ENGEL: 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.
ENGEL
Largest movements
- Tangible fixed assets -€372,368
down €372,368 (-98.4%), from €378,240 to €5,872
of which Plant, machinery and equipment: -€369,762
- Deferred charges and accrued income -€6,106
no longer reported in 2025 (was €6,106)
- Cash +€5,977
up €5,977 (+73.4%), from €8,139 to €14,115
mainly Investment in fixed assets (net) (+€369,762) and Net result for the year (+€42,994)
- Other debts -€415,072
down €415,072 (-33.5%), from €1.2m to €824,821
- Profit (loss) carried forward +€42,994
up €42,994 (+4.9%), from -€878,934 to -€835,940
- Depreciation -€68,800
down €68,800 (-96.4%), from €71,406 to €2,606
- Gross operating margin -€5,377
down €5,377 (-8.9%), from €60,638 to €55,261
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 | €400,863 | €29,902 | -€370,961 | -92.5% |
| Fixed assets | 21/28 | €384,985 | €12,617 | -€372,368 | -96.7% |
| Tangible fixed assets | 22/27 | €378,240 | €5,872 | -€372,368 | -98.4% |
| Plant, machinery and equipment | 23 | €369,762 | - | -€369,762 | |
| Furniture and vehicles | 24 | €8,478 | €5,872 | -€2,606 | -30.7% |
| Financial fixed assets | 28 | €6,745 | €6,745 | = | 0.0% |
| Current assets | 29/58 | €15,878 | €17,285 | +€1,407 | +8.9% |
| Amounts receivable within one year | 40/41 | €1,633 | €3,170 | +€1,537 | +94.1% |
| Trade receivables | 40 | €1,500 | €3,170 | +€1,670 | +111.3% |
| Other amounts receivable | 41 | €133 | - | -€133 | |
| Cash at bank and in hand | 54/58 | €8,139 | €14,115 | +€5,977 | +73.4% |
| Deferred charges and accrued income | 490/1 | €6,106 | - | -€6,106 | |
| Total equity and liabilities | 10/49 | €400,863 | €29,902 | -€370,961 | -92.5% |
| Equity | 10/15 | -€848,187 | -€805,193 | +€42,994 | +5.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €12,155 | €12,155 | = | 0.0% |
| Distributable reserves | 133 | €12,155 | €12,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€878,934 | -€835,940 | +€42,994 | +4.9% |
| Amounts payable | 17/49 | €1,249,050 | €835,095 | -€413,955 | -33.1% |
| Amounts payable within one year | 42/48 | €1,241,550 | €827,595 | -€413,955 | -33.3% |
| Trade debts | 44 | €998 | €2,353 | +€1,355 | +135.7% |
| Suppliers | 440/4 | €998 | €2,353 | +€1,355 | +135.7% |
| Taxes, remuneration and social security | 45 | €659 | €421 | -€239 | -36.2% |
| Taxes | 450/3 | €659 | €421 | -€239 | -36.2% |
| Other amounts payable | 47/48 | €1,239,892 | €824,821 | -€415,072 | -33.5% |
| Accrued charges and deferred income | 492/3 | €7,500 | €7,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,406 | €2,606 | -€68,800 | -96.4% |
| Other operating charges | 640/8 | €8,963 | €9,235 | +€272 | +3.0% |
| Gross operating margin | 9900 | €60,638 | €55,261 | -€5,377 | -8.9% |
| Operating profit (loss) | 9901 | -€19,730 | €43,420 | +€63,151 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €78 | €125 | +€47 | +60.9% |
| Recurring financial charges | 65 | €78 | €125 | +€47 | +60.9% |
| Profit (loss) for the period before taxes | 9903 | -€19,807 | €43,295 | +€63,102 | |
| Income taxes | 67/77 | €307 | €300 | -€6 | -2.1% |
| Profit (loss) for the period | 9904 | -€20,114 | €42,994 | +€63,109 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,114 | €42,994 | +€63,109 |
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 3 October 2026 via checked.be.