ANGEMAR: 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.
What changed
ANGEMAR
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€4,010
2023 · -€1,078+€5,088
Equity
€1.1m
2023 · €1.0m+€4,010
Cash
€22,687
2023 · €101,324-€78,636
Balance sheet total
€2.4m
2023 · €2.6m-€159,710
Largest movements
Assets
- Tangible fixed assets -€87,948
down €87,948 (-3.6%), from €2.4m to €2.4m
of which Land and buildings: -€74,318
- Cash -€78,636
down €78,636 (-77.6%), from €101,324 to €22,687
mainly Debts after one year (-€100,605) and Tax, wage and social debts (-€73,722)
Equity and liabilities
- Debts after one year -€100,605
down €100,605 (-8.6%), from €1.2m to €1.1m
of which Other amounts payable: -€206,000
- Tax, wage and social debts -€73,722
down €73,722 (-100.0%), from €73,722 to €0
Income statement
- Gross operating margin +€79,778
up €79,778 (+70.3%), from €113,479 to €193,257
- Depreciation +€51,580
up €51,580 (+71.0%), from €72,631 to €124,211
- Other operating charges +€18,180
up €18,180 (+209.0%), from €8,697 to €26,876
- Taxes +€8,223
up €8,223, from €0 to €8,223
From the 2023 result to the 2024 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.
Result 2023
-€1,078
Gross operating margin
+€79,778
Depreciation
-€51,580
Other operating charges
-€18,180
Financial income
-€56
Financial charges
-€1,783
Taxes
-€8,223
Deferred taxes and other
+€5,132
Result 2024
€4,010
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€40,637
Investment
-€36,329
Financing
-€82,944
Cash 2023
€101,324
From operations (derived)
+€40,637
Net result for the year
+€4,010
Depreciation
+€124,211
Receivables within one year
-€6,808
Provisions
-€5,166
Trade debts
+€1,596
Tax, wage and social debts
-€73,722
Other debts
+€2,747
Accrued charges and deferred income
-€6,230
Investment (derived)
-€36,329
Investment in fixed assets (net)
-€36,264
Current investments
-€66
Financing
-€82,944
Debts after one year
-€100,605
Current portion of long-term debt
+€17,661
Cash 2024
€22,687
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,557,436 | €2,397,726 | -€159,710 | -6.2% |
| Fixed assets | 21/28 | €2,441,865 | €2,353,918 | -€87,948 | -3.6% |
| Tangible fixed assets | 22/27 | €2,438,905 | €2,350,958 | -€87,948 | -3.6% |
| Land and buildings | 22 | €2,391,315 | €2,316,997 | -€74,318 | -3.1% |
| Furniture and vehicles | 24 | €47,590 | €33,961 | -€13,629 | -28.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €2,960 | €2,960 | = | 0.0% |
| Current assets | 29/58 | €115,571 | €43,808 | -€71,763 | -62.1% |
| Amounts receivable within one year | 40/41 | €0 | €6,808 | +€6,808 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €6,808 | +€6,808 | |
| Current investments | 50/53 | €14,247 | €14,313 | +€66 | +0.5% |
| Cash at bank and in hand | 54/58 | €101,324 | €22,687 | -€78,636 | -77.6% |
| Total equity and liabilities | 10/49 | €2,557,436 | €2,397,726 | -€159,710 | -6.2% |
| Equity | 10/15 | €1,046,649 | €1,050,659 | +€4,010 | +0.4% |
| Contributions | 10/11 | €444,000 | €444,000 | = | 0.0% |
| Capital | 10 | €444,000 | €444,000 | = | 0.0% |
| Issued capital | 100 | €444,000 | €444,000 | = | 0.0% |
| Reserves | 13 | €604,714 | €606,659 | +€1,945 | +0.3% |
| Non-distributable reserves | 130/1 | €44,400 | €40,396 | -€4,004 | -9.0% |
| Legal reserve | 130 | €44,400 | €40,396 | -€4,004 | -9.0% |
| Tax-exempt reserves | 132 | €507,612 | €492,113 | -€15,499 | -3.1% |
| Distributable reserves | 133 | €52,702 | €74,150 | +€21,447 | +40.7% |
| Profit (loss) carried forward | 14 | -€2,065 | €0 | +€2,065 | |
| Provisions and deferred taxes | 16 | €169,204 | €164,038 | -€5,166 | -3.1% |
| Deferred taxes | 168 | €169,204 | €164,038 | -€5,166 | -3.1% |
| Amounts payable | 17/49 | €1,341,583 | €1,183,030 | -€158,553 | -11.8% |
| Amounts payable after more than one year | 17 | €1,176,220 | €1,075,615 | -€100,605 | -8.6% |
| Financial debts | 170/4 | €942,790 | €1,048,185 | +€105,395 | +11.2% |
| Other amounts payable | 178/9 | €233,430 | €27,430 | -€206,000 | -88.2% |
| Amounts payable within one year | 42/48 | €149,448 | €97,730 | -€51,718 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €65,606 | €83,267 | +€17,661 | +26.9% |
| Trade debts | 44 | €1,799 | €3,394 | +€1,596 | +88.7% |
| Suppliers | 440/4 | €1,799 | €3,394 | +€1,596 | +88.7% |
| Taxes, remuneration and social security | 45 | €73,722 | €0 | -€73,722 | -100.0% |
| Taxes | 450/3 | €73,722 | €0 | -€73,722 | -100.0% |
| Other amounts payable | 47/48 | €8,322 | €11,069 | +€2,747 | +33.0% |
| Accrued charges and deferred income | 492/3 | €15,915 | €9,685 | -€6,230 | -39.1% |
| Non-recurring operating income | 76A | €1,202 | €25,879 | +€24,677 | +2053.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,631 | €124,211 | +€51,580 | +71.0% |
| Other operating charges | 640/8 | €8,697 | €26,876 | +€18,180 | +209.0% |
| Gross operating margin | 9900 | €113,479 | €193,257 | +€79,778 | +70.3% |
| Operating profit (loss) | 9901 | €32,151 | €42,169 | +€10,018 | +31.2% |
| Financial income | 75/76B | €185 | €129 | -€56 | -30.2% |
| Recurring financial income | 75 | €185 | €129 | -€56 | -30.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €33,448 | €35,231 | +€1,783 | +5.3% |
| Recurring financial charges | 65 | €33,448 | €35,231 | +€1,783 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,112 | €7,067 | +€8,179 | |
| Transfer from deferred taxes | 780 | €34 | €5,166 | +€5,132 | +15019.1% |
| Income taxes | 67/77 | €0 | €8,223 | +€8,223 | |
| Profit (loss) for the period | 9904 | -€1,078 | €4,010 | +€5,088 | |
| Transfer from tax-exempt reserves | 789 | €103 | €15,499 | +€15,396 | +15019.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€976 | €19,508 | +€20,484 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.