AN-ders: 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.
AN-ders
Largest movements
- Cash -€48,507
down €48,507 (-25.4%), from €190,763 to €142,257
mainly Advances received (-€94,180) and Investment in fixed assets (net) (-€52,891)
- Stocks and contracts +€18,063
up €18,063 (+42.6%), from €42,357 to €60,420
- Receivables within one year +€9,622
up €9,622 (+15.0%), from €64,211 to €73,833
of which Other amounts receivable: +€41,862
- Tangible fixed assets +€7,526
up €7,526 (+2.5%), from €303,025 to €310,550
of which Furniture and vehicles: +€20,182
- Current investments +€7,000
new in 2025: €7,000
- Advances received -€94,180
no longer reported in 2025 (was €94,180)
- Trade debts +€62,007
up €62,007 (+415%), from €14,946 to €76,953
- Reserves +€27,795
up €27,795 (+18.5%), from €149,843 to €177,638
- Debts after one year -€16,802
down €16,802 (-8.1%), from €206,793 to €189,991
- Current portion of long-term debt +€11,087
up €11,087 (+32.8%), from €33,754 to €44,840
- Gross operating margin -€42,644
down €42,644 (-15.3%), from €279,604 to €236,959
- Taxes -€22,500
down €22,500 (-62.6%), from €35,915 to €13,415
- Staff costs +€19,357
up €19,357 (+16.4%), from €117,842 to €137,198
- Depreciation +€15,987
up €15,987 (+54.4%), from €29,379 to €45,366
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 | €604,431 | €600,508 | -€3,924 | -0.6% |
| Fixed assets | 21/28 | €303,025 | €310,550 | +€7,526 | +2.5% |
| Tangible fixed assets | 22/27 | €303,025 | €310,550 | +€7,526 | +2.5% |
| Land and buildings | 22 | €236,265 | €225,179 | -€11,086 | -4.7% |
| Plant, machinery and equipment | 23 | €9,395 | €7,825 | -€1,570 | -16.7% |
| Furniture and vehicles | 24 | €57,364 | €77,546 | +€20,182 | +35.2% |
| Current assets | 29/58 | €301,407 | €289,957 | -€11,449 | -3.8% |
| Stocks and contracts in progress | 3 | €42,357 | €60,420 | +€18,063 | +42.6% |
| Stocks | 30/36 | €42,357 | €60,420 | +€18,063 | +42.6% |
| Amounts receivable within one year | 40/41 | €64,211 | €73,833 | +€9,622 | +15.0% |
| Trade receivables | 40 | €42,689 | €10,449 | -€32,240 | -75.5% |
| Other amounts receivable | 41 | €21,523 | €63,385 | +€41,862 | +195% |
| Current investments | 50/53 | - | €7,000 | +€7,000 | |
| Cash at bank and in hand | 54/58 | €190,763 | €142,257 | -€48,507 | -25.4% |
| Deferred charges and accrued income | 490/1 | €4,075 | €6,448 | +€2,373 | +58.2% |
| Total equity and liabilities | 10/49 | €604,431 | €600,508 | -€3,924 | -0.6% |
| Equity | 10/15 | €199,843 | €227,638 | +€27,795 | +13.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €149,843 | €177,638 | +€27,795 | +18.5% |
| Distributable reserves | 133 | €149,843 | €177,638 | +€27,795 | +18.5% |
| Amounts payable | 17/49 | €404,588 | €372,869 | -€31,719 | -7.8% |
| Amounts payable after more than one year | 17 | €206,793 | €189,991 | -€16,802 | -8.1% |
| Financial debts | 170/4 | €206,793 | €189,991 | -€16,802 | -8.1% |
| Amounts payable within one year | 42/48 | €192,998 | €178,185 | -€14,813 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €33,754 | €44,840 | +€11,087 | +32.8% |
| Trade debts | 44 | €14,946 | €76,953 | +€62,007 | +415% |
| Suppliers | 440/4 | €14,946 | €76,953 | +€62,007 | +415% |
| Advances received on contracts in progress | 46 | €94,180 | - | -€94,180 | |
| Taxes, remuneration and social security | 45 | €50,119 | €56,392 | +€6,273 | +12.5% |
| Taxes | 450/3 | €45,509 | €52,366 | +€6,857 | +15.1% |
| Remuneration and social security | 454/9 | €4,610 | €4,026 | -€584 | -12.7% |
| Accrued charges and deferred income | 492/3 | €4,797 | €4,693 | -€104 | -2.2% |
| Remuneration, social security and pensions | 62 | €117,842 | €137,198 | +€19,357 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,379 | €45,366 | +€15,987 | +54.4% |
| Other operating charges | 640/8 | €1,570 | €1,563 | -€7 | -0.4% |
| Non-recurring operating charges | 66A | €5,024 | - | -€5,024 | |
| Gross operating margin | 9900 | €279,604 | €236,959 | -€42,644 | -15.3% |
| Operating profit (loss) | 9901 | €125,789 | €52,832 | -€72,957 | -58.0% |
| Financial income | 75/76B | €322 | €150 | -€171 | -53.2% |
| Recurring financial income | 75 | €322 | €150 | -€171 | -53.2% |
| Financial charges | 65/66B | €12,789 | €11,772 | -€1,017 | -8.0% |
| Recurring financial charges | 65 | €12,789 | €11,772 | -€1,017 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €113,321 | €41,210 | -€72,111 | -63.6% |
| Income taxes | 67/77 | €35,915 | €13,415 | -€22,500 | -62.6% |
| Profit (loss) for the period | 9904 | €77,405 | €27,795 | -€49,610 | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,405 | €27,795 | -€49,610 | -64.1% |
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 15 October 2026 via checked.be.