ENNAHDA: 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.
ENNAHDA
Largest movements
- Receivables within one year +€35,036
up €35,036 (+238%), from €14,730 to €49,766
of which Trade receivables: +€39,476
- Cash +€33,521
up €33,521 (+350%), from €9,572 to €43,093
mainly Trade debts (+€61,133) and Net result for the year (+€16,774)
- Stocks and contracts +€6,659
up €6,659 (+23.4%), from €28,422 to €35,081
- Financial fixed assets +€3,450
new in 2025: €3,450
- Tangible fixed assets -€1,498
down €1,498 (-33.7%), from €4,439 to €2,941
of which Plant, machinery and equipment: -€1,165
- Trade debts +€61,133
up €61,133 (+4,188%), from €1,460 to €62,593
- Profit (loss) carried forward +€16,774
up €16,774 (+50.0%), from -€33,548 to -€16,774
- Gross operating margin +€15,363
up €15,363 (+426%), from €3,608 to €18,971
- Other operating charges +€313
up €313 (+80.7%), from €387 to €700
- Depreciation +€278
up €278 (+22.8%), from €1,220 to €1,498
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 | €57,163 | €134,332 | +€77,169 | +135% |
| Fixed assets | 21/28 | €4,439 | €6,391 | +€1,952 | +44.0% |
| Tangible fixed assets | 22/27 | €4,439 | €2,941 | -€1,498 | -33.7% |
| Plant, machinery and equipment | 23 | €3,494 | €2,329 | -€1,165 | -33.3% |
| Furniture and vehicles | 24 | €945 | €611 | -€333 | -35.3% |
| Financial fixed assets | 28 | - | €3,450 | +€3,450 | |
| Current assets | 29/58 | €52,724 | €127,941 | +€75,217 | +143% |
| Stocks and contracts in progress | 3 | €28,422 | €35,081 | +€6,659 | +23.4% |
| Stocks | 30/36 | €28,422 | €35,081 | +€6,659 | +23.4% |
| Amounts receivable within one year | 40/41 | €14,730 | €49,766 | +€35,036 | +238% |
| Trade receivables | 40 | €9,246 | €48,722 | +€39,476 | +427% |
| Other amounts receivable | 41 | €5,484 | €1,044 | -€4,440 | -81.0% |
| Cash at bank and in hand | 54/58 | €9,572 | €43,093 | +€33,521 | +350% |
| Total equity and liabilities | 10/49 | €57,163 | €134,332 | +€77,169 | +135% |
| Equity | 10/15 | -€14,948 | €1,826 | +€16,774 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,548 | -€16,774 | +€16,774 | +50.0% |
| Amounts payable | 17/49 | €72,111 | €132,505 | +€60,394 | +83.8% |
| Amounts payable within one year | 42/48 | €72,111 | €132,505 | +€60,394 | +83.8% |
| Financial debts | 43 | €6 | - | -€6 | |
| Credit institutions | 430/8 | €6 | - | -€6 | |
| Trade debts | 44 | €1,460 | €62,593 | +€61,133 | +4,188% |
| Suppliers | 440/4 | €1,460 | €62,593 | +€61,133 | +4,188% |
| Taxes, remuneration and social security | 45 | €140 | - | -€140 | |
| Taxes | 450/3 | €140 | - | -€140 | |
| Other amounts payable | 47/48 | €70,506 | €69,913 | -€593 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,220 | €1,498 | +€278 | +22.8% |
| Other operating charges | 640/8 | €387 | €700 | +€313 | +80.7% |
| Gross operating margin | 9900 | €3,608 | €18,971 | +€15,363 | +426% |
| Operating profit (loss) | 9901 | €2,000 | €16,773 | +€14,772 | +738% |
| Financial income | 75/76B | - | €18 | +€18 | |
| Recurring financial income | 75 | - | €18 | +€18 | |
| Financial charges | 65/66B | €122 | €16 | -€107 | -87.1% |
| Recurring financial charges | 65 | €122 | €16 | -€107 | -87.1% |
| Profit (loss) for the period before taxes | 9903 | €1,878 | €16,774 | +€14,896 | +793% |
| Income taxes | 67/77 | €140 | - | -€140 | |
| Profit (loss) for the period | 9904 | €1,739 | €16,774 | +€15,036 | +865% |
| Profit (loss) for the period to be appropriated | 9905 | €1,739 | €16,774 | +€15,036 | +865% |
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 20 October 2026 via checked.be.