ENGARDE: 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.
ENGARDE
Largest movements
- Cash +€160,869
up €160,869 (+34.4%), from €467,632 to €628,502
mainly Net result for the year (+€88,289) and Receivables within one year (+€27,655)
- Receivables within one year -€27,655
down €27,655 (-27.7%), from €99,838 to €72,184
- Reserves +€88,289
up €88,289 (+20.1%), from €439,498 to €527,786
- Other debts +€25,959
up €25,959 (+27.9%), from €93,076 to €119,035
- Tax, wage and social debts +€15,230
up €15,230 (+66.7%), from €22,839 to €38,069
- Gross operating margin -€43,671
down €43,671 (-23.4%), from €186,950 to €143,279
- Taxes -€17,020
down €17,020 (-32.7%), from €52,035 to €35,015
- Financial charges +€3,490
up €3,490 (+82.8%), from €4,215 to €7,704
- Depreciation +€1,876
up €1,876 (+14.8%), from €12,644 to €14,520
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 | €601,574 | €727,810 | +€126,236 | +21.0% |
| Fixed assets | 21/28 | €33,757 | €27,125 | -€6,632 | -19.6% |
| Tangible fixed assets | 22/27 | €33,757 | €27,125 | -€6,632 | -19.6% |
| Plant, machinery and equipment | 23 | €1,963 | €1,401 | -€562 | -28.6% |
| Furniture and vehicles | 24 | €31,793 | €25,723 | -€6,070 | -19.1% |
| Current assets | 29/58 | €567,818 | €700,685 | +€132,868 | +23.4% |
| Amounts receivable within one year | 40/41 | €99,838 | €72,184 | -€27,655 | -27.7% |
| Trade receivables | 40 | €99,838 | €72,184 | -€27,655 | -27.7% |
| Cash at bank and in hand | 54/58 | €467,632 | €628,502 | +€160,869 | +34.4% |
| Deferred charges and accrued income | 490/1 | €347 | - | -€347 | |
| Total equity and liabilities | 10/49 | €601,574 | €727,810 | +€126,236 | +21.0% |
| Equity | 10/15 | €448,498 | €536,786 | +€88,289 | +19.7% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €439,498 | €527,786 | +€88,289 | +20.1% |
| Distributable reserves | 133 | €439,498 | €527,786 | +€88,289 | +20.1% |
| Amounts payable | 17/49 | €153,077 | €191,024 | +€37,947 | +24.8% |
| Amounts payable within one year | 42/48 | €120,395 | €158,611 | +€38,215 | +31.7% |
| Trade debts | 44 | €4,481 | €1,507 | -€2,974 | -66.4% |
| Suppliers | 440/4 | €4,481 | €1,507 | -€2,974 | -66.4% |
| Taxes, remuneration and social security | 45 | €22,839 | €38,069 | +€15,230 | +66.7% |
| Taxes | 450/3 | €22,839 | €38,069 | +€15,230 | +66.7% |
| Other amounts payable | 47/48 | €93,076 | €119,035 | +€25,959 | +27.9% |
| Accrued charges and deferred income | 492/3 | €32,682 | €32,413 | -€268 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,644 | €14,520 | +€1,876 | +14.8% |
| Other operating charges | 640/8 | €674 | €515 | -€160 | -23.7% |
| Gross operating margin | 9900 | €186,950 | €143,279 | -€43,671 | -23.4% |
| Operating profit (loss) | 9901 | €173,631 | €128,244 | -€45,387 | -26.1% |
| Financial income | 75/76B | €2,014 | €2,763 | +€750 | +37.2% |
| Recurring financial income | 75 | €2,014 | €2,763 | +€750 | +37.2% |
| Financial charges | 65/66B | €4,215 | €7,704 | +€3,490 | +82.8% |
| Recurring financial charges | 65 | €4,215 | €7,704 | +€3,490 | +82.8% |
| Profit (loss) for the period before taxes | 9903 | €171,430 | €123,303 | -€48,127 | -28.1% |
| Income taxes | 67/77 | €52,035 | €35,015 | -€17,020 | -32.7% |
| Profit (loss) for the period | 9904 | €119,395 | €88,289 | -€31,106 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €119,395 | €88,289 | -€31,106 | -26.1% |
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 28 October 2026 via checked.be.