ENEMAN MICHAEL: 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.
ENEMAN MICHAEL
Largest movements
- Tangible fixed assets +€163,735
up €163,735 (+25.0%), from €655,531 to €819,265
of which Land and buildings: +€100,988
- Receivables within one year +€12,451
up €12,451 (+45.2%), from €27,573 to €40,024
of which Trade receivables: +€10,078
- Other debts +€231,128
up €231,128 (+235.0%), from €98,361 to €329,488
- Debts after one year -€129,948
down €129,948 (-93.9%), from €138,358 to €8,410
of which Financial debts: -€130,118
- Trade debts +€33,730
up €33,730 (+3186.6%), from €1,058 to €34,789
- Current portion of long-term debt +€30,000
new in 2025: €30,000
- Depreciation +€31,599
up €31,599 (+66.0%), from €47,874 to €79,473
- Gross operating margin +€13,320
up €13,320 (+16.2%), from €82,148 to €95,467
- Taxes -€4,067
down €4,067 (-65.1%), from €6,247 to €2,180
- Financial charges -€1,382
down €1,382 (-27.4%), from €5,041 to €3,659
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 | €747,593 | €919,510 | +€171,917 | +23.0% |
| Fixed assets | 21/28 | €655,531 | €819,265 | +€163,735 | +25.0% |
| Tangible fixed assets | 22/27 | €655,531 | €819,265 | +€163,735 | +25.0% |
| Land and buildings | 22 | €618,735 | €719,723 | +€100,988 | +16.3% |
| Plant, machinery and equipment | 23 | €8,337 | €6,798 | -€1,538 | -18.5% |
| Furniture and vehicles | 24 | €28,459 | €92,744 | +€64,285 | +225.9% |
| Current assets | 29/58 | €92,062 | €100,244 | +€8,182 | +8.9% |
| Amounts receivable within one year | 40/41 | €27,573 | €40,024 | +€12,451 | +45.2% |
| Trade receivables | 40 | €18,371 | €28,448 | +€10,078 | +54.9% |
| Other amounts receivable | 41 | €9,203 | €11,576 | +€2,373 | +25.8% |
| Cash at bank and in hand | 54/58 | €64,489 | €59,707 | -€4,781 | -7.4% |
| Deferred charges and accrued income | 490/1 | - | €513 | +€513 | |
| Total equity and liabilities | 10/49 | €747,593 | €919,510 | +€171,917 | +23.0% |
| Equity | 10/15 | €506,315 | €510,523 | +€4,208 | +0.8% |
| Contributions | 10/11 | €230,100 | €230,100 | = | 0.0% |
| Reserves | 13 | €276,215 | €280,423 | +€4,208 | +1.5% |
| Distributable reserves | 133 | €276,215 | €280,423 | +€4,208 | +1.5% |
| Amounts payable | 17/49 | €241,278 | €408,986 | +€167,708 | +69.5% |
| Amounts payable after more than one year | 17 | €138,358 | €8,410 | -€129,948 | -93.9% |
| Financial debts | 170/4 | €130,118 | €0 | -€130,118 | -100.0% |
| Other amounts payable | 178/9 | €8,240 | €8,410 | +€170 | +2.1% |
| Amounts payable within one year | 42/48 | €102,919 | €400,576 | +€297,657 | +289.2% |
| Current portion of amounts payable after more than one year | 42 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €1,058 | €34,789 | +€33,730 | +3186.6% |
| Suppliers | 440/4 | €1,058 | €34,789 | +€33,730 | +3186.6% |
| Taxes, remuneration and social security | 45 | €3,500 | €6,299 | +€2,799 | +80.0% |
| Taxes | 450/3 | €1,500 | €6,299 | +€4,799 | +319.9% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €98,361 | €329,488 | +€231,128 | +235.0% |
| Non-recurring operating income | 76A | - | €2,103 | +€2,103 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,874 | €79,473 | +€31,599 | +66.0% |
| Other operating charges | 640/8 | €6,780 | €5,948 | -€832 | -12.3% |
| Gross operating margin | 9900 | €82,148 | €95,467 | +€13,320 | +16.2% |
| Operating profit (loss) | 9901 | €27,494 | €10,046 | -€17,447 | -63.5% |
| Financial income | 75/76B | €12 | €1 | -€11 | -92.4% |
| Recurring financial income | 75 | €12 | €1 | -€11 | -92.4% |
| Financial charges | 65/66B | €5,041 | €3,659 | -€1,382 | -27.4% |
| Recurring financial charges | 65 | €5,041 | €3,659 | -€1,382 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €22,465 | €6,388 | -€16,077 | -71.6% |
| Income taxes | 67/77 | €6,247 | €2,180 | -€4,067 | -65.1% |
| Profit (loss) for the period | 9904 | €16,218 | €4,208 | -€12,009 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,218 | €4,208 | -€12,009 | -74.1% |
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 9 October 2026 via checked.be.