advimago: 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.
advimago
Largest movements
- Current investments +€110,000
up €110,000 (+183%), from €60,000 to €170,000
- Cash +€88,019
up €88,019 (+29.8%), from €295,512 to €383,532
mainly Other debts (+€271,918) and Net result for the year (+€226,205)
- Tangible fixed assets -€76,751
down €76,751 (-6.7%), from €1.1m to €1.1m
of which Land and buildings: -€58,409
- Other debts +€271,918
up €271,918 (+306%), from €88,920 to €360,838
- Reserves -€101,994
down €101,994 (-13.4%), from €761,960 to €659,966
of which Distributable reserves: -€100,134
- Debts after one year -€59,173
down €59,173 (-8.8%), from €672,288 to €613,115
- Tax, wage and social debts +€28,673
up €28,673 (+257%), from €11,158 to €39,832
- Trade debts -€21,720
down €21,720 (-83.2%), from €26,108 to €4,388
- Gross operating margin -€18,010
down €18,010 (-4.0%), from €448,121 to €430,111
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 | €1,641,018 | €1,759,565 | +€118,547 | +7.2% |
| Fixed assets | 21/28 | €1,143,732 | €1,066,858 | -€76,873 | -6.7% |
| Intangible fixed assets | 21 | €122 | €0 | -€122 | -100% |
| Tangible fixed assets | 22/27 | €1,143,609 | €1,066,858 | -€76,751 | -6.7% |
| Land and buildings | 22 | €1,085,491 | €1,027,083 | -€58,409 | -5.4% |
| Plant, machinery and equipment | 23 | €37,334 | €25,263 | -€12,071 | -32.3% |
| Furniture and vehicles | 24 | €20,784 | €14,513 | -€6,272 | -30.2% |
| Current assets | 29/58 | €497,286 | €692,707 | +€195,420 | +39.3% |
| Amounts receivable within one year | 40/41 | €139,553 | €136,438 | -€3,115 | -2.2% |
| Trade receivables | 40 | €102,972 | €68,275 | -€34,698 | -33.7% |
| Other amounts receivable | 41 | €36,581 | €68,164 | +€31,583 | +86.3% |
| Current investments | 50/53 | €60,000 | €170,000 | +€110,000 | +183% |
| Cash at bank and in hand | 54/58 | €295,512 | €383,532 | +€88,019 | +29.8% |
| Deferred charges and accrued income | 490/1 | €2,221 | €2,737 | +€517 | +23.3% |
| Total equity and liabilities | 10/49 | €1,641,018 | €1,759,565 | +€118,547 | +7.2% |
| Equity | 10/15 | €783,377 | €681,383 | -€101,994 | -13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €761,960 | €659,966 | -€101,994 | -13.4% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €760,100 | €659,966 | -€100,134 | -13.2% |
| Profit (loss) carried forward | 14 | €2,817 | €2,817 | = | 0.0% |
| Amounts payable | 17/49 | €857,641 | €1,078,182 | +€220,541 | +25.7% |
| Amounts payable after more than one year | 17 | €672,288 | €613,115 | -€59,173 | -8.8% |
| Financial debts | 170/4 | €672,288 | €613,115 | -€59,173 | -8.8% |
| Amounts payable within one year | 42/48 | €185,353 | €465,067 | +€279,714 | +151% |
| Current portion of amounts payable after more than one year | 42 | €59,166 | €60,010 | +€843 | +1.4% |
| Trade debts | 44 | €26,108 | €4,388 | -€21,720 | -83.2% |
| Suppliers | 440/4 | €26,108 | €4,388 | -€21,720 | -83.2% |
| Taxes, remuneration and social security | 45 | €11,158 | €39,832 | +€28,673 | +257% |
| Taxes | 450/3 | €11,158 | €39,832 | +€28,673 | +257% |
| Other amounts payable | 47/48 | €88,920 | €360,838 | +€271,918 | +306% |
| Non-recurring operating income | 76A | - | €636 | +€636 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,256 | €80,541 | -€3,715 | -4.4% |
| Other operating charges | 640/8 | €9,005 | €6,884 | -€2,120 | -23.5% |
| Non-recurring operating charges | 66A | €239 | - | -€239 | |
| Gross operating margin | 9900 | €448,121 | €430,111 | -€18,010 | -4.0% |
| Operating profit (loss) | 9901 | €354,621 | €342,685 | -€11,935 | -3.4% |
| Financial income | 75/76B | €851 | €817 | -€34 | -4.0% |
| Recurring financial income | 75 | €851 | €817 | -€34 | -4.0% |
| Financial charges | 65/66B | €18,300 | €16,441 | -€1,858 | -10.2% |
| Recurring financial charges | 65 | €18,300 | €16,441 | -€1,858 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €337,173 | €327,061 | -€10,111 | -3.0% |
| Income taxes | 67/77 | €103,602 | €100,856 | -€2,745 | -2.7% |
| Profit (loss) for the period | 9904 | €233,571 | €226,205 | -€7,366 | -3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €233,571 | €226,205 | -€7,366 | -3.2% |
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 16 October 2026 via checked.be.