Angelo: 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.
Angelo
Largest movements
- Receivables within one year -€225,413
down €225,413 (-57.9%), from €389,585 to €164,172
of which Trade receivables: -€204,119
- Cash +€34,537
up €34,537 (+114.4%), from €30,187 to €64,724
mainly Receivables within one year (+€225,413) and Other debts (+€25,447)
- Trade debts -€234,729
down €234,729 (-96.5%), from €243,213 to €8,484
- Other debts +€25,447
new in 2025: €25,447
- Profit (loss) carried forward +€12,545
up €12,545 (+9.9%), from €126,328 to €138,873
- Tax, wage and social debts +€6,336
up €6,336 (+16.9%), from €37,406 to €43,741
of which Remuneration and social security: +€4,836
- Gross operating margin +€65,058
up €65,058 (+51.1%), from €127,371 to €192,429
- Staff costs +€13,271
up €13,271 (+8.3%), from €160,247 to €173,519
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 | €427,398 | €236,996 | -€190,402 | -44.5% |
| Fixed assets | 21/28 | €5,244 | €5,376 | +€132 | +2.5% |
| Tangible fixed assets | 22/27 | €5,214 | €5,346 | +€132 | +2.5% |
| Furniture and vehicles | 24 | €1,679 | €2,065 | +€386 | +23.0% |
| Other tangible fixed assets | 26 | €3,536 | €3,281 | -€254 | -7.2% |
| Financial fixed assets | 28 | €29 | €29 | = | 0.0% |
| Current assets | 29/58 | €422,154 | €231,620 | -€190,533 | -45.1% |
| Amounts receivable within one year | 40/41 | €389,585 | €164,172 | -€225,413 | -57.9% |
| Trade receivables | 40 | €360,465 | €156,346 | -€204,119 | -56.6% |
| Other amounts receivable | 41 | €29,120 | €7,826 | -€21,294 | -73.1% |
| Cash at bank and in hand | 54/58 | €30,187 | €64,724 | +€34,537 | +114.4% |
| Deferred charges and accrued income | 490/1 | €2,382 | €2,724 | +€343 | +14.4% |
| Total equity and liabilities | 10/49 | €427,398 | €236,996 | -€190,402 | -44.5% |
| Equity | 10/15 | €146,779 | €159,324 | +€12,545 | +8.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,328 | €138,873 | +€12,545 | +9.9% |
| Amounts payable | 17/49 | €280,618 | €77,672 | -€202,946 | -72.3% |
| Amounts payable within one year | 42/48 | €280,618 | €77,672 | -€202,946 | -72.3% |
| Trade debts | 44 | €243,213 | €8,484 | -€234,729 | -96.5% |
| Suppliers | 440/4 | €243,213 | €8,484 | -€234,729 | -96.5% |
| Taxes, remuneration and social security | 45 | €37,406 | €43,741 | +€6,336 | +16.9% |
| Taxes | 450/3 | €16,129 | €17,628 | +€1,499 | +9.3% |
| Remuneration and social security | 454/9 | €21,277 | €26,113 | +€4,836 | +22.7% |
| Other amounts payable | 47/48 | - | €25,447 | +€25,447 | |
| Remuneration, social security and pensions | 62 | €160,247 | €173,519 | +€13,271 | +8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,595 | €1,684 | -€1,911 | -53.2% |
| Other operating charges | 640/8 | €3,044 | €1,869 | -€1,174 | -38.6% |
| Gross operating margin | 9900 | €127,371 | €192,429 | +€65,058 | +51.1% |
| Operating profit (loss) | 9901 | -€39,515 | €15,357 | +€54,872 | |
| Financial charges | 65/66B | €2,860 | €2,057 | -€804 | -28.1% |
| Recurring financial charges | 65 | €2,860 | €2,057 | -€804 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | -€42,376 | €13,300 | +€55,676 | |
| Income taxes | 67/77 | €622 | €755 | +€134 | +21.5% |
| Profit (loss) for the period | 9904 | -€42,997 | €12,545 | +€55,542 | |
| Profit (loss) for the period to be appropriated | 9905 | -€42,997 | €12,545 | +€55,542 |
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 5 October 2026 via checked.be.