ANDREX: 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.
ANDREX
Largest movements
- Tangible fixed assets -€3.0m
down €3.0m (-51.5%), from €5.8m to €2.8m
of which Land and buildings: -€2.9m
- Stocks and contracts -€862,804
down €862,804 (-44.8%), from €1.9m to €1.1m
- Cash -€532,775
down €532,775 (-86.3%), from €617,511 to €84,736
mainly Debts after one year (-€2.0m) and Other debts (-€1.8m)
- Receivables within one year -€169,621
down €169,621 (-25.0%), from €678,250 to €508,629
of which Trade receivables: -€214,481
- Debts after one year -€2.0m
down €2.0m (-49.4%), from €4.1m to €2.1m
- Other debts -€1.8m
down €1.8m (-95.2%), from €1.9m to €92,086
- Short-term financial debts -€660,000
no longer reported in 2025 (was €660,000)
- Gross operating margin -€251,736
down €251,736 (-32.7%), from €769,834 to €518,098
- Financial charges -€96,448
down €96,448 (-46.1%), from €209,108 to €112,659
- Depreciation -€68,629
down €68,629 (-28.6%), from €240,205 to €171,576
- Staff costs -€47,935
down €47,935 (-17.7%), from €271,060 to €223,125
- Taxes -€8,079
down €8,079 (-70.1%), from €11,528 to €3,448
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 | €9,039,157 | €4,472,990 | -€4.6m | -50.5% |
| Fixed assets | 21/28 | €5,806,872 | €2,816,834 | -€3.0m | -51.5% |
| Tangible fixed assets | 22/27 | €5,806,692 | €2,816,654 | -€3.0m | -51.5% |
| Land and buildings | 22 | €5,263,892 | €2,370,841 | -€2.9m | -55.0% |
| Plant, machinery and equipment | 23 | €514,566 | €416,799 | -€97,767 | -19.0% |
| Furniture and vehicles | 24 | €28,234 | €29,013 | +€779 | +2.8% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €3,232,286 | €1,656,157 | -€1.6m | -48.8% |
| Stocks and contracts in progress | 3 | €1,925,596 | €1,062,792 | -€862,804 | -44.8% |
| Stocks | 30/36 | €1,925,596 | €1,062,792 | -€862,804 | -44.8% |
| Amounts receivable within one year | 40/41 | €678,250 | €508,629 | -€169,621 | -25.0% |
| Trade receivables | 40 | €675,834 | €461,353 | -€214,481 | -31.7% |
| Other amounts receivable | 41 | €2,415 | €47,275 | +€44,860 | +1,857% |
| Cash at bank and in hand | 54/58 | €617,511 | €84,736 | -€532,775 | -86.3% |
| Deferred charges and accrued income | 490/1 | €10,929 | - | -€10,929 | |
| Total equity and liabilities | 10/49 | €9,039,157 | €4,472,990 | -€4.6m | -50.5% |
| Equity | 10/15 | €1,729,893 | €1,732,128 | +€2,235 | +0.1% |
| Contributions | 10/11 | €873,600 | €873,600 | = | 0.0% |
| Reserves | 13 | €178,734 | €180,969 | +€2,235 | +1.3% |
| Distributable reserves | 133 | €178,734 | €180,969 | +€2,235 | +1.3% |
| Profit (loss) carried forward | 14 | €677,559 | €677,559 | = | 0.0% |
| Amounts payable | 17/49 | €7,309,265 | €2,740,863 | -€4.6m | -62.5% |
| Amounts payable after more than one year | 17 | €4,061,692 | €2,055,824 | -€2.0m | -49.4% |
| Financial debts | 170/4 | €4,061,692 | €2,055,824 | -€2.0m | -49.4% |
| Amounts payable within one year | 42/48 | €3,247,573 | €685,038 | -€2.6m | -78.9% |
| Current portion of amounts payable after more than one year | 42 | €320,950 | €242,253 | -€78,697 | -24.5% |
| Financial debts | 43 | €660,000 | - | -€660,000 | |
| Credit institutions | 430/8 | €660,000 | - | -€660,000 | |
| Trade debts | 44 | €305,872 | €327,343 | +€21,470 | +7.0% |
| Suppliers | 440/4 | €305,872 | €327,343 | +€21,470 | +7.0% |
| Taxes, remuneration and social security | 45 | €50,447 | €23,357 | -€27,091 | -53.7% |
| Taxes | 450/3 | €30,352 | €7,273 | -€23,079 | -76.0% |
| Remuneration and social security | 454/9 | €20,096 | €16,084 | -€4,012 | -20.0% |
| Other amounts payable | 47/48 | €1,910,303 | €92,086 | -€1.8m | -95.2% |
| Non-recurring operating income | 76A | €285,805 | €414,634 | +€128,829 | +45.1% |
| Remuneration, social security and pensions | 62 | €271,060 | €223,125 | -€47,935 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,205 | €171,576 | -€68,629 | -28.6% |
| Other operating charges | 640/8 | €10,141 | €7,938 | -€2,203 | -21.7% |
| Non-recurring operating charges | 66A | €17,079 | €219 | -€16,860 | -98.7% |
| Gross operating margin | 9900 | €769,834 | €518,098 | -€251,736 | -32.7% |
| Operating profit (loss) | 9901 | €231,349 | €115,240 | -€116,109 | -50.2% |
| Financial income | 75/76B | €2,084 | €3,103 | +€1,019 | +48.9% |
| Recurring financial income | 75 | €2,084 | €3,103 | +€1,019 | +48.9% |
| Financial charges | 65/66B | €209,108 | €112,659 | -€96,448 | -46.1% |
| Recurring financial charges | 65 | €209,108 | €112,659 | -€96,448 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €24,326 | €5,683 | -€18,642 | -76.6% |
| Income taxes | 67/77 | €11,528 | €3,448 | -€8,079 | -70.1% |
| Profit (loss) for the period | 9904 | €12,798 | €2,235 | -€10,563 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,798 | €2,235 | -€10,563 | -82.5% |
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 15 October 2026 via checked.be.