A. ANTOINE: 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.
A. ANTOINE
Largest movements
- Cash +€9,302
up €9,302 (+225%), from €4,131 to €13,433
mainly Other debts (+€31,489) and Net result for the year (+€12,747)
- Tangible fixed assets -€6,535
down €6,535 (-23.6%), from €27,746 to €21,211
of which Other tangible fixed assets: -€6,466
- Receivables within one year -€3,825
down €3,825 (-7.0%), from €54,345 to €50,520
of which Trade receivables: -€4,862
- Other debts +€31,489
up €31,489 (+816%), from €3,858 to €35,347
- Reserves -€27,600
down €27,600 (-55.0%), from €50,158 to €22,557
- Tax, wage and social debts -€6,960
down €6,960 (-59.9%), from €11,627 to €4,667
of which Taxes: -€4,583
- Trade debts +€3,878
up €3,878 (+35.8%), from €10,833 to €14,711
- Current portion of long-term debt -€1,167
down €1,167 (-54.1%), from €2,158 to €992
- Gross operating margin +€9,991
up €9,991 (+25.4%), from €39,342 to €49,334
- Other operating charges +€3,316
up €3,316 (+505%), from €657 to €3,973
- Taxes +€1,929
up €1,929 (+78.4%), from €2,460 to €4,388
- Staff costs -€919
down €919 (-4.2%), from €22,072 to €21,152
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 | €97,185 | €96,825 | -€361 | -0.4% |
| Fixed assets | 21/28 | €27,746 | €21,211 | -€6,535 | -23.6% |
| Tangible fixed assets | 22/27 | €27,746 | €21,211 | -€6,535 | -23.6% |
| Plant, machinery and equipment | 23 | €179 | €23 | -€155 | -86.9% |
| Furniture and vehicles | 24 | €1,099 | €1,185 | +€86 | +7.9% |
| Other tangible fixed assets | 26 | €26,469 | €20,003 | -€6,466 | -24.4% |
| Current assets | 29/58 | €69,439 | €75,613 | +€6,174 | +8.9% |
| Stocks and contracts in progress | 3 | €8,189 | €8,897 | +€708 | +8.6% |
| Stocks | 30/36 | €8,189 | €8,897 | +€708 | +8.6% |
| Amounts receivable within one year | 40/41 | €54,345 | €50,520 | -€3,825 | -7.0% |
| Trade receivables | 40 | €25,821 | €20,959 | -€4,862 | -18.8% |
| Other amounts receivable | 41 | €28,524 | €29,560 | +€1,037 | +3.6% |
| Cash at bank and in hand | 54/58 | €4,131 | €13,433 | +€9,302 | +225% |
| Deferred charges and accrued income | 490/1 | €2,775 | €2,764 | -€11 | -0.4% |
| Total equity and liabilities | 10/49 | €97,185 | €96,825 | -€361 | -0.4% |
| Equity | 10/15 | €68,708 | €41,107 | -€27,600 | -40.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €50,158 | €22,557 | -€27,600 | -55.0% |
| Distributable reserves | 133 | €50,158 | €22,557 | -€27,600 | -55.0% |
| Amounts payable | 17/49 | €28,478 | €55,717 | +€27,240 | +95.7% |
| Amounts payable within one year | 42/48 | €28,478 | €55,717 | +€27,240 | +95.7% |
| Current portion of amounts payable after more than one year | 42 | €2,158 | €992 | -€1,167 | -54.1% |
| Trade debts | 44 | €10,833 | €14,711 | +€3,878 | +35.8% |
| Suppliers | 440/4 | €10,833 | €14,711 | +€3,878 | +35.8% |
| Taxes, remuneration and social security | 45 | €11,627 | €4,667 | -€6,960 | -59.9% |
| Taxes | 450/3 | €5,843 | €1,261 | -€4,583 | -78.4% |
| Remuneration and social security | 454/9 | €5,784 | €3,406 | -€2,378 | -41.1% |
| Other amounts payable | 47/48 | €3,858 | €35,347 | +€31,489 | +816% |
| Remuneration, social security and pensions | 62 | €22,072 | €21,152 | -€919 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,211 | €7,340 | +€128 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€419 | -€118 | +€301 | +71.8% |
| Other operating charges | 640/8 | €657 | €3,973 | +€3,316 | +505% |
| Non-recurring operating charges | 66A | - | €58 | +€58 | |
| Gross operating margin | 9900 | €39,342 | €49,334 | +€9,991 | +25.4% |
| Operating profit (loss) | 9901 | €9,821 | €16,929 | +€7,108 | +72.4% |
| Financial income | 75/76B | €2,389 | €2,064 | -€325 | -13.6% |
| Recurring financial income | 75 | €2,389 | €2,018 | -€370 | -15.5% |
| Non-recurring financial income | 76B | - | €46 | +€46 | |
| Financial charges | 65/66B | €2,206 | €1,858 | -€348 | -15.8% |
| Recurring financial charges | 65 | €2,156 | €1,858 | -€298 | -13.8% |
| Non-recurring financial charges | 66B | €50 | - | -€50 | |
| Profit (loss) for the period before taxes | 9903 | €10,004 | €17,136 | +€7,131 | +71.3% |
| Income taxes | 67/77 | €2,460 | €4,388 | +€1,929 | +78.4% |
| Profit (loss) for the period | 9904 | €7,544 | €12,747 | +€5,203 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,544 | €12,747 | +€5,203 | +69.0% |
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 21 October 2026 via checked.be.