ENO: 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.
ENO
Largest movements
- Receivables within one year +€19,418
up €19,418 (+52.2%), from €37,198 to €56,615
of which Trade receivables: +€19,283
- Cash -€12,047
down €12,047 (-66.9%), from €17,994 to €5,947
mainly Debts after one year (-€31,212) and Investment in fixed assets (net) (-€20,000)
- Tangible fixed assets -€5,651
down €5,651 (-1.9%), from €298,366 to €292,715
of which Furniture and vehicles: -€9,540
- Debts after one year -€31,212
down €31,212 (-22.0%), from €141,810 to €110,598
- Trade debts +€17,564
up €17,564 (+119.3%), from €14,719 to €32,283
- Other debts +€6,412
up €6,412 (+17.9%), from €35,817 to €42,229
- Reserves +€6,304
up €6,304 (+7.2%), from €88,111 to €94,415
of which Distributable reserves: +€6,304
- Gross operating margin -€8,493
down €8,493 (-16.7%), from €50,795 to €42,302
- Depreciation -€1,727
down €1,727 (-6.3%), from €27,378 to €25,651
- Taxes -€1,629
down €1,629 (-38.1%), from €4,271 to €2,642
- Financial charges -€852
down €852 (-18.1%), from €4,698 to €3,847
- Other operating charges -€838
down €838 (-18.4%), from €4,551 to €3,713
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 | €353,707 | €355,427 | +€1,720 | +0.5% |
| Fixed assets | 21/28 | €298,516 | €292,865 | -€5,651 | -1.9% |
| Tangible fixed assets | 22/27 | €298,366 | €292,715 | -€5,651 | -1.9% |
| Land and buildings | 22 | €275,334 | €280,286 | +€4,952 | +1.8% |
| Plant, machinery and equipment | 23 | €3,092 | €2,030 | -€1,062 | -34.4% |
| Furniture and vehicles | 24 | €19,940 | €10,400 | -€9,540 | -47.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €55,191 | €62,562 | +€7,371 | +13.4% |
| Amounts receivable within one year | 40/41 | €37,198 | €56,615 | +€19,418 | +52.2% |
| Trade receivables | 40 | €36,678 | €55,962 | +€19,283 | +52.6% |
| Other amounts receivable | 41 | €519 | €654 | +€135 | +25.9% |
| Cash at bank and in hand | 54/58 | €17,994 | €5,947 | -€12,047 | -66.9% |
| Total equity and liabilities | 10/49 | €353,707 | €355,427 | +€1,720 | +0.5% |
| Equity | 10/15 | €127,511 | €133,815 | +€6,304 | +4.9% |
| Contributions | 10/11 | €39,400 | €39,400 | = | 0.0% |
| Reserves | 13 | €88,111 | €94,415 | +€6,304 | +7.2% |
| Non-distributable reserves | 130/1 | €3,940 | €3,940 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,940 | €3,940 | = | 0.0% |
| Distributable reserves | 133 | €84,171 | €90,475 | +€6,304 | +7.5% |
| Amounts payable | 17/49 | €226,196 | €221,612 | -€4,584 | -2.0% |
| Amounts payable after more than one year | 17 | €141,810 | €110,598 | -€31,212 | -22.0% |
| Financial debts | 170/4 | €141,810 | €110,598 | -€31,212 | -22.0% |
| Amounts payable within one year | 42/48 | €83,999 | €111,015 | +€27,015 | +32.2% |
| Current portion of amounts payable after more than one year | 42 | €20,524 | €20,944 | +€420 | +2.0% |
| Trade debts | 44 | €14,719 | €32,283 | +€17,564 | +119.3% |
| Suppliers | 440/4 | €14,719 | €32,283 | +€17,564 | +119.3% |
| Taxes, remuneration and social security | 45 | €12,939 | €15,559 | +€2,619 | +20.2% |
| Taxes | 450/3 | €12,939 | €15,559 | +€2,619 | +20.2% |
| Other amounts payable | 47/48 | €35,817 | €42,229 | +€6,412 | +17.9% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Remuneration, social security and pensions | 62 | €163 | €170 | +€7 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,378 | €25,651 | -€1,727 | -6.3% |
| Other operating charges | 640/8 | €4,551 | €3,713 | -€838 | -18.4% |
| Gross operating margin | 9900 | €50,795 | €42,302 | -€8,493 | -16.7% |
| Operating profit (loss) | 9901 | €18,703 | €12,768 | -€5,935 | -31.7% |
| Financial income | 75/76B | - | €24 | +€24 | |
| Recurring financial income | 75 | - | €24 | +€24 | |
| Financial charges | 65/66B | €4,698 | €3,847 | -€852 | -18.1% |
| Recurring financial charges | 65 | €4,698 | €3,847 | -€852 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €14,004 | €8,945 | -€5,059 | -36.1% |
| Income taxes | 67/77 | €4,271 | €2,642 | -€1,629 | -38.1% |
| Profit (loss) for the period | 9904 | €9,734 | €6,304 | -€3,430 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,734 | €6,304 | -€3,430 | -35.2% |
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 11 October 2026 via checked.be.