Endeco: 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.
What changed
Endeco
NACE 46.190, Agents in non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€458,066
2024 · €692,713-€234,648
Equity
€4.4m
2024 · €3.9m+€458,066
Cash
€1.6m
2024 · €1.4m+€222,994
Balance sheet total
€6.4m
2024 · €5.7m+€737,310
Largest movements
Assets
- Current investments +€631,154
new in 2025: €631,154
- Cash +€222,994
up €222,994 (+15.6%), from €1.4m to €1.6m
mainly Net result for the year (+€458,066) and Other debts (+€352,500)
- Tangible fixed assets -€99,740
down €99,740 (-9.4%), from €1.1m to €961,384
Equity and liabilities
- Reserves +€458,066
up €458,066 (+17.7%), from €2.6m to €3.0m
of which Distributable reserves: +€578,464
- Other debts +€352,500
new in 2025: €352,500
- Advances received -€308,667
no longer reported in 2025 (was €308,667)
- Trade debts +€164,174
up €164,174 (+18.0%), from €911,015 to €1.1m
- Tax, wage and social debts +€142,198
up €142,198 (+67.0%), from €212,351 to €354,549
of which Taxes: +€144,702
Income statement
- Gross operating margin -€280,167
down €280,167 (-8.1%), from €3.5m to €3.2m
- Taxes -€85,688
down €85,688 (-24.5%), from €350,389 to €264,702
- Staff costs +€46,559
up €46,559 (+2.0%), from €2.3m to €2.3m
- Financial income +€35,873
up €35,873 (+243%), from €14,762 to €50,635
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.
Result 2024
€692,713
Gross operating margin
-€280,167
Staff costs
-€46,559
Depreciation
-€9,439
Other operating charges
-€22,327
Financial income
+€35,873
Financial charges
+€2,284
Taxes
+€85,688
Result 2025
€458,066
raises the resultlowers the result
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.
From operations
+€943,491
Investment
-€657,728
Financing
-€62,770
Cash 2024
€1.4m
From operations (derived)
+€943,491
Net result for the year
+€458,066
Depreciation
+€126,314
Stocks and contracts
+€59,741
Receivables within one year
-€56,701
Deferred charges and accrued income
+€14,058
Provisions
-€7,800
Trade debts
+€164,174
Tax, wage and social debts
+€142,198
Advances received
-€308,667
Other debts
+€352,500
Accrued charges and deferred income
-€391
Investment (derived)
-€657,728
Investment in fixed assets (net)
-€26,573
Current investments
-€631,154
Financing
-€62,770
Debts after one year
-€48,539
Current portion of long-term debt
-€14,230
Cash 2025
€1.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,671,240 | €6,408,550 | +€737,310 | +13.0% |
| Fixed assets | 21/28 | €1,109,751 | €1,010,011 | -€99,740 | -9.0% |
| Tangible fixed assets | 22/27 | €1,061,124 | €961,384 | -€99,740 | -9.4% |
| Land and buildings | 22 | €639,761 | €612,073 | -€27,688 | -4.3% |
| Plant, machinery and equipment | 23 | €209,528 | €185,184 | -€24,343 | -11.6% |
| Furniture and vehicles | 24 | €155,459 | €115,322 | -€40,137 | -25.8% |
| Other tangible fixed assets | 26 | €56,377 | €48,805 | -€7,572 | -13.4% |
| Financial fixed assets | 28 | €48,627 | €48,627 | = | 0.0% |
| Current assets | 29/58 | €4,561,488 | €5,398,538 | +€837,050 | +18.4% |
| Stocks and contracts in progress | 3 | €162,636 | €102,895 | -€59,741 | -36.7% |
| Stocks | 30/36 | €162,636 | €102,895 | -€59,741 | -36.7% |
| Amounts receivable within one year | 40/41 | €2,943,933 | €3,000,634 | +€56,701 | +1.9% |
| Trade receivables | 40 | €2,804,228 | €2,878,951 | +€74,722 | +2.7% |
| Other amounts receivable | 41 | €139,705 | €121,683 | -€18,021 | -12.9% |
