ENDI: 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.
ENDI
Largest movements
- Cash +€81,852
up €81,852 (+14.1%), from €580,155 to €662,007
mainly Net result for the year (+€84,728) and Other debts (+€36,650)
- Tangible fixed assets +€48,782
up €48,782 (+282.9%), from €17,243 to €66,024
of which Furniture and vehicles: +€41,149
- Reserves +€84,728
up €84,728 (+17.0%), from €497,146 to €581,874
- Other debts +€36,650
up €36,650 (+31.1%), from €117,776 to €154,426
- Gross operating margin +€21,956
up €21,956 (+21.3%), from €102,929 to €124,885
- Financial income +€7,299
up €7,299 (+662.8%), from €1,101 to €8,400
- Taxes +€6,974
up €6,974 (+26.7%), from €26,070 to €33,044
- Financial charges +€3,181
up €3,181 (+50.4%), from €6,307 to €9,488
- Depreciation +€3,178
up €3,178 (+123.8%), from €2,566 to €5,744
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 | €640,419 | €768,533 | +€128,114 | +20.0% |
| Fixed assets | 21/28 | €17,303 | €66,084 | +€48,782 | +281.9% |
| Tangible fixed assets | 22/27 | €17,243 | €66,024 | +€48,782 | +282.9% |
| Furniture and vehicles | 24 | €4,540 | €45,689 | +€41,149 | +906.3% |
| Other tangible fixed assets | 26 | €12,703 | €20,336 | +€7,633 | +60.1% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €623,116 | €702,448 | +€79,333 | +12.7% |
| Amounts receivable within one year | 40/41 | €42,961 | €40,441 | -€2,519 | -5.9% |
| Trade receivables | 40 | €39,331 | €39,378 | +€47 | +0.1% |
| Other amounts receivable | 41 | €3,630 | €1,063 | -€2,567 | -70.7% |
| Cash at bank and in hand | 54/58 | €580,155 | €662,007 | +€81,852 | +14.1% |
| Total equity and liabilities | 10/49 | €640,419 | €768,533 | +€128,114 | +20.0% |
| Equity | 10/15 | €515,746 | €600,474 | +€84,728 | +16.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €497,146 | €581,874 | +€84,728 | +17.0% |
| Distributable reserves | 133 | €497,146 | €581,874 | +€84,728 | +17.0% |
| Amounts payable | 17/49 | €124,673 | €168,059 | +€43,386 | +34.8% |
| Amounts payable within one year | 42/48 | €124,673 | €168,059 | +€43,386 | +34.8% |
| Trade debts | 44 | €2,179 | €1,495 | -€684 | -31.4% |
| Suppliers | 440/4 | €2,179 | €1,495 | -€684 | -31.4% |
| Taxes, remuneration and social security | 45 | €4,718 | €12,137 | +€7,419 | +157.3% |
| Taxes | 450/3 | €4,718 | €12,137 | +€7,419 | +157.3% |
| Other amounts payable | 47/48 | €117,776 | €154,426 | +€36,650 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,566 | €5,744 | +€3,178 | +123.8% |
| Other operating charges | 640/8 | €325 | €282 | -€43 | -13.2% |
| Gross operating margin | 9900 | €102,929 | €124,885 | +€21,956 | +21.3% |
| Operating profit (loss) | 9901 | €100,038 | €118,859 | +€18,821 | +18.8% |
| Financial income | 75/76B | €1,101 | €8,400 | +€7,299 | +662.8% |
| Recurring financial income | 75 | €1,101 | €8,400 | +€7,299 | +662.8% |
| Financial charges | 65/66B | €6,307 | €9,488 | +€3,181 | +50.4% |
| Recurring financial charges | 65 | €6,307 | €9,488 | +€3,181 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €94,832 | €117,772 | +€22,940 | +24.2% |
| Income taxes | 67/77 | €26,070 | €33,044 | +€6,974 | +26.7% |
| Profit (loss) for the period | 9904 | €68,762 | €84,728 | +€15,966 | +23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,762 | €84,728 | +€15,966 | +23.2% |
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 8 October 2026 via checked.be.