ENISOR: 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.
ENISOR
Largest movements
- Cash -€1.9m
down €1.9m (-74.7%), from €2.5m to €644,312
mainly Current investments (-€1.8m) and Contributions, distributions and other (-€648,031)
- Current investments +€1.8m
up €1.8m (+47.4%), from €3.8m to €5.7m
- Receivables after one year -€150,000
down €150,000 (-19.6%), from €764,961 to €614,961
- Reserves -€335,478
down €335,478 (-10.2%), from €3.3m to €3.0m
of which Distributable reserves: -€335,478
- Gross operating margin +€424,781
up €424,781, from -€59,628 to €365,153
- Taxes +€155,839
up €155,839 (+173.3%), from €89,930 to €245,769
- Financial income +€26,879
up €26,879 (+11.1%), from €242,511 to €269,390
- Financial charges -€14,639
down €14,639 (-58.0%), from €25,227 to €10,588
- Other operating charges -€5,594
down €5,594 (-55.7%), from €10,036 to €4,442
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 | €9,458,797 | €9,205,038 | -€253,759 | -2.7% |
| Fixed assets | 21/28 | €2,174,953 | €2,158,050 | -€16,903 | -0.8% |
| Tangible fixed assets | 22/27 | €1,747,451 | €1,730,548 | -€16,903 | -1.0% |
| Land and buildings | 22 | €1,685,145 | €1,690,837 | +€5,692 | +0.3% |
| Furniture and vehicles | 24 | €62,306 | €39,711 | -€22,595 | -36.3% |
| Financial fixed assets | 28 | €427,502 | €427,502 | = | 0.0% |
| Current assets | 29/58 | €7,283,844 | €7,046,988 | -€236,856 | -3.3% |
| Amounts receivable after more than one year | 29 | €764,961 | €614,961 | -€150,000 | -19.6% |
| Other amounts receivable | 291 | €764,961 | €614,961 | -€150,000 | -19.6% |
| Amounts receivable within one year | 40/41 | €127,486 | €126,609 | -€877 | -0.7% |
| Trade receivables | 40 | €43,553 | €61,438 | +€17,885 | +41.1% |
| Other amounts receivable | 41 | €83,933 | €65,171 | -€18,762 | -22.4% |
| Current investments | 50/53 | €3,841,891 | €5,661,106 | +€1.8m | +47.4% |
| Cash at bank and in hand | 54/58 | €2,548,111 | €644,312 | -€1.9m | -74.7% |
| Deferred charges and accrued income | 490/1 | €1,395 | - | -€1,395 | |
| Total equity and liabilities | 10/49 | €9,458,797 | €9,205,038 | -€253,759 | -2.7% |
| Equity | 10/15 | €9,441,302 | €9,105,824 | -€335,478 | -3.6% |
| Contributions | 10/11 | €20,300 | €20,300 | = | 0.0% |
| Reserves | 13 | €3,287,607 | €2,952,129 | -€335,478 | -10.2% |
| Non-distributable reserves | 130/1 | €2,030 | €2,030 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,030 | €2,030 | = | 0.0% |
| Distributable reserves | 133 | €3,285,577 | €2,950,099 | -€335,478 | -10.2% |
| Profit (loss) carried forward | 14 | €6,133,395 | €6,133,395 | = | 0.0% |
| Amounts payable | 17/49 | €17,495 | €99,214 | +€81,719 | +467.1% |
| Amounts payable within one year | 42/48 | €17,495 | €99,214 | +€81,719 | +467.1% |
| Trade debts | 44 | €3,018 | €3,081 | +€63 | +2.1% |
| Suppliers | 440/4 | €3,018 | €3,081 | +€63 | +2.1% |
| Taxes, remuneration and social security | 45 | €14,477 | €96,133 | +€81,656 | +564.0% |
| Taxes | 450/3 | €14,477 | €96,133 | +€81,656 | +564.0% |
| Non-recurring operating income | 76A | €1,496 | €1,855 | +€359 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,506 | €61,191 | +€685 | +1.1% |
| Other operating charges | 640/8 | €10,036 | €4,442 | -€5,594 | -55.7% |
| Gross operating margin | 9900 | -€59,628 | €365,153 | +€424,781 | |
| Operating profit (loss) | 9901 | -€130,170 | €299,520 | +€429,690 | |
| Financial income | 75/76B | €242,511 | €269,390 | +€26,879 | +11.1% |
| Recurring financial income | 75 | €242,511 | €269,390 | +€26,879 | +11.1% |
| Financial charges | 65/66B | €25,227 | €10,588 | -€14,639 | -58.0% |
| Recurring financial charges | 65 | €25,227 | €10,588 | -€14,639 | -58.0% |
| Profit (loss) for the period before taxes | 9903 | €87,114 | €558,322 | +€471,208 | +540.9% |
| Income taxes | 67/77 | €89,930 | €245,769 | +€155,839 | +173.3% |
| Profit (loss) for the period | 9904 | -€2,816 | €312,553 | +€315,369 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,816 | €312,553 | +€315,369 |
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 30 September 2026 via checked.be.