ANI-REF: 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.
ANI-REF
Largest movements
- Tangible fixed assets -€51,578
down €51,578 (-32.8%), from €157,331 to €105,753
of which Furniture and vehicles: -€41,583
- Receivables within one year +€11,689
up €11,689 (+114.4%), from €10,218 to €21,908
of which Other amounts receivable: +€12,372
- Cash -€10,266
down €10,266 (-8.2%), from €125,050 to €114,784
mainly Contributions, distributions and other (-€158,000) and Debts after one year (-€39,851)
- Profit (loss) carried forward -€130,459
down €130,459 (-71.3%), from €182,893 to €52,434
- Other debts +€110,075
up €110,075 (+98.9%), from €111,311 to €221,387
- Trade debts +€40,189
up €40,189 (+60.4%), from €66,500 to €106,689
- Debts after one year -€39,851
down €39,851 (-62.3%), from €63,984 to €24,133
- Current portion of long-term debt -€27,848
down €27,848 (-41.1%), from €67,699 to €39,851
- Gross operating margin -€32,348
down €32,348 (-10.3%), from €313,538 to €281,190
- Staff costs +€25,182
up €25,182 (+15.4%), from €163,381 to €188,563
- Taxes -€15,719
down €15,719 (-69.3%), from €22,691 to €6,972
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 | €547,587 | €488,437 | -€59,150 | -10.8% |
| Fixed assets | 21/28 | €174,413 | €119,501 | -€54,911 | -31.5% |
| Intangible fixed assets | 21 | €17,082 | €13,749 | -€3,333 | -19.5% |
| Tangible fixed assets | 22/27 | €157,331 | €105,753 | -€51,578 | -32.8% |
| Plant, machinery and equipment | 23 | €3,756 | €1,529 | -€2,227 | -59.3% |
| Furniture and vehicles | 24 | €113,520 | €71,937 | -€41,583 | -36.6% |
| Other tangible fixed assets | 26 | €40,055 | €32,287 | -€7,768 | -19.4% |
| Current assets | 29/58 | €373,174 | €368,935 | -€4,239 | -1.1% |
| Stocks and contracts in progress | 3 | €229,180 | €227,017 | -€2,163 | -0.9% |
| Stocks | 30/36 | €229,180 | €227,017 | -€2,163 | -0.9% |
| Amounts receivable within one year | 40/41 | €10,218 | €21,908 | +€11,689 | +114.4% |
| Trade receivables | 40 | €1,971 | €1,288 | -€683 | -34.6% |
| Other amounts receivable | 41 | €8,247 | €20,619 | +€12,372 | +150.0% |
| Cash at bank and in hand | 54/58 | €125,050 | €114,784 | -€10,266 | -8.2% |
| Deferred charges and accrued income | 490/1 | €8,726 | €5,227 | -€3,499 | -40.1% |
| Total equity and liabilities | 10/49 | €547,587 | €488,437 | -€59,150 | -10.8% |
| Equity | 10/15 | €210,404 | €79,945 | -€130,459 | -62.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €12,511 | €12,511 | = | 0.0% |
| Distributable reserves | 133 | €12,511 | €12,511 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,893 | €52,434 | -€130,459 | -71.3% |
| Amounts payable | 17/49 | €337,183 | €408,492 | +€71,309 | +21.1% |
| Amounts payable after more than one year | 17 | €63,984 | €24,133 | -€39,851 | -62.3% |
| Financial debts | 170/4 | €63,984 | €24,133 | -€39,851 | -62.3% |
| Amounts payable within one year | 42/48 | €273,198 | €384,359 | +€111,161 | +40.7% |
| Current portion of amounts payable after more than one year | 42 | €67,699 | €39,851 | -€27,848 | -41.1% |
| Trade debts | 44 | €66,500 | €106,689 | +€40,189 | +60.4% |
| Suppliers | 440/4 | €66,500 | €106,689 | +€40,189 | +60.4% |
| Taxes, remuneration and social security | 45 | €27,687 | €16,432 | -€11,255 | -40.7% |
| Taxes | 450/3 | €10,589 | €11 | -€10,578 | -99.9% |
| Remuneration and social security | 454/9 | €17,098 | €16,421 | -€677 | -4.0% |
| Other amounts payable | 47/48 | €111,311 | €221,387 | +€110,075 | +98.9% |
| Remuneration, social security and pensions | 62 | €163,381 | €188,563 | +€25,182 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,952 | €46,883 | +€2,932 | +6.7% |
| Other operating charges | 640/8 | €2,151 | €2,611 | +€460 | +21.4% |
| Non-recurring operating charges | 66A | €0 | €226 | +€226 | |
| Gross operating margin | 9900 | €313,538 | €281,190 | -€32,348 | -10.3% |
| Operating profit (loss) | 9901 | €104,054 | €42,906 | -€61,148 | -58.8% |
| Financial income | 75/76B | €2,397 | €840 | -€1,557 | -65.0% |
| Recurring financial income | 75 | €2,397 | €840 | -€1,557 | -65.0% |
| Financial charges | 65/66B | €9,746 | €9,234 | -€512 | -5.3% |
| Recurring financial charges | 65 | €9,746 | €9,234 | -€512 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €96,705 | €34,513 | -€62,192 | -64.3% |
| Income taxes | 67/77 | €22,691 | €6,972 | -€15,719 | -69.3% |
| Profit (loss) for the period | 9904 | €74,014 | €27,541 | -€46,473 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €74,014 | €27,541 | -€46,473 | -62.8% |
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 28 September 2026 via checked.be.