Angelo 2.0: what changed
What changed
Angelo 2.0
NACE 68.321, Property management for co-owned buildings (syndics)
filed annual accounts (NBB)
Net result for the year
€7.8m
31-12-2024 · €7.3m+€502,868
Equity
€23.7m
31-12-2024 · €16.1m+€7.6m
Cash
€13,580
31-12-2024 · €53,464-€39,884
Balance sheet total
€38.1m
31-12-2024 · €36.2m+€1.9m
Largest movements
Assets
- Tangible fixed assets +€2.1m
up €2.1m (+29.0%), from €7.2m to €9.3m
of which Assets under construction and advance payments: +€1.7m
- Financial fixed assets -€680,350
down €680,350 (-2.7%), from €25.5m to €24.9m
of which Affiliated companies: -€700,000
- Stocks and contracts +€623,346
up €623,346 (+28.9%), from €2.2m to €2.8m
Equity and liabilities
- Other debts -€8.9m
down €8.9m (-96.2%), from €9.2m to €346,802
- Reserves +€7.6m
up €7.6m (+47.2%), from €16.1m to €23.6m
of which Distributable reserves: +€7.2m
- Debts after one year +€2.5m
up €2.5m (+26.0%), from €9.5m to €12.0m
of which Other amounts payable: +€2.7m
- Trade debts +€453,370
up €453,370 (+3,523%), from €12,868 to €466,238
Income statement
- Turnover -€147,199
down €147,199 (-11.2%), from €1.3m to €1.2m
- Financial charges -€125,879
down €125,879 (-26.1%), from €482,000 to €356,121
- Depreciation -€114,927
down €114,927 (-17.8%), from €646,564 to €531,637
- Other operating income +€22,453
up €22,453 (+214%), from €10,471 to €32,924
Change in the result, 31-12-2024 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-12-2024
€7.3m
Turnover
-€147,199
Other operating income
+€22,453
Services and other goods
-€8,922
Depreciation
+€114,927
Other operating charges
-€11,472
Other operating items
+€531,363
Financial income
+€8,678
Financial charges
+€125,879
Deferred taxes and other
-€132,841
Result 31-12-2025
€7.8m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€531,739
Investment
-€2.0m
Financing
+€2.5m
Cash 31-12-2024
€53,464
From operations (derived)
-€531,739
Net result for the year
+€7.8m
Depreciation
+€531,637
Stocks and contracts
-€623,346
Receivables within one year
+€130,325
Smaller working-capital items
-€12,826
Provisions
+€132,841
Trade debts
+€453,370
Tax, wage and social debts
-€77,264
Other debts
-€8.9m
Investment (derived)
-€2.0m
Investment in fixed assets (net)
-€2.0m
Current investments
-€38,346
Financing
+€2.5m
Debts after one year
+€2.5m
Current portion of long-term debt
+€7,864
Short-term financial debts
+€200,000
Contributions, distributions and other
-€204,632
Cash 31-12-2025
€13,580
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €36,166,067 | €38,076,063 | +€1.9m | +5.3% |
| Fixed assets | 21/28 | €32,785,314 | €34,207,085 | +€1.4m | +4.3% |
| Tangible fixed assets | 22/27 | €7,246,599 | €9,348,721 | +€2.1m | +29.0% |
| Land and buildings | 22 | €5,519,866 | €5,916,112 | +€396,246 | +7.2% |
| Plant, machinery and equipment | 23 | €38,440 | €52,466 | +€14,027 | +36.5% |
| Furniture and vehicles | 24 | €31,118 | €32,055 | +€938 | +3.0% |
| Assets under construction and advance payments | 27 | €1,657,176 | €3,348,088 | +€1.7m | +102% |
| Financial fixed assets | 28 | €25,538,714 | €24,858,364 | -€680,350 | -2.7% |
| Affiliated companies | 280/1 | €25,458,364 | €24,758,364 | -€700,000 | -2.7% |
| Participating interests | 280 | €25,458,364 | €24,758,364 | -€700,000 | -2.7% |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €80,350 | €100,000 | +€19,650 | +24.5% |
| Amounts receivable and cash guarantees | 285/8 | €80,350 | €100,000 | +€19,650 | +24.5% |
| Current assets | 29/58 | €3,380,753 | €3,868,977 | +€488,224 | +14.4% |
| Stocks and contracts in progress | 3 | €2,156,958 | €2,780,305 | +€623,346 | +28.9% |
| Stocks | 30/36 | €2,156,958 | €2,780,305 | +€623,346 | +28.9% |
| Property held for sale | 35 | €2,156,958 | €2,780,305 | +€623,346 | +28.9% |
| Amounts receivable within one year | 40/41 | €988,466 | €858,141 | -€130,325 | -13.2% |
| Trade receivables | 40 | €984,420 | €850,108 | -€134,312 | -13.6% |
| Other amounts receivable | 41 | €4,046 | €8,032 | +€3,987 | +98.5% |
| Current investments | 50/53 | €172,500 | €210,846 | +€38,346 | +22.2% |
