ANDRE Germain: 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.
ANDRE Germain
Largest movements
- Tangible fixed assets +€148,066
up €148,066 (+34.8%), from €425,770 to €573,836
of which Plant, machinery and equipment: +€208,319
- Receivables within one year +€21,215
up €21,215 (+13.5%), from €157,185 to €178,400
of which Trade receivables: +€26,935
- Cash -€14,969
down €14,969 (-62.8%), from €23,823 to €8,854
mainly Investment in fixed assets (net) (-€277,666) and Receivables within one year (-€21,215)
- Debts after one year +€84,398
up €84,398 (+21.9%), from €385,916 to €470,314
- Profit (loss) carried forward +€33,388
up €33,388, from -€19,784 to €13,603
- Current portion of long-term debt +€28,645
up €28,645 (+35.9%), from €79,814 to €108,459
- Trade debts +€11,990
up €11,990 (+13.9%), from €86,331 to €98,321
- Gross operating margin +€38,888
up €38,888 (+24.9%), from €155,915 to €194,803
- Staff costs +€5,308
up €5,308 (+423.9%), from €1,252 to €6,560
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 | €609,024 | €765,841 | +€156,818 | +25.7% |
| Fixed assets | 21/28 | €425,770 | €573,836 | +€148,066 | +34.8% |
| Tangible fixed assets | 22/27 | €425,770 | €573,836 | +€148,066 | +34.8% |
| Plant, machinery and equipment | 23 | €84,977 | €293,296 | +€208,319 | +245.1% |
| Furniture and vehicles | 24 | €340,793 | €280,540 | -€60,253 | -17.7% |
| Current assets | 29/58 | €183,254 | €192,006 | +€8,752 | +4.8% |
| Stocks and contracts in progress | 3 | - | €1,684 | +€1,684 | |
| Stocks | 30/36 | - | €1,684 | +€1,684 | |
| Amounts receivable within one year | 40/41 | €157,185 | €178,400 | +€21,215 | +13.5% |
| Trade receivables | 40 | €149,427 | €176,362 | +€26,935 | +18.0% |
| Other amounts receivable | 41 | €7,758 | €2,038 | -€5,720 | -73.7% |
| Cash at bank and in hand | 54/58 | €23,823 | €8,854 | -€14,969 | -62.8% |
| Deferred charges and accrued income | 490/1 | €2,246 | €3,067 | +€822 | +36.6% |
| Total equity and liabilities | 10/49 | €609,024 | €765,841 | +€156,818 | +25.7% |
| Equity | 10/15 | €27,476 | €60,863 | +€33,388 | +121.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €34,860 | €34,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €33,000 | €33,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,784 | €13,603 | +€33,388 | |
| Amounts payable | 17/49 | €581,548 | €704,978 | +€123,430 | +21.2% |
| Amounts payable after more than one year | 17 | €385,916 | €470,314 | +€84,398 | +21.9% |
| Financial debts | 170/4 | €385,916 | €470,314 | +€84,398 | +21.9% |
| Amounts payable within one year | 42/48 | €195,631 | €234,661 | +€39,030 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €79,814 | €108,459 | +€28,645 | +35.9% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Other loans | 439 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €86,331 | €98,321 | +€11,990 | +13.9% |
| Suppliers | 440/4 | €86,331 | €98,321 | +€11,990 | +13.9% |
| Taxes, remuneration and social security | 45 | €265 | €579 | +€314 | +118.6% |
| Remuneration and social security | 454/9 | €265 | €579 | +€314 | +118.6% |
| Other amounts payable | 47/48 | €4,221 | €2,302 | -€1,919 | -45.5% |
| Accrued charges and deferred income | 492/3 | - | €2 | +€2 | |
| Remuneration, social security and pensions | 62 | €1,252 | €6,560 | +€5,308 | +423.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,284 | €129,600 | -€1,684 | -1.3% |
| Other operating charges | 640/8 | €515 | €593 | +€78 | +15.2% |
| Gross operating margin | 9900 | €155,915 | €194,803 | +€38,888 | +24.9% |
| Operating profit (loss) | 9901 | €22,864 | €58,049 | +€35,185 | +153.9% |
| Financial income | 75/76B | €0 | €1 | +€1 | +229.5% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +229.5% |
| Financial charges | 65/66B | €26,493 | €24,663 | -€1,830 | -6.9% |
| Recurring financial charges | 65 | €26,493 | €24,663 | -€1,830 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,629 | €33,388 | +€37,016 | |
| Transfer from deferred taxes | 780 | €4,126 | €0 | -€4,126 | -100.0% |
| Profit (loss) for the period | 9904 | €497 | €33,388 | +€32,891 | +6621.1% |
| Transfer from tax-exempt reserves | 789 | €8,012 | €0 | -€8,012 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,509 | €33,388 | +€24,879 | +292.4% |
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 30 September 2026 via checked.be.