ANCORAMAX: 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.
ANCORAMAX
Largest movements
- Tangible fixed assets -€42,891
down €42,891 (-5.5%), from €785,670 to €742,778
of which Land and buildings: -€42,352
- Cash -€10,169
down €10,169 (-18.9%), from €53,762 to €43,592
mainly Debts after one year (-€75,068) and Trade debts (-€18,054)
- Debts after one year -€75,068
down €75,068 (-15.5%), from €484,459 to €409,391
- Profit (loss) carried forward +€35,114
up €35,114 (+593%), from €5,926 to €41,039
- Trade debts -€18,054
down €18,054 (-90.9%), from €19,869 to €1,815
- Tax, wage and social debts +€13,500
up €13,500 (+614%), from €2,200 to €15,700
- Other debts -€8,987
no longer reported in 2025 (was €8,987)
- Gross operating margin +€27,339
up €27,339 (+29.5%), from €92,641 to €119,980
- Financial charges +€6,218
up €6,218 (+48.1%), from €12,930 to €19,148
- Taxes +€5,090
up €5,090 (+60.5%), from €8,410 to €13,500
- Depreciation +€1,872
up €1,872 (+4.6%), from €41,020 to €42,891
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 | €843,221 | €791,485 | -€51,736 | -6.1% |
| Fixed assets | 21/28 | €785,670 | €742,778 | -€42,891 | -5.5% |
| Tangible fixed assets | 22/27 | €785,670 | €742,778 | -€42,891 | -5.5% |
| Land and buildings | 22 | €783,997 | €741,645 | -€42,352 | -5.4% |
| Plant, machinery and equipment | 23 | €1,047 | €765 | -€281 | -26.9% |
| Furniture and vehicles | 24 | €626 | €368 | -€258 | -41.2% |
| Current assets | 29/58 | €57,552 | €48,707 | -€8,845 | -15.4% |
| Amounts receivable within one year | 40/41 | €3,790 | €3,790 | = | 0.0% |
| Other amounts receivable | 41 | €3,790 | €3,790 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,762 | €43,592 | -€10,169 | -18.9% |
| Deferred charges and accrued income | 490/1 | - | €1,324 | +€1,324 | |
| Total equity and liabilities | 10/49 | €843,221 | €791,485 | -€51,736 | -6.1% |
| Equity | 10/15 | €280,697 | €317,810 | +€37,114 | +13.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €212,797 | €214,797 | +€2,000 | +0.9% |
| Non-distributable reserves | 130/1 | €6,197 | €8,197 | +€2,000 | +32.3% |
| Legal reserve | 130 | €6,197 | €8,197 | +€2,000 | +32.3% |
| Distributable reserves | 133 | €206,600 | €206,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,926 | €41,039 | +€35,114 | +593% |
| Amounts payable | 17/49 | €562,525 | €473,675 | -€88,850 | -15.8% |
| Amounts payable after more than one year | 17 | €484,459 | €409,391 | -€75,068 | -15.5% |
| Other amounts payable | 178/9 | €484,459 | €409,391 | -€75,068 | -15.5% |
| Amounts payable within one year | 42/48 | €78,065 | €64,284 | -€13,782 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €47,009 | €46,769 | -€241 | -0.5% |
| Trade debts | 44 | €19,869 | €1,815 | -€18,054 | -90.9% |
| Suppliers | 440/4 | €19,869 | €1,815 | -€18,054 | -90.9% |
| Taxes, remuneration and social security | 45 | €2,200 | €15,700 | +€13,500 | +614% |
| Taxes | 450/3 | €2,200 | €15,700 | +€13,500 | +614% |
| Other amounts payable | 47/48 | €8,987 | - | -€8,987 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,020 | €42,891 | +€1,872 | +4.6% |
| Other operating charges | 640/8 | €7,687 | €7,327 | -€359 | -4.7% |
| Gross operating margin | 9900 | €92,641 | €119,980 | +€27,339 | +29.5% |
| Operating profit (loss) | 9901 | €43,935 | €69,761 | +€25,826 | +58.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €12,930 | €19,148 | +€6,218 | +48.1% |
| Recurring financial charges | 65 | €12,930 | €19,148 | +€6,218 | +48.1% |
| Profit (loss) for the period before taxes | 9903 | €31,004 | €50,614 | +€19,609 | +63.2% |
| Income taxes | 67/77 | €8,410 | €13,500 | +€5,090 | +60.5% |
| Profit (loss) for the period | 9904 | €22,594 | €37,114 | +€14,519 | +64.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,594 | €37,114 | +€14,519 | +64.3% |
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 19 October 2026 via checked.be.