ENHESA: 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
ENHESA
NACE 94.999, Other membership organisations
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15.0m
2024 · €4.3m+€10.7m
Equity
€51.2m
2024 · €45.7m+€5.5m
Cash
€677,801
2024 · €1.1m-€420,648
Balance sheet total
€118.7m
2024 · €105.9m+€12.8m
Largest movements
Assets
- Financial fixed assets +€19.5m
up €19.5m (+38.5%), from €50.7m to €70.2m
of which Affiliated companies: +€19.5m
- Receivables within one year -€11.1m
down €11.1m (-26.3%), from €42.2m to €31.1m
of which Other amounts receivable: -€10.5m
- Intangible fixed assets +€4.5m
up €4.5m (+42.4%), from €10.7m to €15.2m
Equity and liabilities
- Debts after one year +€31.1m
up €31.1m (+197%), from €15.8m to €47.0m
- Other debts -€11.6m
down €11.6m (-66.2%), from €17.6m to €5.9m
- Trade debts -€11.1m
down €11.1m (-69.2%), from €16.1m to €5.0m
- Profit (loss) carried forward +€4.7m
up €4.7m (+36.6%), from €12.9m to €17.7m
- Accrued charges and deferred income -€2.1m
down €2.1m (-26.7%), from €7.7m to €5.6m
Income statement
- Financial income +€9.1m
up €9.1m (+3,147%), from €289,026 to €9.4m
- Staff costs +€2.8m
up €2.8m (+22.8%), from €12.3m to €15.0m
- Goods and materials -€2.2m
down €2.2m (-37.9%), from €5.8m to €3.6m
- Turnover +€1.7m
up €1.7m (+4.8%), from €35.3m to €37.0m
- Services and other goods -€1.3m
down €1.3m (-10.0%), from €13.1m to €11.8m
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
€4.3m
Turnover
+€1.7m
Other operating income
-€593,199
Goods and materials
+€2.2m
Services and other goods
+€1.3m
Staff costs
-€2.8m
Depreciation
-€444,769
Other operating charges
-€123,901
Other operating items
+€1.7m
Financial income
+€9.1m
Financial charges
-€952,510
Taxes
-€393,445
Result 2025
€15.0m
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
+€5.5m
Investment
-€27.6m
Financing
+€21.6m
Cash 2024
€1.1m
From operations (derived)
+€5.5m
Net result for the year
+€15.0m
Depreciation
+€3.6m
Receivables within one year
+€11.1m
Deferred charges and accrued income
-€441,102
Trade debts
-€11.1m
Tax, wage and social debts
+€1.0m
Other debts
-€11.6m
Accrued charges and deferred income
-€2.1m
Investment (derived)
-€27.6m
Investment in fixed assets (net)
-€27.6m
Financing
+€21.6m
Debts after one year
+€31.1m
Contributions, distributions and other
-€9.5m
Cash 2025
€677,801
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,904,922 | €118,748,317 | +€12.8m | +12.1% |
| Fixed assets | 21/28 | €61,861,800 | €85,792,475 | +€23.9m | +38.7% |
| Intangible fixed assets | 21 | €10,681,252 | €15,210,892 | +€4.5m | +42.4% |
| Tangible fixed assets | 22/27 | €466,662 | €338,703 | -€127,959 | -27.4% |
| Plant, machinery and equipment | 23 | €275,803 | €204,761 | -€71,042 | -25.8% |
| Furniture and vehicles | 24 | €83,451 | €45,251 | -€38,199 | -45.8% |
| Other tangible fixed assets | 26 | €107,408 | €88,691 | -€18,718 | -17.4% |
| Financial fixed assets | 28 | €50,713,886 | €70,242,880 | +€19.5m | +38.5% |
| Affiliated companies | 280/1 | €50,556,586 | €70,068,524 | +€19.5m | +38.6% |
| Participating interests | 280 | €50,556,586 | €70,068,524 | +€19.5m | +38.6% |
| Other financial fixed assets | 284/8 | €157,300 | €174,356 | +€17,056 | +10.8% |
| Amounts receivable and cash guarantees | 285/8 | €157,300 | €174,356 | +€17,056 | +10.8% |
| Current assets | 29/58 | €44,043,122 | €32,955,842 | -€11.1m | -25.2% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €42,235,017 | €31,127,283 | -€11.1m | -26.3% |
| Trade receivables | 40 | €26,918,044 | €26,261,303 | -€656,741 | -2.4% |
| Other amounts receivable | 41 | €15,316,973 | €4,865,980 | -€10.5m | -68.2% |
| Cash at bank and in hand | 54/58 | €1,098,448 | €677,801 | -€420,648 | -38.3% |
| Deferred charges and accrued income | 490/1 | €709,657 | €1,150,759 | +€441,102 | +62.2% |
| Total equity and liabilities | 10/49 | €105,904,922 | €118,748,317 | +€12.8m | +12.1% |
| Equity | 10/15 | €45,741,486 | €51,234,970 | +€5.5m | +12.0% |
