ANDA: 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.
ANDA
Largest movements
- Tangible fixed assets -€357,402
down €357,402 (-12.1%), from €2.9m to €2.6m
of which Land and buildings: -€263,418
- Receivables within one year +€184,457
up €184,457 (+59.9%), from €307,901 to €492,359
of which Trade receivables: +€216,090
- Current investments -€163,000
down €163,000 (-68.5%), from €238,000 to €75,000
- Stocks and contracts +€137,423
up €137,423 (+13.2%), from €1.0m to €1.2m
- Cash -€70,671
down €70,671 (-8.7%), from €815,625 to €744,954
mainly Contributions, distributions and other (-€1.6m) and Receivables within one year (-€184,457)
- Reserves -€964,356
down €964,356 (-24.8%), from €3.9m to €2.9m
of which Distributable reserves: -€964,356
- Other debts +€567,453
up €567,453 (+61.6%), from €920,658 to €1.5m
- Trade debts +€170,664
up €170,664 (+52.1%), from €327,860 to €498,524
- Current portion of long-term debt -€110,755
down €110,755 (-100.0%), from €110,755 to €0
- Gross operating margin +€196,622
up €196,622 (+7.5%), from €2.6m to €2.8m
- Staff costs +€50,925
up €50,925 (+3.8%), from €1.3m to €1.4m
- Taxes +€41,182
up €41,182 (+15.5%), from €265,011 to €306,193
- Write-downs +€29,949
up €29,949, from -€7,050 to €22,899
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 | €5,477,781 | €5,185,216 | -€292,565 | -5.3% |
| Fixed assets | 21/28 | €3,021,577 | €2,634,116 | -€387,462 | -12.8% |
| Intangible fixed assets | 21 | €72,288 | €42,229 | -€30,060 | -41.6% |
| Tangible fixed assets | 22/27 | €2,948,521 | €2,591,119 | -€357,402 | -12.1% |
| Land and buildings | 22 | €2,497,334 | €2,233,917 | -€263,418 | -10.5% |
| Plant, machinery and equipment | 23 | €236,323 | €199,277 | -€37,046 | -15.7% |
| Furniture and vehicles | 24 | €214,863 | €157,925 | -€56,938 | -26.5% |
| Financial fixed assets | 28 | €768 | €768 | = | 0.0% |
| Current assets | 29/58 | €2,456,204 | €2,551,100 | +€94,897 | +3.9% |
| Stocks and contracts in progress | 3 | €1,040,735 | €1,178,158 | +€137,423 | +13.2% |
| Stocks | 30/36 | €1,040,735 | €1,178,158 | +€137,423 | +13.2% |
| Amounts receivable within one year | 40/41 | €307,901 | €492,359 | +€184,457 | +59.9% |
| Trade receivables | 40 | €265,012 | €481,102 | +€216,090 | +81.5% |
| Other amounts receivable | 41 | €42,889 | €11,257 | -€31,633 | -73.8% |
| Current investments | 50/53 | €238,000 | €75,000 | -€163,000 | -68.5% |
| Cash at bank and in hand | 54/58 | €815,625 | €744,954 | -€70,671 | -8.7% |
| Deferred charges and accrued income | 490/1 | €53,942 | €60,630 | +€6,688 | +12.4% |
| Total equity and liabilities | 10/49 | €5,477,781 | €5,185,216 | -€292,565 | -5.3% |
| Equity | 10/15 | €3,949,874 | €2,985,518 | -€964,356 | -24.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,882,627 | €2,918,271 | -€964,356 | -24.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €256 | €256 | = | 0.0% |
| Distributable reserves | 133 | €3,876,171 | €2,911,815 | -€964,356 | -24.9% |
| Profit (loss) carried forward | 14 | €5,247 | €5,247 | = | 0.0% |
| Amounts payable | 17/49 | €1,527,907 | €2,199,699 | +€671,791 | +44.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,527,907 | €2,199,699 | +€671,791 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €110,755 | €0 | -€110,755 | -100.0% |
| Trade debts | 44 | €327,860 | €498,524 | +€170,664 | +52.1% |
| Suppliers | 440/4 | €327,860 | €498,524 | +€170,664 | +52.1% |
| Taxes, remuneration and social security | 45 | €168,635 | €213,064 | +€44,429 | +26.3% |
| Taxes | 450/3 | €54,510 | €88,553 | +€34,042 | +62.5% |
| Remuneration and social security | 454/9 | €114,124 | €124,511 | +€10,387 | +9.1% |
| Other amounts payable | 47/48 | €920,658 | €1,488,111 | +€567,453 | +61.6% |
| Non-recurring operating income | 76A | €0 | €109,957 | +€109,957 | |
| Remuneration, social security and pensions | 62 | €1,348,155 | €1,399,080 | +€50,925 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €296,420 | €283,485 | -€12,935 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,050 | €22,899 | +€29,949 | |
| Other operating charges | 640/8 | €55,524 | €59,885 | +€4,361 | +7.9% |
| Non-recurring operating charges | 66A | €8,259 | €0 | -€8,259 | -100.0% |
| Gross operating margin | 9900 | €2,625,045 | €2,821,667 | +€196,622 | +7.5% |
| Operating profit (loss) | 9901 | €923,738 | €1,056,318 | +€132,580 | +14.4% |
| Financial income | 75/76B | €13,788 | €12,530 | -€1,258 | -9.1% |
| Recurring financial income | 75 | €13,788 | €12,530 | -€1,258 | -9.1% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €135,136 | €136,012 | +€876 | +0.6% |
| Recurring financial charges | 65 | €135,136 | €136,012 | +€876 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €802,391 | €932,837 | +€130,446 | +16.3% |
| Income taxes | 67/77 | €265,011 | €306,193 | +€41,182 | +15.5% |
| Profit (loss) for the period | 9904 | €537,380 | €626,644 | +€89,264 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €537,380 | €626,644 | +€89,264 | +16.6% |
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 9 October 2026 via checked.be.