ENVOI: 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.
ENVOI
Largest movements
- Current investments -€100,000
down €100,000 (-12.5%), from €800,000 to €700,000
- Cash +€88,045
up €88,045 (+35.6%), from €247,082 to €335,128
mainly Current investments (+€100,000) and Net result for the year (+€65,541)
- Receivables within one year +€51,904
up €51,904 (+10.2%), from €508,960 to €560,864
of which Trade receivables: +€39,447
- Trade debts +€57,315
up €57,315 (+20.0%), from €286,500 to €343,815
- Other debts -€30,696
down €30,696 (-11.8%), from €259,998 to €229,302
- Accrued charges and deferred income +€17,458
new in 2025: €17,458
- Gross operating margin -€165,143
down €165,143 (-30.7%), from €538,155 to €373,011
- Taxes -€58,468
down €58,468 (-65.0%), from €89,962 to €31,494
- Staff costs +€21,455
up €21,455 (+9.7%), from €221,852 to €243,308
- Financial income +€17,515
up €17,515 (+872%), from €2,008 to €19,523
- Financial charges +€12,362
up €12,362 (+92.3%), from €13,400 to €25,762
of which Financial charges: +€8,188
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 | €1,588,451 | €1,634,324 | +€45,873 | +2.9% |
| Fixed assets | 21/28 | €31,709 | €30,133 | -€1,577 | -5.0% |
| Tangible fixed assets | 22/27 | €31,709 | €30,133 | -€1,577 | -5.0% |
| Land and buildings | 22 | €2,209 | €1,894 | -€316 | -14.3% |
| Plant, machinery and equipment | 23 | €15,619 | €10,771 | -€4,848 | -31.0% |
| Furniture and vehicles | 24 | €13,881 | €17,468 | +€3,587 | +25.8% |
| Current assets | 29/58 | €1,556,742 | €1,604,192 | +€47,449 | +3.0% |
| Amounts receivable within one year | 40/41 | €508,960 | €560,864 | +€51,904 | +10.2% |
| Trade receivables | 40 | €450,371 | €489,818 | +€39,447 | +8.8% |
| Other amounts receivable | 41 | €58,589 | €71,046 | +€12,457 | +21.3% |
| Current investments | 50/53 | €800,000 | €700,000 | -€100,000 | -12.5% |
| Cash at bank and in hand | 54/58 | €247,082 | €335,128 | +€88,045 | +35.6% |
| Deferred charges and accrued income | 490/1 | €700 | €8,200 | +€7,500 | +1,071% |
| Total equity and liabilities | 10/49 | €1,588,451 | €1,634,324 | +€45,873 | +2.9% |
| Equity | 10/15 | €1,002,926 | €1,008,467 | +€5,541 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €835,960 | €841,460 | +€5,500 | +0.7% |
| Distributable reserves | 133 | €835,960 | €841,460 | +€5,500 | +0.7% |
| Profit (loss) carried forward | 14 | €148,366 | €148,407 | +€41 | 0.0% |
| Amounts payable | 17/49 | €585,525 | €625,858 | +€40,332 | +6.9% |
| Amounts payable within one year | 42/48 | €585,525 | €608,400 | +€22,875 | +3.9% |
| Trade debts | 44 | €286,500 | €343,815 | +€57,315 | +20.0% |
| Suppliers | 440/4 | €286,500 | €343,815 | +€57,315 | +20.0% |
| Taxes, remuneration and social security | 45 | €39,027 | €35,284 | -€3,744 | -9.6% |
| Taxes | 450/3 | €19,962 | €6,550 | -€13,412 | -67.2% |
| Remuneration and social security | 454/9 | €19,065 | €28,734 | +€9,668 | +50.7% |
| Other amounts payable | 47/48 | €259,998 | €229,302 | -€30,696 | -11.8% |
| Accrued charges and deferred income | 492/3 | - | €17,458 | +€17,458 | |
| Remuneration, social security and pensions | 62 | €221,852 | €243,308 | +€21,455 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,051 | €10,490 | -€2,561 | -19.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €9,668 | +€9,668 | |
| Other operating charges | 640/8 | €3,294 | €6,272 | +€2,979 | +90.4% |
| Gross operating margin | 9900 | €538,155 | €373,011 | -€165,143 | -30.7% |
| Operating profit (loss) | 9901 | €299,958 | €103,274 | -€196,685 | -65.6% |
| Financial income | 75/76B | €2,008 | €19,523 | +€17,515 | +872% |
| Recurring financial income | 75 | €2,008 | €19,523 | +€17,515 | +872% |
| Financial charges | 65/66B | €13,400 | €25,762 | +€12,362 | +92.3% |
| Recurring financial charges | 65 | €13,400 | €21,588 | +€8,188 | +61.1% |
| Non-recurring financial charges | 66B | - | €4,174 | +€4,174 | |
| Profit (loss) for the period before taxes | 9903 | €288,567 | €97,035 | -€191,532 | -66.4% |
| Income taxes | 67/77 | €89,962 | €31,494 | -€58,468 | -65.0% |
| Profit (loss) for the period | 9904 | €198,605 | €65,541 | -€133,064 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €198,605 | €65,541 | -€133,064 | -67.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.