ENDEPOEL: 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.
ENDEPOEL
Largest movements
- Tangible fixed assets -€445,511
down €445,511 (-5.9%), from €7.6m to €7.1m
of which Assets under construction and advance payments: -€282,224
- Current investments +€400,000
new in 2025: €400,000
- Cash +€239,347
up €239,347 (+98.5%), from €243,008 to €482,355
mainly Depreciation (+€445,511) and Net result for the year (+€344,409)
- Reserves +€344,409
up €344,409 (+15.2%), from €2.3m to €2.6m
of which Distributable reserves: +€344,409
- Debts after one year -€278,736
down €278,736 (-13.8%), from €2.0m to €1.7m
- Other debts +€102,052
up €102,052 (+4.6%), from €2.2m to €2.3m
- Gross operating margin +€79,716
up €79,716 (+8.9%), from €893,211 to €972,927
- Taxes +€22,780
up €22,780 (+24.4%), from €93,515 to €116,295
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 | €7,804,718 | €8,002,743 | +€198,025 | +2.5% |
| Fixed assets | 21/28 | €7,561,710 | €7,116,199 | -€445,511 | -5.9% |
| Tangible fixed assets | 22/27 | €7,561,710 | €7,116,199 | -€445,511 | -5.9% |
| Land and buildings | 22 | €3,243,361 | €3,080,074 | -€163,287 | -5.0% |
| Assets under construction and advance payments | 27 | €4,318,349 | €4,036,125 | -€282,224 | -6.5% |
| Current assets | 29/58 | €243,008 | €886,544 | +€643,536 | +264.8% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €243,008 | €482,355 | +€239,347 | +98.5% |
| Deferred charges and accrued income | 490/1 | - | €4,189 | +€4,189 | |
| Total equity and liabilities | 10/49 | €7,804,718 | €8,002,743 | +€198,025 | +2.5% |
| Equity | 10/15 | €3,297,600 | €3,642,009 | +€344,409 | +10.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Revaluation surpluses | 12 | €827,928 | €827,928 | = | 0.0% |
| Reserves | 13 | €2,269,672 | €2,614,081 | +€344,409 | +15.2% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €2,249,672 | €2,594,081 | +€344,409 | +15.3% |
| Amounts payable | 17/49 | €4,507,118 | €4,360,734 | -€146,384 | -3.2% |
| Amounts payable after more than one year | 17 | €2,015,564 | €1,736,829 | -€278,736 | -13.8% |
| Financial debts | 170/4 | €2,015,564 | €1,736,829 | -€278,736 | -13.8% |
| Amounts payable within one year | 42/48 | €2,491,553 | €2,623,905 | +€132,352 | +5.3% |
| Current portion of amounts payable after more than one year | 42 | €278,239 | €278,736 | +€497 | +0.2% |
| Trade debts | 44 | €1,205 | €8,344 | +€7,139 | +592.7% |
| Suppliers | 440/4 | €1,205 | €8,344 | +€7,139 | +592.7% |
| Taxes, remuneration and social security | 45 | €17,324 | €39,988 | +€22,664 | +130.8% |
| Taxes | 450/3 | €17,324 | €39,988 | +€22,664 | +130.8% |
| Other amounts payable | 47/48 | €2,194,786 | €2,296,837 | +€102,052 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €445,511 | €445,511 | = | 0.0% |
| Other operating charges | 640/8 | €1,211 | €234 | -€977 | -80.7% |
| Gross operating margin | 9900 | €893,211 | €972,927 | +€79,716 | +8.9% |
| Operating profit (loss) | 9901 | €446,489 | €527,182 | +€80,693 | +18.1% |
| Financial income | 75/76B | €3,649 | €4,355 | +€705 | +19.3% |
| Recurring financial income | 75 | €3,649 | €4,355 | +€705 | +19.3% |
| Financial charges | 65/66B | €79,721 | €70,833 | -€8,889 | -11.1% |
| Recurring financial charges | 65 | €79,721 | €70,833 | -€8,889 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €370,417 | €460,704 | +€90,287 | +24.4% |
| Income taxes | 67/77 | €93,515 | €116,295 | +€22,780 | +24.4% |
| Profit (loss) for the period | 9904 | €276,902 | €344,409 | +€67,507 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €276,902 | €344,409 | +€67,507 | +24.4% |
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 9 October 2026 via checked.be.