ENDO PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€174,592
up €174,592 (+26.1%), from €669,593 to €844,185
of which Trade receivables: +€171,362
- Stocks and contracts +€48,785
up €48,785 (+21.2%), from €229,714 to €278,499
- Tangible fixed assets -€35,515
down €35,515 (-10.2%), from €348,744 to €313,228
of which Land and buildings: -€29,455
- Short-term financial debts +€158,818
up €158,818 (+29.4%), from €539,570 to €698,388
- Trade debts +€51,539
up €51,539 (+36.1%), from €142,837 to €194,376
- Debts after one year -€33,316
down €33,316 (-9.8%), from €339,760 to €306,443
- Other debts -€30,502
no longer reported in 2025 (was €30,502)
- Reserves +€17,568
up €17,568 (+19.8%), from €88,596 to €106,164
of which Distributable reserves: +€17,568
- Gross operating margin +€53,100
up €53,100 (+13.1%), from €404,744 to €457,844
- Taxes +€12,558
up €12,558 (+199%), from €6,304 to €18,862
- Other operating charges +€4,905
up €4,905 (+146%), from €3,365 to €8,270
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 | €1,275,009 | €1,456,261 | +€181,252 | +14.2% |
| Fixed assets | 21/28 | €351,976 | €314,811 | -€37,165 | -10.6% |
| Intangible fixed assets | 21 | €3,232 | €1,582 | -€1,650 | -51.0% |
| Tangible fixed assets | 22/27 | €348,744 | €313,228 | -€35,515 | -10.2% |
| Land and buildings | 22 | €325,061 | €295,606 | -€29,455 | -9.1% |
| Plant, machinery and equipment | 23 | €6,923 | €4,312 | -€2,610 | -37.7% |
| Furniture and vehicles | 24 | €16,760 | €13,311 | -€3,450 | -20.6% |
| Current assets | 29/58 | €923,033 | €1,141,450 | +€218,417 | +23.7% |
| Stocks and contracts in progress | 3 | €229,714 | €278,499 | +€48,785 | +21.2% |
| Stocks | 30/36 | €229,714 | €278,499 | +€48,785 | +21.2% |
| Amounts receivable within one year | 40/41 | €669,593 | €844,185 | +€174,592 | +26.1% |
| Trade receivables | 40 | €652,285 | €823,647 | +€171,362 | +26.3% |
| Other amounts receivable | 41 | €17,308 | €20,538 | +€3,230 | +18.7% |
| Cash at bank and in hand | 54/58 | €14,349 | €14,498 | +€148 | +1.0% |
| Deferred charges and accrued income | 490/1 | €9,377 | €4,269 | -€5,108 | -54.5% |
| Total equity and liabilities | 10/49 | €1,275,009 | €1,456,261 | +€181,252 | +14.2% |
| Equity | 10/15 | €97,607 | €124,764 | +€27,157 | +27.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,596 | €106,164 | +€17,568 | +19.8% |
| 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 | €86,736 | €104,304 | +€17,568 | +20.3% |
| Profit (loss) carried forward | 14 | -€9,589 | - | +€9,589 | |
| Amounts payable | 17/49 | €1,177,402 | €1,331,497 | +€154,095 | +13.1% |
| Amounts payable after more than one year | 17 | €339,760 | €306,443 | -€33,316 | -9.8% |
| Financial debts | 170/4 | €339,760 | €306,443 | -€33,316 | -9.8% |
| Amounts payable within one year | 42/48 | €837,642 | €1,025,054 | +€187,412 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €32,381 | €33,316 | +€935 | +2.9% |
| Financial debts | 43 | €539,570 | €698,388 | +€158,818 | +29.4% |
| Credit institutions | 430/8 | €539,570 | €698,388 | +€158,818 | +29.4% |
| Trade debts | 44 | €142,837 | €194,376 | +€51,539 | +36.1% |
| Suppliers | 440/4 | €142,837 | €194,376 | +€51,539 | +36.1% |
| Taxes, remuneration and social security | 45 | €92,352 | €98,973 | +€6,621 | +7.2% |
| Taxes | 450/3 | €33,290 | €50,872 | +€17,582 | +52.8% |
| Remuneration and social security | 454/9 | €59,062 | €48,101 | -€10,961 | -18.6% |
| Other amounts payable | 47/48 | €30,502 | - | -€30,502 | |
| Non-recurring operating income | 76A | - | €2,142 | +€2,142 | |
| Remuneration, social security and pensions | 62 | €330,717 | €328,720 | -€1,997 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,613 | €40,761 | -€3,851 | -8.6% |
| Other operating charges | 640/8 | €3,365 | €8,270 | +€4,905 | +146% |
| Gross operating margin | 9900 | €404,744 | €457,844 | +€53,100 | +13.1% |
| Operating profit (loss) | 9901 | €26,050 | €80,093 | +€54,044 | +207% |
| Financial charges | 65/66B | €31,623 | €34,075 | +€2,452 | +7.8% |
| Recurring financial charges | 65 | €31,623 | €34,075 | +€2,452 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,573 | €46,019 | +€51,592 | |
| Income taxes | 67/77 | €6,304 | €18,862 | +€12,558 | +199% |
| Profit (loss) for the period | 9904 | -€11,877 | €27,157 | +€39,033 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,877 | €27,157 | +€39,033 |
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 29 October 2026 via checked.be.