ENTUSIA: 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.
ENTUSIA
Largest movements
- Cash +€45,053
up €45,053 (+9,325%), from €483 to €45,537
mainly Advances received (+€103,944) and Depreciation (+€23,201)
- Stocks and contracts +€13,320
up €13,320 (+11.9%), from €111,468 to €124,788
- Receivables within one year -€3,874
down €3,874 (-29.4%), from €13,171 to €9,296
of which Trade receivables: -€2,027
- Advances received +€103,944
new in 2025: €103,944
- Debts after one year -€53,284
down €53,284 (-38.3%), from €139,125 to €85,841
- Short-term financial debts -€36,215
down €36,215 (-98.5%), from €36,774 to €559
- Profit (loss) carried forward +€20,993
up €20,993 (+17.7%), from -€118,470 to -€97,477
- Trade debts +€17,445
up €17,445 (+639%), from €2,730 to €20,175
- Gross operating margin -€72,462
down €72,462 (-56.1%), from €129,074 to €56,613
- Financial charges -€4,492
down €4,492 (-27.8%), from €16,184 to €11,692
- Depreciation +€3,370
up €3,370 (+17.0%), from €19,831 to €23,201
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 | €296,731 | €352,095 | +€55,363 | +18.7% |
| Fixed assets | 21/28 | €170,558 | €171,040 | +€482 | +0.3% |
| Intangible fixed assets | 21 | €169,548 | €170,378 | +€830 | +0.5% |
| Tangible fixed assets | 22/27 | €1,010 | €662 | -€348 | -34.4% |
| Furniture and vehicles | 24 | €1,010 | €662 | -€348 | -34.4% |
| Current assets | 29/58 | €126,173 | €181,055 | +€54,881 | +43.5% |
| Stocks and contracts in progress | 3 | €111,468 | €124,788 | +€13,320 | +11.9% |
| Stocks | 30/36 | €111,468 | €124,788 | +€13,320 | +11.9% |
| Amounts receivable within one year | 40/41 | €13,171 | €9,296 | -€3,874 | -29.4% |
| Trade receivables | 40 | €11,269 | €9,242 | -€2,027 | -18.0% |
| Other amounts receivable | 41 | €1,902 | €54 | -€1,847 | -97.1% |
| Cash at bank and in hand | 54/58 | €483 | €45,537 | +€45,053 | +9,325% |
| Deferred charges and accrued income | 490/1 | €1,051 | €1,434 | +€383 | +36.4% |
| Total equity and liabilities | 10/49 | €296,731 | €352,095 | +€55,363 | +18.7% |
| Equity | 10/15 | €44,130 | €65,123 | +€20,993 | +47.6% |
| Contributions | 10/11 | €162,600 | €162,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,470 | -€97,477 | +€20,993 | +17.7% |
| Amounts payable | 17/49 | €252,602 | €286,972 | +€34,370 | +13.6% |
| Amounts payable after more than one year | 17 | €139,125 | €85,841 | -€53,284 | -38.3% |
| Financial debts | 170/4 | €139,125 | €85,841 | -€53,284 | -38.3% |
| Amounts payable within one year | 42/48 | €106,085 | €181,929 | +€75,845 | +71.5% |
| Current portion of amounts payable after more than one year | 42 | €50,903 | €53,248 | +€2,346 | +4.6% |
| Financial debts | 43 | €36,774 | €559 | -€36,215 | -98.5% |
| Credit institutions | 430/8 | €36,774 | €559 | -€36,215 | -98.5% |
| Trade debts | 44 | €2,730 | €20,175 | +€17,445 | +639% |
| Suppliers | 440/4 | €2,730 | €20,175 | +€17,445 | +639% |
| Advances received on contracts in progress | 46 | - | €103,944 | +€103,944 | |
| Taxes, remuneration and social security | 45 | €2,814 | €2,255 | -€559 | -19.9% |
| Taxes | 450/3 | €2,814 | €2,255 | -€559 | -19.9% |
| Other amounts payable | 47/48 | €12,864 | €1,748 | -€11,116 | -86.4% |
| Accrued charges and deferred income | 492/3 | €7,392 | €19,201 | +€11,809 | +160% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,831 | €23,201 | +€3,370 | +17.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€261 | €0 | +€261 | |
| Other operating charges | 640/8 | €913 | €670 | -€244 | -26.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €129,074 | €56,613 | -€72,462 | -56.1% |
| Operating profit (loss) | 9901 | €108,591 | €32,742 | -€75,849 | -69.8% |
| Financial income | 75/76B | €34 | €1 | -€33 | -98.2% |
| Recurring financial income | 75 | €34 | €1 | -€33 | -98.2% |
| Financial charges | 65/66B | €16,184 | €11,692 | -€4,492 | -27.8% |
| Recurring financial charges | 65 | €16,184 | €11,692 | -€4,492 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €92,441 | €21,051 | -€71,390 | -77.2% |
| Income taxes | 67/77 | - | €57 | +€57 | |
| Profit (loss) for the period | 9904 | €92,441 | €20,993 | -€71,448 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,441 | €20,993 | -€71,448 | -77.3% |
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 30 October 2026 via checked.be.