A-EN-T: 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-EN-T
Largest movements
- Cash -€97,598
down €97,598 (-61.5%), from €158,816 to €61,218
mainly Contributions, distributions and other (-€103,414) and Advances received (-€96,222)
- Receivables within one year +€49,928
up €49,928 (+32.0%), from €156,011 to €205,939
of which Trade receivables: +€49,283
- Tangible fixed assets -€47,724
down €47,724 (-6.5%), from €733,003 to €685,279
of which Land and buildings: -€51,048
- Deferred charges and accrued income -€33,105
down €33,105 (-82.1%), from €40,315 to €7,210
- Advances received -€96,222
down €96,222 (-100%), from €96,222 to €0
- Other debts +€83,532
up €83,532 (+94.4%), from €88,442 to €171,975
- Profit (loss) carried forward -€55,318
down €55,318 (-100%), from €55,318 to €0
- Debts after one year -€36,683
down €36,683 (-11.2%), from €328,774 to €292,091
of which Financial debts: -€36,683
- Current portion of long-term debt -€34,866
down €34,866 (-48.3%), from €72,134 to €37,268
- Purchases and services +€26,252
up €26,252 (+5.0%), from €526,673 to €552,924
- Gross operating margin +€19,131
up €19,131 (+10.5%), from €182,063 to €201,193
- Turnover +€18,706
up €18,706 (+3.2%), from €578,955 to €597,661
- Taxes +€10,261
up €10,261 (+397%), from €2,586 to €12,847
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 | €1,111,471 | €985,547 | -€125,924 | -11.3% |
| Fixed assets | 21/28 | €741,703 | €697,250 | -€44,454 | -6.0% |
| Intangible fixed assets | 21 | - | €1,708 | +€1,708 | |
| Tangible fixed assets | 22/27 | €733,003 | €685,279 | -€47,724 | -6.5% |
| Land and buildings | 22 | €692,823 | €641,775 | -€51,048 | -7.4% |
| Plant, machinery and equipment | 23 | €30,857 | €36,808 | +€5,951 | +19.3% |
| Furniture and vehicles | 24 | €9,323 | €6,696 | -€2,627 | -28.2% |
| Financial fixed assets | 28 | €8,701 | €10,263 | +€1,563 | +18.0% |
| Current assets | 29/58 | €369,768 | €288,298 | -€81,471 | -22.0% |
| Stocks and contracts in progress | 3 | €14,626 | €13,930 | -€696 | -4.8% |
| Stocks | 30/36 | €14,626 | €13,930 | -€696 | -4.8% |
| Amounts receivable within one year | 40/41 | €156,011 | €205,939 | +€49,928 | +32.0% |
| Trade receivables | 40 | €10,143 | €59,426 | +€49,283 | +486% |
| Other amounts receivable | 41 | €145,868 | €146,513 | +€645 | +0.4% |
| Cash at bank and in hand | 54/58 | €158,816 | €61,218 | -€97,598 | -61.5% |
| Deferred charges and accrued income | 490/1 | €40,315 | €7,210 | -€33,105 | -82.1% |
| Total equity and liabilities | 10/49 | €1,111,471 | €985,547 | -€125,924 | -11.3% |
| Equity | 10/15 | €397,607 | €315,508 | -€82,099 | -20.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €323,689 | €296,908 | -€26,781 | -8.3% |
| Tax-exempt reserves | 132 | €135,250 | €122,720 | -€12,530 | -9.3% |
| Distributable reserves | 133 | €188,439 | €174,188 | -€14,251 | -7.6% |
| Profit (loss) carried forward | 14 | €55,318 | €0 | -€55,318 | -100% |
| Provisions and deferred taxes | 16 | €29,442 | €27,687 | -€1,754 | -6.0% |
| Deferred taxes | 168 | €29,442 | €27,687 | -€1,754 | -6.0% |
| Amounts payable | 17/49 | €684,423 | €642,352 | -€42,071 | -6.1% |
| Amounts payable after more than one year | 17 | €328,774 | €292,091 | -€36,683 | -11.2% |
| Financial debts | 170/4 | €328,774 | €292,091 | -€36,683 | -11.2% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €350,768 | €343,741 | -€7,027 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €72,134 | €37,268 | -€34,866 | -48.3% |
| Financial debts | 43 | - | €30,732 | +€30,732 | |
| Credit institutions | 430/8 | - | €30,732 | +€30,732 | |
| Trade debts | 44 | €49,735 | €81,536 | +€31,801 | +63.9% |
| Suppliers | 440/4 | €49,735 | €81,536 | +€31,801 | +63.9% |
| Advances received on contracts in progress | 46 | €96,222 | €0 | -€96,222 | -100% |
| Taxes, remuneration and social security | 45 | €44,235 | €22,231 | -€22,004 | -49.7% |
| Taxes | 450/3 | €30,786 | €16,604 | -€14,182 | -46.1% |
| Remuneration and social security | 454/9 | €13,449 | €5,627 | -€7,822 | -58.2% |
| Other amounts payable | 47/48 | €88,442 | €171,975 | +€83,532 | +94.4% |
| Accrued charges and deferred income | 492/3 | €4,881 | €6,520 | +€1,639 | +33.6% |
| Turnover | 70 | €578,955 | €597,661 | +€18,706 | +3.2% |
| Non-recurring operating income | 76A | - | €7,658 | +€7,658 | |
| Goods, raw materials, services and sundry goods | 60/61 | €526,673 | €552,924 | +€26,252 | +5.0% |
| Remuneration, social security and pensions | 62 | €76,907 | €73,521 | -€3,386 | -4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,005 | €58,476 | -€2,529 | -4.1% |
| Other operating charges | 640/8 | €16,876 | €17,868 | +€992 | +5.9% |
| Non-recurring operating charges | 66A | - | €585 | +€585 | |
| Gross operating margin | 9900 | €182,063 | €201,193 | +€19,131 | +10.5% |
| Operating profit (loss) | 9901 | €27,274 | €50,743 | +€23,469 | +86.1% |
| Financial income | 75/76B | €3,752 | €3,784 | +€32 | +0.9% |
| Recurring financial income | 75 | €3,752 | €3,784 | +€32 | +0.9% |
| Financial charges | 65/66B | €21,415 | €23,249 | +€1,834 | +8.6% |
| Recurring financial charges | 65 | €21,415 | €23,249 | +€1,834 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €9,611 | €31,278 | +€21,667 | +225% |
| Transfer from deferred taxes | 780 | €4,389 | €2,884 | -€1,505 | -34.3% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €2,586 | €12,847 | +€10,261 | +397% |
| Profit (loss) for the period | 9904 | €11,414 | €21,315 | +€9,902 | +86.8% |
| Transfer from tax-exempt reserves | 789 | €11,745 | €11,401 | -€345 | -2.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €23,159 | €32,716 | +€9,557 | +41.3% |
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 18 October 2026 via checked.be.