ANDREWS: what changed
Two financial 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.
ANDREWS
Largest movements
- Cash +€14,866
up €14,866 (+49.2%), from €30,240 to €45,107
mainly Net result for the year (+€7,174) and Stocks and contracts (+€6,734)
- Stocks and contracts -€6,734
down €6,734 (-11.9%), from €56,547 to €49,812
- Tangible fixed assets -€6,112
down €6,112 (-26.3%), from €23,224 to €17,111
of which Other tangible fixed assets: -€5,772
- Receivables within one year -€3,931
no longer reported in 2025 (was €3,931)
- Tax, wage and social debts -€6,897
down €6,897 (-22.0%), from €31,376 to €24,479
of which Taxes: -€4,812
- Reserves +€6,000
up €6,000 (+20.8%), from €28,875 to €34,875
of which Distributable reserves: +€6,000
- Gross operating margin +€7,853
up €7,853 (+18.8%), from €41,776 to €49,629
- Staff costs +€6,720
up €6,720 (+31.9%), from €21,051 to €27,771
- Taxes +€841
up €841 (+23.1%), from €3,645 to €4,485
- Financial charges -€622
down €622 (-18.5%), from €3,366 to €2,745
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 | €118,510 | €116,320 | -€2,189 | -1.8% |
| Fixed assets | 21/28 | €23,335 | €17,223 | -€6,112 | -26.2% |
| Tangible fixed assets | 22/27 | €23,224 | €17,111 | -€6,112 | -26.3% |
| Furniture and vehicles | 24 | €735 | €394 | -€340 | -46.3% |
| Other tangible fixed assets | 26 | €22,489 | €16,717 | -€5,772 | -25.7% |
| Financial fixed assets | 28 | €112 | €112 | = | 0.0% |
| Current assets | 29/58 | €95,174 | €99,097 | +€3,923 | +4.1% |
| Stocks and contracts in progress | 3 | €56,547 | €49,812 | -€6,734 | -11.9% |
| Stocks | 30/36 | €56,547 | €49,812 | -€6,734 | -11.9% |
| Amounts receivable within one year | 40/41 | €3,931 | - | -€3,931 | |
| Trade receivables | 40 | €3,931 | - | -€3,931 | |
| Cash at bank and in hand | 54/58 | €30,240 | €45,107 | +€14,866 | +49.2% |
| Deferred charges and accrued income | 490/1 | €4,456 | €4,178 | -€277 | -6.2% |
| Total equity and liabilities | 10/49 | €118,510 | €116,320 | -€2,189 | -1.8% |
| Equity | 10/15 | €81,836 | €89,010 | +€7,174 | +8.8% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €28,875 | €34,875 | +€6,000 | +20.8% |
| Tax-exempt reserves | 132 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €21,875 | €27,875 | +€6,000 | +27.4% |
| Profit (loss) carried forward | 14 | €34,211 | €35,385 | +€1,174 | +3.4% |
| Amounts payable | 17/49 | €36,673 | €27,310 | -€9,364 | -25.5% |
| Amounts payable within one year | 42/48 | €36,555 | €27,310 | -€9,245 | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €1,152 | - | -€1,152 | |
| Trade debts | 44 | €3,287 | €2,402 | -€885 | -26.9% |
| Suppliers | 440/4 | €3,287 | €2,402 | -€885 | -26.9% |
| Taxes, remuneration and social security | 45 | €31,376 | €24,479 | -€6,897 | -22.0% |
| Taxes | 450/3 | €19,450 | €14,638 | -€4,812 | -24.7% |
| Remuneration and social security | 454/9 | €11,926 | €9,841 | -€2,085 | -17.5% |
| Other amounts payable | 47/48 | €740 | €429 | -€311 | -42.1% |
| Accrued charges and deferred income | 492/3 | €118 | - | -€118 | |
| Remuneration, social security and pensions | 62 | €21,051 | €27,771 | +€6,720 | +31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,112 | €6,112 | = | 0.0% |
| Other operating charges | 640/8 | €1,357 | €1,342 | -€16 | -1.1% |
| Gross operating margin | 9900 | €41,776 | €49,629 | +€7,853 | +18.8% |
| Operating profit (loss) | 9901 | €13,256 | €14,404 | +€1,148 | +8.7% |
| Financial charges | 65/66B | €3,366 | €2,745 | -€622 | -18.5% |
| Recurring financial charges | 65 | €3,366 | €2,745 | -€622 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €9,890 | €11,660 | +€1,770 | +17.9% |
| Income taxes | 67/77 | €3,645 | €4,485 | +€841 | +23.1% |
| Profit (loss) for the period | 9904 | €6,245 | €7,174 | +€929 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,245 | €7,174 | +€929 | +14.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.