| Contributions | 10/11 | €31,844,675 | €31,844,675 | = | 0.0% |
| Capital | 10 | €31,844,675 | €31,844,675 | = | 0.0% |
| Issued capital | 100 | €31,844,675 | €31,844,675 | = | 0.0% |
| Reserves | 13 | €977,488 | €1,737,687 | +€760,199 | +77.8% |
| Non-distributable reserves | 130/1 | €766,988 | €1,527,187 | +€760,199 | +99.1% |
| Legal reserve | 130 | €766,988 | €1,527,187 | +€760,199 | +99.1% |
| Tax-exempt reserves | 132 | €210,500 | €0 | -€210,500 | -100% |
| Distributable reserves | 133 | - | €210,500 | +€210,500 | |
| Profit (loss) carried forward | 14 | €12,919,323 | €17,652,608 | +€4.7m | +36.6% |
| Amounts payable | 17/49 | €60,163,436 | €67,513,347 | +€7.3m | +12.2% |
| Amounts payable after more than one year | 17 | €15,821,631 | €46,960,773 | +€31.1m | +197% |
| Financial debts | 170/4 | €15,821,631 | €46,960,773 | +€31.1m | +197% |
| Other loans | 174 | €15,821,631 | €46,960,773 | +€31.1m | +197% |
| Amounts payable within one year | 42/48 | €36,647,474 | €14,914,147 | -€21.7m | -59.3% |
| Trade debts | 44 | €16,108,573 | €4,959,925 | -€11.1m | -69.2% |
| Suppliers | 440/4 | €16,108,573 | €4,959,925 | -€11.1m | -69.2% |
| Taxes, remuneration and social security | 45 | €2,982,274 | €4,014,628 | +€1.0m | +34.6% |
| Taxes | 450/3 | €1,402,816 | €2,795,114 | +€1.4m | +99.3% |
| Remuneration and social security | 454/9 | €1,579,458 | €1,219,514 | -€359,944 | -22.8% |
| Other amounts payable | 47/48 | €17,556,627 | €5,939,595 | -€11.6m | -66.2% |
| Accrued charges and deferred income | 492/3 | €7,694,330 | €5,638,427 | -€2.1m | -26.7% |
| Operating income | 70/76A | €41,085,086 | €43,852,674 | +€2.8m | +6.7% |
| Turnover | 70 | €35,292,052 | €37,000,642 | +€1.7m | +4.8% |
| Own construction capitalised | 72 | €5,025,788 | €6,681,921 | +€1.7m | +33.0% |
| Other operating income | 74 | €762,344 | €169,145 | -€593,199 | -77.8% |
| Non-recurring operating income | 76A | €4,902 | €967 | -€3,935 | -80.3% |
| Operating charges | 60/66A | €34,371,004 | €34,226,464 | -€144,540 | -0.4% |
| Goods for resale, raw materials and consumables | 60 | €5,778,118 | €3,587,109 | -€2.2m | -37.9% |
| Purchases | 600/8 | €5,778,118 | €3,587,109 | -€2.2m | -37.9% |
| Services and other goods | 61 | €13,062,700 | €11,751,401 | -€1.3m | -10.0% |
| Remuneration, social security and pensions | 62 | €12,255,719 | €15,044,818 | +€2.8m | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,203,631 | €3,648,400 | +€444,769 | +13.9% |
| Other operating charges | 640/8 | €70,835 | €194,736 | +€123,901 | +175% |
| Operating profit (loss) | 9901 | €6,714,082 | €9,626,210 | +€2.9m | +43.4% |
| Financial income | 75/76B | €289,026 | €9,385,683 | +€9.1m | +3,147% |
| Recurring financial income | 75 | €289,026 | €9,385,683 | +€9.1m | +3,147% |
| Income from financial fixed assets | 750 | - | €8,625,000 | +€8.6m | |
| Income from current assets | 751 | €13,968 | €4,904 | -€9,064 | -64.9% |
| Other financial income | 752/9 | €275,058 | €755,779 | +€480,721 | +175% |
| Financial charges | 65/66B | €1,868,957 | €2,821,467 | +€952,510 | +51.0% |
| Recurring financial charges | 65 | €1,868,957 | €2,821,467 | +€952,510 | +51.0% |
| Debt charges | 650 | €1,703,741 | €2,139,774 | +€436,033 | +25.6% |
| Other financial charges | 652/9 | €165,216 | €681,693 | +€516,477 | +313% |
| Profit (loss) for the period before taxes | 9903 | €5,134,151 | €16,190,425 | +€11.1m | +215% |
| Income taxes | 67/77 | €803,496 | €1,196,941 | +€393,445 | +49.0% |
| Taxes | 670/3 | €1,276,387 | €1,424,049 | +€147,662 | +11.6% |
| Tax adjustments and reversals of tax provisions | 77 | €472,891 | €227,108 | -€245,783 | -52.0% |
| Profit (loss) for the period | 9904 | €4,330,655 | €14,993,484 | +€10.7m | +246% |
| Transfer from tax-exempt reserves | 789 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,330,655 | €15,203,984 | +€10.9m | +251% |
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.