ANDARE: 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.
ANDARE
Largest movements
- Receivables after one year -€52,000
down €52,000 (-13.9%), from €373,598 to €321,598
- Tangible fixed assets +€50,272
up €50,272 (+26.0%), from €193,392 to €243,664
of which Leasing and similar rights: +€63,878
- Stocks and contracts +€30,986
up €30,986 (+29.2%), from €106,266 to €137,252
- Short-term financial debts +€37,043
up €37,043 (+148%), from €25,000 to €62,043
- Other debts -€25,578
down €25,578 (-33.8%), from €75,578 to €50,000
- Debts after one year +€24,594
up €24,594 (+19.0%), from €129,677 to €154,271
- Reserves -€18,651
down €18,651 (-3.6%), from €523,746 to €505,095
- Current portion of long-term debt +€13,954
up €13,954 (+43.6%), from €32,021 to €45,974
- Gross operating margin -€12,568
down €12,568 (-14.3%), from €88,115 to €75,548
- Depreciation +€7,823
up €7,823 (+58.3%), from €13,425 to €21,248
- Taxes -€7,291
down €7,291 (-37.7%), from €19,339 to €12,047
- Financial charges +€4,316
up €4,316 (+98.4%), from €4,384 to €8,700
- Financial income -€1,271
down €1,271 (-58.7%), from €2,167 to €895
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 | €1,000,110 | €1,028,853 | +€28,743 | +2.9% |
| Fixed assets | 21/28 | €461,278 | €511,550 | +€50,272 | +10.9% |
| Tangible fixed assets | 22/27 | €193,392 | €243,664 | +€50,272 | +26.0% |
| Land and buildings | 22 | €188,548 | €179,300 | -€9,248 | -4.9% |
| Plant, machinery and equipment | 23 | €257 | - | -€257 | |
| Furniture and vehicles | 24 | €851 | €486 | -€364 | -42.8% |
| Leasing and similar rights | 25 | - | €63,878 | +€63,878 | |
| Other tangible fixed assets | 26 | €3,737 | - | -€3,737 | |
| Financial fixed assets | 28 | €267,886 | €267,886 | = | 0.0% |
| Current assets | 29/58 | €538,832 | €517,303 | -€21,529 | -4.0% |
| Amounts receivable after more than one year | 29 | €373,598 | €321,598 | -€52,000 | -13.9% |
| Other amounts receivable | 291 | €373,598 | €321,598 | -€52,000 | -13.9% |
| Stocks and contracts in progress | 3 | €106,266 | €137,252 | +€30,986 | +29.2% |
| Stocks | 30/36 | €106,266 | €137,252 | +€30,986 | +29.2% |
| Amounts receivable within one year | 40/41 | €27,267 | €27,601 | +€334 | +1.2% |
| Trade receivables | 40 | €19,544 | €17,345 | -€2,199 | -11.3% |
| Other amounts receivable | 41 | €7,723 | €10,257 | +€2,533 | +32.8% |
| Cash at bank and in hand | 54/58 | €25,225 | €23,433 | -€1,792 | -7.1% |
| Deferred charges and accrued income | 490/1 | €6,476 | €7,419 | +€942 | +14.5% |
| Total equity and liabilities | 10/49 | €1,000,110 | €1,028,853 | +€28,743 | +2.9% |
| Equity | 10/15 | €718,346 | €699,695 | -€18,651 | -2.6% |
| Contributions | 10/11 | €194,600 | €194,600 | = | 0.0% |
| Reserves | 13 | €523,746 | €505,095 | -€18,651 | -3.6% |
| Distributable reserves | 133 | €523,746 | €505,095 | -€18,651 | -3.6% |
| Amounts payable | 17/49 | €281,764 | €329,158 | +€47,393 | +16.8% |
| Amounts payable after more than one year | 17 | €129,677 | €154,271 | +€24,594 | +19.0% |
| Financial debts | 170/4 | €129,677 | €154,271 | +€24,594 | +19.0% |
| Amounts payable within one year | 42/48 | €148,817 | €172,512 | +€23,695 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €32,021 | €45,974 | +€13,954 | +43.6% |
| Financial debts | 43 | €25,000 | €62,043 | +€37,043 | +148% |
| Credit institutions | 430/8 | €25,000 | €62,043 | +€37,043 | +148% |
| Trade debts | 44 | €11,530 | €5,132 | -€6,398 | -55.5% |
| Suppliers | 440/4 | €11,530 | €5,132 | -€6,398 | -55.5% |
| Taxes, remuneration and social security | 45 | €4,689 | €9,363 | +€4,674 | +99.7% |
| Taxes | 450/3 | €4,689 | €5,164 | +€475 | +10.1% |
| Remuneration and social security | 454/9 | - | €4,199 | +€4,199 | |
| Other amounts payable | 47/48 | €75,578 | €50,000 | -€25,578 | -33.8% |
| Accrued charges and deferred income | 492/3 | €3,270 | €2,374 | -€895 | -27.4% |
| Non-recurring operating income | 76A | - | €4,284 | +€4,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,425 | €21,248 | +€7,823 | +58.3% |
| Other operating charges | 640/8 | €2,675 | €3,098 | +€423 | +15.8% |
| Gross operating margin | 9900 | €88,115 | €75,548 | -€12,568 | -14.3% |
| Operating profit (loss) | 9901 | €72,015 | €51,201 | -€20,814 | -28.9% |
| Financial income | 75/76B | €2,167 | €895 | -€1,271 | -58.7% |
| Recurring financial income | 75 | €2,167 | €895 | -€1,271 | -58.7% |
| Financial charges | 65/66B | €4,384 | €8,700 | +€4,316 | +98.4% |
| Recurring financial charges | 65 | €4,384 | €8,700 | +€4,316 | +98.4% |
| Profit (loss) for the period before taxes | 9903 | €69,797 | €43,397 | -€26,401 | -37.8% |
| Income taxes | 67/77 | €19,339 | €12,047 | -€7,291 | -37.7% |
| Profit (loss) for the period | 9904 | €50,459 | €31,349 | -€19,109 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,459 | €31,349 | -€19,109 | -37.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.