ENES: 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.
ENES
Largest movements
- Cash -€74,459
down €74,459 (-71.7%), from €103,793 to €29,333
mainly Receivables within one year (-€73,409) and Tax, wage and social debts (-€4,904)
- Receivables within one year +€73,409
up €73,409 (+162.8%), from €45,080 to €118,489
of which Other amounts receivable: +€68,489
- Tangible fixed assets -€2,426
down €2,426 (-21.1%), from €11,469 to €9,043
of which Plant, machinery and equipment: -€3,890
- Deferred charges and accrued income +€1,796
up €1,796 (+27.8%), from €6,463 to €8,259
- Tax, wage and social debts -€4,904
down €4,904 (-33.9%), from €14,486 to €9,582
of which Remuneration and social security: -€3,108
- Reserves -€4,689
down €4,689 (-3.7%), from €127,992 to €123,304
of which Distributable reserves: -€4,689
- Trade debts +€4,433
up €4,433 (+51.8%), from €8,559 to €12,992
- Short-term financial debts +€2,261
new in 2025: €2,261
- Staff costs +€42,198
up €42,198 (+50.6%), from €83,362 to €125,560
- Gross operating margin +€20,162
up €20,162 (+17.0%), from €118,822 to €138,984
- Taxes -€1,963
no longer reported in 2025 (was €1,963)
- Depreciation -€1,625
down €1,625 (-18.1%), from €8,952 to €7,327
- Other operating charges -€1,396
down €1,396 (-14.8%), from €9,428 to €8,032
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 | €172,676 | €170,997 | -€1,679 | -1.0% |
| Fixed assets | 21/28 | €15,259 | €12,834 | -€2,426 | -15.9% |
| Tangible fixed assets | 22/27 | €11,469 | €9,043 | -€2,426 | -21.1% |
| Plant, machinery and equipment | 23 | €8,001 | €4,111 | -€3,890 | -48.6% |
| Furniture and vehicles | 24 | €2,338 | €4,367 | +€2,029 | +86.8% |
| Other tangible fixed assets | 26 | €1,130 | €565 | -€565 | -50.0% |
| Financial fixed assets | 28 | €3,790 | €3,790 | = | 0.0% |
| Current assets | 29/58 | €157,417 | €158,163 | +€746 | +0.5% |
| Stocks and contracts in progress | 3 | €2,081 | €2,081 | = | 0.0% |
| Stocks | 30/36 | €2,081 | €2,081 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €45,080 | €118,489 | +€73,409 | +162.8% |
| Trade receivables | 40 | - | €4,921 | +€4,921 | |
| Other amounts receivable | 41 | €45,080 | €113,568 | +€68,489 | +151.9% |
| Cash at bank and in hand | 54/58 | €103,793 | €29,333 | -€74,459 | -71.7% |
| Deferred charges and accrued income | 490/1 | €6,463 | €8,259 | +€1,796 | +27.8% |
| Total equity and liabilities | 10/49 | €172,676 | €170,997 | -€1,679 | -1.0% |
| Equity | 10/15 | €146,592 | €141,904 | -€4,689 | -3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,992 | €123,304 | -€4,689 | -3.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €126,132 | €121,444 | -€4,689 | -3.7% |
| Amounts payable | 17/49 | €26,084 | €29,093 | +€3,009 | +11.5% |
| Amounts payable within one year | 42/48 | €23,045 | €24,835 | +€1,789 | +7.8% |
| Financial debts | 43 | - | €2,261 | +€2,261 | |
| Credit institutions | 430/8 | - | €2,261 | +€2,261 | |
| Trade debts | 44 | €8,559 | €12,992 | +€4,433 | +51.8% |
| Suppliers | 440/4 | €8,559 | €12,992 | +€4,433 | +51.8% |
| Taxes, remuneration and social security | 45 | €14,486 | €9,582 | -€4,904 | -33.9% |
| Taxes | 450/3 | €1,963 | €167 | -€1,796 | -91.5% |
| Remuneration and social security | 454/9 | €12,523 | €9,415 | -€3,108 | -24.8% |
| Accrued charges and deferred income | 492/3 | €3,038 | €4,258 | +€1,220 | +40.1% |
| Remuneration, social security and pensions | 62 | €83,362 | €125,560 | +€42,198 | +50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,952 | €7,327 | -€1,625 | -18.1% |
| Other operating charges | 640/8 | €9,428 | €8,032 | -€1,396 | -14.8% |
| Gross operating margin | 9900 | €118,822 | €138,984 | +€20,162 | +17.0% |
| Operating profit (loss) | 9901 | €17,081 | -€1,936 | -€19,017 | |
| Financial income | 75/76B | €2,945 | €2,210 | -€735 | -25.0% |
| Recurring financial income | 75 | €2,945 | €2,210 | -€735 | -25.0% |
| Financial charges | 65/66B | €4,625 | €4,963 | +€338 | +7.3% |
| Recurring financial charges | 65 | €4,625 | €4,963 | +€338 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €15,401 | -€4,689 | -€20,090 | |
| Income taxes | 67/77 | €1,963 | - | -€1,963 | |
| Profit (loss) for the period | 9904 | €13,438 | -€4,689 | -€18,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,438 | -€4,689 | -€18,127 |
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 7 October 2026 via checked.be.