ENEX: 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.
What changed
ENEX
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€220,032
2024 · -€139,147-€80,885
Equity
€15.0m
2024 · €15.2m-€220,032
Cash
€18,304
2024 · €54,554-€36,249
Balance sheet total
€15.9m
2024 · €16.4m-€534,689
Largest movements
Assets
- Tangible fixed assets -€569,123
down €569,123 (-7.9%), from €7.2m to €6.7m
of which Furniture and vehicles: -€289,745
Equity and liabilities
- Debts after one year -€243,640
down €243,640 (-28.9%), from €844,047 to €600,407
of which Financial debts: -€221,481
- Reserves -€220,032
down €220,032 (-1.5%), from €15.2m to €14.9m
of which Tax-exempt reserves: -€398,731
Income statement
- Financial income -€160,812
down €160,812 (-41.5%), from €387,132 to €226,320
- Other operating charges -€129,056
down €129,056 (-62.2%), from €207,425 to €78,368
- Gross operating margin -€85,682
down €85,682 (-82.2%), from €104,251 to €18,569
- Depreciation -€37,076
down €37,076 (-9.8%), from €379,559 to €342,483
- Taxes -€21,371
down €21,371 (-95.1%), from €22,465 to €1,094
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.
Result 2024
-€139,147
Gross operating margin
-€85,682
Depreciation
+€37,076
Other operating charges
+€129,056
Other operating items
-€24,001
Financial income
-€160,812
Financial charges
+€2,106
Taxes
+€21,371
Result 2025
-€220,032
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€20,607
Investment
+€226,639
Financing
-€242,282
Cash 2024
€54,554
From operations (derived)
-€20,607
Net result for the year
-€220,032
Depreciation
+€342,483
Stocks and contracts
-€65,100
Receivables within one year
+€66,714
Deferred charges and accrued income
-€72,297
Trade debts
-€22,361
Tax, wage and social debts
-€52,877
Accrued charges and deferred income
+€2,862
Investment (derived)
+€226,639
Investment in fixed assets (net)
+€226,639
Financing
-€242,282
Debts after one year
-€243,640
Current portion of long-term debt
+€1,358
Cash 2025
€18,304
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,438,579 | €15,903,890 | -€534,689 | -3.3% |
| Fixed assets | 21/28 | €7,247,439 | €6,678,316 | -€569,123 | -7.9% |
| Tangible fixed assets | 22/27 | €7,246,671 | €6,677,548 | -€569,123 | -7.9% |
| Land and buildings | 22 | €6,792,103 | €6,512,725 | -€279,378 | -4.1% |
| Furniture and vehicles | 24 | €454,568 | €164,823 | -€289,745 | -63.7% |
| Financial fixed assets | 28 | €768 | €768 | = | 0.0% |
| Current assets | 29/58 | €9,191,141 | €9,225,574 | +€34,433 | +0.4% |
| Stocks and contracts in progress | 3 | €220,227 | €285,327 | +€65,100 | +29.6% |
| Stocks | 30/36 | €220,227 | €285,327 | +€65,100 | +29.6% |
| Amounts receivable within one year | 40/41 | €8,907,710 | €8,840,996 | -€66,714 | -0.7% |
| Trade receivables | 40 | €248,126 | €31,453 | -€216,673 | -87.3% |
| Other amounts receivable | 41 | €8,659,584 | €8,809,543 | +€149,959 | +1.7% |
| Cash at bank and in hand | 54/58 | €54,554 | €18,304 | -€36,249 | -66.4% |
| Deferred charges and accrued income | 490/1 | €8,650 | €80,947 | +€72,297 | +836% |
| Total equity and liabilities | 10/49 | €16,438,579 | €15,903,890 | -€534,689 | -3.3% |
| Equity | 10/15 | €15,224,270 | €15,004,238 | -€220,032 | -1.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €15,162,270 | €14,942,238 | -€220,032 | -1.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,364,578 | €1,965,847 | -€398,731 | -16.9% |
| Distributable reserves | 133 | €12,791,492 | €12,970,191 | +€178,699 | +1.4% |
| Amounts payable | 17/49 | €1,214,309 | €899,652 | -€314,657 | -25.9% |
| Amounts payable after more than one year | 17 | €844,047 | €600,407 | -€243,640 | -28.9% |
| Financial debts | 170/4 | €810,216 | €588,735 | -€221,481 | -27.3% |
| Other amounts payable | 178/9 | €33,831 | €11,672 | -€22,159 | -65.5% |
| Amounts payable within one year | 42/48 | €351,717 | €277,837 | -€73,880 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | €220,123 | €221,481 | +€1,358 | +0.6% |
| Trade debts | 44 | €42,170 | €19,809 | -€22,361 | -53.0% |
| Suppliers | 440/4 | €42,170 | €19,809 | -€22,361 | -53.0% |
| Taxes, remuneration and social security | 45 | €84,774 | €31,897 | -€52,877 | -62.4% |
| Taxes | 450/3 | €84,774 | €31,897 | -€52,877 | -62.4% |
| Other amounts payable | 47/48 | €4,650 | €4,650 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €18,546 | €21,408 | +€2,862 | +15.4% |
| Non-recurring operating income | 76A | €24,568 | €13,113 | -€11,455 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €379,559 | €342,483 | -€37,076 | -9.8% |
| Other operating charges | 640/8 | €207,425 | €78,368 | -€129,056 | -62.2% |
| Non-recurring operating charges | 66A | - | €24,001 | +€24,001 | |
| Gross operating margin | 9900 | €104,251 | €18,569 | -€85,682 | -82.2% |
| Operating profit (loss) | 9901 | -€482,732 | -€426,283 | +€56,449 | +11.7% |
| Financial income | 75/76B | €387,132 | €226,320 | -€160,812 | -41.5% |
| Recurring financial income | 75 | €387,132 | €226,320 | -€160,812 | -41.5% |
| Financial charges | 65/66B | €21,082 | €18,976 | -€2,106 | -10.0% |
| Recurring financial charges | 65 | €21,082 | €18,976 | -€2,106 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€116,682 | -€218,939 | -€102,257 | -87.6% |
| Income taxes | 67/77 | €22,465 | €1,094 | -€21,371 | -95.1% |
| Profit (loss) for the period | 9904 | -€139,147 | -€220,032 | -€80,885 | -58.1% |
| Transfer from tax-exempt reserves | 789 | €263,949 | €398,731 | +€134,782 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €124,802 | €178,699 | +€53,897 | +43.2% |
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 23 October 2026 via checked.be.