Enerall: what changed
Enerall
Largest movements
- Intangible fixed assets -€39,141
down €39,141 (-31.6%), from €123,859 to €84,718
- Cash -€36,894
down €36,894 (-60.4%), from €61,128 to €24,234
mainly Net result for the year (-€68,771) and Trade debts (-€29,222)
- Receivables within one year -€13,058
down €13,058 (-80.2%), from €16,290 to €3,232
of which Trade receivables: -€11,754
- Formation expenses -€11,830
down €11,830 (-42.7%), from €27,733 to €15,903
- Tangible fixed assets -€3,097
down €3,097 (-84.7%), from €3,658 to €561
- Profit (loss) carried forward -€68,771
down €68,771 (-74.1%), from -€92,789 to -€161,560
- Trade debts -€29,222
down €29,222 (-84.9%), from €34,411 to €5,190
- Investment grants -€5,840
down €5,840 (-53.2%), from €10,969 to €5,129
- Depreciation +€15,948
up €15,948 (+41.8%), from €38,120 to €54,068
- Gross operating margin +€3,368
up €3,368 (+28.6%), from -€11,790 to -€8,422
- Financial charges +€1,525
up €1,525 (+13.1%), from €11,596 to €13,121
- Other operating charges -€462
down €462 (-49.8%), from €928 to €465
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 | €245,489 | €141,468 | -€104,021 | -42.4% |
| Formation expenses | 20 | €27,733 | €15,903 | -€11,830 | -42.7% |
| Fixed assets | 21/28 | €127,517 | €85,279 | -€42,238 | -33.1% |
| Intangible fixed assets | 21 | €123,859 | €84,718 | -€39,141 | -31.6% |
| Tangible fixed assets | 22/27 | €3,658 | €561 | -€3,097 | -84.7% |
| Plant, machinery and equipment | 23 | €3,658 | €561 | -€3,097 | -84.7% |
| Current assets | 29/58 | €90,239 | €40,286 | -€49,952 | -55.4% |
| Stocks and contracts in progress | 3 | €12,820 | €12,820 | = | 0.0% |
| Stocks | 30/36 | €12,820 | €12,820 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,290 | €3,232 | -€13,058 | -80.2% |
| Trade receivables | 40 | €14,858 | €3,104 | -€11,754 | -79.1% |
| Other amounts receivable | 41 | €1,432 | €128 | -€1,304 | -91.1% |
| Cash at bank and in hand | 54/58 | €61,128 | €24,234 | -€36,894 | -60.4% |
| Total equity and liabilities | 10/49 | €245,489 | €141,468 | -€104,021 | -42.4% |
| Equity | 10/15 | -€51,820 | -€126,431 | -€74,611 | -144% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,789 | -€161,560 | -€68,771 | -74.1% |
| Investment grants | 15 | €10,969 | €5,129 | -€5,840 | -53.2% |
| Provisions and deferred taxes | 16 | €2,742 | €1,282 | -€1,460 | -53.2% |
| Deferred taxes | 168 | €2,742 | €1,282 | -€1,460 | -53.2% |
| Amounts payable | 17/49 | €294,567 | €266,617 | -€27,950 | -9.5% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,567 | €16,617 | -€27,950 | -62.7% |
| Trade debts | 44 | €34,411 | €5,190 | -€29,222 | -84.9% |
| Suppliers | 440/4 | €34,411 | €5,190 | -€29,222 | -84.9% |
| Advances received on contracts in progress | 46 | - | €1,050 | +€1,050 | |
| Other amounts payable | 47/48 | €10,155 | €10,377 | +€222 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,120 | €54,068 | +€15,948 | +41.8% |
| Other operating charges | 640/8 | €928 | €465 | -€462 | -49.8% |
| Gross operating margin | 9900 | -€11,790 | -€8,422 | +€3,368 | +28.6% |
| Operating profit (loss) | 9901 | -€50,838 | -€62,956 | -€12,118 | -23.8% |
| Financial income | 75/76B | €5,841 | €5,846 | +€5 | +0.1% |
| Recurring financial income | 75 | €5,841 | €5,846 | +€5 | +0.1% |
| Financial charges | 65/66B | €11,596 | €13,121 | +€1,525 | +13.1% |
| Recurring financial charges | 65 | €11,596 | €13,121 | +€1,525 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€56,594 | -€70,231 | -€13,637 | -24.1% |
| Transfer from deferred taxes | 780 | €1,460 | €1,460 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€55,134 | -€68,771 | -€13,637 | -24.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,134 | -€68,771 | -€13,637 | -24.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.