ANGELUS: 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.
ANGELUS
Largest movements
- Current investments -€352,247
down €352,247 (-100%), from €352,247 to €0
- Cash +€115,579
up €115,579 (+111%), from €104,183 to €219,762
mainly Current investments (+€352,247) and Net result for the year (+€160,950)
- Receivables within one year -€36,619
down €36,619 (-100%), from €36,619 to €0
of which Trade receivables: -€31,279
- Reserves -€302,980
down €302,980 (-100%), from €302,980 to €0
- Other debts +€22,695
up €22,695 (+20.5%), from €110,821 to €133,516
- Trade debts +€13,312
up €13,312 (+250%), from €5,314 to €18,626
- Tax, wage and social debts -€7,250
down €7,250 (-10.0%), from €72,357 to €65,107
- Gross operating margin +€73,597
up €73,597 (+53.6%), from €137,183 to €210,780
- Taxes +€18,663
up €18,663 (+58.3%), from €32,025 to €50,689
- Financial income -€8,391
down €8,391 (-76.4%), from €10,977 to €2,586
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 | €496,472 | €222,249 | -€274,223 | -55.2% |
| Fixed assets | 21/28 | €2,499 | €1,529 | -€970 | -38.8% |
| Tangible fixed assets | 22/27 | €2,499 | €1,529 | -€970 | -38.8% |
| Plant, machinery and equipment | 23 | €1,965 | €1,529 | -€436 | -22.2% |
| Furniture and vehicles | 24 | €534 | €0 | -€534 | -100% |
| Current assets | 29/58 | €493,973 | €220,720 | -€273,253 | -55.3% |
| Amounts receivable within one year | 40/41 | €36,619 | €0 | -€36,619 | -100% |
| Trade receivables | 40 | €31,279 | €0 | -€31,279 | -100% |
| Other amounts receivable | 41 | €5,340 | €0 | -€5,340 | -100% |
| Current investments | 50/53 | €352,247 | €0 | -€352,247 | -100% |
| Cash at bank and in hand | 54/58 | €104,183 | €219,762 | +€115,579 | +111% |
| Deferred charges and accrued income | 490/1 | €925 | €958 | +€33 | +3.6% |
| Total equity and liabilities | 10/49 | €496,472 | €222,249 | -€274,223 | -55.2% |
| Equity | 10/15 | €307,980 | €5,000 | -€302,980 | -98.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €302,980 | €0 | -€302,980 | -100% |
| Distributable reserves | 133 | €302,980 | €0 | -€302,980 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €188,493 | €217,249 | +€28,757 | +15.3% |
| Amounts payable within one year | 42/48 | €188,493 | €217,249 | +€28,757 | +15.3% |
| Trade debts | 44 | €5,314 | €18,626 | +€13,312 | +250% |
| Suppliers | 440/4 | €5,314 | €18,626 | +€13,312 | +250% |
| Taxes, remuneration and social security | 45 | €72,357 | €65,107 | -€7,250 | -10.0% |
| Taxes | 450/3 | €72,357 | €65,107 | -€7,250 | -10.0% |
| Other amounts payable | 47/48 | €110,821 | €133,516 | +€22,695 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €854 | €970 | +€116 | +13.6% |
| Other operating charges | 640/8 | €662 | €682 | +€20 | +3.1% |
| Gross operating margin | 9900 | €137,183 | €210,780 | +€73,597 | +53.6% |
| Operating profit (loss) | 9901 | €135,667 | €209,127 | +€73,460 | +54.1% |
| Financial income | 75/76B | €10,977 | €2,586 | -€8,391 | -76.4% |
| Recurring financial income | 75 | €10,977 | €2,586 | -€8,391 | -76.4% |
| Financial charges | 65/66B | €43 | €75 | +€33 | +76.4% |
| Recurring financial charges | 65 | €43 | €75 | +€33 | +76.4% |
| Profit (loss) for the period before taxes | 9903 | €146,601 | €211,638 | +€65,037 | +44.4% |
| Income taxes | 67/77 | €32,025 | €50,689 | +€18,663 | +58.3% |
| Profit (loss) for the period | 9904 | €114,576 | €160,950 | +€46,374 | +40.5% |
| Profit (loss) for the period to be appropriated | 9905 | €114,576 | €160,950 | +€46,374 | +40.5% |
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 25 October 2026 via checked.be.