HOUSSAM ENNAIB: 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.
HOUSSAM ENNAIB
Largest movements
- Intangible fixed assets +€464,913
new in 2025: €464,913
- Cash +€108,981
up €108,981 (+600%), from €18,156 to €127,137
mainly Debts after one year (+€438,162) and Trade debts (+€90,614)
- Debts after one year +€438,162
new in 2025: €438,162
- Trade debts +€90,614
up €90,614 (+66,933%), from €135 to €90,750
- Current portion of long-term debt +€37,838
new in 2025: €37,838
- Other debts +€15,000
new in 2025: €15,000
- Tax, wage and social debts +€7,507
up €7,507 (+689%), from €1,089 to €8,596
of which Remuneration and social security: +€8,596
- Gross operating margin +€23,492
up €23,492, from -€3,979 to €19,513
- Staff costs +€11,485
new in 2025: €11,485
- Depreciation +€8,211
new in 2025: €8,211
- Taxes +€3,964
up €3,964 (+7,929%), from €50 to €4,014
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 | €18,346 | €602,551 | +€584,205 | +3,184% |
| Fixed assets | 21/28 | - | €470,091 | +€470,091 | |
| Intangible fixed assets | 21 | - | €464,913 | +€464,913 | |
| Tangible fixed assets | 22/27 | - | €5,178 | +€5,178 | |
| Land and buildings | 22 | - | €1,449 | +€1,449 | |
| Furniture and vehicles | 24 | - | €3,728 | +€3,728 | |
| Current assets | 29/58 | €18,346 | €132,460 | +€114,114 | +622% |
| Amounts receivable within one year | 40/41 | €190 | €5,323 | +€5,133 | +2,704% |
| Trade receivables | 40 | €190 | €3,066 | +€2,876 | +1,516% |
| Other amounts receivable | 41 | €0 | €2,256 | +€2,256 | |
| Cash at bank and in hand | 54/58 | €18,156 | €127,137 | +€108,981 | +600% |
| Total equity and liabilities | 10/49 | €18,346 | €602,551 | +€584,205 | +3,184% |
| Equity | 10/15 | €17,122 | €12,206 | -€4,916 | -28.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,122 | €7,206 | -€4,916 | -40.6% |
| Amounts payable | 17/49 | €1,224 | €590,345 | +€589,121 | +48,120% |
| Amounts payable after more than one year | 17 | - | €438,162 | +€438,162 | |
| Financial debts | 170/4 | - | €438,162 | +€438,162 | |
| Amounts payable within one year | 42/48 | €1,224 | €152,184 | +€150,959 | +12,330% |
| Current portion of amounts payable after more than one year | 42 | - | €37,838 | +€37,838 | |
| Trade debts | 44 | €135 | €90,750 | +€90,614 | +66,933% |
| Suppliers | 440/4 | €135 | €90,750 | +€90,614 | +66,933% |
| Taxes, remuneration and social security | 45 | €1,089 | €8,596 | +€7,507 | +689% |
| Taxes | 450/3 | €1,089 | - | -€1,089 | |
| Remuneration and social security | 454/9 | - | €8,596 | +€8,596 | |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | - | €11,485 | +€11,485 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,211 | +€8,211 | |
| Other operating charges | 640/8 | €513 | €653 | +€139 | +27.2% |
| Gross operating margin | 9900 | -€3,979 | €19,513 | +€23,492 | |
| Operating profit (loss) | 9901 | -€4,492 | -€835 | +€3,657 | +81.4% |
| Financial charges | 65/66B | €28 | €66 | +€38 | +138% |
| Recurring financial charges | 65 | €28 | €66 | +€38 | +138% |
| Profit (loss) for the period before taxes | 9903 | -€4,520 | -€902 | +€3,619 | +80.1% |
| Income taxes | 67/77 | €50 | €4,014 | +€3,964 | +7,929% |
| Profit (loss) for the period | 9904 | -€4,570 | -€4,916 | -€346 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,570 | -€4,916 | -€346 | -7.6% |
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 26 October 2026 via checked.be.