Enebra: 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.
Enebra
Largest movements
- Cash +€137,072
up €137,072 (+28.0%), from €490,394 to €627,466
mainly Contributions, distributions and other (+€157,656) and Depreciation (+€79,320)
- Financial fixed assets +€126,000
up €126,000 (+311.1%), from €40,500 to €166,500
- Receivables within one year +€117,723
up €117,723 (+128.0%), from €91,941 to €209,664
of which Trade receivables: +€144,462
- Contributions +€182,800
up €182,800 (+13.0%), from €1.4m to €1.6m
- Debts after one year +€79,009
up €79,009 (+5.8%), from €1.4m to €1.4m
of which Trade debts: +€141,075
- Current portion of long-term debt +€61,134
up €61,134 (+70.3%), from €86,912 to €148,047
- Gross operating margin +€228,496
up €228,496 (+411.3%), from €55,559 to €284,055
- Write-downs +€118,587
new in 2025: €118,587
- Financial income +€46,721
up €46,721 (+745.7%), from €6,265 to €52,986
of which Financial income: +€38,785
- Depreciation +€36,104
up €36,104 (+83.5%), from €43,215 to €79,320
- Financial charges +€27,682
up €27,682 (+284.9%), from €9,715 to €37,397
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 | €3,011,843 | €3,401,266 | +€389,423 | +12.9% |
| Fixed assets | 21/28 | €2,376,856 | €2,519,168 | +€142,312 | +6.0% |
| Intangible fixed assets | 21 | €4,560 | €3,420 | -€1,140 | -25.0% |
| Tangible fixed assets | 22/27 | €2,331,796 | €2,349,248 | +€17,452 | +0.7% |
| Plant, machinery and equipment | 23 | €2,331,796 | €2,349,248 | +€17,452 | +0.7% |
| Financial fixed assets | 28 | €40,500 | €166,500 | +€126,000 | +311.1% |
| Current assets | 29/58 | €634,987 | €882,098 | +€247,111 | +38.9% |
| Amounts receivable after more than one year | 29 | €6,208 | €4,793 | -€1,416 | -22.8% |
| Other amounts receivable | 291 | €6,208 | €4,793 | -€1,416 | -22.8% |
| Amounts receivable within one year | 40/41 | €91,941 | €209,664 | +€117,723 | +128.0% |
| Trade receivables | 40 | €2,146 | €146,608 | +€144,462 | +6732.7% |
| Other amounts receivable | 41 | €89,795 | €63,056 | -€26,739 | -29.8% |
| Cash at bank and in hand | 54/58 | €490,394 | €627,466 | +€137,072 | +28.0% |
| Deferred charges and accrued income | 490/1 | €46,444 | €40,176 | -€6,268 | -13.5% |
| Total equity and liabilities | 10/49 | €3,011,843 | €3,401,266 | +€389,423 | +12.9% |
| Equity | 10/15 | €1,494,583 | €1,703,317 | +€208,734 | +14.0% |
| Contributions | 10/11 | €1,403,900 | €1,586,700 | +€182,800 | +13.0% |
| Reserves | 13 | €5,236 | €5,236 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,094 | €2,094 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,094 | €2,094 | = | 0.0% |
| Distributable reserves | 133 | €3,142 | €3,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,819 | €35,881 | +€12,062 | +50.6% |
| Investment grants | 15 | €61,628 | €75,500 | +€13,872 | +22.5% |
| Amounts payable | 17/49 | €1,517,259 | €1,697,949 | +€180,690 | +11.9% |
| Amounts payable after more than one year | 17 | €1,354,015 | €1,433,024 | +€79,009 | +5.8% |
| Financial debts | 170/4 | €1,354,015 | €1,291,949 | -€62,066 | -4.6% |
| Trade debts | 175 | - | €141,075 | +€141,075 | |
| Amounts payable within one year | 42/48 | €163,244 | €264,684 | +€101,440 | +62.1% |
| Current portion of amounts payable after more than one year | 42 | €86,912 | €148,047 | +€61,134 | +70.3% |
| Trade debts | 44 | €17,580 | €38,221 | +€20,641 | +117.4% |
| Suppliers | 440/4 | €17,580 | €38,221 | +€20,641 | +117.4% |
| Taxes, remuneration and social security | 45 | €27,046 | €39,456 | +€12,410 | +45.9% |
| Taxes | 450/3 | €19,789 | €31,125 | +€11,336 | +57.3% |
| Remuneration and social security | 454/9 | €7,257 | €8,331 | +€1,074 | +14.8% |
| Other amounts payable | 47/48 | €31,707 | €38,961 | +€7,255 | +22.9% |
| Accrued charges and deferred income | 492/3 | - | €241 | +€241 | |
| Non-recurring operating income | 76A | €9,662 | €0 | -€9,662 | -100.0% |
| Remuneration, social security and pensions | 62 | €22,591 | €50,194 | +€27,603 | +122.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,215 | €79,320 | +€36,104 | +83.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €118,587 | +€118,587 | |
| Other operating charges | 640/8 | €1,141 | €465 | -€676 | -59.2% |
| Gross operating margin | 9900 | €55,559 | €284,055 | +€228,496 | +411.3% |
| Operating profit (loss) | 9901 | -€11,389 | €35,489 | +€46,877 | |
| Financial income | 75/76B | €6,265 | €52,986 | +€46,721 | +745.7% |
| Recurring financial income | 75 | €6,265 | €45,050 | +€38,785 | +619.1% |
| Non-recurring financial income | 76B | - | €7,936 | +€7,936 | |
| Financial charges | 65/66B | €9,715 | €37,397 | +€27,682 | +284.9% |
| Recurring financial charges | 65 | €9,715 | €37,397 | +€27,682 | +284.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,838 | €51,077 | +€65,916 | |
| Income taxes | 67/77 | -€279 | €0 | +€279 | |
| Profit (loss) for the period | 9904 | -€14,560 | €51,077 | +€65,637 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,560 | €51,077 | +€65,637 |
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 10 October 2026 via checked.be.