| Other investments | 51/53 | €172,500 | €210,846 | +€38,346 | +22.2% |
| Cash at bank and in hand | 54/58 | €53,464 | €13,580 | -€39,884 | -74.6% |
| Deferred charges and accrued income | 490/1 | €9,365 | €6,107 | -€3,258 | -34.8% |
| Total equity and liabilities | 10/49 | €36,166,067 | €38,076,063 | +€1.9m | +5.3% |
| Equity | 10/15 | €16,076,881 | €23,663,907 | +€7.6m | +47.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,058,281 | €23,645,307 | +€7.6m | +47.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €398,523 | +€398,523 | |
| Distributable reserves | 133 | €16,056,421 | €23,244,924 | +€7.2m | +44.8% |
| Provisions and deferred taxes | 16 | - | €132,841 | +€132,841 | |
| Deferred taxes | 168 | - | €132,841 | +€132,841 | |
| Amounts payable | 17/49 | €20,089,185 | €14,279,315 | -€5.8m | -28.9% |
| Amounts payable after more than one year | 17 | €9,548,688 | €12,029,065 | +€2.5m | +26.0% |
| Financial debts | 170/4 | €4,997,049 | €4,736,156 | -€260,893 | -5.2% |
| Credit institutions | 173 | €4,997,049 | €4,736,156 | -€260,893 | -5.2% |
| Other amounts payable | 178/9 | €4,551,639 | €7,292,909 | +€2.7m | +60.2% |
| Amounts payable within one year | 42/48 | €10,508,636 | €2,234,473 | -€8.3m | -78.7% |
| Current portion of amounts payable after more than one year | 42 | €866,311 | €874,174 | +€7,864 | +0.9% |
| Financial debts | 43 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Credit institutions | 430/8 | €300,000 | €500,000 | +€200,000 | +66.7% |
| Trade debts | 44 | €12,868 | €466,238 | +€453,370 | +3,523% |
| Suppliers | 440/4 | €12,868 | €466,238 | +€453,370 | +3,523% |
| Taxes, remuneration and social security | 45 | €124,522 | €47,258 | -€77,264 | -62.0% |
| Taxes | 450/3 | €124,522 | €45,528 | -€78,995 | -63.4% |
| Remuneration and social security | 454/9 | - | €1,731 | +€1,731 | |
| Other amounts payable | 47/48 | €9,204,935 | €346,802 | -€8.9m | -96.2% |
| Accrued charges and deferred income | 492/3 | €31,861 | €15,777 | -€16,084 | -50.5% |
| Operating income | 70/76A | €1,327,008 | €1,733,625 | +€406,617 | +30.6% |
| Turnover | 70 | €1,316,536 | €1,169,337 | -€147,199 | -11.2% |
| Other operating income | 74 | €10,471 | €32,924 | +€22,453 | +214% |
| Non-recurring operating income | 76A | €0 | €531,363 | +€531,363 | |
| Operating charges | 60/66A | €1,061,041 | €966,507 | -€94,534 | -8.9% |
| Goods for resale, raw materials and consumables | 60 | €0 | - | = | |
| Purchases | 600/8 | €793,108 | €623,346 | -€169,762 | -21.4% |
| Change in stocks: decrease (increase) | 609 | -€793,108 | -€623,346 | +€169,762 | +21.4% |
| Services and other goods | 61 | €343,169 | €352,090 | +€8,922 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €646,564 | €531,637 | -€114,927 | -17.8% |
| Other operating charges | 640/8 | €71,308 | €82,780 | +€11,472 | +16.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €265,967 | €767,118 | +€501,151 | +188% |
| Financial income | 75/76B | €7,504,823 | €7,513,501 | +€8,678 | +0.1% |
| Recurring financial income | 75 | €7,504,823 | €7,513,501 | +€8,678 | +0.1% |
| Income from financial fixed assets | 750 | €7,500,000 | €7,500,000 | = | 0.0% |
| Income from current assets | 751 | €36 | €0 | -€36 | -100% |
| Other financial income | 752/9 | €4,786 | €13,501 | +€8,714 | +182% |
| Financial charges | 65/66B | €482,000 | €356,121 | -€125,879 | -26.1% |
| Recurring financial charges | 65 | €482,000 | €356,121 | -€125,879 | -26.1% |
| Debt charges | 650 | €478,801 | €344,434 | -€134,367 | -28.1% |
| Other financial charges | 652/9 | €3,199 | €11,686 | +€8,487 | +265% |
| Profit (loss) for the period before taxes | 9903 | €7,288,790 | €7,924,498 | +€635,708 | +8.7% |
| Transfer to deferred taxes | 680 | - | €132,841 | +€132,841 | |
| Profit (loss) for the period | 9904 | €7,288,790 | €7,791,657 | +€502,868 | +6.9% |
| Transfer to tax-exempt reserves | 689 | - | €398,523 | +€398,523 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,288,790 | €7,393,135 | +€104,345 | +1.4% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.