Andrian: 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.
Andrian
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+30.0%), from €7.5m to €9.8m
of which Land and buildings: +€2.3m
- Cash -€1.1m
down €1.1m (-87.4%), from €1.3m to €163,385
mainly Investment in fixed assets (net) (-€2.7m) and Other debts (-€440,637)
- Receivables within one year -€773,745
down €773,745 (-43.1%), from €1.8m to €1.0m
of which Other amounts receivable: -€704,793
- Debts after one year +€873,345
up €873,345 (+11.0%), from €7.9m to €8.8m
- Other debts -€440,637
down €440,637 (-19.2%), from €2.3m to €1.9m
- Reserves +€238,350
up €238,350 (+2.7%), from €8.9m to €9.1m
of which Distributable reserves: +€238,350
- Short-term financial debts -€229,712
down €229,712 (-54.1%), from €424,712 to €195,000
- Financial income -€915,260
down €915,260 (-98.7%), from €927,464 to €12,204
- Write-downs +€65,310
new in 2025: €65,310
- Depreciation +€63,304
up €63,304 (+22.2%), from €284,850 to €348,154
- Taxes -€54,789
down €54,789 (-36.8%), from €148,925 to €94,136
- Financial charges +€50,495
up €50,495 (+14.2%), from €354,456 to €404,951
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 | €20,787,862 | €21,226,432 | +€438,570 | +2.1% |
| Fixed assets | 21/28 | €17,620,500 | €20,013,332 | +€2.4m | +13.6% |
| Tangible fixed assets | 22/27 | €7,538,170 | €9,800,501 | +€2.3m | +30.0% |
| Land and buildings | 22 | €7,480,745 | €9,755,307 | +€2.3m | +30.4% |
| Plant, machinery and equipment | 23 | €25,738 | €28,463 | +€2,725 | +10.6% |
| Furniture and vehicles | 24 | €31,687 | €16,731 | -€14,956 | -47.2% |
| Financial fixed assets | 28 | €10,082,330 | €10,212,831 | +€130,501 | +1.3% |
| Current assets | 29/58 | €3,167,362 | €1,213,100 | -€2.0m | -61.7% |
| Amounts receivable within one year | 40/41 | €1,796,343 | €1,022,598 | -€773,745 | -43.1% |
| Trade receivables | 40 | €276,391 | €207,439 | -€68,952 | -24.9% |
| Other amounts receivable | 41 | €1,519,952 | €815,159 | -€704,793 | -46.4% |
| Cash at bank and in hand | 54/58 | €1,299,203 | €163,385 | -€1.1m | -87.4% |
| Deferred charges and accrued income | 490/1 | €71,816 | €27,117 | -€44,699 | -62.2% |
| Total equity and liabilities | 10/49 | €20,787,862 | €21,226,432 | +€438,570 | +2.1% |
| Equity | 10/15 | €8,903,947 | €9,142,297 | +€238,350 | +2.7% |
| Contributions | 10/11 | €18,716 | €18,716 | = | 0.0% |
| Capital | 10 | €18,716 | €18,716 | = | 0.0% |
| Issued capital | 100 | €18,716 | €18,716 | = | 0.0% |
| Reserves | 13 | €8,885,231 | €9,123,581 | +€238,350 | +2.7% |
| Non-distributable reserves | 130/1 | €32,012 | €32,012 | = | 0.0% |
| Legal reserve | 130 | €32,012 | €32,012 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,698 | €38,698 | = | 0.0% |
| Distributable reserves | 133 | €8,814,521 | €9,052,871 | +€238,350 | +2.7% |
| Amounts payable | 17/49 | €11,883,915 | €12,084,135 | +€200,220 | +1.7% |
| Amounts payable after more than one year | 17 | €7,906,259 | €8,779,604 | +€873,345 | +11.0% |
| Financial debts | 170/4 | €7,906,259 | €8,779,604 | +€873,345 | +11.0% |
| Amounts payable within one year | 42/48 | €3,883,305 | €3,210,917 | -€672,388 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €901,320 | €929,056 | +€27,736 | +3.1% |
| Financial debts | 43 | €424,712 | €195,000 | -€229,712 | -54.1% |
| Credit institutions | 430/8 | €424,712 | €195,000 | -€229,712 | -54.1% |
| Trade debts | 44 | €223,922 | €32,404 | -€191,518 | -85.5% |
| Suppliers | 440/4 | €223,922 | €32,404 | -€191,518 | -85.5% |
| Taxes, remuneration and social security | 45 | €38,596 | €200,339 | +€161,743 | +419.1% |
| Taxes | 450/3 | €33,565 | €190,323 | +€156,758 | +467.0% |
| Remuneration and social security | 454/9 | €5,031 | €10,016 | +€4,985 | +99.1% |
| Other amounts payable | 47/48 | €2,294,755 | €1,854,118 | -€440,637 | -19.2% |
| Accrued charges and deferred income | 492/3 | €94,351 | €93,614 | -€737 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €284,850 | €348,154 | +€63,304 | +22.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €65,310 | +€65,310 | |
| Other operating charges | 640/8 | €32,921 | €46,060 | +€13,139 | +39.9% |
| Gross operating margin | 9900 | €1,219,041 | €1,184,757 | -€34,284 | -2.8% |
| Operating profit (loss) | 9901 | €901,270 | €725,233 | -€176,037 | -19.5% |
| Financial income | 75/76B | €927,464 | €12,204 | -€915,260 | -98.7% |
| Recurring financial income | 75 | €927,464 | €12,204 | -€915,260 | -98.7% |
| Financial charges | 65/66B | €354,456 | €404,951 | +€50,495 | +14.2% |
| Recurring financial charges | 65 | €354,456 | €404,951 | +€50,495 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €1,474,278 | €332,486 | -€1.1m | -77.4% |
| Income taxes | 67/77 | €148,925 | €94,136 | -€54,789 | -36.8% |
| Profit (loss) for the period | 9904 | €1,325,353 | €238,350 | -€1.1m | -82.0% |
| Transfer to tax-exempt reserves | 689 | €38,182 | - | -€38,182 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,287,171 | €238,350 | -€1.0m | -81.5% |
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 7 October 2026 via checked.be.