Endo-M: 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.
Endo-M
Largest movements
- Tangible fixed assets -€33,729
down €33,729 (-5.2%), from €647,956 to €614,227
of which Land and buildings: -€18,329
- Debts after one year -€52,953
down €52,953 (-10.2%), from €518,532 to €465,579
- Reserves +€43,061
up €43,061 (+28.7%), from €150,229 to €193,290
of which Distributable reserves: +€43,061
- Current portion of long-term debt -€17,602
down €17,602 (-35.1%), from €50,128 to €32,526
- Other debts -€11,946
down €11,946 (-18.4%), from €64,863 to €52,917
- Gross operating margin -€33,349
down €33,349 (-23.4%), from €142,780 to €109,431
- Taxes -€7,715
down €7,715 (-31.4%), from €24,608 to €16,893
- Financial charges -€2,733
down €2,733 (-16.3%), from €16,781 to €14,047
- Other operating charges -€1,903
down €1,903 (-93.0%), from €2,048 to €144
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €806,945 | €773,874 | -€33,071 | -4.1% |
| Fixed assets | 21/28 | €647,956 | €614,227 | -€33,729 | -5.2% |
| Tangible fixed assets | 22/27 | €647,956 | €614,227 | -€33,729 | -5.2% |
| Land and buildings | 22 | €600,992 | €582,663 | -€18,329 | -3.0% |
| Plant, machinery and equipment | 23 | €14,717 | €10,307 | -€4,410 | -30.0% |
| Furniture and vehicles | 24 | €32,247 | €21,257 | -€10,990 | -34.1% |
| Current assets | 29/58 | €158,989 | €159,647 | +€657 | +0.4% |
| Amounts receivable within one year | 40/41 | €146,155 | €146,420 | +€265 | +0.2% |
| Other amounts receivable | 41 | €146,155 | €146,420 | +€265 | +0.2% |
| Cash at bank and in hand | 54/58 | €4,785 | €2,974 | -€1,811 | -37.8% |
| Deferred charges and accrued income | 490/1 | €8,050 | €10,253 | +€2,203 | +27.4% |
| Total equity and liabilities | 10/49 | €806,945 | €773,874 | -€33,071 | -4.1% |
| Equity | 10/15 | €162,729 | €205,790 | +€43,061 | +26.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €150,229 | €193,290 | +€43,061 | +28.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €148,369 | €191,430 | +€43,061 | +29.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €644,216 | €568,084 | -€76,132 | -11.8% |
| Amounts payable after more than one year | 17 | €518,532 | €465,579 | -€52,953 | -10.2% |
| Financial debts | 170/4 | €518,532 | €465,579 | -€52,953 | -10.2% |
| Amounts payable within one year | 42/48 | €125,685 | €98,583 | -€27,102 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €50,128 | €32,526 | -€17,602 | -35.1% |
| Financial debts | 43 | €55 | €99 | +€44 | +79.7% |
| Credit institutions | 430/8 | €55 | €99 | +€44 | +79.7% |
| Trade debts | 44 | €2,031 | €8,621 | +€6,589 | +324% |
| Suppliers | 440/4 | €2,031 | €8,621 | +€6,589 | +324% |
| Taxes, remuneration and social security | 45 | €8,608 | €4,421 | -€4,187 | -48.6% |
| Taxes | 450/3 | €8,608 | €893 | -€7,715 | -89.6% |
| Remuneration and social security | 454/9 | €0 | €3,528 | +€3,528 | |
| Other amounts payable | 47/48 | €64,863 | €52,917 | -€11,946 | -18.4% |
| Accrued charges and deferred income | 492/3 | - | €3,923 | +€3,923 | |
| Remuneration, social security and pensions | 62 | €748 | €724 | -€24 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,729 | €33,729 | +€0 | 0.0% |
| Other operating charges | 640/8 | €2,048 | €144 | -€1,903 | -93.0% |
| Gross operating margin | 9900 | €142,780 | €109,431 | -€33,349 | -23.4% |
| Operating profit (loss) | 9901 | €106,256 | €74,834 | -€31,422 | -29.6% |
| Financial charges | 65/66B | €16,781 | €14,047 | -€2,733 | -16.3% |
| Recurring financial charges | 65 | €16,781 | €14,047 | -€2,733 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €89,475 | €60,786 | -€28,689 | -32.1% |
| Income taxes | 67/77 | €24,608 | €16,893 | -€7,715 | -31.4% |
| Profit (loss) for the period | 9904 | €64,867 | €43,894 | -€20,974 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,867 | €43,894 | -€20,974 | -32.3% |
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 26 October 2026 via checked.be.