Annabel: 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.
Annabel
Largest movements
- Cash +€358,514
up €358,514 (+86.6%), from €414,026 to €772,540
mainly Net result for the year (+€172,272) and Trade debts (+€137,743)
- Receivables within one year -€62,417
down €62,417 (-34.4%), from €181,507 to €119,090
of which Trade receivables: -€40,923
- Tangible fixed assets +€29,379
up €29,379 (+2.1%), from €1.4m to €1.4m
of which Plant, machinery and equipment: +€116,799
- Profit (loss) carried forward +€172,272
up €172,272 (+91.1%), from -€189,124 to -€16,852
- Trade debts +€137,743
up €137,743 (+348.6%), from €39,509 to €177,251
- Gross operating margin +€275,447
up €275,447 (+213.6%), from €128,980 to €404,427
- Financial charges -€157,707
down €157,707 (-99.6%), from €158,377 to €670
of which Financial charges: -€157,707
- Financial income -€109,391
down €109,391 (-99.9%), from €109,447 to €56
- Depreciation -€32,821
down €32,821 (-22.4%), from €146,485 to €113,663
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 | €1,962,524 | €2,289,702 | +€327,178 | +16.7% |
| Fixed assets | 21/28 | €1,366,992 | €1,396,371 | +€29,379 | +2.1% |
| Tangible fixed assets | 22/27 | €1,366,992 | €1,396,371 | +€29,379 | +2.1% |
| Land and buildings | 22 | €1,264,626 | €1,209,046 | -€55,580 | -4.4% |
| Plant, machinery and equipment | 23 | €59,334 | €176,133 | +€116,799 | +196.8% |
| Furniture and vehicles | 24 | €43,031 | €11,192 | -€31,840 | -74.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €595,533 | €893,331 | +€297,798 | +50.0% |
| Amounts receivable within one year | 40/41 | €181,507 | €119,090 | -€62,417 | -34.4% |
| Trade receivables | 40 | €59,996 | €19,073 | -€40,923 | -68.2% |
| Other amounts receivable | 41 | €121,511 | €100,017 | -€21,494 | -17.7% |
| Cash at bank and in hand | 54/58 | €414,026 | €772,540 | +€358,514 | +86.6% |
| Deferred charges and accrued income | 490/1 | - | €1,701 | +€1,701 | |
| Total equity and liabilities | 10/49 | €1,962,524 | €2,289,702 | +€327,178 | +16.7% |
| Equity | 10/15 | €1,923,016 | €2,095,288 | +€172,272 | +9.0% |
| Contributions | 10/11 | €1,752,984 | €1,752,984 | = | 0.0% |
| Capital | 10 | €1,752,984 | €1,752,984 | = | 0.0% |
| Issued capital | 100 | €1,752,984 | €1,752,984 | = | 0.0% |
| Reserves | 13 | €359,155 | €359,155 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,836 | €19,836 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,836 | €19,836 | = | 0.0% |
| Tax-exempt reserves | 132 | €242,574 | €242,574 | = | 0.0% |
| Distributable reserves | 133 | €96,745 | €96,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,124 | -€16,852 | +€172,272 | +91.1% |
| Amounts payable | 17/49 | €39,509 | €194,414 | +€154,905 | +392.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €39,509 | €188,649 | +€149,140 | +377.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €39,509 | €177,251 | +€137,743 | +348.6% |
| Suppliers | 440/4 | €39,509 | €177,251 | +€137,743 | +348.6% |
| Taxes, remuneration and social security | 45 | - | €11,397 | +€11,397 | |
| Taxes | 450/3 | - | €11,397 | +€11,397 | |
| Accrued charges and deferred income | 492/3 | - | €5,766 | +€5,766 | |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,485 | €113,663 | -€32,821 | -22.4% |
| Other operating charges | 640/8 | €115,689 | €117,878 | +€2,189 | +1.9% |
| Non-recurring operating charges | 66A | €7,001 | - | -€7,001 | |
| Gross operating margin | 9900 | €128,980 | €404,427 | +€275,447 | +213.6% |
| Operating profit (loss) | 9901 | -€140,195 | €172,886 | +€313,081 | |
| Financial income | 75/76B | €109,447 | €56 | -€109,391 | -99.9% |
| Recurring financial income | 75 | €109,447 | €56 | -€109,391 | -99.9% |
| Financial charges | 65/66B | €158,377 | €670 | -€157,707 | -99.6% |
| Recurring financial charges | 65 | €158,377 | €670 | -€157,707 | -99.6% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | -€189,124 | €172,272 | +€361,396 | |
| Profit (loss) for the period | 9904 | -€189,124 | €172,272 | +€361,396 | |
| Profit (loss) for the period to be appropriated | 9905 | -€189,124 | €172,272 | +€361,396 |
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 2 October 2026 via checked.be.