TOM ENNEKENS: 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.
TOM ENNEKENS
Largest movements
- Stocks and contracts +€28,500
up €28,500 (+216%), from €13,221 to €41,721
of which Contracts in progress: +€25,000
- Receivables within one year +€3,755
up €3,755 (+12.5%), from €30,091 to €33,846
of which Other amounts receivable: +€4,887
- Tangible fixed assets -€3,099
down €3,099 (-2.9%), from €106,660 to €103,561
of which Land and buildings: -€8,559
- Cash +€2,866
up €2,866 (+12.7%), from €22,653 to €25,519
mainly Trade debts (+€22,819) and Depreciation (+€11,845)
- Trade debts +€22,819
up €22,819 (+180%), from €12,656 to €35,475
- Other debts +€5,724
up €5,724, from €0 to €5,724
- Reserves +€5,576
up €5,576 (+9.1%), from €61,385 to €66,961
- Debts after one year -€3,529
down €3,529 (-4.4%), from €79,787 to €76,257
- Gross operating margin -€9,342
down €9,342 (-22.5%), from €41,520 to €32,178
- Financial charges -€1,649
down €1,649 (-35.1%), from €4,695 to €3,045
- Depreciation +€679
up €679 (+6.1%), from €11,166 to €11,845
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 | €184,057 | €216,251 | +€32,193 | +17.5% |
| Fixed assets | 21/28 | €106,660 | €103,561 | -€3,099 | -2.9% |
| Tangible fixed assets | 22/27 | €106,660 | €103,561 | -€3,099 | -2.9% |
| Land and buildings | 22 | €96,568 | €88,009 | -€8,559 | -8.9% |
| Plant, machinery and equipment | 23 | €4,371 | €3,773 | -€598 | -13.7% |
| Furniture and vehicles | 24 | €5,721 | €11,779 | +€6,058 | +106% |
| Current assets | 29/58 | €77,397 | €112,689 | +€35,292 | +45.6% |
| Stocks and contracts in progress | 3 | €13,221 | €41,721 | +€28,500 | +216% |
| Stocks | 30/36 | €13,221 | €16,721 | +€3,500 | +26.5% |
| Contracts in progress | 37 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €30,091 | €33,846 | +€3,755 | +12.5% |
| Trade receivables | 40 | €26,740 | €25,608 | -€1,132 | -4.2% |
| Other amounts receivable | 41 | €3,351 | €8,239 | +€4,887 | +146% |
| Cash at bank and in hand | 54/58 | €22,653 | €25,519 | +€2,866 | +12.7% |
| Deferred charges and accrued income | 490/1 | €11,432 | €11,603 | +€171 | +1.5% |
| Total equity and liabilities | 10/49 | €184,057 | €216,251 | +€32,193 | +17.5% |
| Equity | 10/15 | €79,977 | €85,553 | +€5,576 | +7.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €61,385 | €66,961 | +€5,576 | +9.1% |
| Distributable reserves | 133 | €61,385 | €66,961 | +€5,576 | +9.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €104,080 | €130,697 | +€26,617 | +25.6% |
| Amounts payable after more than one year | 17 | €79,787 | €76,257 | -€3,529 | -4.4% |
| Financial debts | 170/4 | €79,787 | €76,257 | -€3,529 | -4.4% |
| Amounts payable within one year | 42/48 | €24,294 | €54,440 | +€30,146 | +124% |
| Current portion of amounts payable after more than one year | 42 | €6,988 | €9,122 | +€2,135 | +30.5% |
| Trade debts | 44 | €12,656 | €35,475 | +€22,819 | +180% |
| Suppliers | 440/4 | €12,656 | €35,475 | +€22,819 | +180% |
| Taxes, remuneration and social security | 45 | €4,650 | €4,119 | -€531 | -11.4% |
| Taxes | 450/3 | €2,722 | €2,168 | -€554 | -20.4% |
| Remuneration and social security | 454/9 | €1,928 | €1,951 | +€24 | +1.2% |
| Other amounts payable | 47/48 | €0 | €5,724 | +€5,724 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,166 | €11,845 | +€679 | +6.1% |
| Other operating charges | 640/8 | €662 | €649 | -€13 | -2.0% |
| Gross operating margin | 9900 | €41,520 | €32,178 | -€9,342 | -22.5% |
| Operating profit (loss) | 9901 | €29,692 | €19,683 | -€10,008 | -33.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -78.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -78.7% |
| Financial charges | 65/66B | €4,695 | €3,045 | -€1,649 | -35.1% |
| Recurring financial charges | 65 | €4,695 | €3,045 | -€1,649 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €24,997 | €16,638 | -€8,359 | -33.4% |
| Income taxes | 67/77 | €4,689 | €5,037 | +€348 | +7.4% |
| Profit (loss) for the period | 9904 | €20,308 | €11,601 | -€8,707 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,308 | €11,601 | -€8,707 | -42.9% |
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 25 October 2026 via checked.be.