ANDES GROEP: 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.
ANDES GROEP
Largest movements
- Tangible fixed assets -€134,671
down €134,671 (-75.8%), from €177,649 to €42,977
of which Land and buildings: -€136,829
- Cash +€101,454
up €101,454 (+181%), from €56,012 to €157,466
mainly Net result for the year (+€134,238) and Investment in fixed assets (net) (+€131,146)
- Intangible fixed assets -€39,194
down €39,194 (-16.7%), from €235,162 to €195,969
- Receivables within one year +€37,614
up €37,614 (+237%), from €15,861 to €53,475
of which Other amounts receivable: +€26,503
- Reserves +€99,997
up €99,997 (+55.4%), from €180,390 to €280,387
of which Distributable reserves: +€99,997
- Debts after one year -€83,276
no longer reported in 2025 (was €83,276)
- Current portion of long-term debt -€39,143
down €39,143 (-32.7%), from €119,766 to €80,624
- Other debts -€19,627
no longer reported in 2025 (was €19,627)
- Gross operating margin +€34,778
up €34,778 (+8.7%), from €398,520 to €433,298
- Staff costs +€7,211
up €7,211 (+4.0%), from €180,699 to €187,910
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 | €493,210 | €459,271 | -€33,939 | -6.9% |
| Fixed assets | 21/28 | €417,988 | €244,123 | -€173,865 | -41.6% |
| Intangible fixed assets | 21 | €235,162 | €195,969 | -€39,194 | -16.7% |
| Tangible fixed assets | 22/27 | €177,649 | €42,977 | -€134,671 | -75.8% |
| Land and buildings | 22 | €177,649 | €40,820 | -€136,829 | -77.0% |
| Plant, machinery and equipment | 23 | - | €2,157 | +€2,157 | |
| Financial fixed assets | 28 | €5,177 | €5,177 | = | 0.0% |
| Current assets | 29/58 | €75,222 | €215,148 | +€139,926 | +186% |
| Amounts receivable within one year | 40/41 | €15,861 | €53,475 | +€37,614 | +237% |
| Trade receivables | 40 | €15,861 | €26,972 | +€11,111 | +70.1% |
| Other amounts receivable | 41 | - | €26,503 | +€26,503 | |
| Cash at bank and in hand | 54/58 | €56,012 | €157,466 | +€101,454 | +181% |
| Deferred charges and accrued income | 490/1 | €3,348 | €4,207 | +€859 | +25.6% |
| Total equity and liabilities | 10/49 | €493,210 | €459,271 | -€33,939 | -6.9% |
| Equity | 10/15 | €188,390 | €288,387 | +€99,997 | +53.1% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €180,390 | €280,387 | +€99,997 | +55.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €178,390 | €278,387 | +€99,997 | +56.1% |
| Amounts payable | 17/49 | €304,820 | €170,884 | -€133,935 | -43.9% |
| Amounts payable after more than one year | 17 | €83,276 | - | -€83,276 | |
| Financial debts | 170/4 | €83,276 | - | -€83,276 | |
| Amounts payable within one year | 42/48 | €221,544 | €170,884 | -€50,660 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €119,766 | €80,624 | -€39,143 | -32.7% |
| Trade debts | 44 | €48,581 | €53,350 | +€4,769 | +9.8% |
| Suppliers | 440/4 | €48,581 | €53,350 | +€4,769 | +9.8% |
| Taxes, remuneration and social security | 45 | €33,570 | €36,910 | +€3,341 | +10.0% |
| Taxes | 450/3 | €13,177 | €15,879 | +€2,703 | +20.5% |
| Remuneration and social security | 454/9 | €20,393 | €21,031 | +€638 | +3.1% |
| Other amounts payable | 47/48 | €19,627 | - | -€19,627 | |
| Remuneration, social security and pensions | 62 | €180,699 | €187,910 | +€7,211 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,844 | €42,719 | -€4,125 | -8.8% |
| Other operating charges | 640/8 | €5,932 | €6,513 | +€581 | +9.8% |
| Gross operating margin | 9900 | €398,520 | €433,298 | +€34,778 | +8.7% |
| Operating profit (loss) | 9901 | €165,045 | €196,156 | +€31,111 | +18.9% |
| Financial income | 75/76B | €276 | €77 | -€199 | -72.3% |
| Recurring financial income | 75 | €276 | €77 | -€199 | -72.3% |
| Financial charges | 65/66B | €6,414 | €4,624 | -€1,789 | -27.9% |
| Recurring financial charges | 65 | €6,414 | €4,624 | -€1,789 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €158,907 | €191,608 | +€32,701 | +20.6% |
| Income taxes | 67/77 | €58,497 | €57,370 | -€1,127 | -1.9% |
| Profit (loss) for the period | 9904 | €100,410 | €134,238 | +€33,828 | +33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €100,410 | €134,238 | +€33,828 | +33.7% |
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 24 October 2026 via checked.be.