ENZELA: 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.
ENZELA
Largest movements
- Receivables within one year -€37,832
down €37,832 (-44.9%), from €84,267 to €46,435
of which Trade receivables: -€31,247
- Current investments +€8,552
up €8,552 (+3.9%), from €219,768 to €228,320
- Tangible fixed assets -€8,381
down €8,381 (-6.5%), from €129,302 to €120,921
- Reserves -€99,550
down €99,550 (-25.4%), from €392,700 to €293,150
of which Distributable reserves: -€99,550
- Other debts +€66,509
up €66,509 (+280.3%), from €23,727 to €90,237
- Gross operating margin -€17,320
down €17,320 (-14.7%), from €117,574 to €100,254
- Taxes -€4,272
down €4,272 (-14.5%), from €29,512 to €25,240
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 | €453,557 | €416,003 | -€37,554 | -8.3% |
| Fixed assets | 21/28 | €129,302 | €120,921 | -€8,381 | -6.5% |
| Tangible fixed assets | 22/27 | €129,302 | €120,921 | -€8,381 | -6.5% |
| Land and buildings | 22 | €116,910 | €112,844 | -€4,066 | -3.5% |
| Plant, machinery and equipment | 23 | €10,738 | €7,667 | -€3,071 | -28.6% |
| Furniture and vehicles | 24 | €1,654 | €410 | -€1,244 | -75.2% |
| Current assets | 29/58 | €324,255 | €295,082 | -€29,173 | -9.0% |
| Amounts receivable within one year | 40/41 | €84,267 | €46,435 | -€37,832 | -44.9% |
| Trade receivables | 40 | €72,909 | €41,663 | -€31,247 | -42.9% |
| Other amounts receivable | 41 | €11,358 | €4,773 | -€6,585 | -58.0% |
| Current investments | 50/53 | €219,768 | €228,320 | +€8,552 | +3.9% |
| Cash at bank and in hand | 54/58 | €17,090 | €17,019 | -€71 | -0.4% |
| Deferred charges and accrued income | 490/1 | €3,130 | €3,308 | +€177 | +5.7% |
| Total equity and liabilities | 10/49 | €453,557 | €416,003 | -€37,554 | -8.3% |
| Equity | 10/15 | €405,100 | €305,550 | -€99,550 | -24.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €392,700 | €293,150 | -€99,550 | -25.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €390,840 | €291,290 | -€99,550 | -25.5% |
| Amounts payable | 17/49 | €48,457 | €110,453 | +€61,996 | +127.9% |
| Amounts payable within one year | 42/48 | €47,677 | €109,673 | +€61,996 | +130.0% |
| Financial debts | 43 | €10,255 | €10,185 | -€70 | -0.7% |
| Other loans | 439 | €10,255 | €10,185 | -€70 | -0.7% |
| Trade debts | 44 | €5,449 | €3,498 | -€1,951 | -35.8% |
| Suppliers | 440/4 | €5,449 | €3,498 | -€1,951 | -35.8% |
| Taxes, remuneration and social security | 45 | €8,245 | €5,753 | -€2,492 | -30.2% |
| Taxes | 450/3 | €8,245 | €5,753 | -€2,492 | -30.2% |
| Other amounts payable | 47/48 | €23,727 | €90,237 | +€66,509 | +280.3% |
| Accrued charges and deferred income | 492/3 | €780 | €780 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,936 | €9,732 | -€204 | -2.1% |
| Other operating charges | 640/8 | €2,396 | €1,751 | -€645 | -26.9% |
| Gross operating margin | 9900 | €117,574 | €100,254 | -€17,320 | -14.7% |
| Operating profit (loss) | 9901 | €105,242 | €88,771 | -€16,471 | -15.7% |
| Financial income | 75/76B | - | €591 | +€591 | |
| Recurring financial income | 75 | - | €591 | +€591 | |
| Financial charges | 65/66B | €3,557 | €2,584 | -€973 | -27.3% |
| Recurring financial charges | 65 | €3,557 | €2,584 | -€973 | -27.3% |
| Profit (loss) for the period before taxes | 9903 | €101,685 | €86,778 | -€14,906 | -14.7% |
| Income taxes | 67/77 | €29,512 | €25,240 | -€4,272 | -14.5% |
| Profit (loss) for the period | 9904 | €72,172 | €61,538 | -€10,634 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €72,172 | €61,538 | -€10,634 | -14.7% |
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 7 October 2026 via checked.be.