A.V.M.: 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.M.
Largest movements
- Cash +€47,548
up €47,548 (+39.6%), from €120,173 to €167,721
mainly Net result for the year (+€28,547) and Depreciation (+€27,562)
- Intangible fixed assets -€26,000
down €26,000 (-22.2%), from €117,000 to €91,000
- Receivables within one year -€12,261
down €12,261 (-94.4%), from €12,985 to €724
- Reserves +€28,000
up €28,000 (+13.3%), from €211,200 to €239,200
- Trade debts -€9,665
down €9,665 (-63.1%), from €15,321 to €5,656
- Current portion of long-term debt -€5,103
no longer reported in 2025 (was €5,103)
- Gross operating margin -€12,727
down €12,727 (-15.0%), from €84,968 to €72,240
- Taxes -€2,741
down €2,741 (-16.1%), from €17,017 to €14,276
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 | €261,507 | €273,219 | +€11,712 | +4.5% |
| Fixed assets | 21/28 | €123,194 | €99,763 | -€23,431 | -19.0% |
| Intangible fixed assets | 21 | €117,000 | €91,000 | -€26,000 | -22.2% |
| Tangible fixed assets | 22/27 | €6,194 | €8,763 | +€2,569 | +41.5% |
| Land and buildings | 22 | €4,758 | €5,922 | +€1,164 | +24.5% |
| Furniture and vehicles | 24 | €1,436 | €2,841 | +€1,405 | +97.8% |
| Current assets | 29/58 | €138,313 | €173,456 | +€35,143 | +25.4% |
| Amounts receivable within one year | 40/41 | €12,985 | €724 | -€12,261 | -94.4% |
| Other amounts receivable | 41 | €12,985 | €724 | -€12,261 | -94.4% |
| Cash at bank and in hand | 54/58 | €120,173 | €167,721 | +€47,548 | +39.6% |
| Deferred charges and accrued income | 490/1 | €5,154 | €5,010 | -€144 | -2.8% |
| Total equity and liabilities | 10/49 | €261,507 | €273,219 | +€11,712 | +4.5% |
| Equity | 10/15 | €218,548 | €247,095 | +€28,547 | +13.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | €5,000 | = | 0.0% |
| Other | 1109/19 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €211,200 | €239,200 | +€28,000 | +13.3% |
| Distributable reserves | 133 | €211,200 | €239,200 | +€28,000 | +13.3% |
| Profit (loss) carried forward | 14 | €2,348 | €2,895 | +€547 | +23.3% |
| Amounts payable | 17/49 | €42,959 | €26,124 | -€16,835 | -39.2% |
| Amounts payable within one year | 42/48 | €42,620 | €26,124 | -€16,496 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €5,103 | - | -€5,103 | |
| Trade debts | 44 | €15,321 | €5,656 | -€9,665 | -63.1% |
| Suppliers | 440/4 | €15,321 | €5,656 | -€9,665 | -63.1% |
| Taxes, remuneration and social security | 45 | €2,017 | - | -€2,017 | |
| Taxes | 450/3 | €2,017 | - | -€2,017 | |
| Other amounts payable | 47/48 | €20,180 | €20,468 | +€289 | +1.4% |
| Accrued charges and deferred income | 492/3 | €339 | - | -€339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,848 | €27,562 | +€714 | +2.7% |
| Other operating charges | 640/8 | €2,037 | €1,658 | -€378 | -18.6% |
| Gross operating margin | 9900 | €84,968 | €72,240 | -€12,727 | -15.0% |
| Operating profit (loss) | 9901 | €56,083 | €43,021 | -€13,063 | -23.3% |
| Financial income | 75/76B | €17 | €18 | +€1 | +7.5% |
| Recurring financial income | 75 | €17 | €18 | +€1 | +7.5% |
| Financial charges | 65/66B | €718 | €216 | -€503 | -70.0% |
| Recurring financial charges | 65 | €718 | €216 | -€503 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €55,382 | €42,823 | -€12,559 | -22.7% |
| Income taxes | 67/77 | €17,017 | €14,276 | -€2,741 | -16.1% |
| Profit (loss) for the period | 9904 | €38,365 | €28,547 | -€9,818 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,365 | €28,547 | -€9,818 | -25.6% |
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 8 October 2026 via checked.be.