ENEL: 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.
ENEL
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+71.6%), from €1.6m to €2.8m
of which Leasing and similar rights: +€1.3m
- Receivables within one year +€756,923
up €756,923 (+100%), from €755,563 to €1.5m
of which Trade receivables: +€790,717
- Cash -€129,795
down €129,795 (-85.2%), from €152,405 to €22,610
mainly Investment in fixed assets (net) (-€1.7m) and Receivables within one year (-€756,923)
- Deferred charges and accrued income +€120,870
up €120,870 (+397%), from €30,478 to €151,347
- Debts after one year +€985,508
up €985,508 (+190%), from €518,500 to €1.5m
- Trade debts +€607,606
up €607,606 (+70.4%), from €862,514 to €1.5m
- Current portion of long-term debt +€202,235
up €202,235 (+99.1%), from €204,000 to €406,235
- Profit (loss) carried forward +€190,620
up €190,620 (+38.5%), from €494,716 to €685,336
- Other debts -€79,383
down €79,383 (-23.1%), from €344,129 to €264,746
- Gross operating margin +€313,464
up €313,464 (+38.8%), from €807,586 to €1.1m
- Depreciation +€170,869
up €170,869 (+48.3%), from €353,891 to €524,759
- Staff costs +€95,383
up €95,383 (+56.1%), from €169,926 to €265,308
- Write-downs +€35,413
new in 2025: €35,413
- Financial charges +€26,433
up €26,433 (+6,606%), from €400 to €26,833
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 | €2,612,445 | €4,550,293 | +€1.9m | +74.2% |
| Fixed assets | 21/28 | €1,648,520 | €2,838,369 | +€1.2m | +72.2% |
| Tangible fixed assets | 22/27 | €1,648,250 | €2,829,094 | +€1.2m | +71.6% |
| Land and buildings | 22 | €3,979 | €3,839 | -€140 | -3.5% |
| Plant, machinery and equipment | 23 | €6,619 | €28,618 | +€21,999 | +332% |
| Furniture and vehicles | 24 | €794,954 | €620,291 | -€174,664 | -22.0% |
| Leasing and similar rights | 25 | €842,697 | €2,176,346 | +€1.3m | +158% |
| Financial fixed assets | 28 | €270 | €9,275 | +€9,005 | +3,335% |
| Current assets | 29/58 | €963,925 | €1,711,923 | +€747,998 | +77.6% |
| Stocks and contracts in progress | 3 | €25,480 | €25,480 | = | 0.0% |
| Stocks | 30/36 | €25,480 | €25,480 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €755,563 | €1,512,486 | +€756,923 | +100% |
| Trade receivables | 40 | €500,940 | €1,291,657 | +€790,717 | +158% |
| Other amounts receivable | 41 | €254,623 | €220,829 | -€33,794 | -13.3% |
| Cash at bank and in hand | 54/58 | €152,405 | €22,610 | -€129,795 | -85.2% |
| Deferred charges and accrued income | 490/1 | €30,478 | €151,347 | +€120,870 | +397% |
| Total equity and liabilities | 10/49 | €2,612,445 | €4,550,293 | +€1.9m | +74.2% |
| Equity | 10/15 | €629,264 | €819,884 | +€190,620 | +30.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €122,148 | €122,148 | = | 0.0% |
| Distributable reserves | 133 | €122,148 | €122,148 | = | 0.0% |
| Profit (loss) carried forward | 14 | €494,716 | €685,336 | +€190,620 | +38.5% |
| Amounts payable | 17/49 | €1,983,181 | €3,730,409 | +€1.7m | +88.1% |
| Amounts payable after more than one year | 17 | €518,500 | €1,504,008 | +€985,508 | +190% |
| Financial debts | 170/4 | €518,500 | €1,504,008 | +€985,508 | +190% |
| Amounts payable within one year | 42/48 | €1,464,681 | €2,226,401 | +€761,720 | +52.0% |
| Current portion of amounts payable after more than one year | 42 | €204,000 | €406,235 | +€202,235 | +99.1% |
| Trade debts | 44 | €862,514 | €1,470,120 | +€607,606 | +70.4% |
| Suppliers | 440/4 | €862,514 | €1,470,120 | +€607,606 | +70.4% |
| Taxes, remuneration and social security | 45 | €54,038 | €85,300 | +€31,263 | +57.9% |
| Taxes | 450/3 | €36,865 | €45,862 | +€8,996 | +24.4% |
| Remuneration and social security | 454/9 | €17,172 | €39,439 | +€22,266 | +130% |
| Other amounts payable | 47/48 | €344,129 | €264,746 | -€79,383 | -23.1% |
| Non-recurring operating income | 76A | €3,648 | - | -€3,648 | |
| Remuneration, social security and pensions | 62 | €169,926 | €265,308 | +€95,383 | +56.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €353,891 | €524,759 | +€170,869 | +48.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,413 | +€35,413 | |
| Other operating charges | 640/8 | €13,814 | €5,121 | -€8,693 | -62.9% |
| Non-recurring operating charges | 66A | €3,148 | - | -€3,148 | |
| Gross operating margin | 9900 | €807,586 | €1,121,049 | +€313,464 | +38.8% |
| Operating profit (loss) | 9901 | €266,807 | €290,448 | +€23,640 | +8.9% |
| Financial income | 75/76B | €80 | - | -€80 | |
| Recurring financial income | 75 | €80 | - | -€80 | |
| Financial charges | 65/66B | €400 | €26,833 | +€26,433 | +6,606% |
| Recurring financial charges | 65 | €400 | €26,833 | +€26,433 | +6,606% |
| Profit (loss) for the period before taxes | 9903 | €266,487 | €263,615 | -€2,872 | -1.1% |
| Income taxes | 67/77 | €50,137 | €72,995 | +€22,858 | +45.6% |
| Profit (loss) for the period | 9904 | €216,351 | €190,620 | -€25,731 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €216,351 | €190,620 | -€25,731 | -11.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.