ANGEL: 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.
ANGEL
Largest movements
- Stocks and contracts -€245,447
no longer reported in 2025 (was €245,447)
- Cash +€122,276
up €122,276 (+14.7%), from €829,066 to €951,342
mainly Stocks and contracts (+€245,447) and Depreciation (+€38,198)
- Receivables within one year +€51,051
up €51,051 (+252.9%), from €20,185 to €71,236
of which Other amounts receivable: +€65,506
- Tangible fixed assets -€24,723
down €24,723 (-7.4%), from €333,165 to €308,442
of which Land and buildings: -€27,419
- Reserves -€73,646
down €73,646 (-5.6%), from €1.3m to €1.2m
- Trade debts -€28,231
down €28,231 (-60.4%), from €46,723 to €18,492
- Gross operating margin -€179,563
down €179,563, from €178,589 to -€974
- Taxes -€14,543
down €14,543 (-45.8%), from €31,719 to €17,176
- Staff costs +€2,404
up €2,404, from -€475 to €1,929
- Other operating charges -€2,023
down €2,023 (-16.1%), from €12,582 to €10,559
- Financial income +€2,020
up €2,020 (+5611.1%), from €36 to €2,056
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 | €1,432,563 | €1,338,815 | -€93,748 | -6.5% |
| Fixed assets | 21/28 | €335,265 | €310,542 | -€24,723 | -7.4% |
| Tangible fixed assets | 22/27 | €333,165 | €308,442 | -€24,723 | -7.4% |
| Land and buildings | 22 | €276,195 | €248,776 | -€27,419 | -9.9% |
| Plant, machinery and equipment | 23 | €53,052 | €57,951 | +€4,899 | +9.2% |
| Furniture and vehicles | 24 | €3,918 | €1,715 | -€2,203 | -56.2% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €1,097,298 | €1,028,273 | -€69,025 | -6.3% |
| Stocks and contracts in progress | 3 | €245,447 | - | -€245,447 | |
| Stocks | 30/36 | €245,447 | - | -€245,447 | |
| Amounts receivable within one year | 40/41 | €20,185 | €71,236 | +€51,051 | +252.9% |
| Trade receivables | 40 | €18,845 | €4,390 | -€14,455 | -76.7% |
| Other amounts receivable | 41 | €1,340 | €66,846 | +€65,506 | +4888.5% |
| Cash at bank and in hand | 54/58 | €829,066 | €951,342 | +€122,276 | +14.7% |
| Deferred charges and accrued income | 490/1 | €2,600 | €5,695 | +€3,095 | +119.0% |
| Total equity and liabilities | 10/49 | €1,432,563 | €1,338,815 | -€93,748 | -6.5% |
| Equity | 10/15 | €1,332,221 | €1,258,575 | -€73,646 | -5.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €1,311,761 | €1,238,115 | -€73,646 | -5.6% |
| Distributable reserves | 133 | €1,311,761 | €1,238,115 | -€73,646 | -5.6% |
| Amounts payable | 17/49 | €100,342 | €80,240 | -€20,102 | -20.0% |
| Amounts payable within one year | 42/48 | €100,342 | €80,240 | -€20,102 | -20.0% |
| Trade debts | 44 | €46,723 | €18,492 | -€28,231 | -60.4% |
| Suppliers | 440/4 | €46,723 | €18,492 | -€28,231 | -60.4% |
| Taxes, remuneration and social security | 45 | €52,485 | €61,748 | +€9,263 | +17.6% |
| Taxes | 450/3 | €52,485 | €61,748 | +€9,263 | +17.6% |
| Other amounts payable | 47/48 | €1,134 | - | -€1,134 | |
| Non-recurring operating income | 76A | €50,000 | - | -€50,000 | |
| Remuneration, social security and pensions | 62 | -€475 | €1,929 | +€2,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,345 | €38,198 | +€853 | +2.3% |
| Other operating charges | 640/8 | €12,582 | €10,559 | -€2,023 | -16.1% |
| Non-recurring operating charges | 66A | - | €6,146 | +€6,146 | |
| Gross operating margin | 9900 | €178,589 | -€974 | -€179,563 | |
| Operating profit (loss) | 9901 | €129,137 | -€57,806 | -€186,943 | |
| Financial income | 75/76B | €36 | €2,056 | +€2,020 | +5611.1% |
| Recurring financial income | 75 | €36 | €2,056 | +€2,020 | +5611.1% |
| Financial charges | 65/66B | €1,351 | €721 | -€630 | -46.6% |
| Recurring financial charges | 65 | €1,351 | €721 | -€630 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €127,822 | -€56,471 | -€184,293 | |
| Income taxes | 67/77 | €31,719 | €17,176 | -€14,543 | -45.8% |
| Profit (loss) for the period | 9904 | €96,103 | -€73,647 | -€169,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,103 | -€73,647 | -€169,750 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.