ENDORTHO: 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.
ENDORTHO
Largest movements
- Cash +€266,959
up €266,959 (+144%), from €185,282 to €452,241
mainly Net result for the year (+€349,180) and Depreciation (+€71,380)
- Receivables within one year -€28,447
down €28,447 (-94.4%), from €30,143 to €1,695
- Tangible fixed assets -€26,990
down €26,990 (-3.7%), from €721,744 to €694,754
of which Plant, machinery and equipment: -€17,658
- Reserves +€206,406
up €206,406 (+90.5%), from €228,064 to €434,470
of which Distributable reserves: +€206,406
- Tax, wage and social debts +€70,050
up €70,050 (+254%), from €27,542 to €97,592
- Debts after one year -€61,251
down €61,251 (-11.9%), from €514,877 to €453,626
- Gross operating margin +€241,224
up €241,224 (+68.8%), from €350,647 to €591,871
- Taxes +€94,902
up €94,902 (+166%), from €57,238 to €152,140
- Staff costs -€62,338
down €62,338, from €62,293 to -€45
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 | €947,218 | €1,166,868 | +€219,650 | +23.2% |
| Fixed assets | 21/28 | €725,926 | €698,216 | -€27,710 | -3.8% |
| Intangible fixed assets | 21 | €2,037 | €1,317 | -€720 | -35.3% |
| Tangible fixed assets | 22/27 | €721,744 | €694,754 | -€26,990 | -3.7% |
| Land and buildings | 22 | €592,174 | €579,233 | -€12,941 | -2.2% |
| Plant, machinery and equipment | 23 | €107,058 | €89,399 | -€17,658 | -16.5% |
| Furniture and vehicles | 24 | €22,512 | €26,122 | +€3,609 | +16.0% |
| Financial fixed assets | 28 | €2,145 | €2,145 | = | 0.0% |
| Current assets | 29/58 | €221,292 | €468,652 | +€247,360 | +112% |
| Amounts receivable within one year | 40/41 | €30,143 | €1,695 | -€28,447 | -94.4% |
| Other amounts receivable | 41 | €30,143 | €1,695 | -€28,447 | -94.4% |
| Current investments | 50/53 | - | €10,002 | +€10,002 | |
| Cash at bank and in hand | 54/58 | €185,282 | €452,241 | +€266,959 | +144% |
| Deferred charges and accrued income | 490/1 | €5,868 | €4,714 | -€1,154 | -19.7% |
| Total equity and liabilities | 10/49 | €947,218 | €1,166,868 | +€219,650 | +23.2% |
| Equity | 10/15 | €234,264 | €440,670 | +€206,406 | +88.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €228,064 | €434,470 | +€206,406 | +90.5% |
| Tax-exempt reserves | 132 | €21,298 | €21,298 | = | 0.0% |
| Distributable reserves | 133 | €206,767 | €413,173 | +€206,406 | +99.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €712,954 | €726,198 | +€13,244 | +1.9% |
| Amounts payable after more than one year | 17 | €514,877 | €453,626 | -€61,251 | -11.9% |
| Financial debts | 170/4 | €514,877 | €453,626 | -€61,251 | -11.9% |
| Amounts payable within one year | 42/48 | €198,077 | €272,572 | +€74,495 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €69,542 | €61,251 | -€8,291 | -11.9% |
| Trade debts | 44 | €4,296 | €6,746 | +€2,450 | +57.0% |
| Suppliers | 440/4 | €4,296 | €6,746 | +€2,450 | +57.0% |
| Taxes, remuneration and social security | 45 | €27,542 | €97,592 | +€70,050 | +254% |
| Taxes | 450/3 | €27,542 | €97,592 | +€70,050 | +254% |
| Other amounts payable | 47/48 | €96,696 | €106,982 | +€10,286 | +10.6% |
| Non-recurring operating income | 76A | €0 | €12,799 | +€12,799 | |
| Remuneration, social security and pensions | 62 | €62,293 | -€45 | -€62,338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,933 | €71,380 | +€447 | +0.6% |
| Other operating charges | 640/8 | €2,941 | €3,024 | +€84 | +2.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €350,647 | €591,871 | +€241,224 | +68.8% |
| Operating profit (loss) | 9901 | €214,481 | €517,512 | +€303,031 | +141% |
| Financial income | 75/76B | €934 | €1,730 | +€796 | +85.2% |
| Recurring financial income | 75 | €934 | €1,730 | +€796 | +85.2% |
| Financial charges | 65/66B | €19,604 | €17,921 | -€1,683 | -8.6% |
| Recurring financial charges | 65 | €19,604 | €17,921 | -€1,683 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €195,811 | €501,320 | +€305,509 | +156% |
| Income taxes | 67/77 | €57,238 | €152,140 | +€94,902 | +166% |
| Profit (loss) for the period | 9904 | €138,573 | €349,180 | +€210,607 | +152% |
| Profit (loss) for the period to be appropriated | 9905 | €138,573 | €349,180 | +€210,607 | +152% |
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 15 October 2026 via checked.be.