ANDRY-MANAGEMENT: 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.
ANDRY-MANAGEMENT
Largest movements
- Tangible fixed assets +€61,790
up €61,790 (+39.2%), from €157,606 to €219,396
of which Land and buildings: +€197,122
- Cash -€35,737
down €35,737 (-45.0%), from €79,488 to €43,752
mainly Investment in fixed assets (net) (-€67,991) and Deferred charges and accrued income (-€16,124)
- Current investments -€21,828
down €21,828 (-6.1%), from €360,329 to €338,501
- Deferred charges and accrued income +€16,124
new in 2025: €16,124
- Receivables within one year +€13,373
up €13,373 (+35.8%), from €37,317 to €50,690
- Reserves +€35,839
up €35,839 (+7.2%), from €499,753 to €535,593
of which Distributable reserves: +€38,688
- Other operating charges +€7,200
up €7,200 (+962.8%), from €748 to €7,948
- Depreciation +€4,403
up €4,403 (+244.8%), from €1,798 to €6,201
- Gross operating margin +€4,208
up €4,208 (+6.8%), from €61,531 to €65,739
- Taxes -€1,909
down €1,909 (-9.7%), from €19,775 to €17,866
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 | €634,866 | €668,587 | +€33,722 | +5.3% |
| Fixed assets | 21/28 | €157,731 | €219,521 | +€61,790 | +39.2% |
| Tangible fixed assets | 22/27 | €157,606 | €219,396 | +€61,790 | +39.2% |
| Land and buildings | 22 | - | €197,122 | +€197,122 | |
| Plant, machinery and equipment | 23 | €3,717 | €3,717 | = | 0.0% |
| Furniture and vehicles | 24 | €6,890 | €18,556 | +€11,667 | +169.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €146,999 | - | -€146,999 | |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €477,134 | €449,066 | -€28,068 | -5.9% |
| Amounts receivable within one year | 40/41 | €37,317 | €50,690 | +€13,373 | +35.8% |
| Trade receivables | 40 | €37,317 | €50,690 | +€13,373 | +35.8% |
| Current investments | 50/53 | €360,329 | €338,501 | -€21,828 | -6.1% |
| Cash at bank and in hand | 54/58 | €79,488 | €43,752 | -€35,737 | -45.0% |
| Deferred charges and accrued income | 490/1 | - | €16,124 | +€16,124 | |
| Total equity and liabilities | 10/49 | €634,866 | €668,587 | +€33,722 | +5.3% |
| Equity | 10/15 | €561,753 | €597,593 | +€35,839 | +6.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €499,753 | €535,593 | +€35,839 | +7.2% |
| Non-distributable reserves | 130/1 | €17,450 | €17,450 | = | 0.0% |
| Legal reserve | 130 | €17,450 | €17,450 | = | 0.0% |
| Tax-exempt reserves | 132 | €111,799 | €108,950 | -€2,849 | -2.5% |
| Distributable reserves | 133 | €370,504 | €409,193 | +€38,688 | +10.4% |
| Provisions and deferred taxes | 16 | €37,266 | €36,317 | -€950 | -2.5% |
| Deferred taxes | 168 | €37,266 | €36,317 | -€950 | -2.5% |
| Amounts payable | 17/49 | €35,846 | €34,678 | -€1,168 | -3.3% |
| Amounts payable within one year | 42/48 | €35,846 | €34,678 | -€1,168 | -3.3% |
| Trade debts | 44 | €229 | €3,520 | +€3,292 | +1438.4% |
| Suppliers | 440/4 | €229 | €3,520 | +€3,292 | +1438.4% |
| Taxes, remuneration and social security | 45 | €10,684 | €9,446 | -€1,239 | -11.6% |
| Taxes | 450/3 | €10,684 | €9,446 | -€1,239 | -11.6% |
| Other amounts payable | 47/48 | €24,933 | €21,712 | -€3,220 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,798 | €6,201 | +€4,403 | +244.8% |
| Other operating charges | 640/8 | €748 | €7,948 | +€7,200 | +962.8% |
| Non-recurring operating charges | 66A | -€36 | - | +€36 | |
| Gross operating margin | 9900 | €61,531 | €65,739 | +€4,208 | +6.8% |
| Operating profit (loss) | 9901 | €59,020 | €51,590 | -€7,430 | -12.6% |
| Financial income | 75/76B | €2,890 | €2,406 | -€483 | -16.7% |
| Recurring financial income | 75 | €2,890 | €2,406 | -€483 | -16.7% |
| Financial charges | 65/66B | €623 | €1,241 | +€618 | +99.3% |
| Recurring financial charges | 65 | €623 | €1,241 | +€618 | +99.3% |
| Profit (loss) for the period before taxes | 9903 | €61,287 | €52,755 | -€8,532 | -13.9% |
| Transfer from deferred taxes | 780 | - | €950 | +€950 | |
| Income taxes | 67/77 | €19,775 | €17,866 | -€1,909 | -9.7% |
| Profit (loss) for the period | 9904 | €41,512 | €35,839 | -€5,673 | -13.7% |
| Transfer from tax-exempt reserves | 789 | - | €2,849 | +€2,849 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,512 | €38,688 | -€2,824 | -6.8% |
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.