ANDHERS: 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
ANDHERS
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€34.7m
2024 · €31.6m+€3.2m
Equity
€417.4m
2024 · €401.7m+€15.7m
Cash
€6.3m
2024 · €7.4m-€1.1m
Balance sheet total
€518.5m
2024 · €505.1m+€13.4m
Largest movements
Assets
- Current investments +€19.0m
up €19.0m (+9.8%), from €193.0m to €212.0m
Equity and liabilities
- Reserves +€15.7m
up €15.7m (+4.6%), from €340.8m to €356.5m
of which Distributable reserves: +€15.7m
Income statement
- Financial income +€4.6m
up €4.6m (+12.9%), from €35.4m to €40.0m
of which Financial income: +€4.6m
- Turnover +€2.1m
up €2.1m (+26.2%), from €8.0m to €10.1m
- Services and other goods +€1.9m
up €1.9m (+30.3%), from €6.2m to €8.0m
- Financial charges +€1.7m
up €1.7m (+43.8%), from €3.8m to €5.5m
of which Non-recurring financial charges: +€2.0m
- Taxes -€118,611
down €118,611 (-38.4%), from €309,115 to €190,504
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.
Result 2024
€31.6m
Turnover
+€2.1m
Other operating income
+€2,767
Services and other goods
-€1.9m
Staff costs
-€81,894
Depreciation
+€15,828
Other operating charges
-€171
Financial income
+€4.6m
Financial charges
-€1.7m
Taxes
+€118,611
Result 2025
€34.7m
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.
From operations
+€37.5m
Investment
-€19.4m
Financing
-€19.2m
Cash 2024
€7.4m
From operations (derived)
+€37.5m
Net result for the year
+€34.7m
Depreciation
+€35,047
Receivables after one year
-€318,207
Receivables within one year
+€4.9m
Deferred charges and accrued income
+€195,742
Trade debts
-€325,909
Tax, wage and social debts
+€144,533
Other debts
-€1.9m
Accrued charges and deferred income
-€62,300
Investment (derived)
-€19.4m
Investment in fixed assets (net)
-€386,278
Current investments
-€19.0m
Financing
-€19.2m
Debts after one year
-€194,668
Contributions, distributions and other
-€19.0m
Cash 2025
€6.3m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €505,089,085 | €518,483,914 | +€13.4m | +2.7% |
| Fixed assets | 21/28 | €286,543,449 | €286,894,680 | +€351,231 | +0.1% |
| Intangible fixed assets | 21 | €17,864 | €2,293 | -€15,571 | -87.2% |
| Tangible fixed assets | 22/27 | €6,561,791 | €8,718,279 | +€2.2m | +32.9% |
| Land and buildings | 22 | €1,210,140 | €1,210,140 | = | 0.0% |
| Furniture and vehicles | 24 | €27,440 | €7,964 | -€19,475 | -71.0% |
| Assets under construction and advance payments | 27 | €5,324,211 | €7,500,175 | +€2.2m | +40.9% |
| Financial fixed assets | 28 | €279,963,794 | €278,174,108 | -€1.8m | -0.6% |
| Affiliated companies | 280/1 | €277,787,714 | €276,318,914 | -€1.5m | -0.5% |
| Participating interests | 280 | €274,971,278 | €276,318,914 | +€1.3m | +0.5% |
| Amounts receivable | 281 | €2,816,436 | - | -€2.8m | |
| Other financial fixed assets | 284/8 | €2,176,080 | €1,855,194 | -€320,886 | -14.7% |
| Shares | 284 | €2,176,080 | €1,855,194 | -€320,886 | -14.7% |
| Current assets | 29/58 | €218,545,636 | €231,589,234 | +€13.0m | +6.0% |
| Amounts receivable after more than one year | 29 | €6,070,026 | €6,388,233 | +€318,207 | +5.2% |
| Other amounts receivable | 291 | €6,070,026 | €6,388,233 | +€318,207 | +5.2% |
| Amounts receivable within one year | 40/41 | €11,048,801 | €6,101,819 | -€4.9m | -44.8% |
| Trade receivables | 40 | €8,048,631 | €2,768,691 | -€5.3m | -65.6% |
| Other amounts receivable | 41 | €3,000,170 | €3,333,128 | +€332,959 | +11.1% |
| Current investments | 50/53 | €193,000,000 | €212,000,000 | +€19.0m | +9.8% |
| Other investments | 51/53 | €193,000,000 | €212,000,000 | +€19.0m | +9.8% |
| Cash at bank and in hand | 54/58 | €7,387,544 | €6,255,658 | -€1.1m | -15.3% |
| Deferred charges and accrued income | 490/1 | €1,039,265 | €843,523 | -€195,742 | -18.8% |
