ENROUTE: 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.
ENROUTE
Largest movements
- Cash +€98,280
up €98,280 (+26.5%), from €371,077 to €469,357
mainly Other debts (+€500,000) and Depreciation (+€109,840)
- Tangible fixed assets -€61,093
down €61,093 (-31.3%), from €195,363 to €134,270
of which Plant, machinery and equipment: -€38,133
- Intangible fixed assets -€48,747
down €48,747 (-14.3%), from €341,229 to €292,482
- Other debts +€500,000
new in 2025: €500,000
- Reserves -€399,626
down €399,626 (-93.4%), from €427,735 to €28,109
- Debts after one year -€126,295
down €126,295 (-36.7%), from €344,481 to €218,186
of which Financial debts: -€103,113
- Trade debts +€18,685
up €18,685 (+73.8%), from €25,325 to €44,010
- Depreciation +€15,152
up €15,152 (+16.0%), from €94,688 to €109,840
- Gross operating margin -€14,005
down €14,005 (-4.1%), from €344,552 to €330,547
- Financial charges -€6,255
down €6,255 (-32.7%), from €19,118 to €12,863
- Taxes -€4,775
down €4,775 (-13.3%), from €36,002 to €31,226
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 | €934,331 | €924,847 | -€9,484 | -1.0% |
| Fixed assets | 21/28 | €536,593 | €426,752 | -€109,840 | -20.5% |
| Intangible fixed assets | 21 | €341,229 | €292,482 | -€48,747 | -14.3% |
| Tangible fixed assets | 22/27 | €195,363 | €134,270 | -€61,093 | -31.3% |
| Plant, machinery and equipment | 23 | €90,688 | €52,555 | -€38,133 | -42.0% |
| Furniture and vehicles | 24 | €104,675 | €81,715 | -€22,960 | -21.9% |
| Current assets | 29/58 | €397,738 | €498,095 | +€100,357 | +25.2% |
| Stocks and contracts in progress | 3 | €14,281 | €14,707 | +€426 | +3.0% |
| Stocks | 30/36 | €14,281 | €14,707 | +€426 | +3.0% |
| Amounts receivable within one year | 40/41 | €7,083 | €8,006 | +€922 | +13.0% |
| Trade receivables | 40 | €5,901 | €1,477 | -€4,423 | -75.0% |
| Other amounts receivable | 41 | €1,183 | €6,528 | +€5,345 | +452% |
| Cash at bank and in hand | 54/58 | €371,077 | €469,357 | +€98,280 | +26.5% |
| Deferred charges and accrued income | 490/1 | €5,297 | €6,025 | +€728 | +13.7% |
| Total equity and liabilities | 10/49 | €934,331 | €924,847 | -€9,484 | -1.0% |
| Equity | 10/15 | €432,735 | €33,109 | -€399,626 | -92.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €427,735 | €28,109 | -€399,626 | -93.4% |
| Distributable reserves | 133 | €427,735 | €28,109 | -€399,626 | -93.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €501,596 | €891,738 | +€390,142 | +77.8% |
| Amounts payable after more than one year | 17 | €344,481 | €218,186 | -€126,295 | -36.7% |
| Financial debts | 170/4 | €263,051 | €159,938 | -€103,113 | -39.2% |
| Other amounts payable | 178/9 | €81,430 | €58,248 | -€23,182 | -28.5% |
| Amounts payable within one year | 42/48 | €147,755 | €671,994 | +€524,239 | +355% |
| Current portion of amounts payable after more than one year | 42 | €109,559 | €111,619 | +€2,060 | +1.9% |
| Trade debts | 44 | €25,325 | €44,010 | +€18,685 | +73.8% |
| Suppliers | 440/4 | €25,325 | €44,010 | +€18,685 | +73.8% |
| Taxes, remuneration and social security | 45 | €12,871 | €16,365 | +€3,494 | +27.1% |
| Taxes | 450/3 | €4,412 | €7,977 | +€3,565 | +80.8% |
| Remuneration and social security | 454/9 | €8,458 | €8,388 | -€71 | -0.8% |
| Other amounts payable | 47/48 | - | €500,000 | +€500,000 | |
| Accrued charges and deferred income | 492/3 | €9,360 | €1,558 | -€7,802 | -83.4% |
| Remuneration, social security and pensions | 62 | €78,378 | €79,729 | +€1,351 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,688 | €109,840 | +€15,152 | +16.0% |
| Other operating charges | 640/8 | €4,072 | €3,397 | -€675 | -16.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €344,552 | €330,547 | -€14,005 | -4.1% |
| Operating profit (loss) | 9901 | €167,414 | €137,581 | -€29,833 | -17.8% |
| Financial income | 75/76B | €6,444 | €6,883 | +€438 | +6.8% |
| Recurring financial income | 75 | €6,444 | €6,883 | +€438 | +6.8% |
| Financial charges | 65/66B | €19,118 | €12,863 | -€6,255 | -32.7% |
| Recurring financial charges | 65 | €19,118 | €12,863 | -€6,255 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €154,740 | €131,601 | -€23,140 | -15.0% |
| Income taxes | 67/77 | €36,002 | €31,226 | -€4,775 | -13.3% |
| Profit (loss) for the period | 9904 | €118,739 | €100,374 | -€18,364 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118,739 | €100,374 | -€18,364 | -15.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.