ENoRa: 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.
ENoRa
Largest movements
- Cash -€1.5m
down €1.5m (-80.6%), from €1.9m to €362,384
mainly Debts after one year (-€1.9m) and Current investments (-€805,167)
- Current investments +€805,167
up €805,167 (+1,349%), from €59,680 to €864,847
- Tangible fixed assets -€609,132
down €609,132 (-22.3%), from €2.7m to €2.1m
- Receivables within one year -€60,349
down €60,349 (-13.1%), from €462,155 to €401,806
of which Trade receivables: -€40,408
- Debts after one year -€1.9m
down €1.9m (-69.2%), from €2.8m to €857,143
- Current portion of long-term debt +€473,451
up €473,451 (+1,608%), from €29,452 to €502,903
- Profit (loss) carried forward +€163,841
up €163,841 (+13.4%), from -€1.2m to -€1.1m
- Trade debts -€70,356
down €70,356 (-11.0%), from €637,721 to €567,365
- Goods and materials +€555,705
up €555,705 (+40.6%), from €1.4m to €1.9m
of which Purchases: +€557,701
- Turnover +€272,569
up €272,569 (+8.8%), from €3.1m to €3.4m
- Financial income -€62,039
down €62,039 (-67.4%), from €91,999 to €29,960
- Services and other goods -€55,540
down €55,540 (-8.1%), from €684,851 to €629,311
- Depreciation -€43,228
down €43,228 (-6.6%), from €652,360 to €609,132
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.
Derived cash bridge
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 | €5,251,686 | €3,880,562 | -€1.4m | -26.1% |
| Fixed assets | 21/28 | €2,851,606 | €2,242,474 | -€609,132 | -21.4% |
| Tangible fixed assets | 22/27 | €2,726,606 | €2,117,474 | -€609,132 | -22.3% |
| Plant, machinery and equipment | 23 | €2,726,606 | €2,117,474 | -€609,132 | -22.3% |
| Financial fixed assets | 28 | €125,000 | €125,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €125,000 | €125,000 | = | 0.0% |
| Participating interests | 282 | €125,000 | €125,000 | = | 0.0% |
| Current assets | 29/58 | €2,400,080 | €1,638,088 | -€761,992 | -31.7% |
| Stocks and contracts in progress | 3 | €5,487 | €7,982 | +€2,495 | +45.5% |
| Stocks | 30/36 | €5,487 | €7,982 | +€2,495 | +45.5% |
| Goods purchased for resale | 34 | €5,487 | €7,982 | +€2,495 | +45.5% |
| Amounts receivable within one year | 40/41 | €462,155 | €401,806 | -€60,349 | -13.1% |
| Trade receivables | 40 | €366,897 | €326,489 | -€40,408 | -11.0% |
| Other amounts receivable | 41 | €95,258 | €75,317 | -€19,941 | -20.9% |
| Current investments | 50/53 | €59,680 | €864,847 | +€805,167 | +1,349% |
| Other investments | 51/53 | €59,680 | €864,847 | +€805,167 | +1,349% |
| Cash at bank and in hand | 54/58 | €1,871,707 | €362,384 | -€1.5m | -80.6% |
| Deferred charges and accrued income | 490/1 | €1,051 | €1,069 | +€18 | +1.7% |
| Total equity and liabilities | 10/49 | €5,251,686 | €3,880,562 | -€1.4m | -26.1% |
| Equity | 10/15 | €1,786,368 | €1,943,251 | +€156,883 | +8.8% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,220,590 | -€1,056,749 | +€163,841 | +13.4% |
| Investment grants | 15 | €6,958 | - | -€6,958 | |
| Amounts payable | 17/49 | €3,465,318 | €1,937,311 | -€1.5m | -44.1% |
| Amounts payable after more than one year | 17 | €2,780,045 | €857,143 | -€1.9m | -69.2% |
| Financial debts | 170/4 | €2,780,045 | €857,143 | -€1.9m | -69.2% |
| Credit institutions | 173 | €30,045 | - | -€30,045 | |
| Other loans | 174 | €2,750,000 | €857,143 | -€1.9m | -68.8% |
| Amounts payable within one year | 42/48 | €667,173 | €1,070,268 | +€403,095 | +60.4% |
| Current portion of amounts payable after more than one year | 42 | €29,452 | €502,903 | +€473,451 | +1,608% |
| Trade debts | 44 | €637,721 | €567,365 | -€70,356 | -11.0% |
| Suppliers | 440/4 | €637,721 | €567,365 | -€70,356 | -11.0% |
| Accrued charges and deferred income | 492/3 | €18,100 | €9,900 | -€8,200 | -45.3% |
| Operating income | 70/76A | €3,086,331 | €3,358,771 | +€272,440 | +8.8% |
| Turnover | 70 | €3,082,656 | €3,355,225 | +€272,569 | +8.8% |
| Other operating income | 74 | €3,675 | €3,546 | -€129 | -3.5% |
| Operating charges | 60/66A | €2,710,713 | €3,168,592 | +€457,879 | +16.9% |
| Goods for resale, raw materials and consumables | 60 | €1,368,732 | €1,924,437 | +€555,705 | +40.6% |
| Purchases | 600/8 | €1,369,231 | €1,926,932 | +€557,701 | +40.7% |
| Change in stocks: decrease (increase) | 609 | -€499 | -€2,495 | -€1,996 | -400% |
| Services and other goods | 61 | €684,851 | €629,311 | -€55,540 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €652,360 | €609,132 | -€43,228 | -6.6% |
| Other operating charges | 640/8 | €4,770 | €5,712 | +€942 | +19.7% |
| Operating profit (loss) | 9901 | €375,618 | €190,179 | -€185,439 | -49.4% |
| Financial income | 75/76B | €91,999 | €29,960 | -€62,039 | -67.4% |
| Recurring financial income | 75 | €91,999 | €29,960 | -€62,039 | -67.4% |
| Income from current assets | 751 | €81,499 | €23,002 | -€58,497 | -71.8% |
| Other financial income | 752/9 | €10,500 | €6,958 | -€3,542 | -33.7% |
| Financial charges | 65/66B | €73,450 | €56,298 | -€17,152 | -23.4% |
| Recurring financial charges | 65 | €73,450 | €56,298 | -€17,152 | -23.4% |
| Debt charges | 650 | €73,054 | €55,902 | -€17,152 | -23.5% |
| Other financial charges | 652/9 | €396 | €396 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €394,167 | €163,841 | -€230,326 | -58.4% |
| Profit (loss) for the period | 9904 | €394,167 | €163,841 | -€230,326 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €394,167 | €163,841 | -€230,326 | -58.4% |
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 21 October 2026 via checked.be.