A.N.C.: 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.N.C.
Largest movements
- Current investments +€48,591
up €48,591 (+32.6%), from €149,280 to €197,871
- Cash -€46,014
down €46,014 (-20.4%), from €225,768 to €179,754
mainly Current investments (-€48,591) and Receivables within one year (-€21,768)
- Receivables within one year +€21,768
up €21,768 (+24.4%), from €89,250 to €111,019
of which Trade receivables: +€21,768
- Tangible fixed assets +€9,527
up €9,527 (+34.0%), from €27,997 to €37,523
of which Plant, machinery and equipment: +€10,829
- Reserves +€47,566
up €47,566 (+11.5%), from €414,356 to €461,922
- Tax, wage and social debts -€10,571
down €10,571 (-34.9%), from €30,262 to €19,691
of which Taxes: -€10,057
- Staff costs +€7,816
up €7,816 (+7.5%), from €103,674 to €111,490
- Taxes -€5,592
down €5,592 (-21.3%), from €26,268 to €20,676
- Depreciation +€4,785
up €4,785 (+93.1%), from €5,138 to €9,923
- Financial income +€4,640
up €4,640 (+102%), from €4,529 to €9,169
- Gross operating margin -€3,891
down €3,891 (-2.0%), from €191,868 to €187,977
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 | €532,516 | €567,864 | +€35,348 | +6.6% |
| Fixed assets | 21/28 | €27,997 | €37,523 | +€9,527 | +34.0% |
| Tangible fixed assets | 22/27 | €27,997 | €37,523 | +€9,527 | +34.0% |
| Plant, machinery and equipment | 23 | €25,999 | €36,828 | +€10,829 | +41.7% |
| Furniture and vehicles | 24 | €1,998 | €695 | -€1,302 | -65.2% |
| Current assets | 29/58 | €504,519 | €530,340 | +€25,821 | +5.1% |
| Stocks and contracts in progress | 3 | €40,220 | €41,697 | +€1,477 | +3.7% |
| Stocks | 30/36 | €40,220 | €41,697 | +€1,477 | +3.7% |
| Amounts receivable within one year | 40/41 | €89,250 | €111,019 | +€21,768 | +24.4% |
| Trade receivables | 40 | €89,250 | €111,019 | +€21,768 | +24.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €149,280 | €197,871 | +€48,591 | +32.6% |
| Cash at bank and in hand | 54/58 | €225,768 | €179,754 | -€46,014 | -20.4% |
| Total equity and liabilities | 10/49 | €532,516 | €567,864 | +€35,348 | +6.6% |
| Equity | 10/15 | €433,356 | €480,922 | +€47,566 | +11.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €414,356 | €461,922 | +€47,566 | +11.5% |
| Distributable reserves | 133 | €414,356 | €461,922 | +€47,566 | +11.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,160 | €86,942 | -€12,218 | -12.3% |
| Amounts payable within one year | 42/48 | €97,572 | €84,305 | -€13,266 | -13.6% |
| Trade debts | 44 | €11,057 | €11,222 | +€165 | +1.5% |
| Suppliers | 440/4 | €11,057 | €11,222 | +€165 | +1.5% |
| Taxes, remuneration and social security | 45 | €30,262 | €19,691 | -€10,571 | -34.9% |
| Taxes | 450/3 | €21,418 | €11,360 | -€10,057 | -47.0% |
| Remuneration and social security | 454/9 | €8,844 | €8,331 | -€513 | -5.8% |
| Other amounts payable | 47/48 | €56,253 | €53,393 | -€2,861 | -5.1% |
| Accrued charges and deferred income | 492/3 | €1,588 | €2,636 | +€1,048 | +66.0% |
| Remuneration, social security and pensions | 62 | €103,674 | €111,490 | +€7,816 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,138 | €9,923 | +€4,785 | +93.1% |
| Other operating charges | 640/8 | €1,498 | €1,174 | -€324 | -21.6% |
| Gross operating margin | 9900 | €191,868 | €187,977 | -€3,891 | -2.0% |
| Operating profit (loss) | 9901 | €81,558 | €65,389 | -€16,169 | -19.8% |
| Financial income | 75/76B | €4,529 | €9,169 | +€4,640 | +102% |
| Recurring financial income | 75 | €4,529 | €9,169 | +€4,640 | +102% |
| Financial charges | 65/66B | €4,617 | €6,317 | +€1,700 | +36.8% |
| Recurring financial charges | 65 | €4,617 | €6,317 | +€1,700 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €81,471 | €68,242 | -€13,229 | -16.2% |
| Income taxes | 67/77 | €26,268 | €20,676 | -€5,592 | -21.3% |
| Profit (loss) for the period | 9904 | €55,202 | €47,566 | -€7,637 | -13.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,202 | €47,566 | -€7,637 | -13.8% |
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 13 October 2026 via checked.be.