ANDEL: 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.
What changed
ANDEL
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
-€384,216
2023 · -€3.4m+€3.0m
Equity
€13.1m
2023 · €13.5m-€384,216
Cash
€1.4m
2023 · €298,755+€1.1m
Balance sheet total
€23.1m
2023 · €23.5m-€431,231
Largest movements
Assets
- Financial fixed assets -€1.5m
down €1.5m (-6.6%), from €23.2m to €21.7m
of which Affiliated companies: -€1.5m
- Cash +€1.1m
up €1.1m (+370.0%), from €298,755 to €1.4m
mainly Investment in fixed assets (net) (+€1.5m) and Current portion of long-term debt (+€225,374)
Equity and liabilities
- Profit (loss) carried forward -€384,216
down €384,216 (-4.7%), from -€8.2m to -€8.6m
- Debts after one year -€235,705
down €235,705 (-2.8%), from €8.3m to €8.0m
of which Financial debts: -€195,812
Income statement
- Financial charges -€3.0m
down €3.0m (-88.4%), from €3.4m to €396,169
of which Non-recurring financial charges: -€3.0m
From the 2023 result to the 2024 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.
Result 2023
-€3.4m
Other operating charges
-€157
Other operating items
-€7,813
Financial income
+€10,067
Financial charges
+€3.0m
Result 2024
-€384,216
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€390,958
Investment
+€1.5m
Financing
-€24,820
Cash 2023
€298,755
From operations (derived)
-€390,958
Net result for the year
-€384,216
Deferred charges and accrued income
+€15,453
Trade debts
+€26,983
Tax, wage and social debts
-€11,402
Accrued charges and deferred income
-€37,776
Investment (derived)
+€1.5m
Investment in fixed assets (net)
+€1.5m
Financing
-€24,820
Debts after one year
-€235,705
Current portion of long-term debt
+€225,374
Short-term financial debts
-€14,489
Cash 2024
€1.4m
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,495,830 | €23,064,599 | -€431,231 | -1.8% |
| Fixed assets | 21/28 | €23,180,175 | €21,658,946 | -€1.5m | -6.6% |
| Financial fixed assets | 28 | €23,180,175 | €21,658,946 | -€1.5m | -6.6% |
| Affiliated companies | 280/1 | €23,176,209 | €21,654,980 | -€1.5m | -6.6% |
| Participating interests | 280 | €15,532,895 | €15,532,895 | = | 0.0% |
| Amounts receivable | 281 | €7,643,313 | €6,122,084 | -€1.5m | -19.9% |
| Other financial fixed assets | 284/8 | €3,966 | €3,966 | = | 0.0% |
| Shares | 284 | €3,966 | €3,966 | = | 0.0% |
| Current assets | 29/58 | €315,655 | €1,405,653 | +€1.1m | +345.3% |
| Amounts receivable within one year | 40/41 | €0 | €0 | = | |
| Trade receivables | 40 | €0 | €0 | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €298,755 | €1,404,206 | +€1.1m | +370.0% |
| Deferred charges and accrued income | 490/1 | €16,901 | €1,448 | -€15,453 | -91.4% |
| Total equity and liabilities | 10/49 | €23,495,830 | €23,064,599 | -€431,231 | -1.8% |
| Equity | 10/15 | €13,453,692 | €13,069,476 | -€384,216 | -2.9% |
| Contributions | 10/11 | €20,917,056 | €20,917,056 | = | 0.0% |
| Capital | 10 | €20,917,056 | €20,917,056 | = | 0.0% |
| Issued capital | 100 | €20,917,056 | €20,917,056 | = | 0.0% |
| Reserves | 13 | €704,813 | €704,813 | = | 0.0% |
| Non-distributable reserves | 130/1 | €227,797 | €227,797 | = | 0.0% |
| Legal reserve | 130 | €227,797 | €227,797 | = | 0.0% |
| Tax-exempt reserves | 132 | €477,017 | €477,017 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,168,177 | -€8,552,393 | -€384,216 | -4.7% |
| Amounts payable | 17/49 | €10,042,139 | €9,995,124 | -€47,015 | -0.5% |
| Amounts payable after more than one year | 17 | €8,282,025 | €8,046,320 | -€235,705 | -2.8% |
| Financial debts | 170/4 | €6,957,650 | €6,761,838 | -€195,812 | -2.8% |
| Subordinated loans | 170 | €3,114,444 | €3,156,667 | +€42,222 | +1.4% |
| Unsubordinated bonds | 171 | €1,875,000 | €2,127,778 | +€252,778 | +13.5% |
| Other loans | 174 | €1,968,205 | €1,477,394 | -€490,812 | -24.9% |
| Other amounts payable | 178/9 | €1,324,375 | €1,284,482 | -€39,893 | -3.0% |
| Amounts payable within one year | 42/48 | €1,657,691 | €1,884,157 | +€226,466 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | €1,561,018 | €1,786,392 | +€225,374 | +14.4% |
| Financial debts | 43 | €14,489 | €0 | -€14,489 | -100.0% |
| Credit institutions | 430/8 | €14,489 | €0 | -€14,489 | -100.0% |
| Trade debts | 44 | €63,564 | €90,547 | +€26,983 | +42.5% |
| Suppliers | 440/4 | €63,564 | €90,547 | +€26,983 | +42.5% |
| Taxes, remuneration and social security | 45 | €18,621 | €7,218 | -€11,402 | -61.2% |
| Taxes | 450/3 | €12,321 | €7,218 | -€5,102 | -41.4% |
| Remuneration and social security | 454/9 | €6,300 | €0 | -€6,300 | -100.0% |
| Accrued charges and deferred income | 492/3 | €102,423 | €64,646 | -€37,776 | -36.9% |
| Operating charges | 60/66A | €141,168 | €149,138 | +€7,970 | +5.6% |
| Services and other goods | 61 | €118,674 | €126,487 | +€7,813 | +6.6% |
| Other operating charges | 640/8 | €22,495 | €22,651 | +€157 | +0.7% |
| Operating profit (loss) | 9901 | -€141,168 | -€149,138 | -€7,970 | -5.6% |
| Financial income | 75/76B | €151,024 | €161,091 | +€10,067 | +6.7% |
| Recurring financial income | 75 | €151,024 | €161,091 | +€10,067 | +6.7% |
| Income from current assets | 751 | €151,024 | €144,841 | -€6,183 | -4.1% |
| Other financial income | 752/9 | €0 | €16,250 | +€16,250 | +162502600.0% |
| Financial charges | 65/66B | €3,418,031 | €396,169 | -€3.0m | -88.4% |
| Recurring financial charges | 65 | €442,896 | €396,169 | -€46,727 | -10.6% |
| Debt charges | 650 | €425,937 | €394,765 | -€31,172 | -7.3% |
| Other financial charges | 652/9 | €16,958 | €1,404 | -€15,555 | -91.7% |
| Non-recurring financial charges | 66B | €2,975,135 | - | -€3.0m | |
| Profit (loss) for the period before taxes | 9903 | -€3,408,175 | -€384,216 | +€3.0m | +88.7% |
| Profit (loss) for the period | 9904 | -€3,408,175 | -€384,216 | +€3.0m | +88.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,408,175 | -€384,216 | +€3.0m | +88.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.