ABEL: 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.
ABEL
Largest movements
- Cash +€183,935
up €183,935 (+42.0%), from €438,408 to €622,343
mainly Net result for the year (+€166,377) and Depreciation (+€163,449)
- Tangible fixed assets -€101,597
down €101,597 (-10.2%), from €1.0m to €898,458
of which Plant, machinery and equipment: -€101,748
- Stocks and contracts +€37,603
up €37,603 (+99.3%), from €37,876 to €75,479
- Current investments +€28,800
up €28,800 (+37.2%), from €77,500 to €106,300
- Receivables within one year +€20,438
up €20,438 (+66.2%), from €30,854 to €51,292
of which Trade receivables: +€26,700
- Reserves +€166,377
up €166,377 (+30.8%), from €540,060 to €706,437
- Debts after one year -€97,531
down €97,531 (-20.1%), from €484,103 to €386,573
- Tax, wage and social debts +€82,105
up €82,105 (+118.9%), from €69,045 to €151,150
of which Remuneration and social security: +€83,470
- Gross operating margin +€264,822
up €264,822 (+24.2%), from €1.1m to €1.4m
- Staff costs +€241,876
up €241,876 (+36.0%), from €672,490 to €914,365
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 | €1,607,409 | €1,780,316 | +€172,907 | +10.8% |
| Fixed assets | 21/28 | €1,005,755 | €904,158 | -€101,597 | -10.1% |
| Tangible fixed assets | 22/27 | €1,000,055 | €898,458 | -€101,597 | -10.2% |
| Land and buildings | 22 | €166,072 | €166,990 | +€917 | +0.6% |
| Plant, machinery and equipment | 23 | €824,068 | €722,320 | -€101,748 | -12.3% |
| Furniture and vehicles | 24 | €9,915 | €9,148 | -€767 | -7.7% |
| Financial fixed assets | 28 | €5,700 | €5,700 | = | 0.0% |
| Current assets | 29/58 | €601,653 | €876,157 | +€274,504 | +45.6% |
| Stocks and contracts in progress | 3 | €37,876 | €75,479 | +€37,603 | +99.3% |
| Stocks | 30/36 | €37,876 | €75,479 | +€37,603 | +99.3% |
| Amounts receivable within one year | 40/41 | €30,854 | €51,292 | +€20,438 | +66.2% |
| Trade receivables | 40 | €24,593 | €51,292 | +€26,700 | +108.6% |
| Other amounts receivable | 41 | €6,262 | €0 | -€6,262 | -100.0% |
| Current investments | 50/53 | €77,500 | €106,300 | +€28,800 | +37.2% |
| Cash at bank and in hand | 54/58 | €438,408 | €622,343 | +€183,935 | +42.0% |
| Deferred charges and accrued income | 490/1 | €17,015 | €20,744 | +€3,728 | +21.9% |
| Total equity and liabilities | 10/49 | €1,607,409 | €1,780,316 | +€172,907 | +10.8% |
| Equity | 10/15 | €565,060 | €731,437 | +€166,377 | +29.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €540,060 | €706,437 | +€166,377 | +30.8% |
| Distributable reserves | 133 | €540,060 | €706,437 | +€166,377 | +30.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,042,349 | €1,048,879 | +€6,530 | +0.6% |
| Amounts payable after more than one year | 17 | €484,103 | €386,573 | -€97,531 | -20.1% |
| Financial debts | 170/4 | €484,103 | €386,573 | -€97,531 | -20.1% |
| Amounts payable within one year | 42/48 | €553,645 | €653,106 | +€99,461 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €96,549 | €97,531 | +€981 | +1.0% |
| Trade debts | 44 | €380,792 | €394,337 | +€13,545 | +3.6% |
| Suppliers | 440/4 | €380,792 | €394,337 | +€13,545 | +3.6% |
| Taxes, remuneration and social security | 45 | €69,045 | €151,150 | +€82,105 | +118.9% |
| Taxes | 450/3 | €15,717 | €14,352 | -€1,366 | -8.7% |
| Remuneration and social security | 454/9 | €53,328 | €136,798 | +€83,470 | +156.5% |
| Other amounts payable | 47/48 | €7,259 | €10,089 | +€2,830 | +39.0% |
| Accrued charges and deferred income | 492/3 | €4,600 | €9,200 | +€4,600 | +100.0% |
| Remuneration, social security and pensions | 62 | €672,490 | €914,365 | +€241,876 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,367 | €163,449 | +€4,083 | +2.6% |
| Other operating charges | 640/8 | €12,125 | €14,246 | +€2,121 | +17.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,092,420 | €1,357,242 | +€264,822 | +24.2% |
| Operating profit (loss) | 9901 | €248,439 | €265,181 | +€16,742 | +6.7% |
| Financial income | 75/76B | €3,112 | €3,713 | +€600 | +19.3% |
| Recurring financial income | 75 | €3,112 | €3,713 | +€600 | +19.3% |
| Financial charges | 65/66B | €17,952 | €17,711 | -€241 | -1.3% |
| Recurring financial charges | 65 | €17,952 | €17,711 | -€241 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €233,600 | €251,183 | +€17,583 | +7.5% |
| Income taxes | 67/77 | €75,431 | €84,806 | +€9,375 | +12.4% |
| Profit (loss) for the period | 9904 | €158,168 | €166,377 | +€8,208 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €158,168 | €166,377 | +€8,208 | +5.2% |
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 3 October 2026 via checked.be.