ANGELOPOULOS: 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.
ANGELOPOULOS
Largest movements
- Tangible fixed assets -€40,948
down €40,948 (-18.3%), from €223,956 to €183,008
of which Other tangible fixed assets: -€26,961
- Cash +€23,205
up €23,205 (+198.4%), from €11,698 to €34,904
mainly Depreciation (+€51,325) and Net result for the year (+€22,845)
- Stocks and contracts +€20,950
up €20,950 (+9.9%), from €210,956 to €231,907
- Debts after one year -€31,308
down €31,308 (-15.1%), from €207,720 to €176,412
of which Financial debts: -€31,308
- Reserves +€22,000
up €22,000 (+266.9%), from €8,243 to €30,243
of which Distributable reserves: +€22,000
- Trade debts +€10,507
up €10,507 (+5.9%), from €178,785 to €189,292
- Short-term financial debts +€9,542
up €9,542 (+35.1%), from €27,208 to €36,749
- Gross operating margin +€23,577
up €23,577 (+6.4%), from €365,666 to €389,243
- Staff costs -€20,404
down €20,404 (-9.9%), from €205,639 to €185,235
- Other operating charges +€13,146
up €13,146 (+14.3%), from €92,066 to €105,211
- Taxes +€12,402
up €12,402 (+2182.8%), from €568 to €12,971
- Depreciation +€4,158
up €4,158 (+8.8%), from €47,167 to €51,325
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 | €645,814 | €653,550 | +€7,737 | +1.2% |
| Fixed assets | 21/28 | €228,434 | €185,847 | -€42,586 | -18.6% |
| Intangible fixed assets | 21 | €3,430 | €1,792 | -€1,638 | -47.8% |
| Tangible fixed assets | 22/27 | €223,956 | €183,008 | -€40,948 | -18.3% |
| Land and buildings | 22 | €4,508 | €2,736 | -€1,772 | -39.3% |
| Plant, machinery and equipment | 23 | €27,856 | €26,526 | -€1,329 | -4.8% |
| Furniture and vehicles | 24 | €29,824 | €18,938 | -€10,885 | -36.5% |
| Other tangible fixed assets | 26 | €161,769 | €134,807 | -€26,961 | -16.7% |
| Financial fixed assets | 28 | €1,048 | €1,048 | = | 0.0% |
| Current assets | 29/58 | €417,380 | €467,703 | +€50,323 | +12.1% |
| Stocks and contracts in progress | 3 | €210,956 | €231,907 | +€20,950 | +9.9% |
| Stocks | 30/36 | €210,956 | €231,907 | +€20,950 | +9.9% |
| Amounts receivable within one year | 40/41 | €174,661 | €179,229 | +€4,568 | +2.6% |
| Trade receivables | 40 | €167,961 | €175,272 | +€7,311 | +4.4% |
| Other amounts receivable | 41 | €6,700 | €3,957 | -€2,743 | -40.9% |
| Cash at bank and in hand | 54/58 | €11,698 | €34,904 | +€23,205 | +198.4% |
| Deferred charges and accrued income | 490/1 | €20,065 | €21,664 | +€1,599 | +8.0% |
| Total equity and liabilities | 10/49 | €645,814 | €653,550 | +€7,737 | +1.2% |
| Equity | 10/15 | €84,173 | €107,018 | +€22,845 | +27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,243 | €30,243 | +€22,000 | +266.9% |
| Tax-exempt reserves | 132 | €6,383 | €6,383 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €23,860 | +€22,000 | +1182.8% |
| Profit (loss) carried forward | 14 | €57,330 | €58,175 | +€845 | +1.5% |
| Amounts payable | 17/49 | €561,641 | €546,532 | -€15,108 | -2.7% |
| Amounts payable after more than one year | 17 | €207,720 | €176,412 | -€31,308 | -15.1% |
| Financial debts | 170/4 | €156,720 | €125,412 | -€31,308 | -20.0% |
| Other amounts payable | 178/9 | €51,000 | €51,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €353,921 | €370,120 | +€16,199 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €30,609 | €31,308 | +€699 | +2.3% |
| Financial debts | 43 | €27,208 | €36,749 | +€9,542 | +35.1% |
| Credit institutions | 430/8 | €27,208 | €36,749 | +€9,542 | +35.1% |
| Trade debts | 44 | €178,785 | €189,292 | +€10,507 | +5.9% |
| Suppliers | 440/4 | €178,785 | €189,292 | +€10,507 | +5.9% |
| Taxes, remuneration and social security | 45 | €42,929 | €38,262 | -€4,666 | -10.9% |
| Taxes | 450/3 | €15,261 | €20,391 | +€5,130 | +33.6% |
| Remuneration and social security | 454/9 | €27,668 | €17,871 | -€9,796 | -35.4% |
| Other amounts payable | 47/48 | €74,390 | €74,508 | +€118 | +0.2% |
| Non-recurring operating income | 76A | €17,196 | - | -€17,196 | |
| Remuneration, social security and pensions | 62 | €205,639 | €185,235 | -€20,404 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,167 | €51,325 | +€4,158 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,515 | +€1,515 | |
| Other operating charges | 640/8 | €92,066 | €105,211 | +€13,146 | +14.3% |
| Gross operating margin | 9900 | €365,666 | €389,243 | +€23,577 | +6.4% |
| Operating profit (loss) | 9901 | €20,794 | €45,957 | +€25,163 | +121.0% |
| Financial income | 75/76B | €1,487 | €23 | -€1,464 | -98.5% |
| Recurring financial income | 75 | €1,487 | €23 | -€1,464 | -98.5% |
| Financial charges | 65/66B | €10,479 | €10,165 | -€314 | -3.0% |
| Recurring financial charges | 65 | €10,479 | €10,165 | -€314 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €11,802 | €35,816 | +€24,014 | +203.5% |
| Income taxes | 67/77 | €568 | €12,971 | +€12,402 | +2182.8% |
| Profit (loss) for the period | 9904 | €11,234 | €22,845 | +€11,611 | +103.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,234 | €22,845 | +€11,611 | +103.4% |
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.