Encoterra: 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.
Encoterra
Largest movements
- Receivables within one year -€91,334
down €91,334 (-74.6%), from €122,477 to €31,143
of which Other amounts receivable: -€103,434
- Cash -€58,187
down €58,187 (-76.0%), from €76,572 to €18,385
mainly Contributions, distributions and other (-€60,872) and Other debts (-€54,111)
- Reserves -€56,378
down €56,378 (-18.8%), from €299,478 to €243,100
- Other debts -€54,111
down €54,111 (-95.7%), from €56,538 to €2,427
- Debts after one year -€34,360
down €34,360 (-31.3%), from €109,799 to €75,439
- Current portion of long-term debt -€6,017
down €6,017 (-14.9%), from €40,376 to €34,360
- Gross operating margin -€33,473
down €33,473 (-48.4%), from €69,104 to €35,631
- Financial income -€30,591
down €30,591 (-89.8%), from €34,066 to €3,474
- Taxes -€20,804
down €20,804, from €17,431 to -€3,373
- Depreciation -€7,796
down €7,796 (-43.8%), from €17,814 to €10,018
- Financial charges -€4,204
down €4,204 (-40.4%), from €10,401 to €6,197
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 | €522,029 | €371,800 | -€150,229 | -28.8% |
| Fixed assets | 21/28 | €190,819 | €190,112 | -€707 | -0.4% |
| Tangible fixed assets | 22/27 | €183,319 | €185,112 | +€1,793 | +1.0% |
| Land and buildings | 22 | €181,542 | €184,353 | +€2,811 | +1.5% |
| Plant, machinery and equipment | 23 | €1,777 | €759 | -€1,018 | -57.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €7,500 | €5,000 | -€2,500 | -33.3% |
| Current assets | 29/58 | €331,210 | €181,688 | -€149,522 | -45.1% |
| Amounts receivable after more than one year | 29 | €132,161 | €132,161 | = | 0.0% |
| Other amounts receivable | 291 | €132,161 | €132,161 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,477 | €31,143 | -€91,334 | -74.6% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €122,477 | €19,043 | -€103,434 | -84.5% |
| Cash at bank and in hand | 54/58 | €76,572 | €18,385 | -€58,187 | -76.0% |
| Total equity and liabilities | 10/49 | €522,029 | €371,800 | -€150,229 | -28.8% |
| Equity | 10/15 | €300,478 | €244,100 | -€56,378 | -18.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €299,478 | €243,100 | -€56,378 | -18.8% |
| Distributable reserves | 133 | €299,478 | €243,100 | -€56,378 | -18.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €221,551 | €127,701 | -€93,850 | -42.4% |
| Amounts payable after more than one year | 17 | €109,799 | €75,439 | -€34,360 | -31.3% |
| Financial debts | 170/4 | €109,799 | €75,439 | -€34,360 | -31.3% |
| Amounts payable within one year | 42/48 | €111,752 | €48,305 | -€63,447 | -56.8% |
| Current portion of amounts payable after more than one year | 42 | €40,376 | €34,360 | -€6,017 | -14.9% |
| Trade debts | 44 | €496 | €123 | -€373 | -75.3% |
| Suppliers | 440/4 | €496 | €123 | -€373 | -75.3% |
| Taxes, remuneration and social security | 45 | €14,342 | €11,395 | -€2,947 | -20.5% |
| Taxes | 450/3 | €14,342 | €11,395 | -€2,947 | -20.5% |
| Other amounts payable | 47/48 | €56,538 | €2,427 | -€54,111 | -95.7% |
| Accrued charges and deferred income | 492/3 | - | €3,957 | +€3,957 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,814 | €10,018 | -€7,796 | -43.8% |
| Other operating charges | 640/8 | €5,176 | €5,431 | +€255 | +4.9% |
| Non-recurring operating charges | 66A | - | €16,340 | +€16,340 | |
| Gross operating margin | 9900 | €69,104 | €35,631 | -€33,473 | -48.4% |
| Operating profit (loss) | 9901 | €46,115 | €3,842 | -€42,272 | -91.7% |
| Financial income | 75/76B | €34,066 | €3,474 | -€30,591 | -89.8% |
| Recurring financial income | 75 | €34,066 | €3,474 | -€30,591 | -89.8% |
| Financial charges | 65/66B | €10,401 | €6,197 | -€4,204 | -40.4% |
| Recurring financial charges | 65 | €10,401 | €6,197 | -€4,204 | -40.4% |
| Profit (loss) for the period before taxes | 9903 | €69,780 | €1,120 | -€68,660 | -98.4% |
| Income taxes | 67/77 | €17,431 | -€3,373 | -€20,804 | |
| Profit (loss) for the period | 9904 | €52,349 | €4,493 | -€47,856 | -91.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,349 | €4,493 | -€47,856 | -91.4% |
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 17 October 2026 via checked.be.