ANNAPURNA OPERATIONS: 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.
ANNAPURNA OPERATIONS
Largest movements
- Cash -€152,230
down €152,230 (-72.3%), from €210,535 to €58,304
mainly Trade debts (-€120,698) and Contributions, distributions and other (-€98,991)
- Receivables within one year -€73,065
down €73,065 (-63.2%), from €115,612 to €42,547
of which Trade receivables: -€96,308
- Tangible fixed assets -€55,418
down €55,418 (-28.4%), from €194,828 to €139,410
of which Furniture and vehicles: -€48,918
- Trade debts -€120,698
down €120,698 (-97.6%), from €123,728 to €3,030
- Reserves -€81,950
down €81,950 (-14.6%), from €560,171 to €478,221
of which Distributable reserves: -€81,524
- Other debts -€60,463
down €60,463 (-97.6%), from €61,942 to €1,479
- Debts after one year -€15,695
down €15,695 (-22.3%), from €70,265 to €54,570
- Gross operating margin -€201,080
down €201,080 (-88.0%), from €228,488 to €27,408
- Taxes -€53,412
down €53,412 (-90.3%), from €59,125 to €5,713
- Depreciation -€13,721
down €13,721 (-65.9%), from €20,826 to €7,105
- Other operating charges -€7,088
down €7,088 (-93.0%), from €7,620 to €533
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 | €845,113 | €565,230 | -€279,883 | -33.1% |
| Fixed assets | 21/28 | €195,466 | €139,679 | -€55,788 | -28.5% |
| Intangible fixed assets | 21 | €370 | - | -€370 | |
| Tangible fixed assets | 22/27 | €194,828 | €139,410 | -€55,418 | -28.4% |
| Land and buildings | 22 | €141,720 | €136,807 | -€4,913 | -3.5% |
| Plant, machinery and equipment | 23 | €3,210 | €1,623 | -€1,587 | -49.4% |
| Furniture and vehicles | 24 | €49,899 | €981 | -€48,918 | -98.0% |
| Financial fixed assets | 28 | €268 | €268 | = | 0.0% |
| Current assets | 29/58 | €649,647 | €425,551 | -€224,095 | -34.5% |
| Amounts receivable after more than one year | 29 | €1,750 | €1,750 | = | 0.0% |
| Trade receivables | 290 | €1,750 | €1,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,612 | €42,547 | -€73,065 | -63.2% |
| Trade receivables | 40 | €96,308 | - | -€96,308 | |
| Other amounts receivable | 41 | €19,304 | €42,547 | +€23,243 | +120% |
| Current investments | 50/53 | €319,756 | €322,387 | +€2,631 | +0.8% |
| Cash at bank and in hand | 54/58 | €210,535 | €58,304 | -€152,230 | -72.3% |
| Deferred charges and accrued income | 490/1 | €1,994 | €563 | -€1,430 | -71.7% |
| Total equity and liabilities | 10/49 | €845,113 | €565,230 | -€279,883 | -33.1% |
| Equity | 10/15 | €572,571 | €490,177 | -€82,394 | -14.4% |
| Contributions | 10/11 | €12,400 | €11,956 | -€444 | -3.6% |
| Reserves | 13 | €560,171 | €478,221 | -€81,950 | -14.6% |
| Non-distributable reserves | 130/1 | €11,910 | €11,483 | -€427 | -3.6% |
| Reserves not available under the articles | 1311 | €11,910 | €11,483 | -€427 | -3.6% |
| Distributable reserves | 133 | €548,261 | €466,738 | -€81,524 | -14.9% |
| Amounts payable | 17/49 | €272,542 | €75,053 | -€197,489 | -72.5% |
| Amounts payable after more than one year | 17 | €70,265 | €54,570 | -€15,695 | -22.3% |
| Financial debts | 170/4 | €70,265 | €54,570 | -€15,695 | -22.3% |
| Amounts payable within one year | 42/48 | €202,277 | €20,483 | -€181,794 | -89.9% |
| Current portion of amounts payable after more than one year | 42 | €15,394 | €15,695 | +€302 | +2.0% |
| Financial debts | 43 | €1,214 | - | -€1,214 | |
| Credit institutions | 430/8 | €1,214 | - | -€1,214 | |
| Trade debts | 44 | €123,728 | €3,030 | -€120,698 | -97.6% |
| Suppliers | 440/4 | €123,728 | €3,030 | -€120,698 | -97.6% |
| Taxes, remuneration and social security | 45 | - | €280 | +€280 | |
| Taxes | 450/3 | - | €280 | +€280 | |
| Other amounts payable | 47/48 | €61,942 | €1,479 | -€60,463 | -97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,826 | €7,105 | -€13,721 | -65.9% |
| Other operating charges | 640/8 | €7,620 | €533 | -€7,088 | -93.0% |
| Non-recurring operating charges | 66A | €2,252 | - | -€2,252 | |
| Gross operating margin | 9900 | €228,488 | €27,408 | -€201,080 | -88.0% |
| Operating profit (loss) | 9901 | €197,789 | €19,770 | -€178,019 | -90.0% |
| Financial income | 75/76B | €2,162 | €4,259 | +€2,097 | +97.0% |
| Recurring financial income | 75 | €2,162 | €4,259 | +€2,097 | +97.0% |
| Financial charges | 65/66B | €2,031 | €1,719 | -€312 | -15.4% |
| Recurring financial charges | 65 | €2,031 | €1,719 | -€312 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €197,920 | €22,310 | -€175,610 | -88.7% |
| Income taxes | 67/77 | €59,125 | €5,713 | -€53,412 | -90.3% |
| Profit (loss) for the period | 9904 | €138,795 | €16,597 | -€122,199 | -88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,795 | €16,597 | -€122,199 | -88.0% |
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 20 October 2026 via checked.be.