ENKA: 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.
What changed
ENKA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€2,687
2024 · €132,449-€135,136
Equity
€178,473
2024 · €181,159-€2,687
Cash
€211,299
2024 · €208,135+€3,164
Balance sheet total
€614,359
2024 · €646,125-€31,766
Largest movements
Assets
- Tangible fixed assets -€33,506
down €33,506 (-7.8%), from €431,777 to €398,271
of which Land and buildings: -€32,955
Equity and liabilities
- Debts after one year -€24,604
down €24,604 (-9.4%), from €261,664 to €237,060
Income statement
- Gross operating margin -€176,091
down €176,091 (-79.7%), from €220,847 to €44,755
- Other operating charges +€4,820
up €4,820 (+330.5%), from €1,459 to €6,279
- Financial charges +€2,744
up €2,744 (+33.6%), from €8,177 to €10,920
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
€132,449
Gross operating margin
-€176,091
Staff costs
+€289
Other operating charges
-€4,820
Financial income
-€1,219
Financial charges
-€2,744
Deferred taxes and other
+€49,450
Result 2025
-€2,687
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.
From operations
+€26,007
Investment
-€2
Financing
-€22,841
Cash 2024
€208,135
From operations (derived)
+€26,007
Net result for the year
-€2,687
Depreciation
+€33,506
Receivables within one year
-€1,246
Deferred charges and accrued income
+€2,672
Provisions
-€1,782
Trade debts
-€29
Other debts
-€4,427
Investment (derived)
-€2
Current investments
-€2
Financing
-€22,841
Debts after one year
-€24,604
Current portion of long-term debt
+€1,763
Cash 2025
€211,299
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €646,125 | €614,359 | -€31,766 | -4.9% |
| Fixed assets | 21/28 | €431,777 | €398,271 | -€33,506 | -7.8% |
| Tangible fixed assets | 22/27 | €431,777 | €398,271 | -€33,506 | -7.8% |
| Land and buildings | 22 | €430,445 | €397,491 | -€32,955 | -7.7% |
| Furniture and vehicles | 24 | €1,332 | €781 | -€551 | -41.4% |
| Current assets | 29/58 | €214,348 | €216,088 | +€1,740 | +0.8% |
| Amounts receivable within one year | 40/41 | €331 | €1,576 | +€1,246 | +376.6% |
| Trade receivables | 40 | €331 | €331 | = | 0.0% |
| Other amounts receivable | 41 | - | €1,246 | +€1,246 | |
| Current investments | 50/53 | €3,210 | €3,212 | +€2 | +0.1% |
| Cash at bank and in hand | 54/58 | €208,135 | €211,299 | +€3,164 | +1.5% |
| Deferred charges and accrued income | 490/1 | €2,672 | - | -€2,672 | |
| Total equity and liabilities | 10/49 | €646,125 | €614,359 | -€31,766 | -4.9% |
| Equity | 10/15 | €181,159 | €178,473 | -€2,687 | -1.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Revaluation surpluses | 12 | €105,000 | €105,000 | = | 0.0% |
| Reserves | 13 | €247,234 | €241,889 | -€5,346 | -2.2% |
| Tax-exempt reserves | 132 | €239,699 | €234,353 | -€5,346 | -2.2% |
| Distributable reserves | 133 | €7,536 | €7,536 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,062 | -€199,403 | +€2,659 | +1.3% |
| Provisions and deferred taxes | 16 | €85,268 | €83,486 | -€1,782 | -2.1% |
| Deferred taxes | 168 | €85,268 | €83,486 | -€1,782 | -2.1% |
| Amounts payable | 17/49 | €379,698 | €352,400 | -€27,297 | -7.2% |
| Amounts payable after more than one year | 17 | €261,664 | €237,060 | -€24,604 | -9.4% |
| Financial debts | 170/4 | €261,664 | €237,060 | -€24,604 | -9.4% |
| Amounts payable within one year | 42/48 | €118,034 | €115,340 | -€2,693 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | €22,841 | €24,604 | +€1,763 | +7.7% |
| Trade debts | 44 | €803 | €775 | -€29 | -3.6% |
| Suppliers | 440/4 | €803 | €775 | -€29 | -3.6% |
| Other amounts payable | 47/48 | €94,389 | €89,961 | -€4,427 | -4.7% |
| Non-recurring operating income | 76A | €197,799 | - | -€197,799 | |
| Remuneration, social security and pensions | 62 | €289 | - | -€289 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,506 | €33,506 | = | 0.0% |
| Other operating charges | 640/8 | €1,459 | €6,279 | +€4,820 | +330.5% |
| Gross operating margin | 9900 | €220,847 | €44,755 | -€176,091 | -79.7% |
| Operating profit (loss) | 9901 | €185,593 | €4,971 | -€180,622 | -97.3% |
| Financial income | 75/76B | €2,700 | €1,481 | -€1,219 | -45.2% |
| Recurring financial income | 75 | €2,700 | €1,481 | -€1,219 | -45.2% |
| Financial charges | 65/66B | €8,177 | €10,920 | +€2,744 | +33.6% |
| Recurring financial charges | 65 | €8,177 | €10,920 | +€2,744 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | €180,117 | -€4,469 | -€184,585 | |
| Transfer from deferred taxes | 780 | €1,782 | €1,782 | = | 0.0% |
| Transfer to deferred taxes | 680 | €49,450 | - | -€49,450 | |
| Profit (loss) for the period | 9904 | €132,449 | -€2,687 | -€135,136 | |
| Transfer from tax-exempt reserves | 789 | €5,346 | €5,346 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €157,739 | - | -€157,739 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,944 | €2,659 | +€22,603 |
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 6 October 2026 via checked.be.