A-NET: what changed
Two fiscal 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-NET
Largest movements
- Receivables within one year +€1.8m
up €1.8m (+74.3%), from €2.4m to €4.1m
of which Trade receivables: +€1.8m
- Cash +€345,411
up €345,411 (+18.1%), from €1.9m to €2.3m
mainly Net result for the year (+€2.1m) and Other debts (+€1.2m)
- Tangible fixed assets +€152,018
up €152,018 (+86.8%), from €175,147 to €327,165
of which Plant, machinery and equipment: +€109,649
- Intangible fixed assets +€122,571
new in 2025: €122,571
- Financial fixed assets +€104,450
up €104,450 (+64.0%), from €163,220 to €267,670
- Other debts +€1.2m
up €1.2m (+2747.4%), from €44,820 to €1.3m
- Profit (loss) carried forward +€1.1m
up €1.1m (+53.9%), from €2.0m to €3.1m
- Tax, wage and social debts +€988,645
up €988,645 (+305.3%), from €323,794 to €1.3m
of which Taxes: +€897,596
- Trade debts -€386,649
down €386,649 (-32.7%), from €1.2m to €795,226
- Reserves -€250,000
down €250,000 (-20.0%), from €1.3m to €1.0m
- Gross operating margin +€1.9m
up €1.9m (+71.6%), from €2.7m to €4.6m
- Staff costs +€724,457
up €724,457 (+61.5%), from €1.2m to €1.9m
- Taxes +€69,329
up €69,329 (+18.3%), from €377,840 to €447,168
- Depreciation +€62,071
up €62,071 (+189.0%), from €32,843 to €94,914
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.
Cash bridge derived
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 | €4,841,254 | €7,497,610 | +€2.7m | +54.9% |
| Fixed assets | 21/28 | €338,367 | €717,406 | +€379,039 | +112.0% |
| Intangible fixed assets | 21 | - | €122,571 | +€122,571 | |
| Tangible fixed assets | 22/27 | €175,147 | €327,165 | +€152,018 | +86.8% |
| Plant, machinery and equipment | 23 | €65,368 | €175,017 | +€109,649 | +167.7% |
| Furniture and vehicles | 24 | €46,087 | €94,991 | +€48,904 | +106.1% |
| Other tangible fixed assets | 26 | €63,692 | €57,157 | -€6,535 | -10.3% |
| Financial fixed assets | 28 | €163,220 | €267,670 | +€104,450 | +64.0% |
| Current assets | 29/58 | €4,502,887 | €6,780,204 | +€2.3m | +50.6% |
| Amounts receivable after more than one year | 29 | €0 | €48,657 | +€48,657 | |
| Other amounts receivable | 291 | €0 | €48,657 | +€48,657 | |
| Amounts receivable within one year | 40/41 | €2,375,680 | €4,141,556 | +€1.8m | +74.3% |
| Trade receivables | 40 | €2,231,854 | €4,049,421 | +€1.8m | +81.4% |
| Other amounts receivable | 41 | €143,825 | €92,135 | -€51,690 | -35.9% |
| Current investments | 50/53 | €170,000 | €230,000 | +€60,000 | +35.3% |
| Cash at bank and in hand | 54/58 | €1,904,961 | €2,250,371 | +€345,411 | +18.1% |
| Deferred charges and accrued income | 490/1 | €52,247 | €109,620 | +€57,373 | +109.8% |
| Total equity and liabilities | 10/49 | €4,841,254 | €7,497,610 | +€2.7m | +54.9% |
| Equity | 10/15 | €3,267,219 | €4,103,676 | +€836,458 | +25.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €1,250,000 | €1,000,000 | -€250,000 | -20.0% |
| Distributable reserves | 133 | €1,250,000 | €1,000,000 | -€250,000 | -20.0% |
| Profit (loss) carried forward | 14 | €2,017,119 | €3,103,576 | +€1.1m | +53.9% |
| Amounts payable | 17/49 | €1,574,035 | €3,393,933 | +€1.8m | +115.6% |
| Amounts payable after more than one year | 17 | €9,659 | €0 | -€9,659 | -100.0% |
| Financial debts | 170/4 | €9,659 | €0 | -€9,659 | -100.0% |
| Amounts payable within one year | 42/48 | €1,564,377 | €3,393,933 | +€1.8m | +117.0% |
| Current portion of amounts payable after more than one year | 42 | €13,888 | €9,659 | -€4,229 | -30.4% |
| Financial debts | 43 | €0 | €392 | +€392 | |
| Credit institutions | 430/8 | - | €305 | +€305 | |
| Other loans | 439 | €0 | €87 | +€87 | |
| Trade debts | 44 | €1,181,875 | €795,226 | -€386,649 | -32.7% |
| Suppliers | 440/4 | €1,181,875 | €795,226 | -€386,649 | -32.7% |
| Taxes, remuneration and social security | 45 | €323,794 | €1,312,439 | +€988,645 | +305.3% |
| Taxes | 450/3 | €89,339 | €986,935 | +€897,596 | +1004.7% |
| Remuneration and social security | 454/9 | €234,455 | €325,505 | +€91,049 | +38.8% |
| Other amounts payable | 47/48 | €44,820 | €1,276,217 | +€1.2m | +2747.4% |
| Non-recurring operating income | 76A | €300 | €247 | -€53 | -17.8% |
| Remuneration, social security and pensions | 62 | €1,177,743 | €1,902,200 | +€724,457 | +61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,843 | €94,914 | +€62,071 | +189.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,600 | +€3,600 | |
| Other operating charges | 640/8 | €11,743 | €38,193 | +€26,451 | +225.3% |
| Non-recurring operating charges | 66A | €1,807 | €0 | -€1,807 | -100.0% |
| Gross operating margin | 9900 | €2,671,753 | €4,584,678 | +€1.9m | +71.6% |
| Operating profit (loss) | 9901 | €1,447,617 | €2,545,771 | +€1.1m | +75.9% |
| Financial income | 75/76B | €71 | €778 | +€706 | +991.5% |
| Recurring financial income | 75 | €71 | €778 | +€706 | +991.5% |
| Financial charges | 65/66B | €10,172 | €12,923 | +€2,751 | +27.0% |
| Recurring financial charges | 65 | €10,172 | €12,923 | +€2,751 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €1,437,516 | €2,533,626 | +€1.1m | +76.3% |
| Income taxes | 67/77 | €377,840 | €447,168 | +€69,329 | +18.3% |
| Profit (loss) for the period | 9904 | €1,059,677 | €2,086,458 | +€1.0m | +96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,059,677 | €2,086,458 | +€1.0m | +96.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.