ENOCEL: 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.
ENOCEL
Largest movements
- Cash +€13,846
up €13,846 (+388.0%), from €3,569 to €17,415
mainly Net result for the year (+€38,706) and Tax, wage and social debts (+€11,399)
- Receivables within one year +€5,490
up €5,490 (+16.1%), from €34,038 to €39,529
of which Other amounts receivable: +€9,000
- Stocks and contracts -€2,400
down €2,400 (-4.3%), from €55,623 to €53,223
- Tax, wage and social debts +€11,399
up €11,399 (+42.3%), from €26,934 to €38,334
- Profit (loss) carried forward +€3,706
up €3,706 (+145.6%), from €2,546 to €6,252
- Trade debts +€3,259
up €3,259 (+240.4%), from €1,356 to €4,615
- Advances received -€2,423
no longer reported in 2025 (was €2,423)
- Gross operating margin +€28,347
up €28,347 (+113.1%), from €25,060 to €53,406
- Taxes +€6,443
up €6,443 (+96.9%), from €6,647 to €13,089
- Depreciation -€695
down €695 (-41.1%), from €1,690 to €996
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 | €94,858 | €110,800 | +€15,941 | +16.8% |
| Fixed assets | 21/28 | €1,628 | €633 | -€996 | -61.1% |
| Tangible fixed assets | 22/27 | €1,628 | €633 | -€996 | -61.1% |
| Furniture and vehicles | 24 | €1,628 | €633 | -€996 | -61.1% |
| Current assets | 29/58 | €93,230 | €110,167 | +€16,937 | +18.2% |
| Stocks and contracts in progress | 3 | €55,623 | €53,223 | -€2,400 | -4.3% |
| Stocks | 30/36 | €55,623 | €53,223 | -€2,400 | -4.3% |
| Amounts receivable within one year | 40/41 | €34,038 | €39,529 | +€5,490 | +16.1% |
| Trade receivables | 40 | €34,038 | €30,529 | -€3,510 | -10.3% |
| Other amounts receivable | 41 | - | €9,000 | +€9,000 | |
| Cash at bank and in hand | 54/58 | €3,569 | €17,415 | +€13,846 | +388.0% |
| Total equity and liabilities | 10/49 | €94,858 | €110,800 | +€15,941 | +16.8% |
| Equity | 10/15 | €64,106 | €67,812 | +€3,706 | +5.8% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €53,500 | €53,500 | = | 0.0% |
| Distributable reserves | 133 | €53,500 | €53,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,546 | €6,252 | +€3,706 | +145.6% |
| Amounts payable | 17/49 | €30,752 | €42,988 | +€12,235 | +39.8% |
| Amounts payable within one year | 42/48 | €30,752 | €42,988 | +€12,235 | +39.8% |
| Trade debts | 44 | €1,356 | €4,615 | +€3,259 | +240.4% |
| Suppliers | 440/4 | €1,356 | €4,615 | +€3,259 | +240.4% |
| Advances received on contracts in progress | 46 | €2,423 | - | -€2,423 | |
| Taxes, remuneration and social security | 45 | €26,934 | €38,334 | +€11,399 | +42.3% |
| Taxes | 450/3 | €26,934 | €38,334 | +€11,399 | +42.3% |
| Other amounts payable | 47/48 | €39 | €39 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,690 | €996 | -€695 | -41.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €25,060 | €53,406 | +€28,347 | +113.1% |
| Operating profit (loss) | 9901 | €22,982 | €52,011 | +€29,029 | +126.3% |
| Financial charges | 65/66B | €149 | €216 | +€67 | +44.8% |
| Recurring financial charges | 65 | €149 | €216 | +€67 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €22,833 | €51,796 | +€28,962 | +126.8% |
| Income taxes | 67/77 | €6,647 | €13,089 | +€6,443 | +96.9% |
| Profit (loss) for the period | 9904 | €16,187 | €38,706 | +€22,520 | +139.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,187 | €38,706 | +€22,520 | +139.1% |
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 10 October 2026 via checked.be.