ENFIBEL: 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.
ENFIBEL
Largest movements
- Cash +€40,278
up €40,278 (+74.6%), from €54,000 to €94,278
mainly Receivables within one year (+€18,191) and Net result for the year (+€14,589)
- Receivables within one year -€18,191
down €18,191 (-94.5%), from €19,249 to €1,058
- Deferred charges and accrued income -€2,700
down €2,700 (-59.4%), from €4,543 to €1,844
- Reserves +€9,361
up €9,361 (+63.8%), from €14,673 to €24,033
of which Distributable reserves: +€9,361
- Other debts +€6,192
up €6,192 (+16.2%), from €38,217 to €44,409
- Profit (loss) carried forward +€5,228
no longer reported in 2025 (was -€5,228)
- Tax, wage and social debts -€2,590
down €2,590 (-19.4%), from €13,347 to €10,757
of which Remuneration and social security: -€9,085
- Staff costs -€14,440
down €14,440 (-44.0%), from €32,851 to €18,411
- Gross operating margin +€8,305
up €8,305 (+25.6%), from €32,398 to €40,703
- Taxes +€4,920
up €4,920 (+312%), from €1,576 to €6,495
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 | €82,363 | €101,237 | +€18,874 | +22.9% |
| Fixed assets | 21/28 | €4,571 | €4,057 | -€513 | -11.2% |
| Tangible fixed assets | 22/27 | €4,421 | €3,907 | -€513 | -11.6% |
| Plant, machinery and equipment | 23 | €2,664 | €2,316 | -€348 | -13.1% |
| Leasing and similar rights | 25 | €394 | €228 | -€165 | -42.0% |
| Other tangible fixed assets | 26 | €1,363 | €1,363 | = | 0.0% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €77,793 | €97,180 | +€19,387 | +24.9% |
| Amounts receivable within one year | 40/41 | €19,249 | €1,058 | -€18,191 | -94.5% |
| Other amounts receivable | 41 | €19,249 | €1,058 | -€18,191 | -94.5% |
| Cash at bank and in hand | 54/58 | €54,000 | €94,278 | +€40,278 | +74.6% |
| Deferred charges and accrued income | 490/1 | €4,543 | €1,844 | -€2,700 | -59.4% |
| Total equity and liabilities | 10/49 | €82,363 | €101,237 | +€18,874 | +22.9% |
| Equity | 10/15 | €28,044 | €42,633 | +€14,589 | +52.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,673 | €24,033 | +€9,361 | +63.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €8,473 | €17,833 | +€9,361 | +110% |
| Profit (loss) carried forward | 14 | -€5,228 | - | +€5,228 | |
| Amounts payable | 17/49 | €54,319 | €58,604 | +€4,285 | +7.9% |
| Amounts payable within one year | 42/48 | €54,319 | €58,604 | +€4,285 | +7.9% |
| Trade debts | 44 | €2,755 | €3,438 | +€683 | +24.8% |
| Suppliers | 440/4 | €2,755 | €3,438 | +€683 | +24.8% |
| Taxes, remuneration and social security | 45 | €13,347 | €10,757 | -€2,590 | -19.4% |
| Taxes | 450/3 | €1,576 | €8,071 | +€6,495 | +412% |
| Remuneration and social security | 454/9 | €11,771 | €2,686 | -€9,085 | -77.2% |
| Other amounts payable | 47/48 | €38,217 | €44,409 | +€6,192 | +16.2% |
| Remuneration, social security and pensions | 62 | €32,851 | €18,411 | -€14,440 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €627 | €513 | -€114 | -18.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €32,398 | €40,703 | +€8,305 | +25.6% |
| Operating profit (loss) | 9901 | -€1,468 | €21,379 | +€22,847 | |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €321 | €313 | -€9 | -2.7% |
| Recurring financial charges | 65 | €321 | €313 | -€9 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,789 | €21,085 | +€22,874 | |
| Income taxes | 67/77 | €1,576 | €6,495 | +€4,920 | +312% |
| Profit (loss) for the period | 9904 | -€3,365 | €14,589 | +€17,954 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,365 | €14,589 | +€17,954 |
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 24 October 2026 via checked.be.