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
- Receivables within one year -€142,949
down €142,949 (-22.1%), from €646,236 to €503,286
of which Trade receivables: -€122,890
- Tangible fixed assets -€58,713
down €58,713 (-8.0%), from €731,550 to €672,837
- Cash +€25,408
up €25,408 (+11.1%), from €228,327 to €253,735
mainly Receivables within one year (+€142,949) and Depreciation (+€74,915)
- Stocks and contracts +€25,262
up €25,262 (+74.7%), from €33,822 to €59,084
- Debts after one year -€57,052
down €57,052 (-33.7%), from €169,436 to €112,384
- Current portion of long-term debt -€54,241
down €54,241 (-47.5%), from €114,153 to €59,911
- Advances received -€36,864
down €36,864 (-5.1%), from €719,538 to €682,674
- Trade debts +€26,213
up €26,213 (+47.6%), from €55,119 to €81,332
- Reserves -€20,975
down €20,975 (-13.7%), from €152,978 to €132,003
of which Tax-exempt reserves: -€20,975
- Gross operating margin +€63,628
up €63,628 (+9.9%), from €640,766 to €704,394
- Staff costs -€22,880
down €22,880 (-3.8%), from €609,118 to €586,238
- Taxes +€12,625
up €12,625 (+1238.9%), from €1,019 to €13,644
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 | €1,646,523 | €1,499,146 | -€147,377 | -9.0% |
| Fixed assets | 21/28 | €731,920 | €673,207 | -€58,713 | -8.0% |
| Tangible fixed assets | 22/27 | €731,550 | €672,837 | -€58,713 | -8.0% |
| Land and buildings | 22 | €545,242 | €527,469 | -€17,773 | -3.3% |
| Plant, machinery and equipment | 23 | €124,310 | €99,862 | -€24,447 | -19.7% |
| Furniture and vehicles | 24 | €61,999 | €45,506 | -€16,493 | -26.6% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €914,602 | €825,939 | -€88,664 | -9.7% |
| Stocks and contracts in progress | 3 | €33,822 | €59,084 | +€25,262 | +74.7% |
| Stocks | 30/36 | €33,822 | €59,084 | +€25,262 | +74.7% |
| Amounts receivable within one year | 40/41 | €646,236 | €503,286 | -€142,949 | -22.1% |
| Trade receivables | 40 | €611,102 | €488,212 | -€122,890 | -20.1% |
| Other amounts receivable | 41 | €35,134 | €15,075 | -€20,059 | -57.1% |
| Cash at bank and in hand | 54/58 | €228,327 | €253,735 | +€25,408 | +11.1% |
| Deferred charges and accrued income | 490/1 | €6,218 | €9,834 | +€3,616 | +58.2% |
| Total equity and liabilities | 10/49 | €1,646,523 | €1,499,146 | -€147,377 | -9.0% |
| Equity | 10/15 | €460,285 | €458,895 | -€1,391 | -0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €152,978 | €132,003 | -€20,975 | -13.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €151,118 | €130,143 | -€20,975 | -13.9% |
| Profit (loss) carried forward | 14 | €301,107 | €320,692 | +€19,585 | +6.5% |
| Provisions and deferred taxes | 16 | €38,729 | €33,353 | -€5,376 | -13.9% |
| Deferred taxes | 168 | €38,729 | €33,353 | -€5,376 | -13.9% |
| Amounts payable | 17/49 | €1,147,508 | €1,006,898 | -€140,610 | -12.3% |
| Amounts payable after more than one year | 17 | €169,436 | €112,384 | -€57,052 | -33.7% |
| Financial debts | 170/4 | €169,436 | €112,384 | -€57,052 | -33.7% |
| Amounts payable within one year | 42/48 | €976,773 | €893,214 | -€83,559 | -8.6% |
| Current portion of amounts payable after more than one year | 42 | €114,153 | €59,911 | -€54,241 | -47.5% |
| Trade debts | 44 | €55,119 | €81,332 | +€26,213 | +47.6% |
| Suppliers | 440/4 | €55,119 | €81,332 | +€26,213 | +47.6% |
| Advances received on contracts in progress | 46 | €719,538 | €682,674 | -€36,864 | -5.1% |
| Taxes, remuneration and social security | 45 | €87,963 | €69,296 | -€18,667 | -21.2% |
| Taxes | 450/3 | €45,508 | €46,486 | +€978 | +2.1% |
| Remuneration and social security | 454/9 | €42,455 | €22,810 | -€19,645 | -46.3% |
| Accrued charges and deferred income | 492/3 | €1,300 | €1,300 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €609,118 | €586,238 | -€22,880 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,749 | €74,915 | -€835 | -1.1% |
| Other operating charges | 640/8 | €2,424 | €2,149 | -€276 | -11.4% |
| Gross operating margin | 9900 | €640,766 | €704,394 | +€63,628 | +9.9% |
| Operating profit (loss) | 9901 | -€46,526 | €41,092 | +€87,619 | |
| Financial income | 75/76B | €3,423 | €5,330 | +€1,907 | +55.7% |
| Recurring financial income | 75 | €3,423 | €5,330 | +€1,907 | +55.7% |
| Financial charges | 65/66B | €11,693 | €10,973 | -€720 | -6.2% |
| Recurring financial charges | 65 | €11,693 | €10,973 | -€720 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€54,796 | €35,449 | +€90,245 | |
| Transfer from deferred taxes | 780 | €5,376 | €5,376 | = | 0.0% |
| Income taxes | 67/77 | €1,019 | €13,644 | +€12,625 | +1238.9% |
| Profit (loss) for the period | 9904 | -€50,440 | €27,181 | +€77,620 | |
| Transfer from tax-exempt reserves | 789 | €20,975 | €20,975 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,464 | €48,156 | +€77,620 |
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 11 October 2026 via checked.be.