ENESOL: 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.
ENESOL
Largest movements
- Tangible fixed assets +€249,111
up €249,111 (+48.2%), from €516,314 to €765,425
of which Land and buildings: +€258,050
- Cash -€218,593
down €218,593 (-78.0%), from €280,427 to €61,834
mainly Investment in fixed assets (net) (-€334,945) and Receivables within one year (-€71,536)
- Receivables within one year +€71,536
up €71,536 (+187%), from €38,252 to €109,788
of which Trade receivables: +€89,710
- Debts after one year +€136,123
up €136,123 (+36.9%), from €368,939 to €505,062
- Short-term financial debts -€30,265
down €30,265 (-96.4%), from €31,406 to €1,141
- Other debts +€29,212
up €29,212 (+49.3%), from €59,234 to €88,445
- Reserves -€25,932
down €25,932 (-2.2%), from €1.2m to €1.1m
- Financial income -€926,744
down €926,744 (-93.6%), from €989,584 to €62,840
of which Non-recurring financial income: -€973,762
- Depreciation +€45,418
up €45,418 (+115%), from €39,422 to €84,840
- Financial charges -€25,537
down €25,537 (-51.5%), from €49,611 to €24,074
- Gross operating margin +€1,308
up €1,308 (+1.7%), from €74,739 to €76,047
- Taxes +€1,184
up €1,184 (+347%), from €341 to €1,525
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 | €1,742,120 | €1,842,423 | +€100,302 | +5.8% |
| Fixed assets | 21/28 | €1,416,314 | €1,666,420 | +€250,106 | +17.7% |
| Tangible fixed assets | 22/27 | €516,314 | €765,425 | +€249,111 | +48.2% |
| Land and buildings | 22 | €459,008 | €717,058 | +€258,050 | +56.2% |
| Plant, machinery and equipment | 23 | €14,784 | €8,400 | -€6,384 | -43.2% |
| Furniture and vehicles | 24 | €32,055 | €27,832 | -€4,223 | -13.2% |
| Other tangible fixed assets | 26 | €10,467 | €12,134 | +€1,668 | +15.9% |
| Financial fixed assets | 28 | €900,000 | €900,995 | +€995 | +0.1% |
| Current assets | 29/58 | €325,806 | €176,003 | -€149,803 | -46.0% |
| Amounts receivable within one year | 40/41 | €38,252 | €109,788 | +€71,536 | +187% |
| Trade receivables | 40 | €19,700 | €109,410 | +€89,710 | +455% |
| Other amounts receivable | 41 | €18,552 | €379 | -€18,173 | -98.0% |
| Cash at bank and in hand | 54/58 | €280,427 | €61,834 | -€218,593 | -78.0% |
| Deferred charges and accrued income | 490/1 | €7,128 | €4,381 | -€2,747 | -38.5% |
| Total equity and liabilities | 10/49 | €1,742,120 | €1,842,423 | +€100,302 | +5.8% |
| Equity | 10/15 | €1,183,203 | €1,157,270 | -€25,932 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,164,603 | €1,138,670 | -€25,932 | -2.2% |
| Distributable reserves | 133 | €1,164,603 | €1,138,670 | -€25,932 | -2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €558,918 | €685,152 | +€126,235 | +22.6% |
| Amounts payable after more than one year | 17 | €368,939 | €505,062 | +€136,123 | +36.9% |
| Financial debts | 170/4 | €368,939 | €505,062 | +€136,123 | +36.9% |
| Amounts payable within one year | 42/48 | €189,979 | €180,091 | -€9,888 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €73,298 | €75,325 | +€2,027 | +2.8% |
| Financial debts | 43 | €31,406 | €1,141 | -€30,265 | -96.4% |
| Credit institutions | 430/8 | €31,406 | €1,141 | -€30,265 | -96.4% |
| Trade debts | 44 | €5,851 | €4,776 | -€1,075 | -18.4% |
| Suppliers | 440/4 | €5,851 | €4,776 | -€1,075 | -18.4% |
| Taxes, remuneration and social security | 45 | €20,190 | €10,404 | -€9,787 | -48.5% |
| Taxes | 450/3 | €17,890 | €8,104 | -€9,787 | -54.7% |
| Remuneration and social security | 454/9 | €2,300 | €2,300 | = | 0.0% |
| Other amounts payable | 47/48 | €59,234 | €88,445 | +€29,212 | +49.3% |
| Non-recurring operating income | 76A | €5,454 | - | -€5,454 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,422 | €84,840 | +€45,418 | +115% |
| Other operating charges | 640/8 | €1,514 | €1,969 | +€455 | +30.1% |
| Non-recurring operating charges | 66A | €1,999 | €12,411 | +€10,413 | +521% |
| Gross operating margin | 9900 | €74,739 | €76,047 | +€1,308 | +1.7% |
| Operating profit (loss) | 9901 | €31,805 | -€23,173 | -€54,978 | |
| Financial income | 75/76B | €989,584 | €62,840 | -€926,744 | -93.6% |
| Recurring financial income | 75 | €15,822 | €62,840 | +€47,018 | +297% |
| Non-recurring financial income | 76B | €973,762 | - | -€973,762 | |
| Financial charges | 65/66B | €49,611 | €24,074 | -€25,537 | -51.5% |
| Recurring financial charges | 65 | €49,611 | €24,074 | -€25,537 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | €971,778 | €15,593 | -€956,185 | -98.4% |
| Income taxes | 67/77 | €341 | €1,525 | +€1,184 | +347% |
| Profit (loss) for the period | 9904 | €971,437 | €14,068 | -€957,369 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €971,437 | €14,068 | -€957,369 | -98.6% |
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 19 October 2026 via checked.be.