ANEL: 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.
ANEL
Largest movements
- Tangible fixed assets +€246,224
up €246,224 (+133.9%), from €183,931 to €430,155
of which Land and buildings: +€246,224
- Current investments -€4,969
down €4,969 (-63.5%), from €7,826 to €2,857
- Reserves +€142,842
up €142,842 (+547.6%), from €26,084 to €168,926
of which Distributable reserves: +€142,842
- Profit (loss) carried forward +€76,739
up €76,739, from -€76,739 to €0
- Tax, wage and social debts +€9,094
new in 2025: €9,094
- Other debts +€7,634
up €7,634 (+4.2%), from €180,260 to €187,895
- Gross operating margin +€289,413
up €289,413 (+2817.4%), from €10,272 to €299,685
- Other operating charges +€43,114
up €43,114 (+961.0%), from €4,487 to €47,601
- Taxes +€9,107
new in 2025: €9,107
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 | €197,426 | €434,133 | +€236,708 | +119.9% |
| Fixed assets | 21/28 | €184,092 | €430,316 | +€246,224 | +133.8% |
| Tangible fixed assets | 22/27 | €183,931 | €430,155 | +€246,224 | +133.9% |
| Land and buildings | 22 | €183,931 | €430,155 | +€246,224 | +133.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €13,334 | €3,818 | -€9,516 | -71.4% |
| Amounts receivable within one year | 40/41 | €22 | €0 | -€22 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €22 | €0 | -€22 | -100.0% |
| Current investments | 50/53 | €7,826 | €2,857 | -€4,969 | -63.5% |
| Cash at bank and in hand | 54/58 | €4,937 | €791 | -€4,145 | -84.0% |
| Deferred charges and accrued income | 490/1 | €549 | €169 | -€380 | -69.2% |
| Total equity and liabilities | 10/49 | €197,426 | €434,133 | +€236,708 | +119.9% |
| Equity | 10/15 | €11,345 | €230,926 | +€219,581 | +1935.5% |
| 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 | €26,084 | €168,926 | +€142,842 | +547.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €19,884 | €162,726 | +€142,842 | +718.4% |
| Profit (loss) carried forward | 14 | -€76,739 | €0 | +€76,739 | |
| Amounts payable | 17/49 | €186,081 | €203,207 | +€17,127 | +9.2% |
| Amounts payable within one year | 42/48 | €180,332 | €198,017 | +€17,685 | +9.8% |
| Trade debts | 44 | €72 | €1,029 | +€957 | +1337.7% |
| Suppliers | 440/4 | €72 | €1,029 | +€957 | +1337.7% |
| Taxes, remuneration and social security | 45 | - | €9,094 | +€9,094 | |
| Taxes | 450/3 | - | €9,094 | +€9,094 | |
| Other amounts payable | 47/48 | €180,260 | €187,895 | +€7,634 | +4.2% |
| Accrued charges and deferred income | 492/3 | €5,749 | €5,190 | -€559 | -9.7% |
| Non-recurring operating income | 76A | - | €302,808 | +€302,808 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,739 | €18,219 | -€1,520 | -7.7% |
| Other operating charges | 640/8 | €4,487 | €47,601 | +€43,114 | +961.0% |
| Gross operating margin | 9900 | €10,272 | €299,685 | +€289,413 | +2817.4% |
| Operating profit (loss) | 9901 | -€13,953 | €233,865 | +€247,819 | |
| Financial income | 75/76B | €47 | €44 | -€2 | -5.2% |
| Recurring financial income | 75 | €47 | €44 | -€2 | -5.2% |
| Financial charges | 65/66B | €5,777 | €5,221 | -€556 | -9.6% |
| Recurring financial charges | 65 | €5,777 | €5,221 | -€556 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,684 | €228,689 | +€248,373 | |
| Income taxes | 67/77 | - | €9,107 | +€9,107 | |
| Profit (loss) for the period | 9904 | -€19,684 | €219,581 | +€239,265 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,684 | €219,581 | +€239,265 |
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 1 October 2026 via checked.be.