ENODIA: what changed
What changed
ENODIA
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€29.6m
2024 · €36.2m-€6.6m
Equity
€1.19bn
2024 · €1.19bn-€2.5m
Cash
€4.5m
2024 · €4.0m+€574,381
Balance sheet total
€1.35bn
2024 · €1.33bn+€14.3m
Largest movements
Assets
- Current investments +€13.9m
up €13.9m (+10.8%), from €128.4m to €142.3m
of which Other investments: +€13.9m
Equity and liabilities
- Other debts +€16.2m
up €16.2m (+72.4%), from €22.3m to €38.5m
Income statement
No income-statement line moved by more than 1% of the activity.
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€36.2m
Other operating income
-€196,824
Goods and materials
+€0
Services and other goods
-€293,980
Staff costs
-€734,688
Depreciation
-€78
Provisions
+€863,105
Other operating charges
-€1,446
Other operating items
+€9,196
Financial income
-€3.4m
Financial charges
-€2.5m
Taxes
-€332,626
Deferred taxes and other
-€10,411
Result 2025
€29.6m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€47.2m
Investment
-€13.9m
Financing
-€32.7m
Cash 2024
€4.0m
From operations (derived)
+€47.2m
Net result for the year
+€29.6m
Depreciation
+€78
Receivables within one year
+€583,578
Deferred charges and accrued income
-€368,538
Provisions
+€2.4m
Trade debts
+€40,967
Tax, wage and social debts
+€234,724
Other debts
+€16.2m
Accrued charges and deferred income
-€1.4m
Investment (derived)
-€13.9m
Investment in fixed assets (net)
-€2,318
Current investments
-€13.9m
Financing
-€32.7m
Debts after one year
-€617,475
Short-term financial debts
-€10
Contributions, distributions and other
-€32.1m
Cash 2025
€4.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,331,504,089 | €1,345,759,129 | +€14.3m | +1.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €1,192,240,106 | €1,192,242,347 | +€2,241 | 0.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €61,973 | €64,214 | +€2,241 | +3.6% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €61,973 | €64,214 | +€2,241 | +3.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,192,178,132 | €1,192,178,132 | = | 0.0% |
| Affiliated companies | 280/1 | €1,191,239,676 | €1,191,239,676 | = | 0.0% |
| Participating interests | 280 | €1,191,239,676 | €1,191,239,676 | = | 0.0% |
| Amounts receivable | 281 | €0 | - | = | |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Amounts receivable | 283 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €938,456 | €938,456 | = | 0.0% |
| Shares | 284 | €938,456 | €938,456 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €0 | - | = | |
| Current assets | 29/58 | €139,263,983 | €153,516,783 | +€14.3m | +10.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Raw materials and consumables | 30/31 | €0 | - | = | |
| Work in progress | 32 | €0 | - | = | |
| Finished goods | 33 | €0 | - | = | |
| Goods purchased for resale | 34 | €0 | - | = | |
| Property held for sale | 35 | €0 | - | = | |
| Advance payments | 36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €5,892,112 | €5,308,534 | -€583,578 | -9.9% |
| Trade receivables | 40 | €2,473,020 | €2,396,266 | -€76,754 | -3.1% |
| Other amounts receivable | 41 | €3,419,092 | €2,912,268 | -€506,824 | -14.8% |
| Current investments | 50/53 | €128,373,311 | €142,266,770 | +€13.9m | +10.8% |
| Own shares | 50 | €0 | - | = | |
| Other investments | 51/53 | €128,373,311 | €142,266,770 | +€13.9m | +10.8% |
| Cash at bank and in hand | 54/58 | €3,969,825 | €4,544,206 | +€574,381 | +14.5% |
| Deferred charges and accrued income | 490/1 | €1,028,735 | €1,397,273 | +€368,538 | +35.8% |
| Total equity and liabilities | 10/49 | €1,331,504,089 | €1,345,759,129 | +€14.3m | +1.1% |
| Equity | 10/15 | €1,192,817,810 | €1,190,324,008 | -€2.5m | -0.2% |
| Contributions | 10/11 | €261,424,370 | €261,424,370 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €907,529,767 | €907,529,767 | = | 0.0% |
| Non-distributable reserves | 130/1 | €336,625,749 | €336,625,749 | = | 0.0% |
| Reserves not available under the articles | 1311 | €44,420,108 | €44,420,108 | = | 0.0% |
| Own shares acquired | 1312 | €0 | - | = | |
| Financial assistance | 1313 | €0 | - | = | |
| Other | 1319 | €292,205,640 | €292,205,640 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,155,014 | €2,155,014 | = | 0.0% |
| Distributable reserves | 133 | €568,749,005 | €568,749,005 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,863,673 | €21,369,871 | -€2.5m | -10.5% |
