ANNAPOLIS: 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.
ANNAPOLIS
Largest movements
- Financial fixed assets +€225,700
up €225,700 (+1,213%), from €18,600 to €244,300
- Receivables within one year +€160,000
up €160,000 (+44.4%), from €360,060 to €520,060
- Cash +€15,915
up €15,915 (+76.3%), from €20,864 to €36,779
mainly Current portion of long-term debt (+€274,100) and Debts after one year (+€117,293)
- Deferred charges and accrued income +€12,580
up €12,580 (+364%), from €3,452 to €16,032
- Tangible fixed assets -€9,143
down €9,143 (-9.3%), from €98,012 to €88,868
of which Furniture and vehicles: -€9,856
- Current portion of long-term debt +€274,100
up €274,100 (+385%), from €71,208 to €345,308
- Debts after one year +€117,293
up €117,293 (+196%), from €59,798 to €177,091
- Reserves +€36,833
up €36,833 (+21.7%), from €169,596 to €206,429
- Contributions -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Financial income +€26,068
up €26,068 (+153%), from €17,014 to €43,083
- Financial charges +€16,903
up €16,903 (+112%), from €15,105 to €32,008
of which Financial charges: +€8,922
- Gross operating margin +€3,463
up €3,463 (+2.7%), from €129,782 to €133,245
- Taxes -€3,349
down €3,349 (-9.1%), from €36,674 to €33,325
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 | €500,988 | €906,039 | +€405,052 | +80.9% |
| Fixed assets | 21/28 | €116,612 | €333,168 | +€216,557 | +186% |
| Tangible fixed assets | 22/27 | €98,012 | €88,868 | -€9,143 | -9.3% |
| Land and buildings | 22 | €68,043 | €66,257 | -€1,786 | -2.6% |
| Furniture and vehicles | 24 | €29,969 | €20,112 | -€9,856 | -32.9% |
| Other tangible fixed assets | 26 | - | €2,499 | +€2,499 | |
| Financial fixed assets | 28 | €18,600 | €244,300 | +€225,700 | +1,213% |
| Current assets | 29/58 | €384,376 | €572,871 | +€188,495 | +49.0% |
| Amounts receivable within one year | 40/41 | €360,060 | €520,060 | +€160,000 | +44.4% |
| Other amounts receivable | 41 | €360,060 | €520,060 | +€160,000 | +44.4% |
| Cash at bank and in hand | 54/58 | €20,864 | €36,779 | +€15,915 | +76.3% |
| Deferred charges and accrued income | 490/1 | €3,452 | €16,032 | +€12,580 | +364% |
| Total equity and liabilities | 10/49 | €500,988 | €906,039 | +€405,052 | +80.9% |
| Equity | 10/15 | €219,844 | €231,431 | +€11,587 | +5.3% |
| Contributions | 10/11 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Reserves | 13 | €169,596 | €206,429 | +€36,833 | +21.7% |
| Distributable reserves | 133 | €169,596 | €206,429 | +€36,833 | +21.7% |
| Profit (loss) carried forward | 14 | €249 | €2 | -€246 | -99.0% |
| Amounts payable | 17/49 | €281,143 | €674,608 | +€393,465 | +140% |
| Amounts payable after more than one year | 17 | €59,798 | €177,091 | +€117,293 | +196% |
| Financial debts | 170/4 | €59,798 | €177,091 | +€117,293 | +196% |
| Amounts payable within one year | 42/48 | €220,762 | €493,890 | +€273,128 | +124% |
| Current portion of amounts payable after more than one year | 42 | €71,208 | €345,308 | +€274,100 | +385% |
| Trade debts | 44 | €6,271 | €5,328 | -€944 | -15.0% |
| Suppliers | 440/4 | €6,271 | €5,328 | -€944 | -15.0% |
| Taxes, remuneration and social security | 45 | €12,466 | €19,088 | +€6,622 | +53.1% |
| Taxes | 450/3 | €12,466 | €19,088 | +€6,622 | +53.1% |
| Other amounts payable | 47/48 | €130,816 | €124,166 | -€6,650 | -5.1% |
| Accrued charges and deferred income | 492/3 | €583 | €3,627 | +€3,044 | +522% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,113 | €26,999 | +€886 | +3.4% |
| Other operating charges | 640/8 | €656 | €743 | +€87 | +13.2% |
| Gross operating margin | 9900 | €129,782 | €133,245 | +€3,463 | +2.7% |
| Operating profit (loss) | 9901 | €103,012 | €105,502 | +€2,490 | +2.4% |
| Financial income | 75/76B | €17,014 | €43,083 | +€26,068 | +153% |
| Recurring financial income | 75 | €17,014 | €43,083 | +€26,068 | +153% |
| Financial charges | 65/66B | €15,105 | €32,008 | +€16,903 | +112% |
| Recurring financial charges | 65 | €15,105 | €24,027 | +€8,922 | +59.1% |
| Non-recurring financial charges | 66B | - | €7,981 | +€7,981 | |
| Profit (loss) for the period before taxes | 9903 | €104,922 | €116,577 | +€11,656 | +11.1% |
| Income taxes | 67/77 | €36,674 | €33,325 | -€3,349 | -9.1% |
| Profit (loss) for the period | 9904 | €68,248 | €83,252 | +€15,004 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,248 | €83,252 | +€15,004 | +22.0% |
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 17 October 2026 via checked.be.