A.T.: 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.T.
Largest movements
- Receivables within one year -€38,913
down €38,913 (-20.8%), from €187,154 to €148,241
of which Trade receivables: -€38,840
- Tangible fixed assets -€29,605
down €29,605 (-4.5%), from €658,549 to €628,944
- Stocks and contracts -€15,000
down €15,000 (-37.4%), from €40,125 to €25,125
- Debts after one year -€31,233
down €31,233 (-16.4%), from €190,350 to €159,117
- Revaluation surpluses -€23,611
down €23,611 (-5.6%), from €424,167 to €400,556
- Reserves +€23,611
up €23,611 (+32.5%), from €72,693 to €96,304
- Trade debts -€18,909
down €18,909 (-16.8%), from €112,608 to €93,699
- Profit (loss) carried forward -€14,445
down €14,445 (-14.8%), from €97,717 to €83,271
- Gross operating margin -€12,231
down €12,231 (-21.2%), from €57,668 to €45,437
- Depreciation -€3,673
down €3,673 (-7.2%), from €51,157 to €47,485
- Taxes -€3,457
down €3,457 (-56.1%), from €6,158 to €2,701
- Financial charges +€2,275
up €2,275 (+34.9%), from €6,512 to €8,788
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 | €1,073,092 | €999,168 | -€73,925 | -6.9% |
| Fixed assets | 21/28 | €658,574 | €628,969 | -€29,605 | -4.5% |
| Tangible fixed assets | 22/27 | €658,549 | €628,944 | -€29,605 | -4.5% |
| Land and buildings | 22 | €553,495 | €540,222 | -€13,273 | -2.4% |
| Plant, machinery and equipment | 23 | €78,436 | €68,747 | -€9,689 | -12.4% |
| Furniture and vehicles | 24 | €25,200 | €19,976 | -€5,224 | -20.7% |
| Leasing and similar rights | 25 | €1,418 | - | -€1,418 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €414,518 | €370,198 | -€44,320 | -10.7% |
| Amounts receivable after more than one year | 29 | €164,102 | €164,102 | = | 0.0% |
| Trade receivables | 290 | €164,102 | €164,102 | = | 0.0% |
| Stocks and contracts in progress | 3 | €40,125 | €25,125 | -€15,000 | -37.4% |
| Stocks | 30/36 | €40,125 | €25,125 | -€15,000 | -37.4% |
| Amounts receivable within one year | 40/41 | €187,154 | €148,241 | -€38,913 | -20.8% |
| Trade receivables | 40 | €179,139 | €140,299 | -€38,840 | -21.7% |
| Other amounts receivable | 41 | €8,015 | €7,942 | -€73 | -0.9% |
| Current investments | 50/53 | €21,802 | €30,174 | +€8,372 | +38.4% |
| Cash at bank and in hand | 54/58 | €768 | €229 | -€540 | -70.2% |
| Deferred charges and accrued income | 490/1 | €567 | €2,328 | +€1,760 | +310.3% |
| Total equity and liabilities | 10/49 | €1,073,092 | €999,168 | -€73,925 | -6.9% |
| Equity | 10/15 | €613,177 | €598,731 | -€14,445 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €424,167 | €400,556 | -€23,611 | -5.6% |
| Reserves | 13 | €72,693 | €96,304 | +€23,611 | +32.5% |
| Distributable reserves | 133 | €72,693 | €96,304 | +€23,611 | +32.5% |
| Profit (loss) carried forward | 14 | €97,717 | €83,271 | -€14,445 | -14.8% |
| Amounts payable | 17/49 | €459,916 | €400,436 | -€59,480 | -12.9% |
| Amounts payable after more than one year | 17 | €190,350 | €159,117 | -€31,233 | -16.4% |
| Financial debts | 170/4 | €190,350 | €159,117 | -€31,233 | -16.4% |
| Amounts payable within one year | 42/48 | €269,566 | €241,319 | -€28,247 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €36,355 | €36,923 | +€568 | +1.6% |
| Financial debts | 43 | €2,406 | €5,428 | +€3,022 | +125.6% |
| Credit institutions | 430/8 | €2,406 | €5,428 | +€3,022 | +125.6% |
| Trade debts | 44 | €112,608 | €93,699 | -€18,909 | -16.8% |
| Suppliers | 440/4 | €112,608 | €93,699 | -€18,909 | -16.8% |
| Taxes, remuneration and social security | 45 | €12,390 | €7,736 | -€4,654 | -37.6% |
| Taxes | 450/3 | €12,390 | €7,736 | -€4,654 | -37.6% |
| Other amounts payable | 47/48 | €105,806 | €97,533 | -€8,274 | -7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,157 | €47,485 | -€3,673 | -7.2% |
| Other operating charges | 640/8 | - | €53 | +€53 | |
| Gross operating margin | 9900 | €57,668 | €45,437 | -€12,231 | -21.2% |
| Operating profit (loss) | 9901 | €6,511 | -€2,100 | -€8,611 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €6,512 | €8,788 | +€2,275 | +34.9% |
| Recurring financial charges | 65 | €6,512 | €8,788 | +€2,275 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | -€1 | -€10,886 | -€10,884 | -843748.8% |
| Income taxes | 67/77 | €6,158 | €2,701 | -€3,457 | -56.1% |
| Profit (loss) for the period | 9904 | -€6,159 | -€13,586 | -€7,427 | -120.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,159 | -€13,586 | -€7,427 | -120.6% |
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 1 October 2026 via checked.be.