ENDEVER: 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.
What changed
ENDEVER
NACE 03.110, Fishing and aquaculture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€221,744
2024 · -€156,251-€65,493
Equity
€1.1m
2024 · €1.4m-€235,077
Cash
€33,868
2024 · €23,299+€10,569
Balance sheet total
€2.7m
2024 · €2.9m-€248,839
Largest movements
Assets
- Tangible fixed assets -€260,425
down €260,425 (-11.0%), from €2.4m to €2.1m
Equity and liabilities
- Other debts -€353,868
down €353,868 (-87.0%), from €406,957 to €53,090
- Debts after one year +€250,292
up €250,292 (+31.6%), from €793,000 to €1.0m
- Reserves -€221,744
down €221,744 (-18.0%), from €1.2m to €1.0m
of which Distributable reserves: -€221,744
- Current portion of long-term debt +€81,600
new in 2025: €81,600
- Trade debts +€44,725
up €44,725 (+37.8%), from €118,214 to €162,939
Income statement
- Staff costs +€370,265
up €370,265 (+84.6%), from €437,534 to €807,799
- Gross operating margin +€338,630
up €338,630 (+63.9%), from €530,031 to €868,661
- Depreciation +€20,491
up €20,491 (+8.5%), from €239,934 to €260,425
- Financial charges +€10,555
up €10,555 (+53.1%), from €19,877 to €30,433
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
-€156,251
Gross operating margin
+€338,630
Staff costs
-€370,265
Depreciation
-€20,491
Other operating charges
-€4,416
Financial income
+€1,383
Financial charges
-€10,555
Taxes
+€222
Result 2025
-€221,744
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.
From operations
-€307,990
Investment
€0
Financing
+€318,559
Cash 2024
€23,299
From operations (derived)
-€307,990
Net result for the year
-€221,744
Depreciation
+€260,425
Receivables within one year
+€3,156
Deferred charges and accrued income
-€4,173
Provisions
-€4,444
Trade debts
+€44,725
Tax, wage and social debts
-€33,395
Other debts
-€353,868
Accrued charges and deferred income
+€1,328
Financing
+€318,559
Debts after one year
+€250,292
Current portion of long-term debt
+€81,600
Contributions, distributions and other
-€13,333
Cash 2025
€33,868
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,918,759 | €2,669,919 | -€248,839 | -8.5% |
| Fixed assets | 21/28 | €2,796,337 | €2,535,912 | -€260,425 | -9.3% |
| Tangible fixed assets | 22/27 | €2,361,051 | €2,100,626 | -€260,425 | -11.0% |
| Furniture and vehicles | 24 | €2,361,051 | €2,100,626 | -€260,425 | -11.0% |
| Financial fixed assets | 28 | €435,286 | €435,286 | = | 0.0% |
| Current assets | 29/58 | €122,422 | €134,008 | +€11,586 | +9.5% |
| Amounts receivable within one year | 40/41 | €98,569 | €95,413 | -€3,156 | -3.2% |
| Trade receivables | 40 | €58,308 | €55,000 | -€3,308 | -5.7% |
| Other amounts receivable | 41 | €40,261 | €40,413 | +€152 | +0.4% |
| Cash at bank and in hand | 54/58 | €23,299 | €33,868 | +€10,569 | +45.4% |
| Deferred charges and accrued income | 490/1 | €554 | €4,727 | +€4,173 | +752.8% |
| Total equity and liabilities | 10/49 | €2,918,759 | €2,669,919 | -€248,839 | -8.5% |
| Equity | 10/15 | €1,369,967 | €1,134,890 | -€235,077 | -17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,231,369 | €1,009,625 | -€221,744 | -18.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,229,509 | €1,007,765 | -€221,744 | -18.0% |
| Investment grants | 15 | €119,998 | €106,665 | -€13,333 | -11.1% |
| Provisions and deferred taxes | 16 | €39,999 | €35,555 | -€4,444 | -11.1% |
| Deferred taxes | 168 | €39,999 | €35,555 | -€4,444 | -11.1% |
| Amounts payable | 17/49 | €1,508,792 | €1,499,474 | -€9,318 | -0.6% |
| Amounts payable after more than one year | 17 | €793,000 | €1,043,292 | +€250,292 | +31.6% |
| Other amounts payable | 178/9 | €793,000 | €1,043,292 | +€250,292 | +31.6% |
| Amounts payable within one year | 42/48 | €715,792 | €454,854 | -€260,938 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | - | €81,600 | +€81,600 | |
| Trade debts | 44 | €118,214 | €162,939 | +€44,725 | +37.8% |
| Suppliers | 440/4 | €118,214 | €162,939 | +€44,725 | +37.8% |
| Taxes, remuneration and social security | 45 | €190,621 | €157,226 | -€33,395 | -17.5% |
| Taxes | 450/3 | €177,671 | €134,927 | -€42,743 | -24.1% |
| Remuneration and social security | 454/9 | €12,950 | €22,298 | +€9,348 | +72.2% |
| Other amounts payable | 47/48 | €406,957 | €53,090 | -€353,868 | -87.0% |
| Accrued charges and deferred income | 492/3 | - | €1,328 | +€1,328 | |
| Remuneration, social security and pensions | 62 | €437,534 | €807,799 | +€370,265 | +84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239,934 | €260,425 | +€20,491 | +8.5% |
| Other operating charges | 640/8 | €6,721 | €11,137 | +€4,416 | +65.7% |
| Gross operating margin | 9900 | €530,031 | €868,661 | +€338,630 | +63.9% |
| Operating profit (loss) | 9901 | -€154,157 | -€210,699 | -€56,542 | -36.7% |
| Financial income | 75/76B | €13,339 | €14,722 | +€1,383 | +10.4% |
| Recurring financial income | 75 | €13,339 | €14,722 | +€1,383 | +10.4% |
| Financial charges | 65/66B | €19,877 | €30,433 | +€10,555 | +53.1% |
| Recurring financial charges | 65 | €19,877 | €30,433 | +€10,555 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | -€160,696 | -€226,410 | -€65,715 | -40.9% |
| Transfer from deferred taxes | 780 | €4,444 | €4,444 | = | 0.0% |
| Income taxes | 67/77 | - | -€222 | -€222 | |
| Profit (loss) for the period | 9904 | -€156,251 | -€221,744 | -€65,493 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€156,251 | -€221,744 | -€65,493 | -41.9% |
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 7 October 2026 via checked.be.