| Current investments | 50/53 | - | €631,154 | +€631,154 | |
| Cash at bank and in hand | 54/58 | €1,425,185 | €1,648,179 | +€222,994 | +15.6% |
| Deferred charges and accrued income | 490/1 | €29,734 | €15,676 | -€14,058 | -47.3% |
| Total equity and liabilities | 10/49 | €5,671,240 | €6,408,550 | +€737,310 | +13.0% |
| Equity | 10/15 | €3,933,101 | €4,391,167 | +€458,066 | +11.6% |
| Contributions | 10/11 | €632,128 | €632,128 | = | 0.0% |
| Capital | 10 | €632,128 | €632,128 | = | 0.0% |
| Issued capital | 100 | €632,128 | €632,128 | = | 0.0% |
| Reserves | 13 | €2,586,984 | €3,045,049 | +€458,066 | +17.7% |
| Non-distributable reserves | 130/1 | €68,171 | €68,171 | = | 0.0% |
| Legal reserve | 130 | €68,171 | €68,171 | = | 0.0% |
| Tax-exempt reserves | 132 | €788,813 | €668,415 | -€120,398 | -15.3% |
| Distributable reserves | 133 | €1,730,000 | €2,308,464 | +€578,464 | +33.4% |
| Profit (loss) carried forward | 14 | €713,989 | €713,989 | = | 0.0% |
| Provisions and deferred taxes | 16 | €135,199 | €127,399 | -€7,800 | -5.8% |
| Deferred taxes | 168 | €135,199 | €127,399 | -€7,800 | -5.8% |
| Amounts payable | 17/49 | €1,602,939 | €1,889,983 | +€287,044 | +17.9% |
| Amounts payable after more than one year | 17 | €102,152 | €53,613 | -€48,539 | -47.5% |
| Financial debts | 170/4 | €102,152 | €53,613 | -€48,539 | -47.5% |
| Amounts payable within one year | 42/48 | €1,494,803 | €1,830,777 | +€335,974 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €62,770 | €48,539 | -€14,230 | -22.7% |
| Trade debts | 44 | €911,015 | €1,075,188 | +€164,174 | +18.0% |
| Suppliers | 440/4 | €911,015 | €1,075,188 | +€164,174 | +18.0% |
| Advances received on contracts in progress | 46 | €308,667 | - | -€308,667 | |
| Taxes, remuneration and social security | 45 | €212,351 | €354,549 | +€142,198 | +67.0% |
| Taxes | 450/3 | €80,389 | €225,091 | +€144,702 | +180% |
| Remuneration and social security | 454/9 | €131,962 | €129,458 | -€2,504 | -1.9% |
| Other amounts payable | 47/48 | - | €352,500 | +€352,500 | |
| Accrued charges and deferred income | 492/3 | €5,984 | €5,593 | -€391 | -6.5% |
| Remuneration, social security and pensions | 62 | €2,274,442 | €2,321,001 | +€46,559 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,874 | €126,314 | +€9,439 | +8.1% |
| Other operating charges | 640/8 | €22,885 | €45,212 | +€22,327 | +97.6% |
| Gross operating margin | 9900 | €3,456,514 | €3,176,348 | -€280,167 | -8.1% |
| Operating profit (loss) | 9901 | €1,042,314 | €683,821 | -€358,492 | -34.4% |
| Financial income | 75/76B | €14,762 | €50,635 | +€35,873 | +243% |
| Recurring financial income | 75 | €14,762 | €50,635 | +€35,873 | +243% |
| Financial charges | 65/66B | €21,773 | €19,489 | -€2,284 | -10.5% |
| Recurring financial charges | 65 | €21,773 | €19,489 | -€2,284 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €1,035,303 | €714,968 | -€320,335 | -30.9% |
| Transfer from deferred taxes | 780 | €7,800 | €7,800 | = | 0.0% |
| Income taxes | 67/77 | €350,389 | €264,702 | -€85,688 | -24.5% |
| Profit (loss) for the period | 9904 | €692,713 | €458,066 | -€234,648 | -33.9% |
| Transfer from tax-exempt reserves | 789 | €15,148 | €120,398 | +€105,250 | +695% |
| Profit (loss) for the period to be appropriated | 9905 | €707,861 | €578,464 | -€129,398 | -18.3% |
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 14 October 2026 via checked.be.