Enigma: 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.
Enigma
Largest movements
- Tangible fixed assets -€22,751
down €22,751 (-9.5%), from €238,800 to €216,049
of which Plant, machinery and equipment: -€14,590
- Stocks and contracts -€4,755
down €4,755 (-3.7%), from €128,266 to €123,511
- Profit (loss) carried forward -€32,304
down €32,304 (-25.3%), from -€127,448 to -€159,751
- Trade debts +€30,798
up €30,798 (+235%), from €13,116 to €43,913
- Tax, wage and social debts -€22,721
down €22,721 (-78.9%), from €28,813 to €6,092
of which Remuneration and social security: -€24,983
- Gross operating margin -€42,224
down €42,224 (-67.8%), from €62,297 to €20,073
- Staff costs -€40,855
down €40,855 (-99.7%), from €40,988 to €133
- Financial charges +€7,481
up €7,481 (+162%), from €4,610 to €12,091
- Other operating charges +€1,666
up €1,666 (+13.7%), from €12,149 to €13,815
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 | €445,006 | €419,421 | -€25,586 | -5.7% |
| Fixed assets | 21/28 | €278,696 | €252,358 | -€26,338 | -9.5% |
| Intangible fixed assets | 21 | €33,266 | €29,679 | -€3,587 | -10.8% |
| Tangible fixed assets | 22/27 | €238,800 | €216,049 | -€22,751 | -9.5% |
| Plant, machinery and equipment | 23 | €172,576 | €157,986 | -€14,590 | -8.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €66,224 | €58,063 | -€8,161 | -12.3% |
| Financial fixed assets | 28 | €6,630 | €6,630 | = | 0.0% |
| Current assets | 29/58 | €166,310 | €167,062 | +€753 | +0.5% |
| Stocks and contracts in progress | 3 | €128,266 | €123,511 | -€4,755 | -3.7% |
| Stocks | 30/36 | €128,266 | €123,511 | -€4,755 | -3.7% |
| Amounts receivable within one year | 40/41 | €29,473 | €33,165 | +€3,692 | +12.5% |
| Trade receivables | 40 | €22,586 | €31,979 | +€9,393 | +41.6% |
| Other amounts receivable | 41 | €6,887 | €1,186 | -€5,701 | -82.8% |
| Cash at bank and in hand | 54/58 | €5,785 | €8,728 | +€2,943 | +50.9% |
| Deferred charges and accrued income | 490/1 | €2,785 | €1,657 | -€1,127 | -40.5% |
| Total equity and liabilities | 10/49 | €445,006 | €419,421 | -€25,586 | -5.7% |
| Equity | 10/15 | €213,237 | €180,934 | -€32,304 | -15.1% |
| Contributions | 10/11 | €303,000 | €303,000 | = | 0.0% |
| Reserves | 13 | €37,685 | €37,685 | = | 0.0% |
| Distributable reserves | 133 | €37,685 | €37,685 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,448 | -€159,751 | -€32,304 | -25.3% |
| Amounts payable | 17/49 | €231,769 | €238,487 | +€6,718 | +2.9% |
| Amounts payable after more than one year | 17 | €171,000 | €171,000 | = | 0.0% |
| Financial debts | 170/4 | €171,000 | €171,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €59,769 | €66,487 | +€6,718 | +11.2% |
| Financial debts | 43 | €14 | €28 | +€14 | +100% |
| Other loans | 439 | €14 | €28 | +€14 | +100% |
| Trade debts | 44 | €13,116 | €43,913 | +€30,798 | +235% |
| Suppliers | 440/4 | €13,116 | €43,913 | +€30,798 | +235% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €28,813 | €6,092 | -€22,721 | -78.9% |
| Taxes | 450/3 | €1,317 | €3,578 | +€2,262 | +172% |
| Remuneration and social security | 454/9 | €27,497 | €2,514 | -€24,983 | -90.9% |
| Other amounts payable | 47/48 | €17,825 | €16,453 | -€1,372 | -7.7% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €40,988 | €133 | -€40,855 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,954 | €26,338 | +€384 | +1.5% |
| Other operating charges | 640/8 | €12,149 | €13,815 | +€1,666 | +13.7% |
| Non-recurring operating charges | 66A | €1,422 | €0 | -€1,422 | -100% |
| Gross operating margin | 9900 | €62,297 | €20,073 | -€42,224 | -67.8% |
| Operating profit (loss) | 9901 | -€18,218 | -€20,214 | -€1,996 | -11.0% |
| Financial income | 75/76B | €30 | €1 | -€29 | -98.3% |
| Recurring financial income | 75 | €30 | €1 | -€29 | -98.3% |
| Financial charges | 65/66B | €4,610 | €12,091 | +€7,481 | +162% |
| Recurring financial charges | 65 | €4,610 | €12,091 | +€7,481 | +162% |
| Profit (loss) for the period before taxes | 9903 | -€22,798 | -€32,304 | -€9,506 | -41.7% |
| Profit (loss) for the period | 9904 | -€22,798 | -€32,304 | -€9,506 | -41.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,798 | -€32,304 | -€9,506 | -41.7% |
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 17 October 2026 via checked.be.