ENEMA: 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.
ENEMA
Largest movements
- Financial fixed assets +€1.8m
up €1.8m (+4,318%), from €42,310 to €1.9m
- Cash -€129,136
down €129,136 (-35.7%), from €361,597 to €232,460
mainly Contributions, distributions and other (-€2.6m) and Investment in fixed assets (net) (-€1.9m)
- Receivables within one year +€53,196
up €53,196 (+159%), from €33,387 to €86,583
of which Trade receivables: +€80,000
- Profit (loss) carried forward +€1.5m
up €1.5m (+377%), from €400,000 to €1.9m
- Other debts +€225,574
up €225,574 (+392%), from €57,580 to €283,154
- Financial income +€3.1m
up €3.1m (+83,224%), from €3,755 to €3.1m
- Gross operating margin +€297,957
up €297,957 (+27.5%), from €1.1m to €1.4m
- Taxes +€76,588
up €76,588 (+28.4%), from €269,671 to €346,260
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 | €499,810 | €2,261,921 | +€1.8m | +353% |
| Fixed assets | 21/28 | €85,225 | €1,927,295 | +€1.8m | +2,161% |
| Tangible fixed assets | 22/27 | €42,915 | €57,875 | +€14,959 | +34.9% |
| Plant, machinery and equipment | 23 | €568 | €0 | -€568 | -100% |
| Furniture and vehicles | 24 | €32,417 | €24,963 | -€7,454 | -23.0% |
| Other tangible fixed assets | 26 | €9,930 | €32,912 | +€22,982 | +231% |
| Financial fixed assets | 28 | €42,310 | €1,869,420 | +€1.8m | +4,318% |
| Current assets | 29/58 | €414,585 | €334,626 | -€79,958 | -19.3% |
| Amounts receivable within one year | 40/41 | €33,387 | €86,583 | +€53,196 | +159% |
| Trade receivables | 40 | €0 | €80,000 | +€80,000 | |
| Other amounts receivable | 41 | €33,387 | €6,583 | -€26,804 | -80.3% |
| Cash at bank and in hand | 54/58 | €361,597 | €232,460 | -€129,136 | -35.7% |
| Deferred charges and accrued income | 490/1 | €19,601 | €15,583 | -€4,018 | -20.5% |
| Total equity and liabilities | 10/49 | €499,810 | €2,261,921 | +€1.8m | +353% |
| Equity | 10/15 | €436,483 | €1,945,678 | +€1.5m | +346% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €1,483 | €1,483 | = | 0.0% |
| Distributable reserves | 133 | €1,483 | €1,483 | = | 0.0% |
| Profit (loss) carried forward | 14 | €400,000 | €1,909,195 | +€1.5m | +377% |
| Amounts payable | 17/49 | €63,327 | €316,243 | +€252,916 | +399% |
| Amounts payable within one year | 42/48 | €63,327 | €308,497 | +€245,169 | +387% |
| Financial debts | 43 | - | €79 | +€79 | |
| Other loans | 439 | - | €79 | +€79 | |
| Trade debts | 44 | €5,746 | €4,195 | -€1,551 | -27.0% |
| Suppliers | 440/4 | €5,746 | €4,195 | -€1,551 | -27.0% |
| Taxes, remuneration and social security | 45 | €1 | €21,069 | +€21,068 | +1,712,835% |
| Taxes | 450/3 | €1 | €21,069 | +€21,068 | +1,712,835% |
| Other amounts payable | 47/48 | €57,580 | €283,154 | +€225,574 | +392% |
| Accrued charges and deferred income | 492/3 | - | €7,747 | +€7,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,817 | €16,267 | +€6,450 | +65.7% |
| Other operating charges | 640/8 | €399 | €400 | +€0 | +0.1% |
| Gross operating margin | 9900 | €1,083,757 | €1,381,714 | +€297,957 | +27.5% |
| Operating profit (loss) | 9901 | €1,073,540 | €1,365,047 | +€291,507 | +27.2% |
| Financial income | 75/76B | €3,755 | €3,129,150 | +€3.1m | +83,224% |
| Recurring financial income | 75 | €3,755 | €3,129,150 | +€3.1m | +83,224% |
| Financial charges | 65/66B | €44 | €8,742 | +€8,698 | +19,996% |
| Recurring financial charges | 65 | €44 | €8,742 | +€8,698 | +19,996% |
| Profit (loss) for the period before taxes | 9903 | €1,077,252 | €4,485,455 | +€3.4m | +316% |
| Income taxes | 67/77 | €269,671 | €346,260 | +€76,588 | +28.4% |
| Profit (loss) for the period | 9904 | €807,580 | €4,139,195 | +€3.3m | +413% |
| Profit (loss) for the period to be appropriated | 9905 | €807,580 | €4,139,195 | +€3.3m | +413% |
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 25 October 2026 via checked.be.