ENCOURAGE: what changed
Two fiscal 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.
ENCOURAGE
Largest movements
- Receivables within one year +€24,694
up €24,694 (+172.3%), from €14,331 to €39,025
of which Other amounts receivable: +€35,000
- Cash -€17,386
down €17,386 (-59.5%), from €29,223 to €11,837
mainly Receivables within one year (-€24,694) and Other debts (-€18,493)
- Tangible fixed assets +€1,217
up €1,217 (+31.1%), from €3,916 to €5,132
of which Furniture and vehicles: +€643
- Profit (loss) carried forward +€23,104
up €23,104 (+15.2%), from -€151,931 to -€128,827
- Other debts -€18,493
down €18,493 (-10.3%), from €179,072 to €160,579
- Tax, wage and social debts +€5,061
up €5,061 (+1026.8%), from €493 to €5,554
- Trade debts -€759
down €759 (-84.5%), from €898 to €139
- Gross operating margin -€10,759
down €10,759 (-28.8%), from €37,336 to €26,577
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 | €47,470 | €55,995 | +€8,525 | +18.0% |
| Fixed assets | 21/28 | €3,916 | €5,132 | +€1,217 | +31.1% |
| Tangible fixed assets | 22/27 | €3,916 | €5,132 | +€1,217 | +31.1% |
| Furniture and vehicles | 24 | €1,068 | €1,710 | +€643 | +60.2% |
| Other tangible fixed assets | 26 | €2,848 | €3,422 | +€574 | +20.1% |
| Current assets | 29/58 | €43,554 | €50,862 | +€7,308 | +16.8% |
| Amounts receivable within one year | 40/41 | €14,331 | €39,025 | +€24,694 | +172.3% |
| Trade receivables | 40 | €14,331 | €4,025 | -€10,306 | -71.9% |
| Other amounts receivable | 41 | - | €35,000 | +€35,000 | |
| Cash at bank and in hand | 54/58 | €29,223 | €11,837 | -€17,386 | -59.5% |
| Total equity and liabilities | 10/49 | €47,470 | €55,995 | +€8,525 | +18.0% |
| Equity | 10/15 | -€133,381 | -€110,277 | +€23,104 | +17.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,931 | -€128,827 | +€23,104 | +15.2% |
| Amounts payable | 17/49 | €180,851 | €166,272 | -€14,579 | -8.1% |
| Amounts payable within one year | 42/48 | €180,464 | €166,272 | -€14,192 | -7.9% |
| Trade debts | 44 | €898 | €139 | -€759 | -84.5% |
| Suppliers | 440/4 | €898 | €139 | -€759 | -84.5% |
| Taxes, remuneration and social security | 45 | €493 | €5,554 | +€5,061 | +1026.8% |
| Taxes | 450/3 | €493 | €5,554 | +€5,061 | +1026.8% |
| Other amounts payable | 47/48 | €179,072 | €160,579 | -€18,493 | -10.3% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,455 | €1,683 | +€228 | +15.7% |
| Other operating charges | 640/8 | €627 | €593 | -€34 | -5.4% |
| Non-recurring operating charges | 66A | - | €1,000 | +€1,000 | |
| Gross operating margin | 9900 | €37,336 | €26,577 | -€10,759 | -28.8% |
| Operating profit (loss) | 9901 | €35,254 | €23,302 | -€11,953 | -33.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €201 | €198 | -€3 | -1.6% |
| Recurring financial charges | 65 | €201 | €198 | -€3 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €35,053 | €23,104 | -€11,950 | -34.1% |
| Profit (loss) for the period | 9904 | €35,053 | €23,104 | -€11,950 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,053 | €23,104 | -€11,950 | -34.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.