ANGELS: 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.
ANGELS
Largest movements
- Cash -€12,785
down €12,785 (-34.5%), from €37,005 to €24,220
mainly Net result for the year (-€10,229) and Debts after one year (-€10,002)
- Receivables within one year +€6,144
up €6,144 (+65.9%), from €9,322 to €15,465
of which Other amounts receivable: +€6,144
- Profit (loss) carried forward -€10,229
down €10,229 (-134.9%), from -€7,582 to -€17,811
- Debts after one year -€10,002
down €10,002 (-36.4%), from €27,495 to €17,492
- Current portion of long-term debt +€10,002
up €10,002 (+44.4%), from €22,505 to €32,508
- Other debts +€7,342
up €7,342 (+6.7%), from €110,081 to €117,423
- Accrued charges and deferred income -€5,029
down €5,029 (-100.0%), from €5,029 to €0
- Financial charges -€220,408
down €220,408 (-98.6%), from €223,430 to €3,023
of which Non-recurring financial charges: -€220,000
- Taxes -€20,675
down €20,675 (-100.0%), from €20,675 to €0
- Gross operating margin -€3,111
down €3,111 (-69.1%), from -€4,501 to -€7,613
- Financial income -€428
down €428 (-32.4%), from €1,322 to €894
- Other operating charges -€91
down €91 (-15.7%), from €578 to €487
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 | €176,327 | €169,685 | -€6,641 | -3.8% |
| Fixed assets | 21/28 | €130,000 | €130,000 | = | 0.0% |
| Financial fixed assets | 28 | €130,000 | €130,000 | = | 0.0% |
| Current assets | 29/58 | €46,327 | €39,685 | -€6,641 | -14.3% |
| Amounts receivable within one year | 40/41 | €9,322 | €15,465 | +€6,144 | +65.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €9,322 | €15,465 | +€6,144 | +65.9% |
| Cash at bank and in hand | 54/58 | €37,005 | €24,220 | -€12,785 | -34.5% |
| Total equity and liabilities | 10/49 | €176,327 | €169,685 | -€6,641 | -3.8% |
| Equity | 10/15 | €9,278 | -€951 | -€10,229 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,582 | -€17,811 | -€10,229 | -134.9% |
| Amounts payable | 17/49 | €167,048 | €170,636 | +€3,588 | +2.1% |
| Amounts payable after more than one year | 17 | €27,495 | €17,492 | -€10,002 | -36.4% |
| Financial debts | 170/4 | €27,495 | €17,492 | -€10,002 | -36.4% |
| Amounts payable within one year | 42/48 | €134,524 | €153,144 | +€18,619 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €22,505 | €32,508 | +€10,002 | +44.4% |
| Trade debts | 44 | €1,525 | €2,800 | +€1,275 | +83.6% |
| Suppliers | 440/4 | €1,525 | €2,800 | +€1,275 | +83.6% |
| Taxes, remuneration and social security | 45 | €413 | €413 | = | 0.0% |
| Taxes | 450/3 | €413 | €413 | = | 0.0% |
| Other amounts payable | 47/48 | €110,081 | €117,423 | +€7,342 | +6.7% |
| Accrued charges and deferred income | 492/3 | €5,029 | €0 | -€5,029 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Other operating charges | 640/8 | €578 | €487 | -€91 | -15.7% |
| Gross operating margin | 9900 | -€4,501 | -€7,613 | -€3,111 | -69.1% |
| Operating profit (loss) | 9901 | -€5,079 | -€8,100 | -€3,021 | -59.5% |
| Financial income | 75/76B | €1,322 | €894 | -€428 | -32.4% |
| Recurring financial income | 75 | €1,322 | €894 | -€428 | -32.4% |
| Financial charges | 65/66B | €223,430 | €3,023 | -€220,408 | -98.6% |
| Recurring financial charges | 65 | €3,430 | €3,023 | -€408 | -11.9% |
| Non-recurring financial charges | 66B | €220,000 | €0 | -€220,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€227,188 | -€10,229 | +€216,959 | +95.5% |
| Income taxes | 67/77 | €20,675 | €0 | -€20,675 | -100.0% |
| Profit (loss) for the period | 9904 | -€247,863 | -€10,229 | +€237,634 | +95.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€247,863 | -€10,229 | +€237,634 | +95.9% |
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 7 October 2026 via checked.be.