ENIGMA INTERNATIONAL: what changed
ENIGMA INTERNATIONAL
Largest movements
- Cash -€31,352
down €31,352 (-82.7%), from €37,919 to €6,567
mainly Current investments (-€10,324) and Other debts (-€10,312)
- Current investments +€10,324
new in 2025: €10,324
- Tangible fixed assets -€3,707
down €3,707 (-6.9%), from €54,044 to €50,337
- Receivables within one year +€1,935
up €1,935 (+12.6%), from €15,381 to €17,316
of which Trade receivables: +€4,444
- Other debts -€10,312
down €10,312 (-36.6%), from €28,183 to €17,870
- Profit (loss) carried forward -€9,926
down €9,926 (-434%), from -€2,286 to -€12,212
- Tax, wage and social debts -€3,387
no longer reported in 2025 (was €3,387)
- Gross operating margin -€15,466
down €15,466, from €12,469 to -€2,997
- Depreciation -€11,290
down €11,290 (-70.8%), from €15,947 to €4,657
- Financial income -€2,489
down €2,489 (-90.3%), from €2,757 to €268
- Financial charges +€753
up €753 (+409%), from €184 to €937
- Other operating charges +€218
up €218 (+17.9%), from €1,220 to €1,439
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €160,615 | €137,772 | -€22,843 | -14.2% |
| Fixed assets | 21/28 | €107,094 | €103,387 | -€3,707 | -3.5% |
| Tangible fixed assets | 22/27 | €54,044 | €50,337 | -€3,707 | -6.9% |
| Land and buildings | 22 | €44,800 | €43,055 | -€1,745 | -3.9% |
| Furniture and vehicles | 24 | €3,206 | €1,592 | -€1,614 | -50.3% |
| Other tangible fixed assets | 26 | €6,038 | €5,691 | -€348 | -5.8% |
| Financial fixed assets | 28 | €53,050 | €53,050 | = | 0.0% |
| Current assets | 29/58 | €53,520 | €34,385 | -€19,136 | -35.8% |
| Amounts receivable within one year | 40/41 | €15,381 | €17,316 | +€1,935 | +12.6% |
| Trade receivables | 40 | €4,348 | €8,792 | +€4,444 | +102% |
| Other amounts receivable | 41 | €11,033 | €8,524 | -€2,509 | -22.7% |
| Current investments | 50/53 | - | €10,324 | +€10,324 | |
| Cash at bank and in hand | 54/58 | €37,919 | €6,567 | -€31,352 | -82.7% |
| Deferred charges and accrued income | 490/1 | €220 | €178 | -€42 | -19.3% |
| Total equity and liabilities | 10/49 | €160,615 | €137,772 | -€22,843 | -14.2% |
| Equity | 10/15 | €118,454 | €108,528 | -€9,926 | -8.4% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €114,532 | €114,532 | = | 0.0% |
| Tax-exempt reserves | 132 | €516 | €516 | = | 0.0% |
| Distributable reserves | 133 | €114,016 | €114,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,286 | -€12,212 | -€9,926 | -434% |
| Amounts payable | 17/49 | €42,160 | €29,244 | -€12,916 | -30.6% |
| Amounts payable after more than one year | 17 | €170 | €170 | = | 0.0% |
| Other amounts payable | 178/9 | €170 | €170 | = | 0.0% |
| Amounts payable within one year | 42/48 | €41,790 | €28,909 | -€12,881 | -30.8% |
| Trade debts | 44 | €10,220 | €11,039 | +€819 | +8.0% |
| Suppliers | 440/4 | €10,220 | €11,039 | +€819 | +8.0% |
| Taxes, remuneration and social security | 45 | €3,387 | - | -€3,387 | |
| Taxes | 450/3 | €3,387 | - | -€3,387 | |
| Other amounts payable | 47/48 | €28,183 | €17,870 | -€10,312 | -36.6% |
| Accrued charges and deferred income | 492/3 | €201 | €165 | -€36 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,947 | €4,657 | -€11,290 | -70.8% |
| Other operating charges | 640/8 | €1,220 | €1,439 | +€218 | +17.9% |
| Gross operating margin | 9900 | €12,469 | -€2,997 | -€15,466 | |
| Operating profit (loss) | 9901 | -€4,698 | -€9,093 | -€4,394 | -93.5% |
| Financial income | 75/76B | €2,757 | €268 | -€2,489 | -90.3% |
| Recurring financial income | 75 | €2,757 | €268 | -€2,489 | -90.3% |
| Financial charges | 65/66B | €184 | €937 | +€753 | +409% |
| Recurring financial charges | 65 | €184 | €937 | +€753 | +409% |
| Profit (loss) for the period before taxes | 9903 | -€2,126 | -€9,761 | -€7,636 | -359% |
| Income taxes | 67/77 | €160 | €165 | +€5 | +3.1% |
| Profit (loss) for the period | 9904 | -€2,286 | -€9,926 | -€7,641 | -334% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,286 | -€9,926 | -€7,641 | -334% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.