A.N.D.L: 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.D.L
Largest movements
- Tangible fixed assets +€102,617
up €102,617 (+88.5%), from €115,949 to €218,566
of which Plant, machinery and equipment: +€81,993
- Receivables within one year +€53,981
up €53,981 (+76.9%), from €70,182 to €124,163
of which Trade receivables: +€46,271
- Cash -€23,585
down €23,585 (-40.9%), from €57,619 to €34,034
mainly Investment in fixed assets (net) (-€145,564) and Receivables within one year (-€53,981)
- Deferred charges and accrued income +€7,107
new in 2025: €7,107
- Reserves +€74,059
up €74,059 (+88.3%), from €83,915 to €157,974
- Current portion of long-term debt +€41,066
up €41,066 (+176%), from €23,356 to €64,422
- Tax, wage and social debts +€33,990
up €33,990 (+102%), from €33,339 to €67,329
- Trade debts -€27,167
down €27,167 (-71.2%), from €38,177 to €11,010
- Debts after one year +€18,172
up €18,172 (+28.3%), from €64,253 to €82,425
- Gross operating margin +€48,588
up €48,588 (+46.3%), from €104,833 to €153,421
- Depreciation +€14,111
up €14,111 (+48.9%), from €28,836 to €42,947
- Taxes +€3,331
up €3,331 (+14.9%), from €22,318 to €25,649
- Financial charges +€2,017
up €2,017 (+41.9%), from €4,810 to €6,827
- Other operating charges +€1,535
up €1,535 (+47.1%), from €3,257 to €4,792
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 | €243,829 | €383,950 | +€140,121 | +57.5% |
| Fixed assets | 21/28 | €116,029 | €218,646 | +€102,617 | +88.4% |
| Tangible fixed assets | 22/27 | €115,949 | €218,566 | +€102,617 | +88.5% |
| Plant, machinery and equipment | 23 | €96,170 | €178,163 | +€81,993 | +85.3% |
| Furniture and vehicles | 24 | €19,779 | €40,403 | +€20,624 | +104% |
| Financial fixed assets | 28 | €80 | €80 | -€0 | -0.2% |
| Current assets | 29/58 | €127,800 | €165,304 | +€37,504 | +29.3% |
| Amounts receivable within one year | 40/41 | €70,182 | €124,163 | +€53,981 | +76.9% |
| Trade receivables | 40 | €56,750 | €103,021 | +€46,271 | +81.5% |
| Other amounts receivable | 41 | €13,432 | €21,142 | +€7,710 | +57.4% |
| Cash at bank and in hand | 54/58 | €57,619 | €34,034 | -€23,585 | -40.9% |
| Deferred charges and accrued income | 490/1 | - | €7,107 | +€7,107 | |
| Total equity and liabilities | 10/49 | €243,829 | €383,950 | +€140,121 | +57.5% |
| Equity | 10/15 | €84,705 | €158,764 | +€74,059 | +87.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €83,915 | €157,974 | +€74,059 | +88.3% |
| Distributable reserves | 133 | €83,915 | €157,974 | +€74,059 | +88.3% |
| Profit (loss) carried forward | 14 | €789 | €789 | -€0 | 0.0% |
| Amounts payable | 17/49 | €159,125 | €225,186 | +€66,061 | +41.5% |
| Amounts payable after more than one year | 17 | €64,253 | €82,425 | +€18,172 | +28.3% |
| Financial debts | 170/4 | €64,253 | €82,425 | +€18,172 | +28.3% |
| Amounts payable within one year | 42/48 | €94,872 | €142,761 | +€47,889 | +50.5% |
| Current portion of amounts payable after more than one year | 42 | €23,356 | €64,422 | +€41,066 | +176% |
| Trade debts | 44 | €38,177 | €11,010 | -€27,167 | -71.2% |
| Suppliers | 440/4 | €38,177 | €11,010 | -€27,167 | -71.2% |
| Taxes, remuneration and social security | 45 | €33,339 | €67,329 | +€33,990 | +102% |
| Taxes | 450/3 | €33,339 | €67,329 | +€33,990 | +102% |
| Non-recurring operating income | 76A | €3,800 | - | -€3,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,836 | €42,947 | +€14,111 | +48.9% |
| Other operating charges | 640/8 | €3,257 | €4,792 | +€1,535 | +47.1% |
| Gross operating margin | 9900 | €104,833 | €153,421 | +€48,588 | +46.3% |
| Operating profit (loss) | 9901 | €72,740 | €105,682 | +€32,942 | +45.3% |
| Financial income | 75/76B | €84 | €853 | +€769 | +918% |
| Recurring financial income | 75 | €84 | €853 | +€769 | +918% |
| Financial charges | 65/66B | €4,810 | €6,827 | +€2,017 | +41.9% |
| Recurring financial charges | 65 | €4,810 | €6,827 | +€2,017 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €68,014 | €99,708 | +€31,694 | +46.6% |
| Income taxes | 67/77 | €22,318 | €25,649 | +€3,331 | +14.9% |
| Profit (loss) for the period | 9904 | €45,696 | €74,059 | +€28,363 | +62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,696 | €74,059 | +€28,363 | +62.1% |
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 30 October 2026 via checked.be.