Andrest: 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.
Andrest
Largest movements
- Cash -€100,775
down €100,775 (-41.7%), from €241,840 to €141,065
mainly Net result for the year (-€121,602) and Investment in fixed assets (net) (-€79,006)
- Tangible fixed assets +€26,319
up €26,319 (+19.2%), from €137,251 to €163,569
of which Other tangible fixed assets: +€35,325
- Deferred charges and accrued income -€10,031
down €10,031 (-43.1%), from €23,259 to €13,229
- Receivables within one year +€6,422
up €6,422 (+22.1%), from €29,004 to €35,426
of which Other amounts receivable: +€6,880
- Profit (loss) carried forward -€88,331
new in 2025: -€88,331
- Reserves -€33,271
down €33,271 (-100.0%), from €33,271 to €0
- Trade debts +€26,489
up €26,489 (+17.2%), from €153,614 to €180,103
- Tax, wage and social debts +€17,413
up €17,413 (+24.2%), from €72,071 to €89,484
- Turnover +€3.2m
new in 2025: €3.2m
- Services and other goods +€1.3m
new in 2025: €1.3m
- Goods and materials +€954,994
new in 2025: €954,994
of which Purchases: +€954,750
- Gross operating margin -€949,206
no longer reported in 2025 (was €949,206)
- Staff costs +€167,955
up €167,955 (+20.2%), from €832,927 to €1.0m
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 | €448,497 | €370,189 | -€78,308 | -17.5% |
| Fixed assets | 21/28 | €137,505 | €163,823 | +€26,319 | +19.1% |
| Tangible fixed assets | 22/27 | €137,251 | €163,569 | +€26,319 | +19.2% |
| Plant, machinery and equipment | 23 | €112,885 | €104,692 | -€8,192 | -7.3% |
| Furniture and vehicles | 24 | €3,328 | €2,514 | -€814 | -24.5% |
| Other tangible fixed assets | 26 | €21,038 | €56,363 | +€35,325 | +167.9% |
| Financial fixed assets | 28 | €254 | €254 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €254 | +€254 | |
| Amounts receivable and cash guarantees | 285/8 | - | €254 | +€254 | |
| Current assets | 29/58 | €310,992 | €206,365 | -€104,627 | -33.6% |
| Stocks and contracts in progress | 3 | €16,889 | €16,646 | -€243 | -1.4% |
| Stocks | 30/36 | €16,889 | €16,646 | -€243 | -1.4% |
| Goods purchased for resale | 34 | - | €16,646 | +€16,646 | |
| Amounts receivable within one year | 40/41 | €29,004 | €35,426 | +€6,422 | +22.1% |
| Trade receivables | 40 | €24,850 | €24,392 | -€458 | -1.8% |
| Other amounts receivable | 41 | €4,154 | €11,034 | +€6,880 | +165.6% |
| Cash at bank and in hand | 54/58 | €241,840 | €141,065 | -€100,775 | -41.7% |
| Deferred charges and accrued income | 490/1 | €23,259 | €13,229 | -€10,031 | -43.1% |
| Total equity and liabilities | 10/49 | €448,497 | €370,189 | -€78,308 | -17.5% |
| Equity | 10/15 | €207,907 | €86,305 | -€121,602 | -58.5% |
| Contributions | 10/11 | €174,636 | €174,636 | = | 0.0% |
| Reserves | 13 | €33,271 | €0 | -€33,271 | -100.0% |
| Distributable reserves | 133 | €33,271 | €0 | -€33,271 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€88,331 | -€88,331 | |
| Amounts payable | 17/49 | €240,590 | €283,884 | +€43,294 | +18.0% |
| Amounts payable within one year | 42/48 | €239,260 | €281,270 | +€42,010 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €13,398 | €11,527 | -€1,871 | -14.0% |
| Trade debts | 44 | €153,614 | €180,103 | +€26,489 | +17.2% |
| Suppliers | 440/4 | €153,614 | €180,103 | +€26,489 | +17.2% |
| Taxes, remuneration and social security | 45 | €72,071 | €89,484 | +€17,413 | +24.2% |
| Remuneration and social security | 454/9 | €72,071 | €89,484 | +€17,413 | +24.2% |
| Other amounts payable | 47/48 | €177 | €156 | -€21 | -11.7% |
| Accrued charges and deferred income | 492/3 | €1,329 | €2,613 | +€1,284 | +96.6% |
| Operating income | 70/76A | - | €3,235,975 | +€3.2m | |
| Turnover | 70 | - | €3,232,619 | +€3.2m | |
| Other operating income | 74 | - | €3,356 | +€3,356 | |
| Non-recurring operating income | 76A | €4,182 | €0 | -€4,182 | -100.0% |
| Operating charges | 60/66A | - | €3,339,463 | +€3.3m | |
| Goods for resale, raw materials and consumables | 60 | - | €954,994 | +€954,994 | |
| Purchases | 600/8 | - | €954,750 | +€954,750 | |
| Change in stocks: decrease (increase) | 609 | - | €243 | +€243 | |
| Services and other goods | 61 | - | €1,323,185 | +€1.3m | |
| Remuneration, social security and pensions | 62 | €832,927 | €1,000,883 | +€167,955 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,713 | €52,688 | +€6,975 | +15.3% |
| Other operating charges | 640/8 | €8,526 | €7,715 | -€812 | -9.5% |
| Gross operating margin | 9900 | €949,206 | - | -€949,206 | |
| Operating profit (loss) | 9901 | €62,040 | -€103,488 | -€165,528 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €16,741 | €17,807 | +€1,066 | +6.4% |
| Recurring financial charges | 65 | €16,741 | €17,807 | +€1,066 | +6.4% |
| Debt charges | 650 | - | €599 | +€599 | |
| Other financial charges | 652/9 | - | €17,208 | +€17,208 | |
| Profit (loss) for the period before taxes | 9903 | €45,299 | -€121,295 | -€166,594 | |
| Income taxes | 67/77 | €12,784 | €307 | -€12,477 | -97.6% |
| Taxes | 670/3 | - | €10,007 | +€10,007 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €9,700 | +€9,700 | |
| Profit (loss) for the period | 9904 | €32,516 | -€121,602 | -€154,117 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,516 | -€121,602 | -€154,117 |
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.