ENIGMA PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€52,000
up €52,000 (+66.7%), from €78,000 to €130,000
- Cash +€12,209
up €12,209 (+130.5%), from €9,353 to €21,562
mainly Net result for the year (+€43,258) and Tax, wage and social debts (+€11,575)
- Tangible fixed assets -€9,284
down €9,284 (-4.6%), from €203,896 to €194,612
- Reserves +€43,258
up €43,258 (+24.7%), from €174,903 to €218,162
of which Distributable reserves: +€43,258
- Tax, wage and social debts +€11,575
up €11,575 (+71.0%), from €16,298 to €27,872
- Gross operating margin +€6,392
up €6,392 (+8.7%), from €73,809 to €80,200
- Taxes +€1,131
up €1,131 (+7.9%), from €14,371 to €15,502
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 | €291,249 | €346,175 | +€54,926 | +18.9% |
| Fixed assets | 21/28 | €203,896 | €194,612 | -€9,284 | -4.6% |
| Tangible fixed assets | 22/27 | €203,896 | €194,612 | -€9,284 | -4.6% |
| Land and buildings | 22 | €203,896 | €194,612 | -€9,284 | -4.6% |
| Current assets | 29/58 | €87,353 | €151,562 | +€64,209 | +73.5% |
| Amounts receivable within one year | 40/41 | €78,000 | €130,000 | +€52,000 | +66.7% |
| Other amounts receivable | 41 | €78,000 | €130,000 | +€52,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €9,353 | €21,562 | +€12,209 | +130.5% |
| Total equity and liabilities | 10/49 | €291,249 | €346,175 | +€54,926 | +18.9% |
| Equity | 10/15 | €274,403 | €317,662 | +€43,258 | +15.8% |
| Contributions | 10/11 | €99,500 | €99,500 | = | 0.0% |
| Capital | 10 | €99,500 | €99,500 | = | 0.0% |
| Issued capital | 100 | €99,500 | €99,500 | = | 0.0% |
| Reserves | 13 | €174,903 | €218,162 | +€43,258 | +24.7% |
| Non-distributable reserves | 130/1 | €9,950 | €9,950 | = | 0.0% |
| Legal reserve | 130 | €9,950 | €9,950 | = | 0.0% |
| Distributable reserves | 133 | €164,953 | €208,212 | +€43,258 | +26.2% |
| Amounts payable | 17/49 | €16,846 | €28,513 | +€11,667 | +69.3% |
| Amounts payable within one year | 42/48 | €16,846 | €28,513 | +€11,667 | +69.3% |
| Trade debts | 44 | €548 | €641 | +€93 | +16.9% |
| Suppliers | 440/4 | €548 | €641 | +€93 | +16.9% |
| Taxes, remuneration and social security | 45 | €16,298 | €27,872 | +€11,575 | +71.0% |
| Taxes | 450/3 | €16,298 | €27,872 | +€11,575 | +71.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,284 | €9,284 | +€0 | 0.0% |
| Other operating charges | 640/8 | €11,760 | €12,097 | +€336 | +2.9% |
| Gross operating margin | 9900 | €73,809 | €80,200 | +€6,392 | +8.7% |
| Operating profit (loss) | 9901 | €52,765 | €58,820 | +€6,055 | +11.5% |
| Financial charges | 65/66B | €29 | €60 | +€32 | +110.5% |
| Recurring financial charges | 65 | €29 | €60 | +€32 | +110.5% |
| Profit (loss) for the period before taxes | 9903 | €52,736 | €58,760 | +€6,024 | +11.4% |
| Income taxes | 67/77 | €14,371 | €15,502 | +€1,131 | +7.9% |
| Profit (loss) for the period | 9904 | €38,366 | €43,258 | +€4,893 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,366 | €43,258 | +€4,893 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.