Ando Group: 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
Ando Group
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€377,842
2024 · €139,812-€517,654
Equity
€25.4m
2024 · €15.2m+€10.2m
Cash
€1.4m
2024 · -+€1.4m
Balance sheet total
€55.1m
2024 · €33.2m+€21.8m
Largest movements
Assets
- Receivables within one year +€20.0m
up €20.0m (+289.9%), from €6.9m to €26.9m
of which Other amounts receivable: +€12.9m
- Cash +€1.4m
new in 2025: €1.4m
mainly Debts after one year (+€17.5m) and Contributions, distributions and other (+€10.6m)
Equity and liabilities
- Debts after one year +€17.5m
new in 2025: €17.5m
- Contributions +€10.6m
up €10.6m (+64.7%), from €16.4m to €27.0m
- Current portion of long-term debt -€5.9m
down €5.9m (-77.9%), from €7.5m to €1.7m
- Trade debts +€1.7m
up €1.7m (+287.5%), from €586,019 to €2.3m
- Other debts -€1.3m
down €1.3m (-14.7%), from €9.0m to €7.7m
Income statement
- Staff costs +€1.7m
new in 2025: €1.7m
- Other operating income +€1.5m
up €1.5m (+114.4%), from €1.3m to €2.8m
- Turnover +€1.5m
up €1.5m (+84.2%), from €1.8m to €3.3m
- Services and other goods +€946,207
up €946,207 (+44.4%), from €2.1m to €3.1m
- Financial income +€385,865
up €385,865 (+345.1%), from €111,820 to €497,685
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
€139,812
Turnover
+€1.5m
Other operating income
+€1.5m
Services and other goods
-€946,207
Staff costs
-€1.7m
Depreciation
-€145,309
Other operating charges
-€6,597
Other operating items
-€833,232
Financial income
+€385,865
Financial charges
-€308,450
Taxes
-€2,893
Result 2025
-€377,842
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
-€19.5m
Investment
-€539,121
Financing
+€21.4m
Cash 2024
€0
From operations (derived)
-€19.5m
Net result for the year
-€377,842
Depreciation
+€263,950
Receivables within one year
-€20.0m
Deferred charges and accrued income
-€188,265
Trade debts
+€1.7m
Tax, wage and social debts
+€333,200
Other debts
-€1.3m
Accrued charges and deferred income
+€114,691
Investment (derived)
-€539,121
Investment in fixed assets (net)
-€539,121
Financing
+€21.4m
Debts after one year
+€17.5m
Current portion of long-term debt
-€5.9m
Short-term financial debts
-€868,279
Contributions, distributions and other
+€10.6m
Cash 2025
€1.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,238,895 | €55,071,068 | +€21.8m | +65.7% |
| Formation expenses | 20 | €129,226 | €76,512 | -€52,714 | -40.8% |
| Fixed assets | 21/28 | €26,206,145 | €26,534,031 | +€327,886 | +1.3% |
| Intangible fixed assets | 21 | €727,535 | €898,378 | +€170,843 | +23.5% |
| Tangible fixed assets | 22/27 | €45,610 | €75,603 | +€29,993 | +65.8% |
| Plant, machinery and equipment | 23 | €36,397 | €68,131 | +€31,734 | +87.2% |
| Furniture and vehicles | 24 | €9,213 | €7,472 | -€1,741 | -18.9% |
| Financial fixed assets | 28 | €25,433,000 | €25,560,050 | +€127,050 | +0.5% |
| Affiliated companies | 280/1 | €25,433,000 | €25,433,000 | -€0 | 0.0% |
| Participating interests | 280 | €25,433,000 | €25,433,000 | -€0 | 0.0% |
| Other financial fixed assets | 284/8 | - | €127,050 | +€127,050 | |
| Amounts receivable and cash guarantees | 285/8 | - | €127,050 | +€127,050 | |
| Current assets | 29/58 | €6,903,524 | €28,460,525 | +€21.6m | +312.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €6,903,524 | €26,917,780 | +€20.0m | +289.9% |
| Trade receivables | 40 | €1,317,503 | €8,437,755 | +€7.1m | +540.4% |
| Other amounts receivable | 41 | €5,586,021 | €18,480,025 | +€12.9m | +230.8% |
