ENIGMA PARTNERS: 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
ENIGMA PARTNERS
NACE 93.299, Other amusement and recreation activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,687
2024 · €64,901-€14,215
Equity
€339,202
2024 · €301,248+€37,954
Cash
€243,130
2024 · €234,131+€8,999
Balance sheet total
€664,636
2024 · €673,860-€9,224
Largest movements
Assets
- Tangible fixed assets -€12,385
down €12,385 (-3.0%), from €409,752 to €397,368
of which Other tangible fixed assets: -€41,997
- Cash +€8,999
up €8,999 (+3.8%), from €234,131 to €243,130
mainly Depreciation (+€71,279) and Trade debts (+€52,456)
Equity and liabilities
- Trade debts +€52,456
up €52,456 (+360%), from €14,580 to €67,036
- Profit (loss) carried forward +€50,687
up €50,687 (+102%), from €49,498 to €100,185
- Debts after one year -€30,287
down €30,287 (-31.4%), from €96,423 to €66,135
- Other debts -€29,730
down €29,730 (-20.4%), from €146,051 to €116,322
- Tax, wage and social debts -€23,142
no longer reported in 2025 (was €23,142)
Income statement
- Gross operating margin -€243,641
down €243,641 (-37.1%), from €657,359 to €413,718
- Taxes -€39,519
down €39,519 (-75.1%), from €52,639 to €13,120
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
€64,901
Gross operating margin
-€243,641
Staff costs
-€1,671
Depreciation
-€2,897
Other operating charges
+€474
Financial charges
-€738
Taxes
+€39,519
Deferred taxes and other
+€194,739
Result 2025
€50,687
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
+€125,586
Investment
-€58,894
Financing
-€57,693
Cash 2024
€234,131
From operations (derived)
+€125,586
Net result for the year
+€50,687
Depreciation
+€71,279
Receivables within one year
+€5,839
Provisions
-€2,547
Trade debts
+€52,456
Tax, wage and social debts
-€23,142
Other debts
-€29,730
Accrued charges and deferred income
+€744
Investment (derived)
-€58,894
Investment in fixed assets (net)
-€58,894
Financing
-€57,693
Debts after one year
-€30,287
Current portion of long-term debt
-€14,226
Short-term financial debts
-€447
Contributions, distributions and other
-€12,733
Cash 2025
€243,130
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €673,860 | €664,636 | -€9,224 | -1.4% |
| Fixed assets | 21/28 | €416,865 | €404,480 | -€12,385 | -3.0% |
| Tangible fixed assets | 22/27 | €409,752 | €397,368 | -€12,385 | -3.0% |
| Plant, machinery and equipment | 23 | €163,669 | €191,668 | +€27,999 | +17.1% |
| Furniture and vehicles | 24 | €13,112 | €17,116 | +€4,004 | +30.5% |
| Leasing and similar rights | 25 | €4,780 | €2,390 | -€2,390 | -50.0% |
| Other tangible fixed assets | 26 | €228,191 | €186,194 | -€41,997 | -18.4% |
| Financial fixed assets | 28 | €7,112 | €7,112 | = | 0.0% |
| Current assets | 29/58 | €256,995 | €260,156 | +€3,160 | +1.2% |
| Amounts receivable within one year | 40/41 | €22,865 | €17,026 | -€5,839 | -25.5% |
| Other amounts receivable | 41 | €22,865 | €17,026 | -€5,839 | -25.5% |
| Cash at bank and in hand | 54/58 | €234,131 | €243,130 | +€8,999 | +3.8% |
| Total equity and liabilities | 10/49 | €673,860 | €664,636 | -€9,224 | -1.4% |
| Equity | 10/15 | €301,248 | €339,202 | +€37,954 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €233,150 | €220,417 | -€12,733 | -5.5% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Own shares acquired | 1312 | €90,000 | €90,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €143,150 | €130,417 | -€12,733 | -8.9% |
| Profit (loss) carried forward | 14 | €49,498 | €100,185 | +€50,687 | +102% |
| Provisions and deferred taxes | 16 | €36,310 | €33,763 | -€2,547 | -7.0% |
| Provisions for liabilities and charges | 160/5 | €36,310 | €33,763 | -€2,547 | -7.0% |
| Taxes | 161 | €36,310 | €33,763 | -€2,547 | -7.0% |
| Amounts payable | 17/49 | €336,302 | €291,670 | -€44,632 | -13.3% |
| Amounts payable after more than one year | 17 | €96,423 | €66,135 | -€30,287 | -31.4% |
| Financial debts | 170/4 | €96,423 | €66,135 | -€30,287 | -31.4% |
| Amounts payable within one year | 42/48 | €239,879 | €224,791 | -€15,089 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €51,636 | €37,410 | -€14,226 | -27.6% |
| Financial debts | 43 | €4,470 | €4,023 | -€447 | -10.0% |
| Credit institutions | 430/8 | €4,470 | €4,023 | -€447 | -10.0% |
| Trade debts | 44 | €14,580 | €67,036 | +€52,456 | +360% |
| Suppliers | 440/4 | €14,580 | €67,036 | +€52,456 | +360% |
| Taxes, remuneration and social security | 45 | €23,142 | - | -€23,142 | |
| Taxes | 450/3 | €23,142 | - | -€23,142 | |
| Other amounts payable | 47/48 | €146,051 | €116,322 | -€29,730 | -20.4% |
| Accrued charges and deferred income | 492/3 | - | €744 | +€744 | |
| Non-recurring operating income | 76A | €196,624 | - | -€196,624 | |
| Remuneration, social security and pensions | 62 | €269,975 | €271,647 | +€1,671 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,382 | €71,279 | +€2,897 | +4.2% |
| Other operating charges | 640/8 | €14,351 | €13,877 | -€474 | -3.3% |
| Gross operating margin | 9900 | €657,359 | €413,718 | -€243,641 | -37.1% |
| Operating profit (loss) | 9901 | €304,651 | €56,916 | -€247,735 | -81.3% |
| Financial charges | 65/66B | €7,651 | €8,389 | +€738 | +9.6% |
| Recurring financial charges | 65 | €7,651 | €8,389 | +€738 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €297,000 | €48,527 | -€248,473 | -83.7% |
| Transfer from deferred taxes | 780 | €12,540 | €15,279 | +€2,739 | +21.8% |
| Transfer to deferred taxes | 680 | €192,000 | - | -€192,000 | |
| Income taxes | 67/77 | €52,639 | €13,120 | -€39,519 | -75.1% |
| Profit (loss) for the period | 9904 | €64,901 | €50,687 | -€14,215 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,901 | €50,687 | -€14,215 | -21.9% |
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 28 October 2026 via checked.be.