ENSHIFT: 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.
ENSHIFT
Largest movements
- Cash -€76,509
down €76,509 (-65.1%), from €117,611 to €41,102
mainly Current investments (-€60,000) and Receivables within one year (-€54,415)
- Current investments +€60,000
new in 2025: €60,000
- Receivables within one year +€54,415
up €54,415 (+592.6%), from €9,182 to €63,597
of which Trade receivables: +€55,114
- Tangible fixed assets -€5,717
down €5,717 (-13.5%), from €42,423 to €36,706
- Other debts +€20,358
up €20,358 (+220.3%), from €9,243 to €29,601
- Tax, wage and social debts +€9,104
up €9,104 (+96.9%), from €9,397 to €18,501
of which Taxes: +€9,164
- Profit (loss) carried forward -€3,648
down €3,648 (-2.6%), from €139,050 to €135,402
- Trade debts +€3,197
up €3,197 (+110.8%), from €2,885 to €6,081
- Gross operating margin -€9,964
down €9,964 (-12.4%), from €80,324 to €70,360
- Staff costs +€3,634
new in 2025: €3,634
- Taxes -€2,922
down €2,922 (-20.4%), from €14,315 to €11,393
- Depreciation +€1,097
up €1,097 (+9.0%), from €12,217 to €13,314
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 | €171,909 | €202,848 | +€30,939 | +18.0% |
| Fixed assets | 21/28 | €42,423 | €36,856 | -€5,567 | -13.1% |
| Tangible fixed assets | 22/27 | €42,423 | €36,706 | -€5,717 | -13.5% |
| Furniture and vehicles | 24 | €42,423 | €36,706 | -€5,717 | -13.5% |
| Financial fixed assets | 28 | - | €150 | +€150 | |
| Current assets | 29/58 | €129,485 | €165,991 | +€36,506 | +28.2% |
| Amounts receivable within one year | 40/41 | €9,182 | €63,597 | +€54,415 | +592.6% |
| Trade receivables | 40 | €6,997 | €62,110 | +€55,114 | +787.7% |
| Other amounts receivable | 41 | €2,185 | €1,487 | -€699 | -32.0% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €117,611 | €41,102 | -€76,509 | -65.1% |
| Deferred charges and accrued income | 490/1 | €2,692 | €1,293 | -€1,399 | -52.0% |
| Total equity and liabilities | 10/49 | €171,909 | €202,848 | +€30,939 | +18.0% |
| Equity | 10/15 | €149,050 | €145,402 | -€3,648 | -2.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,050 | €135,402 | -€3,648 | -2.6% |
| Amounts payable | 17/49 | €22,859 | €57,446 | +€34,586 | +151.3% |
| Amounts payable within one year | 42/48 | €21,543 | €56,129 | +€34,585 | +160.5% |
| Financial debts | 43 | €19 | €1,946 | +€1,926 | +9960.5% |
| Credit institutions | 430/8 | €19 | €1,946 | +€1,926 | +9960.5% |
| Trade debts | 44 | €2,885 | €6,081 | +€3,197 | +110.8% |
| Suppliers | 440/4 | €2,885 | €6,081 | +€3,197 | +110.8% |
| Taxes, remuneration and social security | 45 | €9,397 | €18,501 | +€9,104 | +96.9% |
| Taxes | 450/3 | €7,539 | €16,703 | +€9,164 | +121.6% |
| Remuneration and social security | 454/9 | €1,858 | €1,799 | -€59 | -3.2% |
| Other amounts payable | 47/48 | €9,243 | €29,601 | +€20,358 | +220.3% |
| Accrued charges and deferred income | 492/3 | €1,316 | €1,317 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | - | €3,634 | +€3,634 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,217 | €13,314 | +€1,097 | +9.0% |
| Other operating charges | 640/8 | €729 | €671 | -€58 | -8.0% |
| Gross operating margin | 9900 | €80,324 | €70,360 | -€9,964 | -12.4% |
| Operating profit (loss) | 9901 | €67,378 | €52,741 | -€14,637 | -21.7% |
| Financial income | 75/76B | - | €219 | +€219 | |
| Recurring financial income | 75 | - | €219 | +€219 | |
| Financial charges | 65/66B | €326 | €215 | -€111 | -34.1% |
| Recurring financial charges | 65 | €326 | €215 | -€111 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €67,052 | €52,745 | -€14,307 | -21.3% |
| Income taxes | 67/77 | €14,315 | €11,393 | -€2,922 | -20.4% |
| Profit (loss) for the period | 9904 | €52,738 | €41,352 | -€11,385 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €52,738 | €41,352 | -€11,385 | -21.6% |
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 12 October 2026 via checked.be.