ANDICO: 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.
ANDICO
Largest movements
- Cash +€240,370
up €240,370 (+191.0%), from €125,841 to €366,211
mainly Receivables within one year (+€152,312) and Net result for the year (+€106,885)
- Receivables within one year -€152,312
down €152,312 (-37.8%), from €402,571 to €250,259
of which Trade receivables: -€158,935
- Tangible fixed assets +€9,146
up €9,146 (+245.8%), from €3,721 to €12,867
of which Plant, machinery and equipment: +€8,213
- Reserves +€100,000
up €100,000 (+23.6%), from €423,500 to €523,500
of which Distributable reserves: +€100,000
- Trade debts -€47,033
down €47,033 (-44.5%), from €105,650 to €58,617
- Tax, wage and social debts +€37,412
up €37,412 (+52.3%), from €71,536 to €108,948
- Profit (loss) carried forward +€6,885
up €6,885 (+6.0%), from -€114,211 to -€107,325
- Gross operating margin -€24,878
down €24,878 (-13.5%), from €184,913 to €160,035
- Depreciation -€7,819
down €7,819 (-76.4%), from €10,240 to €2,421
- Taxes +€7,542
up €7,542 (+18.7%), from €40,284 to €47,826
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 | €538,563 | €635,828 | +€97,265 | +18.1% |
| Fixed assets | 21/28 | €3,761 | €12,907 | +€9,146 | +243.2% |
| Tangible fixed assets | 22/27 | €3,721 | €12,867 | +€9,146 | +245.8% |
| Plant, machinery and equipment | 23 | - | €8,213 | +€8,213 | |
| Furniture and vehicles | 24 | €3,721 | €4,653 | +€932 | +25.1% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €534,802 | €622,922 | +€88,119 | +16.5% |
| Amounts receivable within one year | 40/41 | €402,571 | €250,259 | -€152,312 | -37.8% |
| Trade receivables | 40 | €313,962 | €155,027 | -€158,935 | -50.6% |
| Other amounts receivable | 41 | €88,609 | €95,232 | +€6,623 | +7.5% |
| Cash at bank and in hand | 54/58 | €125,841 | €366,211 | +€240,370 | +191.0% |
| Deferred charges and accrued income | 490/1 | €6,390 | €6,452 | +€61 | +1.0% |
| Total equity and liabilities | 10/49 | €538,563 | €635,828 | +€97,265 | +18.1% |
| Equity | 10/15 | €359,289 | €466,175 | +€106,885 | +29.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €423,500 | €523,500 | +€100,000 | +23.6% |
| Tax-exempt reserves | 132 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €415,000 | €515,000 | +€100,000 | +24.1% |
| Profit (loss) carried forward | 14 | -€114,211 | -€107,325 | +€6,885 | +6.0% |
| Amounts payable | 17/49 | €179,274 | €169,654 | -€9,620 | -5.4% |
| Amounts payable within one year | 42/48 | €177,186 | €167,564 | -€9,622 | -5.4% |
| Trade debts | 44 | €105,650 | €58,617 | -€47,033 | -44.5% |
| Suppliers | 440/4 | €105,650 | €58,617 | -€47,033 | -44.5% |
| Taxes, remuneration and social security | 45 | €71,536 | €108,948 | +€37,412 | +52.3% |
| Taxes | 450/3 | €71,536 | €108,948 | +€37,412 | +52.3% |
| Accrued charges and deferred income | 492/3 | €2,088 | €2,089 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,240 | €2,421 | -€7,819 | -76.4% |
| Other operating charges | 640/8 | €4,750 | €4,956 | +€205 | +4.3% |
| Gross operating margin | 9900 | €184,913 | €160,035 | -€24,878 | -13.5% |
| Operating profit (loss) | 9901 | €169,922 | €152,658 | -€17,264 | -10.2% |
| Financial income | 75/76B | €5,309 | €5,120 | -€189 | -3.6% |
| Recurring financial income | 75 | €5,309 | €5,120 | -€189 | -3.6% |
| Financial charges | 65/66B | €4,243 | €3,067 | -€1,176 | -27.7% |
| Recurring financial charges | 65 | €4,243 | €3,067 | -€1,176 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €170,989 | €154,711 | -€16,278 | -9.5% |
| Income taxes | 67/77 | €40,284 | €47,826 | +€7,542 | +18.7% |
| Profit (loss) for the period | 9904 | €130,704 | €106,885 | -€23,819 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €130,704 | €106,885 | -€23,819 | -18.2% |
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 6 October 2026 via checked.be.