ADVARO: 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.
ADVARO
Largest movements
- Receivables after one year -€2.5m
down €2.5m (-100.0%), from €2.5m to €0
- Financial fixed assets -€1.0m
down €1.0m (-99.5%), from €1.0m to €5,000
- Receivables within one year +€664,110
up €664,110 (+22359.8%), from €2,970 to €667,080
of which Other amounts receivable: +€627,868
- Deferred charges and accrued income -€189,700
down €189,700 (-98.9%), from €191,794 to €2,094
- Cash -€133,032
down €133,032 (-74.6%), from €178,303 to €45,271
mainly Debts after one year (-€2.1m) and Contributions, distributions and other (-€773,043)
- Contributions -€4.3m
down €4.3m (-49.3%), from €8.8m to €4.5m
- Profit (loss) carried forward +€3.4m
up €3.4m (+47.3%), from -€7.3m to -€3.8m
- Debts after one year -€2.1m
down €2.1m (-43.5%), from €4.9m to €2.8m
- Financial charges -€6.5m
down €6.5m (-99.8%), from €6.5m to €10,036
of which Financial charges: -€4.0m
- Gross operating margin +€297,481
up €297,481, from -€240,497 to €56,984
- Financial income -€160,178
down €160,178 (-94.7%), from €169,160 to €8,982
- Staff costs -€62,542
down €62,542 (-60.9%), from €102,769 to €40,227
- Depreciation +€37,997
up €37,997 (+171.8%), from €22,117 to €60,114
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 | €6,606,514 | €3,526,541 | -€3.1m | -46.6% |
| Fixed assets | 21/28 | €3,117,046 | €2,172,096 | -€944,950 | -30.3% |
| Tangible fixed assets | 22/27 | €2,096,796 | €2,167,096 | +€70,300 | +3.4% |
| Land and buildings | 22 | €1,846,726 | €2,100,104 | +€253,378 | +13.7% |
| Plant, machinery and equipment | 23 | €42,418 | €62,466 | +€20,047 | +47.3% |
| Furniture and vehicles | 24 | €207,653 | €4,527 | -€203,125 | -97.8% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,020,250 | €5,000 | -€1.0m | -99.5% |
| Current assets | 29/58 | €3,489,467 | €1,354,445 | -€2.1m | -61.2% |
| Amounts receivable after more than one year | 29 | €2,476,400 | €0 | -€2.5m | -100.0% |
| Other amounts receivable | 291 | €2,476,400 | €0 | -€2.5m | -100.0% |
| Stocks and contracts in progress | 3 | €640,000 | €640,000 | = | 0.0% |
| Stocks | 30/36 | €640,000 | €640,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,970 | €667,080 | +€664,110 | +22359.8% |
| Trade receivables | 40 | €2,758 | €39,000 | +€36,242 | +1314.0% |
| Other amounts receivable | 41 | €212 | €628,080 | +€627,868 | +296108.3% |
| Cash at bank and in hand | 54/58 | €178,303 | €45,271 | -€133,032 | -74.6% |
| Deferred charges and accrued income | 490/1 | €191,794 | €2,094 | -€189,700 | -98.9% |
| Total equity and liabilities | 10/49 | €6,606,514 | €3,526,541 | -€3.1m | -46.6% |
| Equity | 10/15 | €1,567,137 | €643,673 | -€923,464 | -58.9% |
| Contributions | 10/11 | €8,818,600 | €4,468,707 | -€4.3m | -49.3% |
| Reserves | 13 | €20,610 | €10,444 | -€10,166 | -49.3% |
| Tax-exempt reserves | 132 | €18,750 | €9,501 | -€9,249 | -49.3% |
| Distributable reserves | 133 | €1,860 | €943 | -€917 | -49.3% |
| Profit (loss) carried forward | 14 | -€7,272,073 | -€3,835,478 | +€3.4m | +47.3% |
| Amounts payable | 17/49 | €5,039,377 | €2,882,868 | -€2.2m | -42.8% |
| Amounts payable after more than one year | 17 | €4,892,013 | €2,762,537 | -€2.1m | -43.5% |
| Other amounts payable | 178/9 | €4,892,013 | €2,762,537 | -€2.1m | -43.5% |
| Amounts payable within one year | 42/48 | €147,364 | €120,331 | -€27,033 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €58,679 | €59,852 | +€1,174 | +2.0% |
| Financial debts | 43 | €718 | €0 | -€718 | -100.0% |
| Credit institutions | 430/8 | €718 | €0 | -€718 | -100.0% |
| Trade debts | 44 | €60,176 | €59,773 | -€403 | -0.7% |
| Suppliers | 440/4 | €60,176 | €59,773 | -€403 | -0.7% |
| Taxes, remuneration and social security | 45 | €27,791 | €706 | -€27,085 | -97.5% |
| Taxes | 450/3 | €9,208 | €706 | -€8,503 | -92.3% |
| Remuneration and social security | 454/9 | €18,582 | €0 | -€18,582 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €107,820 | €0 | -€107,820 | -100.0% |
| Remuneration, social security and pensions | 62 | €102,769 | €40,227 | -€62,542 | -60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,117 | €60,114 | +€37,997 | +171.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,170 | +€1,170 | |
| Other operating charges | 640/8 | €24,578 | €4,900 | -€19,678 | -80.1% |
| Non-recurring operating charges | 66A | €54,894 | €99,234 | +€44,340 | +80.8% |
| Gross operating margin | 9900 | -€240,497 | €56,984 | +€297,481 | |
| Operating profit (loss) | 9901 | -€444,855 | -€148,661 | +€296,194 | +66.6% |
| Financial income | 75/76B | €169,160 | €8,982 | -€160,178 | -94.7% |
| Recurring financial income | 75 | €169,160 | €8,982 | -€160,178 | -94.7% |
| Financial charges | 65/66B | €6,536,213 | €10,036 | -€6.5m | -99.8% |
| Recurring financial charges | 65 | €4,045,213 | €10,036 | -€4.0m | -99.8% |
| Non-recurring financial charges | 66B | €2,491,000 | €0 | -€2.5m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€6,811,908 | -€149,715 | +€6.7m | +97.8% |
| Income taxes | 67/77 | €549 | €706 | +€157 | +28.6% |
| Profit (loss) for the period | 9904 | -€6,812,457 | -€150,421 | +€6.7m | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,812,457 | -€150,421 | +€6.7m | +97.8% |
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 11 October 2026 via checked.be.