ENECOM: 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.
ENECOM
Largest movements
- Current investments +€200,000
up €200,000 (+200%), from €100,000 to €300,000
- Cash -€112,031
down €112,031 (-83.2%), from €134,657 to €22,626
mainly Current investments (-€200,000) and Receivables within one year (-€24,220)
- Receivables within one year +€24,220
up €24,220 (+195%), from €12,400 to €36,620
of which Trade receivables: +€14,520
- Tangible fixed assets -€15,234
down €15,234 (-8.9%), from €171,914 to €156,680
of which Furniture and vehicles: -€8,470
- Other debts +€96,465
up €96,465 (+118%), from €81,995 to €178,460
- Reserves +€16,073
up €16,073 (+10.0%), from €161,051 to €177,123
of which Distributable reserves: +€16,073
- Tax, wage and social debts -€7,390
down €7,390 (-44.2%), from €16,726 to €9,335
- Debts after one year -€7,106
down €7,106 (-5.9%), from €121,250 to €114,144
- Gross operating margin -€74,151
down €74,151 (-56.3%), from €131,782 to €57,631
- Taxes -€22,505
down €22,505 (-62.3%), from €36,110 to €13,605
- Financial income +€2,391
up €2,391 (+175%), from €1,366 to €3,757
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 | €421,721 | €518,971 | +€97,249 | +23.1% |
| Fixed assets | 21/28 | €171,914 | €156,680 | -€15,234 | -8.9% |
| Tangible fixed assets | 22/27 | €171,914 | €156,680 | -€15,234 | -8.9% |
| Land and buildings | 22 | €145,560 | €138,868 | -€6,692 | -4.6% |
| Plant, machinery and equipment | 23 | €167 | €96 | -€71 | -42.7% |
| Furniture and vehicles | 24 | €26,187 | €17,717 | -€8,470 | -32.3% |
| Current assets | 29/58 | €249,807 | €362,290 | +€112,483 | +45.0% |
| Amounts receivable within one year | 40/41 | €12,400 | €36,620 | +€24,220 | +195% |
| Trade receivables | 40 | €12,100 | €26,620 | +€14,520 | +120% |
| Other amounts receivable | 41 | €300 | €10,000 | +€9,700 | +3,233% |
| Current investments | 50/53 | €100,000 | €300,000 | +€200,000 | +200% |
| Cash at bank and in hand | 54/58 | €134,657 | €22,626 | -€112,031 | -83.2% |
| Deferred charges and accrued income | 490/1 | €2,750 | €3,044 | +€294 | +10.7% |
| Total equity and liabilities | 10/49 | €421,721 | €518,971 | +€97,249 | +23.1% |
| Equity | 10/15 | €189,092 | €205,165 | +€16,073 | +8.5% |
| Contributions | 10/11 | €27,900 | €27,900 | = | 0.0% |
| Reserves | 13 | €161,051 | €177,123 | +€16,073 | +10.0% |
| Non-distributable reserves | 130/1 | €2,360 | €2,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,360 | €2,360 | = | 0.0% |
| Distributable reserves | 133 | €158,691 | €174,763 | +€16,073 | +10.1% |
| Profit (loss) carried forward | 14 | €141 | €141 | = | 0.0% |
| Amounts payable | 17/49 | €232,629 | €313,806 | +€81,177 | +34.9% |
| Amounts payable after more than one year | 17 | €121,250 | €114,144 | -€7,106 | -5.9% |
| Financial debts | 170/4 | €121,250 | €114,144 | -€7,106 | -5.9% |
| Amounts payable within one year | 42/48 | €106,048 | €194,991 | +€88,944 | +83.9% |
| Current portion of amounts payable after more than one year | 42 | €7,026 | €7,106 | +€81 | +1.2% |
| Trade debts | 44 | €301 | €89 | -€212 | -70.3% |
| Suppliers | 440/4 | €301 | €89 | -€212 | -70.3% |
| Taxes, remuneration and social security | 45 | €16,726 | €9,335 | -€7,390 | -44.2% |
| Taxes | 450/3 | €16,726 | €9,335 | -€7,390 | -44.2% |
| Other amounts payable | 47/48 | €81,995 | €178,460 | +€96,465 | +118% |
| Accrued charges and deferred income | 492/3 | €5,331 | €4,671 | -€660 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,213 | €15,234 | +€21 | +0.1% |
| Other operating charges | 640/8 | €1,294 | €1,333 | +€39 | +3.0% |
| Non-recurring operating charges | 66A | €236 | - | -€236 | |
| Gross operating margin | 9900 | €131,782 | €57,631 | -€74,151 | -56.3% |
| Operating profit (loss) | 9901 | €115,040 | €41,064 | -€73,976 | -64.3% |
| Financial income | 75/76B | €1,366 | €3,757 | +€2,391 | +175% |
| Recurring financial income | 75 | €1,366 | €3,757 | +€2,391 | +175% |
| Financial charges | 65/66B | €6,775 | €5,740 | -€1,035 | -15.3% |
| Recurring financial charges | 65 | €6,775 | €5,740 | -€1,035 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €109,631 | €39,081 | -€70,550 | -64.4% |
| Income taxes | 67/77 | €36,110 | €13,605 | -€22,505 | -62.3% |
| Profit (loss) for the period | 9904 | €73,522 | €25,476 | -€48,045 | -65.3% |
| Transfer from tax-exempt reserves | 789 | €20 | - | -€20 | |
| Profit (loss) for the period to be appropriated | 9905 | €73,542 | €25,476 | -€48,065 | -65.4% |
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 16 October 2026 via checked.be.