ENSEO BELGIUM: 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.
ENSEO BELGIUM
Largest movements
- Receivables within one year +€162,080
up €162,080 (+143%), from €113,690 to €275,770
of which Other amounts receivable: +€88,736
- Cash -€41,443
down €41,443 (-76.8%), from €53,997 to €12,554
mainly Receivables within one year (-€162,080) and Investment in fixed assets (net) (-€21,452)
- Tangible fixed assets -€8,930
down €8,930 (-13.6%), from €65,723 to €56,793
- Reserves +€91,467
new in 2025: €91,467
- Other debts +€21,354
up €21,354 (+56.9%), from €37,511 to €58,865
- Tax, wage and social debts +€21,180
up €21,180 (+54.0%), from €39,255 to €60,436
of which Taxes: +€18,165
- Debts after one year -€8,601
down €8,601 (-62.0%), from €13,876 to €5,276
- Current portion of long-term debt -€7,980
down €7,980 (-63.9%), from €12,496 to €4,516
- Gross operating margin +€171,737
up €171,737 (+98.9%), from €173,727 to €345,463
- Taxes +€33,196
up €33,196 (+979%), from €3,391 to €36,587
- Depreciation +€17,733
up €17,733 (+140%), from €12,648 to €30,382
- Staff costs +€15,125
up €15,125 (+9.8%), from €154,571 to €169,696
- Other operating charges +€10,319
up €10,319 (+583%), from €1,771 to €12,090
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 | €241,667 | €353,183 | +€111,515 | +46.1% |
| Fixed assets | 21/28 | €71,728 | €62,798 | -€8,930 | -12.4% |
| Tangible fixed assets | 22/27 | €65,723 | €56,793 | -€8,930 | -13.6% |
| Furniture and vehicles | 24 | €65,723 | €56,793 | -€8,930 | -13.6% |
| Financial fixed assets | 28 | €6,005 | €6,005 | = | 0.0% |
| Current assets | 29/58 | €169,939 | €290,384 | +€120,445 | +70.9% |
| Amounts receivable within one year | 40/41 | €113,690 | €275,770 | +€162,080 | +143% |
| Trade receivables | 40 | €112,970 | €186,313 | +€73,343 | +64.9% |
| Other amounts receivable | 41 | €720 | €89,456 | +€88,736 | +12,321% |
| Cash at bank and in hand | 54/58 | €53,997 | €12,554 | -€41,443 | -76.8% |
| Deferred charges and accrued income | 490/1 | €2,252 | €2,061 | -€191 | -8.5% |
| Total equity and liabilities | 10/49 | €241,667 | €353,183 | +€111,515 | +46.1% |
| Equity | 10/15 | -€710 | €92,467 | +€93,177 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | - | €91,467 | +€91,467 | |
| Distributable reserves | 133 | - | €91,467 | +€91,467 | |
| Profit (loss) carried forward | 14 | -€1,710 | - | +€1,710 | |
| Amounts payable | 17/49 | €242,378 | €260,716 | +€18,338 | +7.6% |
| Amounts payable after more than one year | 17 | €13,876 | €5,276 | -€8,601 | -62.0% |
| Financial debts | 170/4 | €13,876 | €5,276 | -€8,601 | -62.0% |
| Amounts payable within one year | 42/48 | €228,501 | €255,440 | +€26,939 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €12,496 | €4,516 | -€7,980 | -63.9% |
| Trade debts | 44 | €139,162 | €131,623 | -€7,539 | -5.4% |
| Suppliers | 440/4 | €139,162 | €131,623 | -€7,539 | -5.4% |
| Advances received on contracts in progress | 46 | €77 | - | -€77 | |
| Taxes, remuneration and social security | 45 | €39,255 | €60,436 | +€21,180 | +54.0% |
| Taxes | 450/3 | €33,406 | €51,571 | +€18,165 | +54.4% |
| Remuneration and social security | 454/9 | €5,849 | €8,865 | +€3,016 | +51.6% |
| Other amounts payable | 47/48 | €37,511 | €58,865 | +€21,354 | +56.9% |
| Remuneration, social security and pensions | 62 | €154,571 | €169,696 | +€15,125 | +9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,648 | €30,382 | +€17,733 | +140% |
| Other operating charges | 640/8 | €1,771 | €12,090 | +€10,319 | +583% |
| Gross operating margin | 9900 | €173,727 | €345,463 | +€171,737 | +98.9% |
| Operating profit (loss) | 9901 | €4,736 | €133,296 | +€128,560 | +2,715% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,055 | €3,531 | +€476 | +15.6% |
| Recurring financial charges | 65 | €3,055 | €3,531 | +€476 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €1,681 | €129,764 | +€128,083 | +7,619% |
| Income taxes | 67/77 | €3,391 | €36,587 | +€33,196 | +979% |
| Profit (loss) for the period | 9904 | -€1,710 | €93,177 | +€94,888 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,710 | €93,177 | +€94,888 |
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 29 October 2026 via checked.be.