ANALEX: 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.
What changed
ANALEX
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€114,458
2024 · -€1.8m+€1.7m
Equity
€25.8m
2024 · €26.9m-€1.1m
Cash
€35,382
2024 · €140,909-€105,527
Balance sheet total
€27.1m
2024 · €28.2m-€1.1m
Largest movements
Assets
- Financial fixed assets -€893,109
down €893,109 (-5.7%), from €15.7m to €14.8m
- Receivables within one year -€500,839
down €500,839 (-11.2%), from €4.5m to €4.0m
of which Other amounts receivable: -€487,107
- Receivables after one year +€367,452
up €367,452 (+6.5%), from €5.7m to €6.0m
Equity and liabilities
- Reserves -€1.1m
down €1.1m (-4.4%), from €25.2m to €24.1m
of which Distributable reserves: -€1.1m
Income statement
- Financial charges -€1.7m
down €1.7m (-67.3%), from €2.5m to €826,152
of which Non-recurring financial charges: -€1.6m
- Purchases and services +€444,769
new in 2025: €444,769
- Financial income +€161,717
up €161,717 (+16.2%), from €996,860 to €1.2m
of which Non-recurring financial income: +€413,000
- Gross operating margin -€116,946
down €116,946 (-40.8%), from -€286,714 to -€403,660
- Turnover +€39,000
new in 2025: €39,000
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.
Result 2024
-€1.8m
Gross operating margin
-€116,946
Depreciation
+€8,364
Other operating charges
-€320
Other operating items
-€4,693
Financial income
+€161,717
Financial charges
+€1.7m
Taxes
-€21,169
Result 2025
-€114,458
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.
From operations
-€18,947
Investment
+€908,325
Financing
-€994,906
Cash 2024
€140,909
From operations (derived)
-€18,947
Net result for the year
-€114,458
Depreciation
+€5,443
Receivables after one year
-€367,452
Receivables within one year
+€500,839
Deferred charges and accrued income
-€23,141
Trade debts
+€66,388
Tax, wage and social debts
+€18,960
Other debts
-€87,750
Accrued charges and deferred income
-€17,775
Investment (derived)
+€908,325
Investment in fixed assets (net)
+€908,325
Financing
-€994,906
Short-term financial debts
+€5,094
Contributions, distributions and other
-€1.0m
Cash 2025
€35,382
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,193,943 | €27,064,402 | -€1.1m | -4.0% |
| Fixed assets | 21/28 | €15,755,520 | €14,841,752 | -€913,768 | -5.8% |
| Intangible fixed assets | 21 | €1,458 | €1,094 | -€365 | -25.0% |
| Tangible fixed assets | 22/27 | €29,033 | €8,739 | -€20,294 | -69.9% |
| Plant, machinery and equipment | 23 | €3,392 | €7,147 | +€3,755 | +110.7% |
| Furniture and vehicles | 24 | €25,642 | €1,592 | -€24,050 | -93.8% |
| Financial fixed assets | 28 | €15,725,029 | €14,831,920 | -€893,109 | -5.7% |
| Current assets | 29/58 | €12,438,423 | €12,222,650 | -€215,773 | -1.7% |
| Amounts receivable after more than one year | 29 | €5,653,104 | €6,020,556 | +€367,452 | +6.5% |
| Other amounts receivable | 291 | €5,653,104 | €6,020,556 | +€367,452 | +6.5% |
| Amounts receivable within one year | 40/41 | €4,487,521 | €3,986,682 | -€500,839 | -11.2% |
| Trade receivables | 40 | €15,232 | €1,500 | -€13,732 | -90.2% |
| Other amounts receivable | 41 | €4,472,289 | €3,985,182 | -€487,107 | -10.9% |
| Current investments | 50/53 | €2,137,500 | €2,137,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €140,909 | €35,382 | -€105,527 | -74.9% |
| Deferred charges and accrued income | 490/1 | €19,388 | €42,529 | +€23,141 | +119.4% |
| Total equity and liabilities | 10/49 | €28,193,943 | €27,064,402 | -€1.1m | -4.0% |
| Equity | 10/15 | €26,902,280 | €25,787,821 | -€1.1m | -4.1% |
| Contributions | 10/11 | €1,704,107 | €1,704,107 | = | 0.0% |
| Capital | 10 | €1,704,107 | €1,704,107 | = | 0.0% |
| Issued capital | 100 | €1,704,107 | €1,704,107 | = | 0.0% |
| Reserves | 13 | €25,198,173 | €24,083,714 | -€1.1m | -4.4% |
| Non-distributable reserves | 130/1 | €2,307,911 | €2,307,911 | = | 0.0% |
| Legal reserve | 130 | €170,411 | €170,411 | = | 0.0% |
| Own shares acquired | 1312 | €2,137,500 | €2,137,500 | = | 0.0% |
| Distributable reserves | 133 | €22,890,262 | €21,775,804 | -€1.1m | -4.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,291,663 | €1,276,581 | -€15,083 | -1.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,232,341 | €1,235,034 | +€2,693 | +0.2% |
| Financial debts | 43 | - | €5,094 | +€5,094 | |
| Credit institutions | 430/8 | - | €5,094 | +€5,094 | |
| Trade debts | 44 | €41,129 | €107,517 | +€66,388 | +161.4% |
| Suppliers | 440/4 | €41,129 | €107,517 | +€66,388 | +161.4% |
| Taxes, remuneration and social security | 45 | €24,783 | €43,744 | +€18,960 | +76.5% |
| Taxes | 450/3 | €24,783 | €40,998 | +€16,215 | +65.4% |
| Remuneration and social security | 454/9 | €0 | €2,745 | +€2,745 | |
| Other amounts payable | 47/48 | €1,166,428 | €1,078,679 | -€87,750 | -7.5% |
| Accrued charges and deferred income | 492/3 | €59,322 | €41,547 | -€17,775 | -30.0% |
| Turnover | 70 | - | €39,000 | +€39,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €444,769 | +€444,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,807 | €5,443 | -€8,364 | -60.6% |
| Other operating charges | 640/8 | €1,337 | €1,657 | +€320 | +24.0% |
| Non-recurring operating charges | 66A | €2,746 | €7,439 | +€4,693 | +170.9% |
| Gross operating margin | 9900 | -€286,714 | -€403,660 | -€116,946 | -40.8% |
| Operating profit (loss) | 9901 | -€304,605 | -€418,199 | -€113,594 | -37.3% |
| Financial income | 75/76B | €996,860 | €1,158,576 | +€161,717 | +16.2% |
| Recurring financial income | 75 | €996,860 | €745,576 | -€251,283 | -25.2% |
| Non-recurring financial income | 76B | €0 | €413,000 | +€413,000 | |
| Financial charges | 65/66B | €2,528,189 | €826,152 | -€1.7m | -67.3% |
| Recurring financial charges | 65 | €147,968 | €81,822 | -€66,146 | -44.7% |
| Non-recurring financial charges | 66B | €2,380,222 | €744,330 | -€1.6m | -68.7% |
| Profit (loss) for the period before taxes | 9903 | -€1,835,934 | -€85,775 | +€1.8m | +95.3% |
| Income taxes | 67/77 | €7,515 | €28,684 | +€21,169 | +281.7% |
| Profit (loss) for the period | 9904 | -€1,843,449 | -€114,458 | +€1.7m | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,843,449 | -€114,458 | +€1.7m | +93.8% |
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.