ANEXOR: 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.
ANEXOR
Largest movements
- Cash +€293,059
up €293,059 (+436.2%), from €67,185 to €360,244
mainly Receivables within one year (+€227,170) and Receivables after one year (+€223,500)
- Receivables within one year -€227,170
no longer reported in 2025 (was €227,170)
- Receivables after one year -€223,500
no longer reported in 2025 (was €223,500)
- Tangible fixed assets +€34,802
up €34,802 (+354.0%), from €9,832 to €44,634
of which Other tangible fixed assets: +€36,758
- Reserves -€91,589
down €91,589 (-28.2%), from €324,991 to €233,402
- Debts after one year -€20,000
down €20,000 (-23.5%), from €85,000 to €65,000
- Current portion of long-term debt -€18,914
down €18,914 (-48.6%), from €38,914 to €20,000
- Other debts +€10,066
new in 2025: €10,066
- Tax, wage and social debts -€9,441
down €9,441 (-24.5%), from €38,606 to €29,165
- Gross operating margin +€61,944
up €61,944 (+46.5%), from €133,272 to €195,215
- Taxes +€23,757
up €23,757 (+63.7%), from €37,288 to €61,045
- Financial charges -€11,533
down €11,533 (-69.7%), from €16,541 to €5,008
- Financial income +€2,643
up €2,643 (+18.8%), from €14,070 to €16,713
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 | €533,120 | €410,375 | -€122,745 | -23.0% |
| Fixed assets | 21/28 | €13,832 | €48,634 | +€34,802 | +251.6% |
| Tangible fixed assets | 22/27 | €9,832 | €44,634 | +€34,802 | +354.0% |
| Furniture and vehicles | 24 | €5,657 | €3,701 | -€1,956 | -34.6% |
| Other tangible fixed assets | 26 | €4,175 | €40,932 | +€36,758 | +880.5% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €519,289 | €361,741 | -€157,547 | -30.3% |
| Amounts receivable after more than one year | 29 | €223,500 | - | -€223,500 | |
| Other amounts receivable | 291 | €223,500 | - | -€223,500 | |
| Amounts receivable within one year | 40/41 | €227,170 | - | -€227,170 | |
| Other amounts receivable | 41 | €227,170 | - | -€227,170 | |
| Cash at bank and in hand | 54/58 | €67,185 | €360,244 | +€293,059 | +436.2% |
| Deferred charges and accrued income | 490/1 | €1,434 | €1,497 | +€63 | +4.4% |
| Total equity and liabilities | 10/49 | €533,120 | €410,375 | -€122,745 | -23.0% |
| Equity | 10/15 | €344,063 | €252,474 | -€91,589 | -26.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €324,991 | €233,402 | -€91,589 | -28.2% |
| Distributable reserves | 133 | €324,991 | €233,402 | -€91,589 | -28.2% |
| Profit (loss) carried forward | 14 | €472 | €472 | = | 0.0% |
| Amounts payable | 17/49 | €189,057 | €157,901 | -€31,156 | -16.5% |
| Amounts payable after more than one year | 17 | €85,000 | €65,000 | -€20,000 | -23.5% |
| Financial debts | 170/4 | €85,000 | €65,000 | -€20,000 | -23.5% |
| Amounts payable within one year | 42/48 | €104,057 | €92,901 | -€11,156 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €38,914 | €20,000 | -€18,914 | -48.6% |
| Trade debts | 44 | €26,537 | €33,670 | +€7,133 | +26.9% |
| Suppliers | 440/4 | €26,537 | €33,670 | +€7,133 | +26.9% |
| Taxes, remuneration and social security | 45 | €38,606 | €29,165 | -€9,441 | -24.5% |
| Taxes | 450/3 | €38,606 | €29,165 | -€9,441 | -24.5% |
| Other amounts payable | 47/48 | - | €10,066 | +€10,066 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,425 | €3,020 | +€595 | +24.6% |
| Other operating charges | 640/8 | €982 | €1,418 | +€436 | +44.4% |
| Gross operating margin | 9900 | €133,272 | €195,215 | +€61,944 | +46.5% |
| Operating profit (loss) | 9901 | €129,865 | €190,777 | +€60,912 | +46.9% |
| Financial income | 75/76B | €14,070 | €16,713 | +€2,643 | +18.8% |
| Recurring financial income | 75 | €14,070 | €16,713 | +€2,643 | +18.8% |
| Financial charges | 65/66B | €16,541 | €5,008 | -€11,533 | -69.7% |
| Recurring financial charges | 65 | €16,541 | €5,008 | -€11,533 | -69.7% |
| Profit (loss) for the period before taxes | 9903 | €127,394 | €202,482 | +€75,088 | +58.9% |
| Income taxes | 67/77 | €37,288 | €61,045 | +€23,757 | +63.7% |
| Profit (loss) for the period | 9904 | €90,105 | €141,436 | +€51,331 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,105 | €141,436 | +€51,331 | +57.0% |
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 2 October 2026 via checked.be.