ENES: what changed
ENES
Largest movements
- Receivables within one year -€91,559
down €91,559 (-20.7%), from €442,083 to €350,524
of which Other amounts receivable: -€130,445
- Cash -€38,896
down €38,896 (-81.8%), from €47,544 to €8,648
mainly Current portion of long-term debt (-€148,430) and Contributions, distributions and other (-€38,000)
- Stocks and contracts -€34,200
down €34,200 (-44.5%), from €76,800 to €42,600
- Tangible fixed assets -€13,473
down €13,473 (-3.0%), from €455,759 to €442,286
of which Land and buildings: -€12,622
- Current portion of long-term debt -€148,430
down €148,430 (-80.5%), from €184,482 to €36,052
- Debts after one year -€36,052
down €36,052 (-45.0%), from €80,193 to €44,141
- Reserves +€12,817
up €12,817 (+2.0%), from €640,410 to €653,227
of which Distributable reserves: +€12,817
- Staff costs -€25,804
down €25,804 (-14.7%), from €175,399 to €149,595
- Gross operating margin -€11,552
down €11,552 (-3.9%), from €295,389 to €283,837
- Financial charges -€3,357
down €3,357 (-9.4%), from €35,729 to €32,372
- Taxes +€3,281
up €3,281 (+18.8%), from €17,438 to €20,719
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,064,064 | €883,159 | -€180,905 | -17.0% |
| Fixed assets | 21/28 | €455,939 | €442,466 | -€13,473 | -3.0% |
| Tangible fixed assets | 22/27 | €455,759 | €442,286 | -€13,473 | -3.0% |
| Land and buildings | 22 | €432,736 | €420,113 | -€12,622 | -2.9% |
| Plant, machinery and equipment | 23 | €12,766 | €14,450 | +€1,684 | +13.2% |
| Furniture and vehicles | 24 | €10,257 | €7,723 | -€2,534 | -24.7% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €608,125 | €440,693 | -€167,432 | -27.5% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Trade receivables | 290 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 291 | €35,000 | - | -€35,000 | |
| Stocks and contracts in progress | 3 | €76,800 | €42,600 | -€34,200 | -44.5% |
| Stocks | 30/36 | €76,800 | €42,600 | -€34,200 | -44.5% |
| Amounts receivable within one year | 40/41 | €442,083 | €350,524 | -€91,559 | -20.7% |
| Trade receivables | 40 | €310,701 | €349,587 | +€38,886 | +12.5% |
| Other amounts receivable | 41 | €131,383 | €938 | -€130,445 | -99.3% |
| Cash at bank and in hand | 54/58 | €47,544 | €8,648 | -€38,896 | -81.8% |
| Deferred charges and accrued income | 490/1 | €6,698 | €3,920 | -€2,777 | -41.5% |
| Total equity and liabilities | 10/49 | €1,064,064 | €883,159 | -€180,905 | -17.0% |
| Equity | 10/15 | €739,723 | €752,540 | +€12,817 | +1.7% |
| Contributions | 10/11 | €80,723 | €80,723 | = | 0.0% |
| Reserves | 13 | €640,410 | €653,227 | +€12,817 | +2.0% |
| Non-distributable reserves | 130/1 | €8,072 | €8,072 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,072 | €8,072 | = | 0.0% |
| Distributable reserves | 133 | €632,337 | €645,155 | +€12,817 | +2.0% |
| Profit (loss) carried forward | 14 | €18,590 | €18,590 | = | 0.0% |
| Amounts payable | 17/49 | €324,341 | €130,619 | -€193,722 | -59.7% |
| Amounts payable after more than one year | 17 | €80,193 | €44,141 | -€36,052 | -45.0% |
| Financial debts | 170/4 | €80,193 | €44,141 | -€36,052 | -45.0% |
| Amounts payable within one year | 42/48 | €244,148 | €86,478 | -€157,670 | -64.6% |
| Current portion of amounts payable after more than one year | 42 | €184,482 | €36,052 | -€148,430 | -80.5% |
| Taxes, remuneration and social security | 45 | €59,118 | €50,426 | -€8,692 | -14.7% |
| Taxes | 450/3 | €40,693 | €36,384 | -€4,309 | -10.6% |
| Remuneration and social security | 454/9 | €18,425 | €14,042 | -€4,384 | -23.8% |
| Other amounts payable | 47/48 | €548 | - | -€548 | |
| Remuneration, social security and pensions | 62 | €175,399 | €149,595 | -€25,804 | -14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,245 | €27,072 | +€827 | +3.2% |
| Other operating charges | 640/8 | €3,956 | €5,079 | +€1,123 | +28.4% |
| Gross operating margin | 9900 | €295,389 | €283,837 | -€11,552 | -3.9% |
| Operating profit (loss) | 9901 | €89,789 | €102,091 | +€12,301 | +13.7% |
| Financial income | 75/76B | €1,685 | €1,818 | +€132 | +7.9% |
| Recurring financial income | 75 | €1,649 | €1,624 | -€25 | -1.5% |
| Non-recurring financial income | 76B | €36 | €194 | +€158 | +438% |
| Financial charges | 65/66B | €35,729 | €32,372 | -€3,357 | -9.4% |
| Recurring financial charges | 65 | €35,729 | €32,372 | -€3,357 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €55,745 | €71,536 | +€15,791 | +28.3% |
| Income taxes | 67/77 | €17,438 | €20,719 | +€3,281 | +18.8% |
| Profit (loss) for the period | 9904 | €38,307 | €50,817 | +€12,510 | +32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,307 | €50,817 | +€12,510 | +32.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.