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.
ANALEX
Largest movements
- Receivables within one year +€120,022
up €120,022 (+110.4%), from €108,730 to €228,752
of which Trade receivables: +€123,235
- Tangible fixed assets -€18,689
down €18,689 (-8.7%), from €215,693 to €197,004
- Other debts +€171,254
up €171,254 (+444.1%), from €38,565 to €209,819
- Current portion of long-term debt -€40,000
down €40,000 (-33.5%), from €119,563 to €79,563
- Trade debts -€28,446
down €28,446 (-9.1%), from €313,506 to €285,060
- Gross operating margin +€14,210
up €14,210 (+90.8%), from €15,655 to €29,865
- Financial charges +€9,996
up €9,996 (+2305.2%), from €434 to €10,429
- Other operating charges +€883
up €883 (+58.4%), from €1,512 to €2,394
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 | €324,625 | €425,784 | +€101,160 | +31.2% |
| Fixed assets | 21/28 | €215,693 | €197,004 | -€18,689 | -8.7% |
| Tangible fixed assets | 22/27 | €215,693 | €197,004 | -€18,689 | -8.7% |
| Land and buildings | 22 | €215,693 | €197,004 | -€18,689 | -8.7% |
| Current assets | 29/58 | €108,932 | €228,781 | +€119,849 | +110.0% |
| Amounts receivable within one year | 40/41 | €108,730 | €228,752 | +€120,022 | +110.4% |
| Trade receivables | 40 | €105,443 | €228,677 | +€123,235 | +116.9% |
| Other amounts receivable | 41 | €3,287 | €75 | -€3,213 | -97.7% |
| Cash at bank and in hand | 54/58 | €202 | €29 | -€173 | -85.6% |
| Total equity and liabilities | 10/49 | €324,625 | €425,784 | +€101,160 | +31.2% |
| Equity | 10/15 | -€157,100 | -€157,739 | -€639 | -0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,955 | -€189,634 | +€1,321 | +0.7% |
| Investment grants | 15 | €19,595 | €17,636 | -€1,960 | -10.0% |
| Provisions and deferred taxes | 16 | €10,090 | €9,081 | -€1,009 | -10.0% |
| Deferred taxes | 168 | €10,090 | €9,081 | -€1,009 | -10.0% |
| Amounts payable | 17/49 | €471,635 | €574,442 | +€102,808 | +21.8% |
| Amounts payable within one year | 42/48 | €471,635 | €574,442 | +€102,808 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €119,563 | €79,563 | -€40,000 | -33.5% |
| Trade debts | 44 | €313,506 | €285,060 | -€28,446 | -9.1% |
| Suppliers | 440/4 | €313,506 | €285,060 | -€28,446 | -9.1% |
| Other amounts payable | 47/48 | €38,565 | €209,819 | +€171,254 | +444.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,689 | €18,689 | = | 0.0% |
| Other operating charges | 640/8 | €1,512 | €2,394 | +€883 | +58.4% |
| Gross operating margin | 9900 | €15,655 | €29,865 | +€14,210 | +90.8% |
| Operating profit (loss) | 9901 | -€4,546 | €8,781 | +€13,327 | |
| Financial income | 75/76B | €1,960 | €1,960 | = | 0.0% |
| Recurring financial income | 75 | €1,960 | €1,960 | = | 0.0% |
| Financial charges | 65/66B | €434 | €10,429 | +€9,996 | +2305.2% |
| Recurring financial charges | 65 | €434 | €10,429 | +€9,996 | +2305.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,020 | €312 | +€3,332 | |
| Transfer from deferred taxes | 780 | €1,009 | €1,009 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€2,011 | €1,321 | +€3,332 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,011 | €1,321 | +€3,332 |
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 4 October 2026 via checked.be.