ANGELO: 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.
ANGELO
Largest movements
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Cash +€149,720
up €149,720 (+77.6%), from €193,029 to €342,749
mainly Current investments (+€150,000) and Receivables within one year (+€90,517)
- Receivables within one year -€90,517
down €90,517 (-67.7%), from €133,735 to €43,219
of which Trade receivables: -€98,316
- Deferred charges and accrued income -€31,688
down €31,688 (-70.3%), from €45,066 to €13,378
- Tangible fixed assets +€20,581
up €20,581 (+10.1%), from €204,410 to €224,991
of which Other tangible fixed assets: +€24,621
- Trade debts -€46,724
down €46,724 (-14.9%), from €313,512 to €266,788
- Other debts -€39,499
down €39,499 (-97.9%), from €40,335 to €836
- Debts after one year -€25,419
down €25,419 (-17.3%), from €147,236 to €121,818
- Reserves +€10,659
up €10,659 (+6.3%), from €168,845 to €179,504
- Gross operating margin -€86,027
down €86,027 (-47.9%), from €179,460 to €93,433
- Taxes -€25,291
down €25,291 (-84.4%), from €29,949 to €4,658
- Depreciation +€8,217
up €8,217 (+98.1%), from €8,377 to €16,594
- Staff costs -€4,550
down €4,550 (-11.3%), from €40,125 to €35,575
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.
Derived cash bridge
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 | €727,420 | €624,337 | -€103,083 | -14.2% |
| Fixed assets | 21/28 | €205,590 | €224,991 | +€19,401 | +9.4% |
| Intangible fixed assets | 21 | €1,180 | €0 | -€1,180 | -100% |
| Tangible fixed assets | 22/27 | €204,410 | €224,991 | +€20,581 | +10.1% |
| Land and buildings | 22 | €198,542 | €193,464 | -€5,079 | -2.6% |
| Plant, machinery and equipment | 23 | €1,144 | €844 | -€300 | -26.2% |
| Furniture and vehicles | 24 | €2,076 | €3,415 | +€1,339 | +64.5% |
| Other tangible fixed assets | 26 | €2,648 | €27,268 | +€24,621 | +930% |
| Current assets | 29/58 | €521,830 | €399,346 | -€122,485 | -23.5% |
| Amounts receivable within one year | 40/41 | €133,735 | €43,219 | -€90,517 | -67.7% |
| Trade receivables | 40 | €129,018 | €30,703 | -€98,316 | -76.2% |
| Other amounts receivable | 41 | €4,717 | €12,516 | +€7,799 | +165% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €193,029 | €342,749 | +€149,720 | +77.6% |
| Deferred charges and accrued income | 490/1 | €45,066 | €13,378 | -€31,688 | -70.3% |
| Total equity and liabilities | 10/49 | €727,420 | €624,337 | -€103,083 | -14.2% |
| Equity | 10/15 | €188,845 | €199,504 | +€10,659 | +5.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €168,845 | €179,504 | +€10,659 | +6.3% |
| Distributable reserves | 133 | €168,845 | €179,504 | +€10,659 | +6.3% |
| Amounts payable | 17/49 | €538,575 | €424,833 | -€113,743 | -21.1% |
| Amounts payable after more than one year | 17 | €147,236 | €121,818 | -€25,419 | -17.3% |
| Financial debts | 170/4 | €147,236 | €121,818 | -€25,419 | -17.3% |
| Amounts payable within one year | 42/48 | €391,008 | €303,015 | -€87,993 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €24,380 | €25,419 | +€1,039 | +4.3% |
| Trade debts | 44 | €313,512 | €266,788 | -€46,724 | -14.9% |
| Suppliers | 440/4 | €313,512 | €266,788 | -€46,724 | -14.9% |
| Taxes, remuneration and social security | 45 | €12,781 | €9,973 | -€2,808 | -22.0% |
| Taxes | 450/3 | €8,174 | €9,445 | +€1,270 | +15.5% |
| Remuneration and social security | 454/9 | €4,607 | €528 | -€4,079 | -88.5% |
| Other amounts payable | 47/48 | €40,335 | €836 | -€39,499 | -97.9% |
| Accrued charges and deferred income | 492/3 | €331 | €0 | -€331 | -100% |
| Non-recurring operating income | 76A | €28,124 | €2,541 | -€25,584 | -91.0% |
| Remuneration, social security and pensions | 62 | €40,125 | €35,575 | -€4,550 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,377 | €16,594 | +€8,217 | +98.1% |
| Other operating charges | 640/8 | €21,370 | €21,524 | +€155 | +0.7% |
| Gross operating margin | 9900 | €179,460 | €93,433 | -€86,027 | -47.9% |
| Operating profit (loss) | 9901 | €109,588 | €19,740 | -€89,849 | -82.0% |
| Financial income | 75/76B | €2,970 | €3,021 | +€51 | +1.7% |
| Recurring financial income | 75 | €2,970 | €3,021 | +€51 | +1.7% |
| Financial charges | 65/66B | €8,076 | €7,443 | -€633 | -7.8% |
| Recurring financial charges | 65 | €8,076 | €7,443 | -€633 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €104,483 | €15,318 | -€89,165 | -85.3% |
| Income taxes | 67/77 | €29,949 | €4,658 | -€25,291 | -84.4% |
| Profit (loss) for the period | 9904 | €74,533 | €10,659 | -€63,874 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,533 | €10,659 | -€63,874 | -85.7% |
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 27 October 2026 via checked.be.