| Investment grants | 15 | €0 | - | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €6,950,739 | €9,305,891 | +€2.4m | +33.9% |
| Provisions for liabilities and charges | 160/5 | €6,232,401 | €8,587,553 | +€2.4m | +37.8% |
| Pensions and similar obligations | 160 | €6,232,401 | €8,587,553 | +€2.4m | +37.8% |
| Taxes | 161 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Environmental obligations | 163 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €718,338 | €718,338 | = | 0.0% |
| Amounts payable | 17/49 | €131,735,540 | €146,129,230 | +€14.4m | +10.9% |
| Amounts payable after more than one year | 17 | €101,320,624 | €100,703,150 | -€617,475 | -0.6% |
| Financial debts | 170/4 | €0 | - | = | |
| Subordinated loans | 170 | €0 | - | = | |
| Unsubordinated bonds | 171 | €0 | - | = | |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Other loans | 174 | €0 | - | = | |
| Trade debts | 175 | €0 | - | = | |
| Suppliers | 1750 | €0 | - | = | |
| Bills of exchange payable | 1751 | €0 | - | = | |
| Advances received on contracts in progress | 176 | €0 | - | = | |
| Other amounts payable | 178/9 | €101,320,624 | €100,703,150 | -€617,475 | -0.6% |
| Amounts payable within one year | 42/48 | €28,776,117 | €45,219,619 | +€16.4m | +57.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €10 | - | -€10 | |
| Credit institutions | 430/8 | €10 | - | -€10 | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,232,617 | €1,273,585 | +€40,967 | +3.3% |
| Suppliers | 440/4 | €1,232,617 | €1,273,585 | +€40,967 | +3.3% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,221,704 | €5,456,428 | +€234,724 | +4.5% |
| Taxes | 450/3 | €581,353 | €569,428 | -€11,925 | -2.1% |
| Remuneration and social security | 454/9 | €4,640,351 | €4,887,000 | +€246,649 | +5.3% |
| Other amounts payable | 47/48 | €22,321,786 | €38,489,607 | +€16.2m | +72.4% |
| Accrued charges and deferred income | 492/3 | €1,638,799 | €206,461 | -€1.4m | -87.4% |
| Operating income | 70/76A | €22,090,759 | €21,903,131 | -€187,628 | -0.8% |
| Turnover | 70 | €0 | - | = | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €0 | - | = | |
| Own construction capitalised | 72 | €0 | - | = | |
| Other operating income | 74 | €22,090,759 | €21,893,935 | -€196,824 | -0.9% |
| Non-recurring operating income | 76A | €0 | €9,196 | +€9,196 | |
| Operating charges | 60/66A | €29,098,298 | €29,265,383 | +€167,085 | +0.6% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | -€0 | |
| Purchases | 600/8 | €0 | - | -€0 | |
| Change in stocks: decrease (increase) | 609 | €0 | - | = | |
| Services and other goods | 61 | €1,753,051 | €2,047,031 | +€293,980 | +16.8% |
| Remuneration, social security and pensions | 62 | €24,108,055 | €24,842,743 | +€734,688 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €78 | +€78 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,218,257 | €2,355,152 | -€863,105 | -26.8% |
| Other operating charges | 640/8 | €18,935 | €20,380 | +€1,446 | +7.6% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€7,007,540 | -€7,362,253 | -€354,713 | -5.1% |
| Financial income | 75/76B | €43,720,026 | €40,308,096 | -€3.4m | -7.8% |
| Recurring financial income | 75 | €43,720,026 | €40,308,096 | -€3.4m | -7.8% |
| Income from financial fixed assets | 750 | €35,077,286 | €35,253,360 | +€176,075 | +0.5% |
| Income from current assets | 751 | €8,509,985 | €3,674,873 | -€4.8m | -56.8% |
| Other financial income | 752/9 | €132,756 | €1,379,863 | +€1.2m | +939% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €799,261 | €3,282,376 | +€2.5m | +311% |
| Recurring financial charges | 65 | €799,261 | €3,282,376 | +€2.5m | +311% |
| Debt charges | 650 | €0 | - | = | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €799,261 | €3,282,376 | +€2.5m | +311% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €35,913,226 | €29,663,467 | -€6.2m | -17.4% |
| Transfer from deferred taxes | 780 | €10,411 | - | -€10,411 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | -€270,152 | €62,474 | +€332,626 | |
| Taxes | 670/3 | €2,267,961 | €280,691 | -€2.0m | -87.6% |
| Tax adjustments and reversals of tax provisions | 77 | €2,538,113 | €218,217 | -€2.3m | -91.4% |
| Profit (loss) for the period | 9904 | €36,193,789 | €29,600,993 | -€6.6m | -18.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €36,193,789 | €29,600,993 | -€6.6m | -18.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.