A.V.E.: 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.V.E.
Largest movements
- Receivables within one year -€267,987
down €267,987 (-80.5%), from €332,917 to €64,930
of which Trade receivables: -€255,672
- Cash +€217,768
up €217,768 (+658.4%), from €33,075 to €250,843
mainly Receivables within one year (+€267,987) and Net result for the year (+€67,026)
- Stocks and contracts -€24,045
down €24,045 (-14.8%), from €161,981 to €137,935
of which Contracts in progress: -€26,920
- Trade debts -€42,510
down €42,510 (-39.5%), from €107,739 to €65,229
- Debts after one year -€38,898
down €38,898 (-7.8%), from €497,855 to €458,958
- Reserves +€31,016
up €31,016 (+8.9%), from €349,725 to €380,741
- Tax, wage and social debts -€13,314
down €13,314 (-31.9%), from €41,695 to €28,381
of which Taxes: -€22,851
- Gross operating margin +€100,089
up €100,089 (+21.3%), from €470,973 to €571,062
- Staff costs +€91,544
up €91,544 (+29.7%), from €308,103 to €399,647
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 | €1,106,285 | €1,038,888 | -€67,397 | -6.1% |
| Fixed assets | 21/28 | €568,473 | €573,474 | +€5,001 | +0.9% |
| Tangible fixed assets | 22/27 | €564,943 | €569,944 | +€5,001 | +0.9% |
| Land and buildings | 22 | €426,152 | €414,952 | -€11,200 | -2.6% |
| Plant, machinery and equipment | 23 | €16,519 | €9,212 | -€7,307 | -44.2% |
| Furniture and vehicles | 24 | €18,711 | €9,896 | -€8,815 | -47.1% |
| Leasing and similar rights | 25 | €20,712 | €33,852 | +€13,140 | +63.4% |
| Assets under construction and advance payments | 27 | €82,849 | €102,033 | +€19,184 | +23.2% |
| Financial fixed assets | 28 | €3,530 | €3,530 | = | 0.0% |
| Current assets | 29/58 | €537,812 | €465,414 | -€72,398 | -13.5% |
| Stocks and contracts in progress | 3 | €161,981 | €137,935 | -€24,045 | -14.8% |
| Stocks | 30/36 | €62,485 | €65,360 | +€2,875 | +4.6% |
| Contracts in progress | 37 | €99,496 | €72,575 | -€26,920 | -27.1% |
| Amounts receivable within one year | 40/41 | €332,917 | €64,930 | -€267,987 | -80.5% |
| Trade receivables | 40 | €294,286 | €38,614 | -€255,672 | -86.9% |
| Other amounts receivable | 41 | €38,631 | €26,317 | -€12,315 | -31.9% |
| Cash at bank and in hand | 54/58 | €33,075 | €250,843 | +€217,768 | +658.4% |
| Deferred charges and accrued income | 490/1 | €9,839 | €11,705 | +€1,866 | +19.0% |
| Total equity and liabilities | 10/49 | €1,106,285 | €1,038,888 | -€67,397 | -6.1% |
| Equity | 10/15 | €370,185 | €401,201 | +€31,016 | +8.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €349,725 | €380,741 | +€31,016 | +8.9% |
| Distributable reserves | 133 | €349,725 | €380,741 | +€31,016 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €736,100 | €637,687 | -€98,413 | -13.4% |
| Amounts payable after more than one year | 17 | €497,855 | €458,958 | -€38,898 | -7.8% |
| Financial debts | 170/4 | €497,855 | €458,958 | -€38,898 | -7.8% |
| Amounts payable within one year | 42/48 | €234,349 | €178,730 | -€55,619 | -23.7% |
| Current portion of amounts payable after more than one year | 42 | €69,802 | €70,742 | +€940 | +1.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €107,739 | €65,229 | -€42,510 | -39.5% |
| Suppliers | 440/4 | €107,739 | €65,229 | -€42,510 | -39.5% |
| Taxes, remuneration and social security | 45 | €41,695 | €28,381 | -€13,314 | -31.9% |
| Taxes | 450/3 | €22,851 | €0 | -€22,851 | -100.0% |
| Remuneration and social security | 454/9 | €18,845 | €28,381 | +€9,537 | +50.6% |
| Other amounts payable | 47/48 | €15,113 | €14,377 | -€735 | -4.9% |
| Accrued charges and deferred income | 492/3 | €3,896 | €0 | -€3,896 | -100.0% |
| Non-recurring operating income | 76A | - | €809 | +€809 | |
| Remuneration, social security and pensions | 62 | €308,103 | €399,647 | +€91,544 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,303 | €47,049 | +€4,745 | +11.2% |
| Other operating charges | 640/8 | €4,333 | €4,822 | +€489 | +11.3% |
| Gross operating margin | 9900 | €470,973 | €571,062 | +€100,089 | +21.3% |
| Operating profit (loss) | 9901 | €116,234 | €119,544 | +€3,310 | +2.8% |
| Financial income | 75/76B | €11,924 | €8,973 | -€2,951 | -24.7% |
| Recurring financial income | 75 | €11,924 | €8,973 | -€2,951 | -24.7% |
| Financial charges | 65/66B | €28,089 | €27,938 | -€151 | -0.5% |
| Recurring financial charges | 65 | €28,089 | €27,938 | -€151 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €100,069 | €100,579 | +€510 | +0.5% |
| Income taxes | 67/77 | €33,423 | €33,553 | +€130 | +0.4% |
| Profit (loss) for the period | 9904 | €66,646 | €67,026 | +€381 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €66,646 | €67,026 | +€381 | +0.6% |
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 5 October 2026 via checked.be.