| Cash at bank and in hand | 54/58 | - | €1,354,480 | +€1.4m | |
| Deferred charges and accrued income | 490/1 | - | €188,265 | +€188,265 | |
| Total equity and liabilities | 10/49 | €33,238,895 | €55,071,068 | +€21.8m | +65.7% |
| Equity | 10/15 | €15,174,953 | €25,402,033 | +€10.2m | +67.4% |
| Contributions | 10/11 | €16,397,500 | €27,002,422 | +€10.6m | +64.7% |
| Profit (loss) carried forward | 14 | -€1,222,547 | -€1,600,390 | -€377,843 | -30.9% |
| Amounts payable | 17/49 | €18,063,942 | €29,669,035 | +€11.6m | +64.2% |
| Amounts payable after more than one year | 17 | - | €17,536,903 | +€17.5m | |
| Financial debts | 170/4 | - | €17,536,903 | +€17.5m | |
| Credit institutions | 173 | - | €17,536,903 | +€17.5m | |
| Amounts payable within one year | 42/48 | €18,061,962 | €12,015,461 | -€6.0m | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €7,542,820 | €1,670,181 | -€5.9m | -77.9% |
| Financial debts | 43 | €868,279 | €0 | -€868,279 | -100.0% |
| Credit institutions | 430/8 | €868,279 | €0 | -€868,279 | -100.0% |
| Trade debts | 44 | €586,019 | €2,270,867 | +€1.7m | +287.5% |
| Suppliers | 440/4 | €586,019 | €2,270,867 | +€1.7m | +287.5% |
| Taxes, remuneration and social security | 45 | €49,215 | €382,415 | +€333,200 | +677.0% |
| Taxes | 450/3 | €49,215 | €49,005 | -€210 | -0.4% |
| Remuneration and social security | 454/9 | - | €333,410 | +€333,410 | |
| Other amounts payable | 47/48 | €9,015,629 | €7,691,998 | -€1.3m | -14.7% |
| Accrued charges and deferred income | 492/3 | €1,980 | €116,671 | +€114,691 | +5792.5% |
| Operating income | 70/76A | €3,113,057 | €6,140,888 | +€3.0m | +97.3% |
| Turnover | 70 | €1,788,346 | €3,294,159 | +€1.5m | +84.2% |
| Other operating income | 74 | €1,324,711 | €2,840,268 | +€1.5m | +114.4% |
| Non-recurring operating income | 76A | - | €6,461 | +€6,461 | |
| Operating charges | 60/66A | €2,304,593 | €5,924,601 | +€3.6m | +157.1% |
| Services and other goods | 61 | €2,130,029 | €3,076,236 | +€946,207 | +44.4% |
| Remuneration, social security and pensions | 62 | - | €1,682,203 | +€1.7m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,641 | €263,950 | +€145,309 | +122.5% |
| Other operating charges | 640/8 | €249 | €6,846 | +€6,597 | +2649.3% |
| Non-recurring operating charges | 66A | €55,674 | €895,367 | +€839,693 | +1508.2% |
| Operating profit (loss) | 9901 | €808,464 | €216,288 | -€592,177 | -73.2% |
| Financial income | 75/76B | €111,820 | €497,685 | +€385,865 | +345.1% |
| Recurring financial income | 75 | €111,820 | €497,685 | +€385,865 | +345.1% |
| Income from financial fixed assets | 750 | - | €0 | +€0 | |
| Income from current assets | 751 | €110,054 | €496,278 | +€386,224 | +350.9% |
| Other financial income | 752/9 | €1,766 | €1,407 | -€359 | -20.3% |
| Financial charges | 65/66B | €780,472 | €1,088,922 | +€308,450 | +39.5% |
| Recurring financial charges | 65 | €780,472 | €1,088,922 | +€308,450 | +39.5% |
| Debt charges | 650 | €751,712 | €1,058,938 | +€307,226 | +40.9% |
| Other financial charges | 652/9 | €28,760 | €29,984 | +€1,224 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €139,812 | -€374,949 | -€514,761 | |
| Income taxes | 67/77 | - | €2,893 | +€2,893 | |
| Taxes | 670/3 | - | €2,893 | +€2,893 | |
| Profit (loss) for the period | 9904 | €139,812 | -€377,842 | -€517,654 | |
| Profit (loss) for the period to be appropriated | 9905 | €139,812 | -€377,842 | -€517,654 |
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 8 October 2026 via checked.be.