| Total equity and liabilities | 10/49 | €505,089,085 | €518,483,914 | +€13.4m | +2.7% |
| Equity | 10/15 | €401,694,801 | €417,435,738 | +€15.7m | +3.9% |
| Contributions | 10/11 | €60,924,602 | €60,924,602 | = | 0.0% |
| Capital | 10 | €60,820,000 | €60,820,000 | = | 0.0% |
| Issued capital | 100 | €60,820,000 | €60,820,000 | = | 0.0% |
| Outside capital | 11 | €104,602 | €104,602 | = | 0.0% |
| Share premium | 1100/10 | €104,602 | €104,602 | = | 0.0% |
| Reserves | 13 | €340,770,199 | €356,511,135 | +€15.7m | +4.6% |
| Non-distributable reserves | 130/1 | €6,082,000 | €6,082,000 | = | 0.0% |
| Legal reserve | 130 | €6,082,000 | €6,082,000 | = | 0.0% |
| Distributable reserves | 133 | €334,688,199 | €350,429,135 | +€15.7m | +4.7% |
| Amounts payable | 17/49 | €103,394,283 | €101,048,176 | -€2.3m | -2.3% |
| Amounts payable after more than one year | 17 | €1,703,325 | €1,508,657 | -€194,668 | -11.4% |
| Financial debts | 170/4 | €1,703,325 | €1,508,657 | -€194,668 | -11.4% |
| Credit institutions | 173 | €1,703,325 | €1,508,657 | -€194,668 | -11.4% |
| Amounts payable within one year | 42/48 | €101,488,683 | €99,399,543 | -€2.1m | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €194,668 | €194,668 | = | 0.0% |
| Trade debts | 44 | €2,024,742 | €1,698,833 | -€325,909 | -16.1% |
| Suppliers | 440/4 | €2,024,742 | €1,698,833 | -€325,909 | -16.1% |
| Taxes, remuneration and social security | 45 | €336,595 | €481,128 | +€144,533 | +42.9% |
| Taxes | 450/3 | - | €57,468 | +€57,468 | |
| Remuneration and social security | 454/9 | €336,595 | €423,660 | +€87,065 | +25.9% |
| Other amounts payable | 47/48 | €98,932,679 | €97,024,914 | -€1.9m | -1.9% |
| Accrued charges and deferred income | 492/3 | €202,275 | €139,976 | -€62,300 | -30.8% |
| Operating income | 70/76A | €8,007,483 | €10,102,967 | +€2.1m | +26.2% |
| Turnover | 70 | €7,991,215 | €10,083,932 | +€2.1m | +26.2% |
| Other operating income | 74 | €16,268 | €19,035 | +€2,767 | +17.0% |
| Operating charges | 60/66A | €7,697,596 | €9,629,171 | +€1.9m | +25.1% |
| Services and other goods | 61 | €6,162,060 | €8,027,398 | +€1.9m | +30.3% |
| Remuneration, social security and pensions | 62 | €1,473,780 | €1,555,673 | +€81,894 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,875 | €35,047 | -€15,828 | -31.1% |
| Other operating charges | 640/8 | €10,882 | €11,053 | +€171 | +1.6% |
| Operating profit (loss) | 9901 | €309,887 | €473,796 | +€163,909 | +52.9% |
| Financial income | 75/76B | €35,437,932 | €39,993,069 | +€4.6m | +12.9% |
| Recurring financial income | 75 | €35,436,721 | €39,993,069 | +€4.6m | +12.9% |
| Income from financial fixed assets | 750 | €28,750,783 | €35,128,033 | +€6.4m | +22.2% |
| Income from current assets | 751 | €6,685,938 | €4,865,028 | -€1.8m | -27.2% |
| Other financial income | 752/9 | - | €8 | +€8 | |
| Non-recurring financial income | 76B | €1,211 | - | -€1,211 | |
| Financial charges | 65/66B | €3,847,040 | €5,530,274 | +€1.7m | +43.8% |
| Recurring financial charges | 65 | €2,195,465 | €1,899,524 | -€295,941 | -13.5% |
| Debt charges | 650 | €2,187,816 | €1,666,767 | -€521,050 | -23.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | €227,624 | +€227,624 | |
| Other financial charges | 652/9 | €7,648 | €5,133 | -€2,515 | -32.9% |
| Non-recurring financial charges | 66B | €1,651,575 | €3,630,751 | +€2.0m | +119.8% |
| Profit (loss) for the period before taxes | 9903 | €31,900,780 | €34,936,591 | +€3.0m | +9.5% |
| Income taxes | 67/77 | €309,115 | €190,504 | -€118,611 | -38.4% |
| Taxes | 670/3 | €309,115 | €190,504 | -€118,611 | -38.4% |
| Profit (loss) for the period | 9904 | €31,591,664 | €34,746,087 | +€3.2m | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,591,664 | €34,746,087 | +€3.2m | +10.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.