58 | €207,277 | €147,744 | -€59,533 | -28.7% |
| Deferred charges and accrued income | 490/1 | €21,827 | €20,651 | -€1,176 | -5.4% |
| Total equity and liabilities | 10/49 | €433,699 | €327,420 | -€106,279 | -24.5% |
| Equity | 10/15 | €18,570 | -€60,892 | -€79,462 | |
| Reserves | 13 | €171 | €171 | = | 0.0% |
| Tax-exempt reserves | 132 | €171 | €171 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€61,063 | -€61,063 | |
| Investment grants | 15 | €18,399 | - | -€18,399 | |
| Amounts payable | 17/49 | €415,129 | €388,313 | -€26,817 | -6.5% |
| Amounts payable within one year | 42/48 | €405,373 | €378,703 | -€26,669 | -6.6% |
| Trade debts | 44 | €129,091 | €238,479 | +€109,388 | +84.7% |
| Suppliers | 440/4 | €129,091 | €238,479 | +€109,388 | +84.7% |
| Taxes, remuneration and social security | 45 | €270,932 | €51,965 | -€218,967 | -80.8% |
| Taxes | 450/3 | €12,408 | - | -€12,408 | |
| Remuneration and social security | 454/9 | €258,525 | €51,965 | -€206,560 | -79.9% |
| Other amounts payable | 47/48 | €5,350 | €88,259 | +€82,910 | +1,550% |
| Accrued charges and deferred income | 492/3 | €9,757 | €9,609 | -€147 | -1.5% |
| Remuneration, social security and pensions | 62 | €394,238 | €428,886 | +€34,648 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,242 | €32,116 | -€2,126 | -6.2% |
| Other operating charges | 640/8 | €848 | €846 | -€2 | -0.3% |
| Gross operating margin | 9900 | €469,007 | €470,238 | +€1,232 | +0.3% |
| Operating profit (loss) | 9901 | €39,679 | €8,391 | -€31,288 | -78.9% |
| Financial income | 75/76B | €11,273 | €10,120 | -€1,153 | -10.2% |
| Recurring financial income | 75 | €11,273 | €10,120 | -€1,153 | -10.2% |
| Financial charges | 65/66B | €18,096 | €21,163 | +€3,067 | +16.9% |
| Recurring financial charges | 65 | €18,096 | €21,163 | +€3,067 | +16.9% |
| Profit (loss) for the period before taxes | 9903 | €32,856 | -€2,652 | -€35,508 | |
| Income taxes | 67/77 | €11,330 | - | -€11,330 | |
| Profit (loss) for the period | 9904 | €21,526 | -€2,652 | -€24,178 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,526 | -€2,652 | -€24,178 |
Source: filed annual accounts (NBB), financial years ended 31 August 2023 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.