ANGELO ANTINORO: 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 ANTINORO
Largest movements
- Cash +€167,270
up €167,270 (+1,582%), from €10,576 to €177,847
mainly Current investments (+€156,227) and Net result for the year (+€132,917)
- Current investments -€156,227
down €156,227 (-22.3%), from €701,162 to €544,935
- Receivables within one year +€25,388
up €25,388 (+49.5%), from €51,297 to €76,686
of which Trade receivables: +€22,471
- Tangible fixed assets -€16,534
down €16,534 (-22.8%), from €72,472 to €55,938
of which Furniture and vehicles: -€14,218
- Reserves +€61,250
up €61,250 (+9.0%), from €680,084 to €741,334
of which Distributable reserves: +€61,250
- Tax, wage and social debts -€35,544
down €35,544 (-92.3%), from €38,514 to €2,970
of which Taxes: -€35,952
- Trade debts +€21,311
new in 2025: €21,311
- Debts after one year -€13,684
no longer reported in 2025 (was €13,684)
- Other debts -€10,460
down €10,460 (-11.3%), from €92,278 to €81,817
- Gross operating margin -€58,136
down €58,136 (-21.3%), from €272,644 to €214,508
- Taxes -€14,271
down €14,271 (-19.2%), from €74,407 to €60,136
- Financial income +€9,028
up €9,028 (+114%), from €7,915 to €16,944
- Depreciation -€6,448
down €6,448 (-21.3%), from €30,301 to €23,853
- Financial charges +€4,835
up €4,835 (+79.9%), from €6,052 to €10,887
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 | €835,507 | €856,389 | +€20,883 | +2.5% |
| Fixed assets | 21/28 | €72,472 | €55,938 | -€16,534 | -22.8% |
| Tangible fixed assets | 22/27 | €72,472 | €55,938 | -€16,534 | -22.8% |
| Land and buildings | 22 | €17,793 | €8,557 | -€9,236 | -51.9% |
| Plant, machinery and equipment | 23 | €10,988 | €17,909 | +€6,921 | +63.0% |
| Furniture and vehicles | 24 | €43,690 | €29,472 | -€14,218 | -32.5% |
| Current assets | 29/58 | €763,035 | €800,452 | +€37,416 | +4.9% |
| Amounts receivable within one year | 40/41 | €51,297 | €76,686 | +€25,388 | +49.5% |
| Trade receivables | 40 | €50,728 | €73,199 | +€22,471 | +44.3% |
| Other amounts receivable | 41 | €569 | €3,487 | +€2,917 | +512% |
| Current investments | 50/53 | €701,162 | €544,935 | -€156,227 | -22.3% |
| Cash at bank and in hand | 54/58 | €10,576 | €177,847 | +€167,270 | +1,582% |
| Deferred charges and accrued income | 490/1 | - | €984 | +€984 | |
| Total equity and liabilities | 10/49 | €835,507 | €856,389 | +€20,883 | +2.5% |
| Equity | 10/15 | €680,084 | €741,334 | +€61,250 | +9.0% |
| Reserves | 13 | €680,084 | €741,334 | +€61,250 | +9.0% |
| Non-distributable reserves | 130/1 | €9,915 | €9,915 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,915 | €9,915 | = | 0.0% |
| Distributable reserves | 133 | €670,169 | €731,419 | +€61,250 | +9.1% |
| Amounts payable | 17/49 | €155,423 | €115,056 | -€40,367 | -26.0% |
| Amounts payable after more than one year | 17 | €13,684 | - | -€13,684 | |
| Financial debts | 170/4 | €13,684 | - | -€13,684 | |
| Amounts payable within one year | 42/48 | €141,739 | €115,056 | -€26,683 | -18.8% |
| Current portion of amounts payable after more than one year | 42 | €10,947 | €8,957 | -€1,990 | -18.2% |
| Trade debts | 44 | - | €21,311 | +€21,311 | |
| Suppliers | 440/4 | - | €21,311 | +€21,311 | |
| Taxes, remuneration and social security | 45 | €38,514 | €2,970 | -€35,544 | -92.3% |
| Taxes | 450/3 | €38,514 | €2,562 | -€35,952 | -93.3% |
| Remuneration and social security | 454/9 | - | €408 | +€408 | |
| Other amounts payable | 47/48 | €92,278 | €81,817 | -€10,460 | -11.3% |
| Non-recurring operating income | 76A | - | €11,441 | +€11,441 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,301 | €23,853 | -€6,448 | -21.3% |
| Other operating charges | 640/8 | €2,517 | €3,659 | +€1,142 | +45.4% |
| Gross operating margin | 9900 | €272,644 | €214,508 | -€58,136 | -21.3% |
| Operating profit (loss) | 9901 | €239,826 | €186,996 | -€52,829 | -22.0% |
| Financial income | 75/76B | €7,915 | €16,944 | +€9,028 | +114% |
| Recurring financial income | 75 | €7,915 | €16,944 | +€9,028 | +114% |
| Financial charges | 65/66B | €6,052 | €10,887 | +€4,835 | +79.9% |
| Recurring financial charges | 65 | €6,052 | €10,887 | +€4,835 | +79.9% |
| Profit (loss) for the period before taxes | 9903 | €241,689 | €193,053 | -€48,636 | -20.1% |
| Income taxes | 67/77 | €74,407 | €60,136 | -€14,271 | -19.2% |
| Profit (loss) for the period | 9904 | €167,282 | €132,917 | -€34,365 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €167,282 | €132,917 | -€34,365 | -20.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.