ANDREWS CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets +€246,187
up €246,187 (+56.9%), from €432,454 to €678,641
of which Land and buildings: +€278,815
- Current investments +€167,353
up €167,353 (+19.9%), from €841,349 to €1.0m
- Cash +€148,348
up €148,348 (+29.1%), from €510,025 to €658,373
mainly Net result for the year (+€637,863) and Debts after one year (+€205,864)
- Reserves +€637,863
up €637,863 (+25.4%), from €2.5m to €3.2m
of which Distributable reserves: +€637,863
- Other debts -€249,745
down €249,745 (-99.8%), from €250,126 to €381
- Debts after one year +€205,864
up €205,864 (+159%), from €129,437 to €335,301
- Tax, wage and social debts -€60,465
down €60,465 (-25.3%), from €239,273 to €178,807
of which Taxes: -€57,283
- Financial income +€33,507
up €33,507 (+49.2%), from €68,119 to €101,625
- Depreciation +€27,039
up €27,039 (+68.1%), from €39,699 to €66,738
- Financial charges +€19,154
up €19,154 (+212%), from €9,039 to €28,193
- Gross operating margin -€14,061
down €14,061 (-1.4%), from €985,579 to €971,518
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.
Derived cash bridge
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 | €3,186,824 | €3,717,060 | +€530,236 | +16.6% |
| Fixed assets | 21/28 | €432,454 | €678,641 | +€246,187 | +56.9% |
| Tangible fixed assets | 22/27 | €432,454 | €678,641 | +€246,187 | +56.9% |
| Land and buildings | 22 | €297,730 | €576,545 | +€278,815 | +93.6% |
| Plant, machinery and equipment | 23 | €8,541 | €5,679 | -€2,862 | -33.5% |
| Furniture and vehicles | 24 | €126,183 | €96,417 | -€29,766 | -23.6% |
| Current assets | 29/58 | €2,754,370 | €3,038,419 | +€284,049 | +10.3% |
| Amounts receivable after more than one year | 29 | €1,350,000 | €1,350,000 | = | 0.0% |
| Trade receivables | 290 | €1,350,000 | €1,350,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €736 | €904 | +€168 | +22.8% |
| Other amounts receivable | 41 | €736 | €904 | +€168 | +22.8% |
| Current investments | 50/53 | €841,349 | €1,008,702 | +€167,353 | +19.9% |
| Cash at bank and in hand | 54/58 | €510,025 | €658,373 | +€148,348 | +29.1% |
| Deferred charges and accrued income | 490/1 | €52,260 | €20,440 | -€31,819 | -60.9% |
| Total equity and liabilities | 10/49 | €3,186,824 | €3,717,060 | +€530,236 | +16.6% |
| Equity | 10/15 | €2,527,159 | €3,165,022 | +€637,863 | +25.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,514,759 | €3,152,622 | +€637,863 | +25.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €20,288 | €20,288 | = | 0.0% |
| Distributable reserves | 133 | €2,494,470 | €3,132,334 | +€637,863 | +25.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €659,666 | €552,038 | -€107,627 | -16.3% |
| Amounts payable after more than one year | 17 | €129,437 | €335,301 | +€205,864 | +159% |
| Financial debts | 170/4 | €129,437 | €335,301 | +€205,864 | +159% |
| Amounts payable within one year | 42/48 | €530,229 | €215,617 | -€314,612 | -59.3% |
| Current portion of amounts payable after more than one year | 42 | €22,271 | €34,782 | +€12,511 | +56.2% |
| Trade debts | 44 | €18,559 | €1,647 | -€16,912 | -91.1% |
| Suppliers | 440/4 | €18,559 | €1,647 | -€16,912 | -91.1% |
| Taxes, remuneration and social security | 45 | €239,273 | €178,807 | -€60,465 | -25.3% |
| Taxes | 450/3 | €230,634 | €173,351 | -€57,283 | -24.8% |
| Remuneration and social security | 454/9 | €8,639 | €5,457 | -€3,182 | -36.8% |
| Other amounts payable | 47/48 | €250,126 | €381 | -€249,745 | -99.8% |
| Accrued charges and deferred income | 492/3 | - | €1,120 | +€1,120 | |
| Non-recurring operating income | 76A | €15,888 | €0 | -€15,888 | -100% |
| Remuneration, social security and pensions | 62 | €38,097 | €39,440 | +€1,343 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,699 | €66,738 | +€27,039 | +68.1% |
| Other operating charges | 640/8 | €2,331 | €4,714 | +€2,383 | +102% |
| Gross operating margin | 9900 | €985,579 | €971,518 | -€14,061 | -1.4% |
| Operating profit (loss) | 9901 | €905,452 | €860,625 | -€44,827 | -5.0% |
| Financial income | 75/76B | €68,119 | €101,625 | +€33,507 | +49.2% |
| Recurring financial income | 75 | €68,119 | €101,625 | +€33,507 | +49.2% |
| Financial charges | 65/66B | €9,039 | €28,193 | +€19,154 | +212% |
| Recurring financial charges | 65 | €9,039 | €28,193 | +€19,154 | +212% |
| Profit (loss) for the period before taxes | 9903 | €964,531 | €934,058 | -€30,474 | -3.2% |
| Income taxes | 67/77 | €302,941 | €296,195 | -€6,747 | -2.2% |
| Profit (loss) for the period | 9904 | €661,590 | €637,863 | -€23,727 | -3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €661,590 | €637,863 | -€23,727 | -3.6% |
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 25 October 2026 via checked.be.