A.V. IMAGE: 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.V. IMAGE
Largest movements
- Cash -€30,191
down €30,191 (-14.5%), from €207,785 to €177,593
mainly Debts after one year (-€29,726) and Investment in fixed assets (net) (-€22,675)
- Receivables within one year +€13,359
up €13,359 (+18.7%), from €71,616 to €84,975
of which Trade receivables: +€12,311
- Tangible fixed assets -€9,022
down €9,022 (-2.0%), from €443,313 to €434,292
of which Land and buildings: -€5,083
- Debts after one year -€29,726
down €29,726 (-10.5%), from €283,824 to €254,099
- Other debts -€22,441
down €22,441 (-88.0%), from €25,493 to €3,051
- Trade debts +€18,715
up €18,715 (+30.2%), from €62,037 to €80,752
- Reserves +€10,314
up €10,314 (+3.9%), from €266,736 to €277,050
- Gross operating margin -€48,805
down €48,805 (-29.6%), from €164,915 to €116,110
- Depreciation +€3,165
up €3,165 (+11.1%), from €28,531 to €31,696
- Taxes -€3,157
down €3,157 (-48.5%), from €6,509 to €3,353
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 | €730,100 | €703,965 | -€26,135 | -3.6% |
| Fixed assets | 21/28 | €443,313 | €434,292 | -€9,022 | -2.0% |
| Tangible fixed assets | 22/27 | €443,313 | €434,292 | -€9,022 | -2.0% |
| Land and buildings | 22 | €422,452 | €417,369 | -€5,083 | -1.2% |
| Plant, machinery and equipment | 23 | €16,819 | €14,018 | -€2,801 | -16.7% |
| Furniture and vehicles | 24 | €4,042 | €2,905 | -€1,137 | -28.1% |
| Current assets | 29/58 | €286,786 | €269,673 | -€17,113 | -6.0% |
| Stocks and contracts in progress | 3 | €4,518 | €3,389 | -€1,130 | -25.0% |
| Stocks | 30/36 | €4,518 | €3,389 | -€1,130 | -25.0% |
| Amounts receivable within one year | 40/41 | €71,616 | €84,975 | +€13,359 | +18.7% |
| Trade receivables | 40 | €71,616 | €83,927 | +€12,311 | +17.2% |
| Other amounts receivable | 41 | - | €1,048 | +€1,048 | |
| Cash at bank and in hand | 54/58 | €207,785 | €177,593 | -€30,191 | -14.5% |
| Deferred charges and accrued income | 490/1 | €2,867 | €3,716 | +€849 | +29.6% |
| Total equity and liabilities | 10/49 | €730,100 | €703,965 | -€26,135 | -3.6% |
| Equity | 10/15 | €289,046 | €299,361 | +€10,314 | +3.6% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €266,736 | €277,050 | +€10,314 | +3.9% |
| Distributable reserves | 133 | €266,736 | €277,050 | +€10,314 | +3.9% |
| Amounts payable | 17/49 | €441,053 | €404,604 | -€36,449 | -8.3% |
| Amounts payable after more than one year | 17 | €283,824 | €254,099 | -€29,726 | -10.5% |
| Financial debts | 170/4 | €283,824 | €254,099 | -€29,726 | -10.5% |
| Amounts payable within one year | 42/48 | €157,229 | €150,506 | -€6,723 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €29,016 | €29,726 | +€709 | +2.4% |
| Financial debts | 43 | €1,321 | €1,333 | +€12 | +0.9% |
| Credit institutions | 430/8 | €1,321 | €1,333 | +€12 | +0.9% |
| Trade debts | 44 | €62,037 | €80,752 | +€18,715 | +30.2% |
| Suppliers | 440/4 | €62,037 | €80,752 | +€18,715 | +30.2% |
| Taxes, remuneration and social security | 45 | €39,362 | €35,644 | -€3,718 | -9.4% |
| Taxes | 450/3 | €22,645 | €19,581 | -€3,064 | -13.5% |
| Remuneration and social security | 454/9 | €16,717 | €16,062 | -€654 | -3.9% |
| Other amounts payable | 47/48 | €25,493 | €3,051 | -€22,441 | -88.0% |
| Remuneration, social security and pensions | 62 | €58,695 | €59,820 | +€1,126 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,531 | €31,696 | +€3,165 | +11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,610 | +€1,610 | |
| Other operating charges | 640/8 | €2,848 | €3,088 | +€240 | +8.4% |
| Gross operating margin | 9900 | €164,915 | €116,110 | -€48,805 | -29.6% |
| Operating profit (loss) | 9901 | €74,841 | €19,896 | -€54,945 | -73.4% |
| Financial income | 75/76B | €719 | €1,452 | +€733 | +101.8% |
| Recurring financial income | 75 | €719 | €1,452 | +€733 | +101.8% |
| Financial charges | 65/66B | €8,475 | €7,681 | -€794 | -9.4% |
| Recurring financial charges | 65 | €8,475 | €7,681 | -€794 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €67,086 | €13,667 | -€53,419 | -79.6% |
| Income taxes | 67/77 | €6,509 | €3,353 | -€3,157 | -48.5% |
| Profit (loss) for the period | 9904 | €60,576 | €10,314 | -€50,262 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,576 | €10,314 | -€50,262 | -83.0% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.