ENERO: what changed
Two fiscal 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.
ENERO
Largest movements
- Stocks and contracts -€252,617
down €252,617 (-100.0%), from €252,617 to €0
- Receivables within one year -€47,944
down €47,944 (-95.9%), from €49,969 to €2,025
of which Trade receivables: -€45,940
- Cash -€30,235
down €30,235 (-43.4%), from €69,614 to €39,379
mainly Trade debts (-€231,055) and Net result for the year (-€86,279)
- Trade debts -€231,055
down €231,055 (-63.8%), from €362,077 to €131,022
- Profit (loss) carried forward -€86,279
down €86,279 (-166.4%), from -€51,865 to -€138,143
- Tax, wage and social debts -€18,180
down €18,180 (-100.0%), from €18,180 to €0
- Gross operating margin -€918,430
down €918,430 (-94.5%), from €971,856 to €53,426
- Write-downs -€60,818
down €60,818 (-100.0%), from €60,818 to €0
- Staff costs -€59,853
down €59,853 (-41.6%), from €143,934 to €84,081
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 | €376,452 | €41,970 | -€334,482 | -88.9% |
| Current assets | 29/58 | €376,452 | €41,970 | -€334,482 | -88.9% |
| Stocks and contracts in progress | 3 | €252,617 | €0 | -€252,617 | -100.0% |
| Stocks | 30/36 | €252,617 | €0 | -€252,617 | -100.0% |
| Amounts receivable within one year | 40/41 | €49,969 | €2,025 | -€47,944 | -95.9% |
| Trade receivables | 40 | €47,661 | €1,721 | -€45,940 | -96.4% |
| Other amounts receivable | 41 | €2,308 | €304 | -€2,004 | -86.8% |
| Cash at bank and in hand | 54/58 | €69,614 | €39,379 | -€30,235 | -43.4% |
| Deferred charges and accrued income | 490/1 | €4,252 | €567 | -€3,685 | -86.7% |
| Total equity and liabilities | 10/49 | €376,452 | €41,970 | -€334,482 | -88.9% |
| Equity | 10/15 | -€43,805 | -€130,083 | -€86,279 | -197.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,865 | -€138,143 | -€86,279 | -166.4% |
| Amounts payable | 17/49 | €420,257 | €172,054 | -€248,203 | -59.1% |
| Amounts payable within one year | 42/48 | €420,257 | €172,054 | -€248,203 | -59.1% |
| Trade debts | 44 | €362,077 | €131,022 | -€231,055 | -63.8% |
| Suppliers | 440/4 | €362,077 | €131,022 | -€231,055 | -63.8% |
| Taxes, remuneration and social security | 45 | €18,180 | €0 | -€18,180 | -100.0% |
| Remuneration and social security | 454/9 | €18,180 | €0 | -€18,180 | -100.0% |
| Other amounts payable | 47/48 | €40,000 | €41,032 | +€1,032 | +2.6% |
| Non-recurring operating income | 76A | €846,868 | €1,250 | -€845,618 | -99.9% |
| Remuneration, social security and pensions | 62 | €143,934 | €84,081 | -€59,853 | -41.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €60,818 | €0 | -€60,818 | -100.0% |
| Other operating charges | 640/8 | €1,123 | €586 | -€538 | -47.9% |
| Non-recurring operating charges | 66A | €80,687 | €52,225 | -€28,462 | -35.3% |
| Gross operating margin | 9900 | €971,856 | €53,426 | -€918,430 | -94.5% |
| Operating profit (loss) | 9901 | €685,293 | -€83,467 | -€768,760 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.5% |
| Financial charges | 65/66B | €780 | €607 | -€174 | -22.2% |
| Recurring financial charges | 65 | €780 | €607 | -€174 | -22.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €684,513 | -€84,073 | -€768,587 | |
| Income taxes | 67/77 | - | €2,205 | +€2,205 | |
| Profit (loss) for the period | 9904 | €684,513 | -€86,279 | -€770,792 | |
| Profit (loss) for the period to be appropriated | 9905 | €684,513 | -€86,279 | -€770,792 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.