ENES: 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.
ENES
Largest movements
- Receivables within one year -€91,559
down €91,559 (-20.7%), from €442,083 to €350,524
of which Other amounts receivable: -€130,445
- Cash -€38,896
down €38,896 (-81.8%), from €47,544 to €8,648
mainly Current portion of long-term debt (-€148,430) and Contributions, distributions and other (-€38,000)
- Stocks and contracts -€34,200
down €34,200 (-44.5%), from €76,800 to €42,600
- Tangible fixed assets -€13,473
down €13,473 (-3.0%), from €455,759 to €442,286
of which Land and buildings: -€12,622
- Current portion of long-term debt -€148,430
down €148,430 (-80.5%), from €184,482 to €36,052
- Debts after one year -€36,052
down €36,052 (-45.0%), from €80,193 to €44,141
- Reserves +€12,817
up €12,817 (+2.0%), from €640,410 to €653,227
of which Distributable reserves: +€12,817
- Staff costs -€25,804
down €25,804 (-14.7%), from €175,399 to €149,595
- Gross operating margin -€11,552
down €11,552 (-3.9%), from €295,389 to €283,837
- Financial charges -€3,357
down €3,357 (-9.4%), from €35,729 to €32,372
- Taxes +€3,281
up €3,281 (+18.8%), from €17,438 to €20,719
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 | €1,064,064 | €883,159 | -€180,905 | -17.0% |
| Fixed assets | 21/28 | €455,939 | €442,466 | -€13,473 | -3.0% |
| Tangible fixed assets | 22/27 | €455,759 | €442,286 | -€13,473 | -3.0% |
| Land and buildings | 22 | €432,736 | €420,113 | -€12,622 | -2.9% |
| Plant, machinery and equipment | 23 | €12,766 | €14,450 | +€1,684 | +13.2% |
| Furniture and vehicles | 24 | €10,257 | €7,723 | -€2,534 | -24.7% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €608,125 | €440,693 | -€167,432 | -27.5% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Trade receivables | 290 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 291 | €35,000 | - | -€35,000 | |
| Stocks and contracts in progress | 3 | €76,800 | €42,600 | -€34,200 | -44.5% |
| Stocks | 30/36 | €76,800 | €42,600 | -€34,200 | -44.5% |
| Amounts receivable within one year | 40/41 | €442,083 | €350,524 | -€91,559 | -20.7% |
| Trade receivables | 40 | €310,701 | €349,587 | +€38,886 | +12.5% |
| Other amounts receivable | 41 | €131,383 | €938 | -€130,445 | -99.3% |
| Cash at bank and in hand | 54/58 | €47,544 | €8,648 | -€38,896 | -81.8% |
| Deferred charges and accrued income | 490/1 | €6,698 | €3,920 | -€2,777 | -41.5% |
| Total equity and liabilities | 10/49 | €1,064,064 | €883,159 | -€180,905 | -17.0% |
| Equity | 10/15 | €739,723 | €752,540 | +€12,817 | +1.7% |
| Contributions | 10/11 | €80,723 | €80,723 | = | 0.0% |
| Reserves | 13 | €640,410 | €653,227 | +€12,817 | +2.0% |
| Non-distributable reserves | 130/1 | €8,072 | €8,072 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,072 | €8,072 | = | 0.0% |
| Distributable reserves | 133 | €632,337 | €645,155 | +€12,817 | +2.0% |
| Profit (loss) carried forward | 14 | €18,590 | €18,590 | = | 0.0% |
| Amounts payable | 17/49 | €324,341 | €130,619 | -€193,722 | -59.7% |
| Amounts payable after more than one year | 17 | €80,193 | €44,141 | -€36,052 | -45.0% |
| Financial debts | 170/4 | €80,193 | €44,141 | -€36,052 | -45.0% |
| Amounts payable within one year | 42/48 | €244,148 | €86,478 | -€157,670 | -64.6% |
| Current portion of amounts payable after more than one year | 42 | €184,482 | €36,052 | -€148,430 | -80.5% |
| Taxes, remuneration and social security | 45 | €59,118 | €50,426 | -€8,692 | -14.7% |
| Taxes | 450/3 | €40,693 | €36,384 | -€4,309 | -10.6% |
| Remuneration and social security | 454/9 | €18,425 | €14,042 | -€4,384 | -23.8% |
| Other amounts payable | 47/48 | €548 | - | -€548 | |
| Remuneration, social security and pensions | 62 | €175,399 | €149,595 | -€25,804 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,245 | €27,072 | +€827 | +3.2% |
| Other operating charges | 640/8 | €3,956 | €5,079 | +€1,123 | +28.4% |
| Gross operating margin | 9900 | €295,389 | €283,837 | -€11,552 | -3.9% |
| Operating profit (loss) | 9901 | €89,789 | €102,091 | +€12,301 | +13.7% |
| Financial income | 75/76B | €1,685 | €1,818 | +€132 | +7.9% |
| Recurring financial income | 75 | €1,649 | €1,624 | -€25 | -1.5% |
| Non-recurring financial income | 76B | €36 | €194 | +€158 | +438% |
| Financial charges | 65/66B | €35,729 | €32,372 | -€3,357 | -9.4% |
| Recurring financial charges | 65 | €35,729 | €32,372 | -€3,357 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €55,745 | €71,536 | +€15,791 | +28.3% |
| Income taxes | 67/77 | €17,438 | €20,719 | +€3,281 | +18.8% |
| Profit (loss) for the period | 9904 | €38,307 | €50,817 | +€12,510 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,307 | €50,817 | +€12,510 | +32.7% |
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 16 October 2026 via checked.be.