Endor: 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.
Endor
Largest movements
- Tangible fixed assets +€34,000
up €34,000 (+22.5%), from €151,357 to €185,358
- Cash -€14,621
down €14,621 (-11.7%), from €124,639 to €110,018
mainly Investment in fixed assets (net) (-€66,807) and Trade debts (-€8,421)
- Reserves +€29,872
up €29,872 (+20.1%), from €148,887 to €178,759
- Trade debts -€8,421
down €8,421 (-14.4%), from €58,631 to €50,210
- Other debts -€4,051
down €4,051 (-6.9%), from €58,821 to €54,770
- Gross operating margin +€7,928
up €7,928 (+8.6%), from €92,286 to €100,213
- Depreciation +€2,140
up €2,140 (+7.0%), from €30,666 to €32,806
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 | €280,253 | €299,907 | +€19,654 | +7.0% |
| Fixed assets | 21/28 | €151,357 | €185,358 | +€34,000 | +22.5% |
| Tangible fixed assets | 22/27 | €151,357 | €185,358 | +€34,000 | +22.5% |
| Land and buildings | 22 | €151,357 | €185,358 | +€34,000 | +22.5% |
| Current assets | 29/58 | €128,896 | €114,550 | -€14,346 | -11.1% |
| Amounts receivable within one year | 40/41 | €0 | €790 | +€790 | |
| Trade receivables | 40 | €0 | €790 | +€790 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €124,639 | €110,018 | -€14,621 | -11.7% |
| Deferred charges and accrued income | 490/1 | €4,256 | €3,742 | -€514 | -12.1% |
| Total equity and liabilities | 10/49 | €280,253 | €299,907 | +€19,654 | +7.0% |
| Equity | 10/15 | €157,758 | €187,630 | +€29,872 | +18.9% |
| Contributions | 10/11 | €8,871 | €8,871 | = | 0.0% |
| Reserves | 13 | €148,887 | €178,759 | +€29,872 | +20.1% |
| Distributable reserves | 133 | €148,887 | €178,759 | +€29,872 | +20.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €122,495 | €112,277 | -€10,218 | -8.3% |
| Amounts payable within one year | 42/48 | €117,925 | €107,923 | -€10,002 | -8.5% |
| Trade debts | 44 | €58,631 | €50,210 | -€8,421 | -14.4% |
| Suppliers | 440/4 | €58,631 | €50,210 | -€8,421 | -14.4% |
| Taxes, remuneration and social security | 45 | €474 | €2,943 | +€2,469 | +521.2% |
| Taxes | 450/3 | €474 | €2,943 | +€2,469 | +521.2% |
| Other amounts payable | 47/48 | €58,821 | €54,770 | -€4,051 | -6.9% |
| Accrued charges and deferred income | 492/3 | €4,570 | €4,354 | -€216 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,666 | €32,806 | +€2,140 | +7.0% |
| Other operating charges | 640/8 | €25,423 | €26,219 | +€796 | +3.1% |
| Gross operating margin | 9900 | €92,286 | €100,213 | +€7,928 | +8.6% |
| Operating profit (loss) | 9901 | €36,196 | €41,188 | +€4,991 | +13.8% |
| Financial income | 75/76B | €106 | €515 | +€409 | +385.3% |
| Recurring financial income | 75 | €106 | €515 | +€409 | +385.3% |
| Financial charges | 65/66B | €65 | €33 | -€32 | -49.3% |
| Recurring financial charges | 65 | €65 | €33 | -€32 | -49.3% |
| Profit (loss) for the period before taxes | 9903 | €36,237 | €41,669 | +€5,432 | +15.0% |
| Income taxes | 67/77 | €11,634 | €11,797 | +€163 | +1.4% |
| Profit (loss) for the period | 9904 | €24,603 | €29,872 | +€5,269 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,603 | €29,872 | +€5,269 | +21.4% |
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 4 October 2026 via checked.be.