ENIGMA: 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.
ENIGMA
Largest movements
- Current investments +€200,601
up €200,601 (+828.2%), from €24,220 to €224,821
- Cash -€194,110
down €194,110 (-94.2%), from €206,143 to €12,034
mainly Current investments (-€200,601) and Debts after one year (-€76,394)
- Financial fixed assets -€35,000
down €35,000 (-53.6%), from €65,280 to €30,280
- Tangible fixed assets -€24,162
down €24,162 (-4.9%), from €495,914 to €471,751
of which Land and buildings: -€22,526
- Receivables within one year +€17,973
up €17,973 (+98.2%), from €18,307 to €36,280
of which Trade receivables: +€11,652
- Debts after one year -€76,394
down €76,394 (-16.6%), from €461,585 to €385,192
- Profit (loss) carried forward +€27,673
up €27,673 (+18.8%), from €146,821 to €174,494
- Current portion of long-term debt +€15,044
up €15,044 (+30.8%), from €48,918 to €63,961
- Other debts +€13,889
up €13,889 (+20.4%), from €68,000 to €81,889
- Trade debts -€9,165
down €9,165 (-35.5%), from €25,845 to €16,681
- Gross operating margin -€19,004
down €19,004 (-13.9%), from €136,526 to €117,522
- Financial income -€4,562
down €4,562 (-63.6%), from €7,177 to €2,615
- Taxes -€4,405
down €4,405 (-37.9%), from €11,608 to €7,203
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 | €809,864 | €775,166 | -€34,698 | -4.3% |
| Fixed assets | 21/28 | €561,194 | €502,031 | -€59,162 | -10.5% |
| Tangible fixed assets | 22/27 | €495,914 | €471,751 | -€24,162 | -4.9% |
| Land and buildings | 22 | €493,501 | €470,974 | -€22,526 | -4.6% |
| Plant, machinery and equipment | 23 | €1,004 | €200 | -€804 | -80.0% |
| Furniture and vehicles | 24 | €1,409 | €577 | -€832 | -59.1% |
| Financial fixed assets | 28 | €65,280 | €30,280 | -€35,000 | -53.6% |
| Current assets | 29/58 | €248,670 | €273,134 | +€24,464 | +9.8% |
| Amounts receivable within one year | 40/41 | €18,307 | €36,280 | +€17,973 | +98.2% |
| Trade receivables | 40 | €3,981 | €15,633 | +€11,652 | +292.7% |
| Other amounts receivable | 41 | €14,326 | €20,647 | +€6,321 | +44.1% |
| Current investments | 50/53 | €24,220 | €224,821 | +€200,601 | +828.2% |
| Cash at bank and in hand | 54/58 | €206,143 | €12,034 | -€194,110 | -94.2% |
| Total equity and liabilities | 10/49 | €809,864 | €775,166 | -€34,698 | -4.3% |
| Equity | 10/15 | €198,433 | €226,106 | +€27,673 | +13.9% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Revaluation surpluses | 12 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €1,875 | €1,875 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,875 | €1,875 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,875 | €1,875 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,821 | €174,494 | +€27,673 | +18.8% |
| Amounts payable | 17/49 | €611,431 | €549,060 | -€62,371 | -10.2% |
| Amounts payable after more than one year | 17 | €461,585 | €385,192 | -€76,394 | -16.6% |
| Financial debts | 170/4 | €461,585 | €385,192 | -€76,394 | -16.6% |
| Amounts payable within one year | 42/48 | €149,846 | €163,368 | +€13,522 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €48,918 | €63,961 | +€15,044 | +30.8% |
| Trade debts | 44 | €25,845 | €16,681 | -€9,165 | -35.5% |
| Suppliers | 440/4 | €25,845 | €16,681 | -€9,165 | -35.5% |
| Taxes, remuneration and social security | 45 | €7,083 | €837 | -€6,245 | -88.2% |
| Taxes | 450/3 | €7,083 | €837 | -€6,245 | -88.2% |
| Other amounts payable | 47/48 | €68,000 | €81,889 | +€13,889 | +20.4% |
| Accrued charges and deferred income | 492/3 | - | €500 | +€500 | |
| Remuneration, social security and pensions | 62 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,162 | €24,162 | = | 0.0% |
| Other operating charges | 640/8 | €3,286 | €3,392 | +€106 | +3.2% |
| Gross operating margin | 9900 | €136,526 | €117,522 | -€19,004 | -13.9% |
| Operating profit (loss) | 9901 | €106,078 | €86,968 | -€19,110 | -18.0% |
| Financial income | 75/76B | €7,177 | €2,615 | -€4,562 | -63.6% |
| Recurring financial income | 75 | €7,177 | €2,615 | -€4,562 | -63.6% |
| Financial charges | 65/66B | €13,793 | €14,706 | +€913 | +6.6% |
| Recurring financial charges | 65 | €13,793 | €14,706 | +€913 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €99,461 | €74,877 | -€24,585 | -24.7% |
| Income taxes | 67/77 | €11,608 | €7,203 | -€4,405 | -37.9% |
| Profit (loss) for the period | 9904 | €87,853 | €67,673 | -€20,180 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,853 | €67,673 | -€20,180 | -23.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.