L'Envol: 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.
L'Envol
Largest movements
- Current investments -€330,095
down €330,095 (-100%), from €330,095 to €0
- Cash +€326,603
up €326,603 (+814%), from €40,112 to €366,715
mainly Current investments (+€330,095) and Receivables within one year (+€102,187)
- Receivables within one year -€102,187
down €102,187 (-64.3%), from €158,807 to €56,620
of which Trade receivables: -€102,187
- Tangible fixed assets -€14,726
down €14,726 (-17.4%), from €84,635 to €69,909
of which Furniture and vehicles: -€16,870
- Debts within one year -€128,985
down €128,985 (-33.6%), from €383,826 to €254,840
of which Trade debts: -€64,580
- Profit (loss) carried forward +€20,369
up €20,369 (+5.9%), from €344,534 to €364,903
- Gross operating margin -€144,330
down €144,330 (-9.4%), from €1.5m to €1.4m
- Other operating charges -€88,624
down €88,624 (-71.8%), from €123,457 to €34,833
- Financial income +€17,372
up €17,372 (+187%), from €9,275 to €26,647
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 | €879,102 | €760,659 | -€118,444 | -13.5% |
| Fixed assets | 21/28 | €85,837 | €72,361 | -€13,476 | -15.7% |
| Tangible fixed assets | 22/27 | €84,635 | €69,909 | -€14,726 | -17.4% |
| Plant, machinery and equipment | 23 | €5,154 | €9,752 | +€4,598 | +89.2% |
| Furniture and vehicles | 24 | €66,206 | €49,336 | -€16,870 | -25.5% |
| Other tangible fixed assets | 26 | €13,274 | €10,821 | -€2,454 | -18.5% |
| Financial fixed assets | 28 | €1,202 | €2,452 | +€1,250 | +104% |
| Current assets | 29/58 | €793,265 | €688,298 | -€104,967 | -13.2% |
| Amounts receivable within one year | 40/41 | €158,807 | €56,620 | -€102,187 | -64.3% |
| Trade receivables | 40 | €158,518 | €56,331 | -€102,187 | -64.5% |
| Other amounts receivable | 41 | €289 | €289 | = | 0.0% |
| Current investments | 50/53 | €330,095 | €0 | -€330,095 | -100% |
| Cash at bank and in hand | 54/58 | €40,112 | €366,715 | +€326,603 | +814% |
| Deferred charges and accrued income | 490/1 | €264,251 | €264,962 | +€711 | +0.3% |
| Total equity and liabilities | 10/49 | €879,102 | €760,659 | -€118,444 | -13.5% |
| Equity | 10/15 | €469,251 | €483,783 | +€14,532 | +3.1% |
| Contributions | 10/11 | €106,803 | €106,803 | = | 0.0% |
| Capital | 10 | €106,803 | €106,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | €344,534 | €364,903 | +€20,369 | +5.9% |
| Investment grants | 15 | €17,914 | €12,077 | -€5,837 | -32.6% |
| Amounts payable | 17/49 | €409,852 | €276,876 | -€132,976 | -32.4% |
| Amounts payable after more than one year | 17 | €26,026 | €17,736 | -€8,290 | -31.9% |
| Financial debts | 170/4 | €26,026 | €17,736 | -€8,290 | -31.9% |
| Amounts payable within one year | 42/48 | €383,826 | €254,840 | -€128,985 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €14,667 | €8,290 | -€6,377 | -43.5% |
| Trade debts | 44 | €86,865 | €22,285 | -€64,580 | -74.3% |
| Suppliers | 440/4 | €86,865 | €22,285 | -€64,580 | -74.3% |
| Taxes, remuneration and social security | 45 | €217,296 | €198,304 | -€18,992 | -8.7% |
| Taxes | 450/3 | €31,861 | €30,466 | -€1,395 | -4.4% |
| Remuneration and social security | 454/9 | €185,435 | €167,837 | -€17,598 | -9.5% |
| Accrued charges and deferred income | 492/3 | - | €4,300 | +€4,300 | |
| Remuneration, social security and pensions | 62 | €1,297,220 | €1,307,548 | +€10,328 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,646 | €22,783 | -€864 | -3.7% |
| Other operating charges | 640/8 | €123,457 | €34,833 | -€88,624 | -71.8% |
| Non-recurring operating charges | 66A | €116 | €22,280 | +€22,164 | +19,107% |
| Gross operating margin | 9900 | €1,527,754 | €1,383,424 | -€144,330 | -9.4% |
| Operating profit (loss) | 9901 | €83,314 | -€4,020 | -€87,335 | |
| Financial income | 75/76B | €9,275 | €26,647 | +€17,372 | +187% |
| Recurring financial income | 75 | €9,275 | €26,647 | +€17,372 | +187% |
| Financial charges | 65/66B | €4,265 | €2,257 | -€2,007 | -47.1% |
| Recurring financial charges | 65 | €4,265 | €2,257 | -€2,007 | -47.1% |
| Profit (loss) for the period before taxes | 9903 | €88,324 | €20,369 | -€67,955 | -76.9% |
| Income taxes | 67/77 | €106 | - | -€106 | |
| Profit (loss) for the period | 9904 | €88,219 | €20,369 | -€67,850 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €88,219 | €20,369 | -€67,850 | -76.9% |
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.