ENTHEO: 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.
ENTHEO
Largest movements
- Cash -€78,118
down €78,118 (-86.6%), from €90,240 to €12,123
mainly Receivables within one year (-€59,306) and Net result for the year (-€52,966)
- Receivables within one year +€59,306
up €59,306 (+35.7%), from €165,982 to €225,288
of which Trade receivables: +€54,382
- Tangible fixed assets -€57,333
down €57,333 (-16.1%), from €356,205 to €298,872
- Debts after one year -€42,863
down €42,863 (-15.0%), from €285,430 to €242,567
- Reserves -€32,930
down €32,930 (-13.7%), from €240,537 to €207,607
of which Distributable reserves: -€32,930
- Trade debts +€31,436
up €31,436 (+158.6%), from €19,818 to €51,254
- Profit (loss) carried forward -€22,933
new in 2025: -€22,933
- Gross operating margin -€82,902
down €82,902 (-24.2%), from €342,705 to €259,803
- Taxes -€23,398
down €23,398 (-96.4%), from €24,262 to €864
- Staff costs +€22,507
up €22,507 (+11.2%), from €200,879 to €223,386
- Financial charges +€13,133
up €13,133 (+146.5%), from €8,962 to €22,094
- Provisions +€10,715
no longer reported in 2025 (was -€10,715)
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 | €635,270 | €563,778 | -€71,493 | -11.3% |
| Fixed assets | 21/28 | €357,640 | €300,870 | -€56,770 | -15.9% |
| Intangible fixed assets | 21 | €1,435 | €1,998 | +€563 | +39.2% |
| Tangible fixed assets | 22/27 | €356,205 | €298,872 | -€57,333 | -16.1% |
| Land and buildings | 22 | €199,928 | €186,803 | -€13,125 | -6.6% |
| Plant, machinery and equipment | 23 | €15,580 | €11,882 | -€3,698 | -23.7% |
| Furniture and vehicles | 24 | €36,476 | €22,689 | -€13,787 | -37.8% |
| Leasing and similar rights | 25 | €72,976 | €55,837 | -€17,139 | -23.5% |
| Other tangible fixed assets | 26 | €31,245 | €21,662 | -€9,584 | -30.7% |
| Current assets | 29/58 | €277,630 | €262,908 | -€14,723 | -5.3% |
| Stocks and contracts in progress | 3 | €15,172 | €13,863 | -€1,309 | -8.6% |
| Stocks | 30/36 | €15,172 | €13,863 | -€1,309 | -8.6% |
| Amounts receivable within one year | 40/41 | €165,982 | €225,288 | +€59,306 | +35.7% |
| Trade receivables | 40 | €148,005 | €202,387 | +€54,382 | +36.7% |
| Other amounts receivable | 41 | €17,977 | €22,901 | +€4,924 | +27.4% |
| Cash at bank and in hand | 54/58 | €90,240 | €12,123 | -€78,118 | -86.6% |
| Deferred charges and accrued income | 490/1 | €6,236 | €11,635 | +€5,398 | +86.6% |
| Total equity and liabilities | 10/49 | €635,270 | €563,778 | -€71,493 | -11.3% |
| Equity | 10/15 | €246,737 | €190,875 | -€55,862 | -22.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €240,537 | €207,607 | -€32,930 | -13.7% |
| Tax-exempt reserves | 132 | €425 | €425 | = | 0.0% |
| Distributable reserves | 133 | €240,112 | €207,182 | -€32,930 | -13.7% |
| Profit (loss) carried forward | 14 | - | -€22,933 | -€22,933 | |
| Amounts payable | 17/49 | €388,533 | €372,903 | -€15,630 | -4.0% |
| Amounts payable after more than one year | 17 | €285,430 | €242,567 | -€42,863 | -15.0% |
| Financial debts | 170/4 | €285,430 | €242,567 | -€42,863 | -15.0% |
| Amounts payable within one year | 42/48 | €102,502 | €130,294 | +€27,792 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €43,620 | €42,863 | -€756 | -1.7% |
| Trade debts | 44 | €19,818 | €51,254 | +€31,436 | +158.6% |
| Suppliers | 440/4 | €19,818 | €51,254 | +€31,436 | +158.6% |
| Taxes, remuneration and social security | 45 | €39,064 | €33,281 | -€5,783 | -14.8% |
| Taxes | 450/3 | €8,516 | €147 | -€8,370 | -98.3% |
| Remuneration and social security | 454/9 | €30,548 | €33,134 | +€2,586 | +8.5% |
| Other amounts payable | 47/48 | - | €2,896 | +€2,896 | |
| Accrued charges and deferred income | 492/3 | €601 | €42 | -€559 | -93.0% |
| Non-recurring operating income | 76A | €2,876 | - | -€2,876 | |
| Remuneration, social security and pensions | 62 | €200,879 | €223,386 | +€22,507 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,742 | €62,879 | +€2,137 | +3.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,715 | - | +€10,715 | |
| Other operating charges | 640/8 | €4,680 | €4,509 | -€171 | -3.7% |
| Non-recurring operating charges | 66A | €1,039 | - | -€1,039 | |
| Gross operating margin | 9900 | €342,705 | €259,803 | -€82,902 | -24.2% |
| Operating profit (loss) | 9901 | €86,082 | -€30,971 | -€117,053 | |
| Financial income | 75/76B | €199 | €964 | +€765 | +385.5% |
| Recurring financial income | 75 | €199 | €964 | +€765 | +385.5% |
| Financial charges | 65/66B | €8,962 | €22,094 | +€13,133 | +146.5% |
| Recurring financial charges | 65 | €8,962 | €22,094 | +€13,133 | +146.5% |
| Profit (loss) for the period before taxes | 9903 | €77,318 | -€52,102 | -€129,420 | |
| Income taxes | 67/77 | €24,262 | €864 | -€23,398 | -96.4% |
| Profit (loss) for the period | 9904 | €53,056 | -€52,966 | -€106,022 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,056 | -€52,966 | -€106,022 |
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 10 October 2026 via checked.be.