AB Group: 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.
AB Group
Largest movements
- Receivables within one year +€84,293
up €84,293 (+90.4%), from €93,206 to €177,499
of which Trade receivables: +€88,081
- Cash -€66,811
down €66,811 (-83.8%), from €79,754 to €12,943
mainly Trade debts (-€103,337) and Receivables within one year (-€84,293)
- Tangible fixed assets -€2,948
down €2,948 (-16.2%), from €18,230 to €15,281
of which Leasing and similar rights: -€5,620
- Profit (loss) carried forward +€149,130
up €149,130 (+59.8%), from -€249,368 to -€100,238
- Trade debts -€103,337
down €103,337 (-34.0%), from €303,836 to €200,499
- Current portion of long-term debt -€50,205
down €50,205 (-88.4%), from €56,784 to €6,579
- Short-term financial debts +€50,000
new in 2025: €50,000
- Debts after one year -€35,745
down €35,745 (-74.9%), from €47,745 to €12,000
- Gross operating margin -€110,515
down €110,515 (-31.1%), from €355,886 to €245,371
- Other operating charges -€71,000
down €71,000 (-96.5%), from €73,591 to €2,592
- Financial charges -€54,116
down €54,116 (-79.3%), from €68,212 to €14,096
- Staff costs -€18,232
down €18,232 (-21.2%), from €86,197 to €67,965
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 | €203,105 | €217,087 | +€13,982 | +6.9% |
| Fixed assets | 21/28 | €29,847 | €25,771 | -€4,076 | -13.7% |
| Intangible fixed assets | 21 | €9,092 | €7,965 | -€1,128 | -12.4% |
| Tangible fixed assets | 22/27 | €18,230 | €15,281 | -€2,948 | -16.2% |
| Plant, machinery and equipment | 23 | €956 | €2,238 | +€1,282 | +134% |
| Furniture and vehicles | 24 | €6,434 | €7,824 | +€1,389 | +21.6% |
| Leasing and similar rights | 25 | €10,840 | €5,220 | -€5,620 | -51.8% |
| Financial fixed assets | 28 | €2,525 | €2,525 | = | 0.0% |
| Current assets | 29/58 | €173,258 | €191,316 | +€18,058 | +10.4% |
| Amounts receivable within one year | 40/41 | €93,206 | €177,499 | +€84,293 | +90.4% |
| Trade receivables | 40 | €63,055 | €151,136 | +€88,081 | +140% |
| Other amounts receivable | 41 | €30,150 | €26,363 | -€3,787 | -12.6% |
| Cash at bank and in hand | 54/58 | €79,754 | €12,943 | -€66,811 | -83.8% |
| Deferred charges and accrued income | 490/1 | €298 | €874 | +€576 | +193% |
| Total equity and liabilities | 10/49 | €203,105 | €217,087 | +€13,982 | +6.9% |
| Equity | 10/15 | -€226,268 | -€77,138 | +€149,130 | +65.9% |
| Contributions | 10/11 | €8,100 | €8,100 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€249,368 | -€100,238 | +€149,130 | +59.8% |
| Amounts payable | 17/49 | €429,373 | €294,225 | -€135,148 | -31.5% |
| Amounts payable after more than one year | 17 | €47,745 | €12,000 | -€35,745 | -74.9% |
| Financial debts | 170/4 | €47,745 | €12,000 | -€35,745 | -74.9% |
| Amounts payable within one year | 42/48 | €381,628 | €282,225 | -€99,403 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €56,784 | €6,579 | -€50,205 | -88.4% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €303,836 | €200,499 | -€103,337 | -34.0% |
| Suppliers | 440/4 | €303,836 | €200,499 | -€103,337 | -34.0% |
| Taxes, remuneration and social security | 45 | €17,753 | €22,547 | +€4,794 | +27.0% |
| Taxes | 450/3 | €4,183 | €9,024 | +€4,841 | +116% |
| Remuneration and social security | 454/9 | €13,570 | €13,523 | -€47 | -0.3% |
| Other amounts payable | 47/48 | €3,256 | €2,601 | -€655 | -20.1% |
| Remuneration, social security and pensions | 62 | €86,197 | €67,965 | -€18,232 | -21.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,215 | €11,628 | +€414 | +3.7% |
| Other operating charges | 640/8 | €73,591 | €2,592 | -€71,000 | -96.5% |
| Gross operating margin | 9900 | €355,886 | €245,371 | -€110,515 | -31.1% |
| Operating profit (loss) | 9901 | €184,883 | €163,186 | -€21,696 | -11.7% |
| Financial income | 75/76B | €73 | €106 | +€33 | +44.7% |
| Recurring financial income | 75 | €73 | €106 | +€33 | +44.7% |
| Financial charges | 65/66B | €68,212 | €14,096 | -€54,116 | -79.3% |
| Recurring financial charges | 65 | €68,212 | €14,096 | -€54,116 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | €116,744 | €149,197 | +€32,453 | +27.8% |
| Income taxes | 67/77 | - | €67 | +€67 | |
| Profit (loss) for the period | 9904 | €116,744 | €149,130 | +€32,386 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €116,744 | €149,130 | +€32,386 | +27.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.