ENELCO: 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.
ENELCO
Largest movements
- Current investments +€83,363
up €83,363 (+467%), from €17,848 to €101,211
- Cash -€70,375
down €70,375 (-98.2%), from €71,654 to €1,279
mainly Current investments (-€83,363) and Other debts (-€16,571)
- Receivables within one year -€21,505
down €21,505 (-19.0%), from €113,041 to €91,537
of which Other amounts receivable: -€16,284
- Tangible fixed assets -€6,937
down €6,937 (-49.9%), from €13,900 to €6,963
of which Furniture and vehicles: -€6,937
- Other debts -€16,571
down €16,571 (-26.5%), from €62,471 to €45,900
- Profit (loss) carried forward -€6,179
down €6,179 (-5.6%), from €110,198 to €104,019
- Trade debts +€4,826
up €4,826, from €0 to €4,826
- Tax, wage and social debts +€2,637
up €2,637, from €0 to €2,637
of which Remuneration and social security: +€2,637
- Gross operating margin +€28,750
up €28,750 (+30.2%), from €95,075 to €123,825
- Staff costs -€10,151
down €10,151 (-7.6%), from €134,189 to €124,038
- Write-downs -€1,696
down €1,696, from €103 to -€1,592
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 | €220,729 | €205,443 | -€15,286 | -6.9% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €13,900 | €6,963 | -€6,937 | -49.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €13,900 | €6,963 | -€6,937 | -49.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €13,900 | €6,963 | -€6,937 | -49.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €206,829 | €198,480 | -€8,349 | -4.0% |
| Stocks and contracts in progress | 3 | €4,285 | €4,285 | = | 0.0% |
| Stocks | 30/36 | €4,285 | €4,285 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €113,041 | €91,537 | -€21,505 | -19.0% |
| Trade receivables | 40 | €95,528 | €90,307 | -€5,220 | -5.5% |
| Other amounts receivable | 41 | €17,514 | €1,229 | -€16,284 | -93.0% |
| Current investments | 50/53 | €17,848 | €101,211 | +€83,363 | +467% |
| Cash at bank and in hand | 54/58 | €71,654 | €1,279 | -€70,375 | -98.2% |
| Deferred charges and accrued income | 490/1 | - | €168 | +€168 | |
| Total equity and liabilities | 10/49 | €220,729 | €205,443 | -€15,286 | -6.9% |
| Equity | 10/15 | €158,258 | €152,079 | -€6,179 | -3.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,860 | €41,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,000 | €0 | -€40,000 | -100% |
| Distributable reserves | 133 | - | €40,000 | +€40,000 | |
| Profit (loss) carried forward | 14 | €110,198 | €104,019 | -€6,179 | -5.6% |
| Amounts payable | 17/49 | €62,471 | €53,364 | -€9,107 | -14.6% |
| Amounts payable within one year | 42/48 | €62,471 | €53,364 | -€9,107 | -14.6% |
| Trade debts | 44 | €0 | €4,826 | +€4,826 | |
| Suppliers | 440/4 | - | €4,826 | +€4,826 | |
| Taxes, remuneration and social security | 45 | €0 | €2,637 | +€2,637 | |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | €2,637 | +€2,637 | |
| Other amounts payable | 47/48 | €62,471 | €45,900 | -€16,571 | -26.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €134,189 | €124,038 | -€10,151 | -7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,416 | €6,937 | +€521 | +8.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €103 | -€1,592 | -€1,696 | |
| Other operating charges | 640/8 | €1,369 | €1,310 | -€59 | -4.3% |
| Gross operating margin | 9900 | €95,075 | €123,825 | +€28,750 | +30.2% |
| Operating profit (loss) | 9901 | -€47,002 | -€6,868 | +€40,135 | +85.4% |
| Financial income | 75/76B | €938 | €1,250 | +€312 | +33.2% |
| Recurring financial income | 75 | €938 | €1,250 | +€312 | +33.2% |
| Financial charges | 65/66B | €432 | €561 | +€129 | +29.8% |
| Recurring financial charges | 65 | €432 | €561 | +€129 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | -€46,496 | -€6,179 | +€40,318 | +86.7% |
| Income taxes | 67/77 | €188 | €0 | -€188 | -100% |
| Profit (loss) for the period | 9904 | -€46,684 | -€6,179 | +€40,505 | +86.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,684 | -€6,179 | +€40,505 | +86.8% |
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 29 October 2026 via checked.be.