A.V.R.: 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.R.
Largest movements
- Receivables within one year -€173,819
down €173,819 (-88.3%), from €196,807 to €22,988
of which Other amounts receivable: -€128,848
- Cash +€81,459
up €81,459 (+428%), from €19,015 to €100,473
mainly Receivables within one year (+€173,819) and Deferred charges and accrued income (+€6,590)
- Tangible fixed assets +€12,327
up €12,327 (+32.8%), from €37,591 to €49,918
of which Land and buildings: +€29,677
- Deferred charges and accrued income -€6,590
down €6,590 (-48.0%), from €13,741 to €7,151
- Profit (loss) carried forward -€77,087
down €77,087 (-78.9%), from -€97,645 to -€174,732
- Debts after one year -€7,832
no longer reported in 2025 (was €7,832)
- Tax, wage and social debts -€6,346
down €6,346 (-92.2%), from €6,886 to €540
- Other debts +€5,700
up €5,700, from €0 to €5,700
- Current portion of long-term debt -€4,802
no longer reported in 2025 (was €4,802)
- Gross operating margin -€78,388
down €78,388 (-93.1%), from €84,187 to €5,799
- Write-downs +€60,939
new in 2025: €60,939
- Other operating charges -€13,870
down €13,870 (-45.7%), from €30,362 to €16,492
- Depreciation -€11,646
down €11,646 (-75.7%), from €15,393 to €3,747
- Staff costs -€2,528
no longer reported in 2025 (was €2,528)
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.
Derived cash bridge
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 | €267,153 | €180,530 | -€86,623 | -32.4% |
| Fixed assets | 21/28 | €37,591 | €49,918 | +€12,327 | +32.8% |
| Tangible fixed assets | 22/27 | €37,591 | €49,918 | +€12,327 | +32.8% |
| Land and buildings | 22 | €18,245 | €47,922 | +€29,677 | +163% |
| Plant, machinery and equipment | 23 | €168 | - | -€168 | |
| Furniture and vehicles | 24 | €16,848 | - | -€16,848 | |
| Other tangible fixed assets | 26 | €2,330 | €1,996 | -€334 | -14.3% |
| Current assets | 29/58 | €229,562 | €130,612 | -€98,950 | -43.1% |
| Amounts receivable within one year | 40/41 | €196,807 | €22,988 | -€173,819 | -88.3% |
| Trade receivables | 40 | €46,433 | €1,462 | -€44,971 | -96.9% |
| Other amounts receivable | 41 | €150,374 | €21,526 | -€128,848 | -85.7% |
| Cash at bank and in hand | 54/58 | €19,015 | €100,473 | +€81,459 | +428% |
| Deferred charges and accrued income | 490/1 | €13,741 | €7,151 | -€6,590 | -48.0% |
| Total equity and liabilities | 10/49 | €267,153 | €180,530 | -€86,623 | -32.4% |
| Equity | 10/15 | €242,632 | €165,544 | -€77,088 | -31.8% |
| Contributions | 10/11 | €313,973 | €313,973 | -€0 | 0.0% |
| Capital | 10 | €313,973 | €313,973 | -€0 | 0.0% |
| Issued capital | 100 | €313,973 | €313,973 | -€0 | 0.0% |
| Reserves | 13 | €26,303 | €26,303 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | -€0 | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | -€0 | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,356 | €1,356 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€97,645 | -€174,732 | -€77,087 | -78.9% |
| Amounts payable | 17/49 | €24,521 | €14,986 | -€9,535 | -38.9% |
| Amounts payable after more than one year | 17 | €7,832 | - | -€7,832 | |
| Financial debts | 170/4 | €7,832 | - | -€7,832 | |
| Amounts payable within one year | 42/48 | €16,690 | €14,986 | -€1,704 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €4,802 | - | -€4,802 | |
| Trade debts | 44 | €5,002 | €8,746 | +€3,744 | +74.8% |
| Suppliers | 440/4 | €5,002 | €8,746 | +€3,744 | +74.8% |
| Taxes, remuneration and social security | 45 | €6,886 | €540 | -€6,346 | -92.2% |
| Taxes | 450/3 | €6,886 | €540 | -€6,346 | -92.2% |
| Other amounts payable | 47/48 | €0 | €5,700 | +€5,700 | |
| Remuneration, social security and pensions | 62 | €2,528 | - | -€2,528 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,393 | €3,747 | -€11,646 | -75.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €60,939 | +€60,939 | |
| Other operating charges | 640/8 | €30,362 | €16,492 | -€13,870 | -45.7% |
| Non-recurring operating charges | 66A | - | €398 | +€398 | |
| Gross operating margin | 9900 | €84,187 | €5,799 | -€78,388 | -93.1% |
| Operating profit (loss) | 9901 | €35,904 | -€75,777 | -€111,681 | |
| Financial income | 75/76B | €7 | €36 | +€29 | +397% |
| Recurring financial income | 75 | €7 | €36 | +€29 | +397% |
| Financial charges | 65/66B | €1,675 | €806 | -€869 | -51.9% |
| Recurring financial charges | 65 | €1,675 | €806 | -€869 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €34,236 | -€76,547 | -€110,783 | |
| Income taxes | 67/77 | - | €540 | +€540 | |
| Profit (loss) for the period | 9904 | €34,236 | -€77,087 | -€111,323 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,236 | -€77,087 | -€111,323 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.