ANAO & CO: 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.
ANAO & CO
Largest movements
- Cash -€17,774
down €17,774 (-99.5%), from €17,861 to €87
mainly Debts after one year (-€45,291) and Trade debts (-€19,113)
- Receivables after one year +€13,446
up €13,446 (+6.0%), from €224,323 to €237,769
- Tangible fixed assets -€8,501
down €8,501 (-17.9%), from €47,496 to €38,995
of which Land and buildings: -€6,964
- Reserves +€48,527
up €48,527 (+16.3%), from €297,799 to €346,326
of which Distributable reserves: +€48,527
- Debts after one year -€45,291
down €45,291 (-16.4%), from €275,903 to €230,612
- Trade debts -€19,113
down €19,113 (-88.4%), from €21,625 to €2,512
- Other debts -€9,437
down €9,437 (-42.3%), from €22,288 to €12,851
- Gross operating margin -€37,099
down €37,099 (-25.9%), from €143,198 to €106,100
- Taxes -€9,259
down €9,259 (-23.8%), from €38,916 to €29,657
- Financial charges +€4,934
up €4,934 (+54.6%), from €9,033 to €13,966
- Depreciation -€1,920
down €1,920 (-18.4%), from €10,421 to €8,501
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 | €781,441 | €768,510 | -€12,931 | -1.7% |
| Fixed assets | 21/28 | €447,494 | €438,993 | -€8,501 | -1.9% |
| Tangible fixed assets | 22/27 | €47,496 | €38,995 | -€8,501 | -17.9% |
| Land and buildings | 22 | €37,643 | €30,678 | -€6,964 | -18.5% |
| Plant, machinery and equipment | 23 | €6,169 | €5,415 | -€754 | -12.2% |
| Furniture and vehicles | 24 | €3,685 | €2,902 | -€783 | -21.3% |
| Financial fixed assets | 28 | €399,998 | €399,998 | = | 0.0% |
| Current assets | 29/58 | €333,947 | €329,518 | -€4,429 | -1.3% |
| Amounts receivable after more than one year | 29 | €224,323 | €237,769 | +€13,446 | +6.0% |
| Other amounts receivable | 291 | €224,323 | €237,769 | +€13,446 | +6.0% |
| Amounts receivable within one year | 40/41 | €52,741 | €48,895 | -€3,846 | -7.3% |
| Trade receivables | 40 | €45,617 | €45,067 | -€550 | -1.2% |
| Other amounts receivable | 41 | €7,124 | €3,828 | -€3,296 | -46.3% |
| Current investments | 50/53 | €20,473 | €24,218 | +€3,745 | +18.3% |
| Cash at bank and in hand | 54/58 | €17,861 | €87 | -€17,774 | -99.5% |
| Deferred charges and accrued income | 490/1 | €18,549 | €18,549 | = | 0.0% |
| Total equity and liabilities | 10/49 | €781,441 | €768,510 | -€12,931 | -1.7% |
| Equity | 10/15 | €360,078 | €407,824 | +€47,745 | +13.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €297,799 | €346,326 | +€48,527 | +16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €295,939 | €344,466 | +€48,527 | +16.4% |
| Profit (loss) carried forward | 14 | €52,169 | €52,169 | = | 0.0% |
| Investment grants | 15 | €3,910 | €3,128 | -€782 | -20.0% |
| Amounts payable | 17/49 | €421,363 | €360,687 | -€60,676 | -14.4% |
| Amounts payable after more than one year | 17 | €275,903 | €230,612 | -€45,291 | -16.4% |
| Financial debts | 170/4 | €275,903 | €230,612 | -€45,291 | -16.4% |
| Amounts payable within one year | 42/48 | €145,460 | €130,075 | -€15,385 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €55,476 | €61,166 | +€5,690 | +10.3% |
| Financial debts | 43 | - | €5,887 | +€5,887 | |
| Credit institutions | 430/8 | - | €5,887 | +€5,887 | |
| Trade debts | 44 | €21,625 | €2,512 | -€19,113 | -88.4% |
| Suppliers | 440/4 | €21,625 | €2,512 | -€19,113 | -88.4% |
| Taxes, remuneration and social security | 45 | €46,071 | €47,658 | +€1,588 | +3.4% |
| Taxes | 450/3 | €46,071 | €47,658 | +€1,588 | +3.4% |
| Other amounts payable | 47/48 | €22,288 | €12,851 | -€9,437 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,421 | €8,501 | -€1,920 | -18.4% |
| Other operating charges | 640/8 | €1,751 | €2,028 | +€277 | +15.8% |
| Gross operating margin | 9900 | €143,198 | €106,100 | -€37,099 | -25.9% |
| Operating profit (loss) | 9901 | €131,026 | €95,570 | -€35,456 | -27.1% |
| Financial income | 75/76B | €5,911 | €6,581 | +€670 | +11.3% |
| Recurring financial income | 75 | €5,911 | €6,581 | +€670 | +11.3% |
| Financial charges | 65/66B | €9,033 | €13,966 | +€4,934 | +54.6% |
| Recurring financial charges | 65 | €9,033 | €13,966 | +€4,934 | +54.6% |
| Profit (loss) for the period before taxes | 9903 | €127,905 | €88,185 | -€39,720 | -31.1% |
| Income taxes | 67/77 | €38,916 | €29,657 | -€9,259 | -23.8% |
| Profit (loss) for the period | 9904 | €88,989 | €58,527 | -€30,461 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €88,989 | €58,527 | -€30,461 | -34.2% |
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 26 October 2026 via checked.be.