ABO Research: 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.
ABO Research
Largest movements
- Tangible fixed assets -€26,232
down €26,232 (-12.8%), from €204,232 to €178,000
of which Leasing and similar rights: -€29,537
- Receivables within one year +€6,530
up €6,530 (+5.4%), from €121,632 to €128,162
of which Trade receivables: +€7,152
- Cash +€5,350
up €5,350 (+237.1%), from €2,256 to €7,607
mainly Other debts (+€121,827) and Depreciation (+€45,258)
- Other debts +€121,827
up €121,827 (+3.0%), from €4.0m to €4.2m
- Profit (loss) carried forward -€109,034
down €109,034 (-2.8%), from -€3.9m to -€4.0m
- Debts after one year -€28,724
down €28,724 (-26.0%), from €110,347 to €81,623
- Financial charges -€46,316
down €46,316 (-26.6%), from €174,262 to €127,946
- Depreciation +€24,293
up €24,293 (+115.9%), from €20,965 to €45,258
- Gross operating margin +€15,439
up €15,439 (+31.2%), from €49,559 to €64,998
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 | €328,120 | €313,770 | -€14,350 | -4.4% |
| Fixed assets | 21/28 | €204,232 | €178,000 | -€26,232 | -12.8% |
| Tangible fixed assets | 22/27 | €204,232 | €178,000 | -€26,232 | -12.8% |
| Plant, machinery and equipment | 23 | €65,982 | €53,708 | -€12,275 | -18.6% |
| Furniture and vehicles | 24 | €0 | €15,580 | +€15,580 | |
| Leasing and similar rights | 25 | €138,249 | €108,712 | -€29,537 | -21.4% |
| Current assets | 29/58 | €123,888 | €135,770 | +€11,882 | +9.6% |
| Amounts receivable within one year | 40/41 | €121,632 | €128,162 | +€6,530 | +5.4% |
| Trade receivables | 40 | €121,010 | €128,162 | +€7,152 | +5.9% |
| Other amounts receivable | 41 | €622 | - | -€622 | |
| Cash at bank and in hand | 54/58 | €2,256 | €7,607 | +€5,350 | +237.1% |
| Deferred charges and accrued income | 490/1 | - | €1 | +€1 | |
| Total equity and liabilities | 10/49 | €328,120 | €313,770 | -€14,350 | -4.4% |
| Equity | 10/15 | -€3,861,285 | -€3,970,319 | -€109,034 | -2.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,883,285 | -€3,992,319 | -€109,034 | -2.8% |
| Amounts payable | 17/49 | €4,189,405 | €4,284,089 | +€94,684 | +2.3% |
| Amounts payable after more than one year | 17 | €110,347 | €81,623 | -€28,724 | -26.0% |
| Financial debts | 170/4 | €110,347 | €81,623 | -€28,724 | -26.0% |
| Amounts payable within one year | 42/48 | €4,079,058 | €4,199,565 | +€120,507 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €27,532 | €28,724 | +€1,192 | +4.3% |
| Trade debts | 44 | €4,896 | €1,657 | -€3,239 | -66.2% |
| Suppliers | 440/4 | €4,896 | €1,657 | -€3,239 | -66.2% |
| Taxes, remuneration and social security | 45 | - | €727 | +€727 | |
| Taxes | 450/3 | - | €727 | +€727 | |
| Other amounts payable | 47/48 | €4,046,630 | €4,168,457 | +€121,827 | +3.0% |
| Accrued charges and deferred income | 492/3 | - | €2,900 | +€2,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,965 | €45,258 | +€24,293 | +115.9% |
| Other operating charges | 640/8 | €304 | €827 | +€524 | +172.4% |
| Gross operating margin | 9900 | €49,559 | €64,998 | +€15,439 | +31.2% |
| Operating profit (loss) | 9901 | €28,290 | €18,912 | -€9,378 | -33.1% |
| Financial charges | 65/66B | €174,262 | €127,946 | -€46,316 | -26.6% |
| Recurring financial charges | 65 | €174,262 | €127,946 | -€46,316 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | -€145,972 | -€109,034 | +€36,938 | +25.3% |
| Profit (loss) for the period | 9904 | -€145,972 | -€109,034 | +€36,938 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€145,972 | -€109,034 | +€36,938 | +25.3% |
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 12 October 2026 via checked.be.