ENDEMA: 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.
ENDEMA
Largest movements
- Tangible fixed assets +€199,538
up €199,538 (+47.2%), from €422,884 to €622,422
of which Land and buildings: +€232,210
- Receivables within one year +€98,386
up €98,386 (+21.1%), from €467,382 to €565,769
of which Trade receivables: +€83,511
- Cash +€81,185
up €81,185 (+23.1%), from €352,037 to €433,222
mainly Net result for the year (+€271,601) and Debts after one year (+€152,359)
- Deferred charges and accrued income -€43,584
down €43,584 (-67.1%), from €64,945 to €21,361
- Profit (loss) carried forward +€271,601
up €271,601 (+102.8%), from €264,326 to €535,927
- Debts after one year +€152,359
up €152,359 (+39.7%), from €383,451 to €535,810
- Trade debts -€70,134
down €70,134 (-36.3%), from €192,956 to €122,821
- Accrued charges and deferred income -€39,998
down €39,998 (-99.8%), from €40,084 to €86
- Tax, wage and social debts +€17,393
up €17,393 (+28.4%), from €61,191 to €78,583
of which Remuneration and social security: +€17,646
- Staff costs +€32,981
up €32,981 (+14.6%), from €225,277 to €258,259
- Depreciation +€20,773
up €20,773 (+22.9%), from €90,808 to €111,581
- Gross operating margin +€20,405
up €20,405 (+2.8%), from €731,239 to €751,645
- Other operating charges -€8,204
down €8,204 (-39.4%), from €20,815 to €12,610
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 | €1,327,076 | €1,669,038 | +€341,962 | +25.8% |
| Fixed assets | 21/28 | €431,755 | €628,040 | +€196,285 | +45.5% |
| Intangible fixed assets | 21 | €8,871 | €5,618 | -€3,253 | -36.7% |
| Tangible fixed assets | 22/27 | €422,884 | €622,422 | +€199,538 | +47.2% |
| Land and buildings | 22 | €329,100 | €561,310 | +€232,210 | +70.6% |
| Plant, machinery and equipment | 23 | €26,400 | €13,611 | -€12,789 | -48.4% |
| Furniture and vehicles | 24 | €67,384 | €47,500 | -€19,883 | -29.5% |
| Current assets | 29/58 | €895,322 | €1,040,998 | +€145,676 | +16.3% |
| Stocks and contracts in progress | 3 | €10,958 | €20,647 | +€9,689 | +88.4% |
| Stocks | 30/36 | €10,958 | €20,647 | +€9,689 | +88.4% |
| Amounts receivable within one year | 40/41 | €467,382 | €565,769 | +€98,386 | +21.1% |
| Trade receivables | 40 | €431,776 | €515,287 | +€83,511 | +19.3% |
| Other amounts receivable | 41 | €35,606 | €50,482 | +€14,875 | +41.8% |
| Cash at bank and in hand | 54/58 | €352,037 | €433,222 | +€81,185 | +23.1% |
| Deferred charges and accrued income | 490/1 | €64,945 | €21,361 | -€43,584 | -67.1% |
| Total equity and liabilities | 10/49 | €1,327,076 | €1,669,038 | +€341,962 | +25.8% |
| Equity | 10/15 | €560,335 | €830,403 | +€270,068 | +48.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,986 | €256,986 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €86,726 | €86,726 | = | 0.0% |
| Profit (loss) carried forward | 14 | €264,326 | €535,927 | +€271,601 | +102.8% |
| Investment grants | 15 | €20,424 | €18,890 | -€1,534 | -7.5% |
| Amounts payable | 17/49 | €766,741 | €838,635 | +€71,894 | +9.4% |
| Amounts payable after more than one year | 17 | €383,451 | €535,810 | +€152,359 | +39.7% |
| Financial debts | 170/4 | €383,451 | €535,810 | +€152,359 | +39.7% |
| Amounts payable within one year | 42/48 | €343,206 | €302,738 | -€40,467 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €67,699 | €72,641 | +€4,941 | +7.3% |
| Trade debts | 44 | €192,956 | €122,821 | -€70,134 | -36.3% |
| Suppliers | 440/4 | €192,956 | €122,821 | -€70,134 | -36.3% |
| Advances received on contracts in progress | 46 | €0 | €7,321 | +€7,321 | |
| Taxes, remuneration and social security | 45 | €61,191 | €78,583 | +€17,393 | +28.4% |
| Taxes | 450/3 | €32,024 | €31,771 | -€253 | -0.8% |
| Remuneration and social security | 454/9 | €29,166 | €46,812 | +€17,646 | +60.5% |
| Other amounts payable | 47/48 | €21,360 | €21,372 | +€12 | +0.1% |
| Accrued charges and deferred income | 492/3 | €40,084 | €86 | -€39,998 | -99.8% |
| Remuneration, social security and pensions | 62 | €225,277 | €258,259 | +€32,981 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,808 | €111,581 | +€20,773 | +22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €20,815 | €12,610 | -€8,204 | -39.4% |
| Gross operating margin | 9900 | €731,239 | €751,645 | +€20,405 | +2.8% |
| Operating profit (loss) | 9901 | €394,339 | €369,195 | -€25,144 | -6.4% |
| Financial income | 75/76B | €2,806 | €3,214 | +€409 | +14.6% |
| Recurring financial income | 75 | €2,806 | €3,214 | +€409 | +14.6% |
| Financial charges | 65/66B | €10,040 | €10,601 | +€561 | +5.6% |
| Recurring financial charges | 65 | €10,040 | €10,601 | +€561 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €387,105 | €361,808 | -€25,297 | -6.5% |
| Income taxes | 67/77 | €90,156 | €90,206 | +€50 | +0.1% |
| Profit (loss) for the period | 9904 | €296,948 | €271,601 | -€25,347 | -8.5% |
| Transfer to tax-exempt reserves | 689 | €168,400 | - | -€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,548 | €271,601 | +€143,053 | +111.3% |
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 2 October 2026 via checked.be.