ENTASIS: what changed
Two fiscal 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.
ENTASIS
Largest movements
- Receivables after one year +€1.3m
up €1.3m (+47.0%), from €2.7m to €4.0m
- Other debts +€705,131
up €705,131 (+290.5%), from €242,709 to €947,840
- Debts after one year +€408,612
up €408,612 (+26.9%), from €1.5m to €1.9m
of which Financial debts: +€411,112
- Reserves +€66,196
up €66,196 (+7.7%), from €862,159 to €928,355
of which Distributable reserves: +€69,981
- Financial charges +€33,766
up €33,766 (+38.6%), from €87,381 to €121,147
- Financial income +€27,367
new in 2025: €27,367
- Taxes +€21,656
up €21,656 (+869.0%), from €2,492 to €24,148
- Gross operating margin +€19,920
up €19,920 (+8.2%), from €242,998 to €262,918
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 | €4,678,276 | €5,884,066 | +€1.2m | +25.8% |
| Fixed assets | 21/28 | €1,951,486 | €1,896,197 | -€55,289 | -2.8% |
| Tangible fixed assets | 22/27 | €1,951,486 | €1,896,197 | -€55,289 | -2.8% |
| Land and buildings | 22 | €1,942,821 | €1,889,652 | -€53,169 | -2.7% |
| Plant, machinery and equipment | 23 | €8,665 | €6,545 | -€2,120 | -24.5% |
| Current assets | 29/58 | €2,726,790 | €3,987,869 | +€1.3m | +46.2% |
| Amounts receivable after more than one year | 29 | €2,706,708 | €3,978,715 | +€1.3m | +47.0% |
| Other amounts receivable | 291 | €2,706,708 | €3,978,715 | +€1.3m | +47.0% |
| Cash at bank and in hand | 54/58 | €7,019 | €5,325 | -€1,694 | -24.1% |
| Deferred charges and accrued income | 490/1 | €13,062 | €3,829 | -€9,234 | -70.7% |
| Total equity and liabilities | 10/49 | €4,678,276 | €5,884,066 | +€1.2m | +25.8% |
| Equity | 10/15 | €2,597,459 | €2,663,655 | +€66,196 | +2.5% |
| Contributions | 10/11 | €1,735,300 | €1,735,300 | = | 0.0% |
| Reserves | 13 | €862,159 | €928,355 | +€66,196 | +7.7% |
| Non-distributable reserves | 130/1 | €173,530 | €173,530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €173,530 | €173,530 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,393 | €65,608 | -€3,785 | -5.5% |
| Distributable reserves | 133 | €619,235 | €689,216 | +€69,981 | +11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €35,732 | €33,783 | -€1,949 | -5.5% |
| Deferred taxes | 168 | €35,732 | €33,783 | -€1,949 | -5.5% |
| Amounts payable | 17/49 | €2,045,086 | €3,186,628 | +€1.1m | +55.8% |
| Amounts payable after more than one year | 17 | €1,518,881 | €1,927,493 | +€408,612 | +26.9% |
| Financial debts | 170/4 | €1,513,881 | €1,924,993 | +€411,112 | +27.2% |
| Other amounts payable | 178/9 | €5,000 | €2,500 | -€2,500 | -50.0% |
| Amounts payable within one year | 42/48 | €526,205 | €1,259,135 | +€732,931 | +139.3% |
| Current portion of amounts payable after more than one year | 42 | €166,668 | €210,000 | +€43,332 | +26.0% |
| Trade debts | 44 | €114,328 | €98,695 | -€15,633 | -13.7% |
| Suppliers | 440/4 | €114,328 | €98,695 | -€15,633 | -13.7% |
| Taxes, remuneration and social security | 45 | €2,500 | €2,600 | +€100 | +4.0% |
| Taxes | 450/3 | €2,500 | €2,600 | +€100 | +4.0% |
| Other amounts payable | 47/48 | €242,709 | €947,840 | +€705,131 | +290.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,830 | €55,289 | +€459 | +0.8% |
| Other operating charges | 640/8 | €24,682 | €25,453 | +€772 | +3.1% |
| Gross operating margin | 9900 | €242,998 | €262,918 | +€19,920 | +8.2% |
| Operating profit (loss) | 9901 | €163,486 | €182,176 | +€18,690 | +11.4% |
| Financial income | 75/76B | - | €27,367 | +€27,367 | |
| Recurring financial income | 75 | - | €27,367 | +€27,367 | |
| Financial charges | 65/66B | €87,381 | €121,147 | +€33,766 | +38.6% |
| Recurring financial charges | 65 | €87,381 | €121,147 | +€33,766 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €76,105 | €88,395 | +€12,290 | +16.1% |
| Transfer from deferred taxes | 780 | €1,949 | €1,949 | = | 0.0% |
| Income taxes | 67/77 | €2,492 | €24,148 | +€21,656 | +869.0% |
| Profit (loss) for the period | 9904 | €75,562 | €66,196 | -€9,366 | -12.4% |
| Transfer from tax-exempt reserves | 789 | €3,785 | €3,785 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,347 | €69,981 | -€9,366 | -11.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.