ANNEAU: 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.
ANNEAU
Largest movements
- Tangible fixed assets -€40,883
down €40,883 (-11.8%), from €345,354 to €304,472
of which Land and buildings: -€42,688
- Cash +€9,559
up €9,559 (+5.5%), from €173,371 to €182,930
mainly Depreciation (+€48,633) and Trade debts (+€8,193)
- Other debts -€28,902
down €28,902 (-11.4%), from €253,844 to €224,942
- Provisions -€9,711
down €9,711 (-21.5%), from €45,263 to €35,552
- Financial charges +€9,474
up €9,474 (+149.9%), from €6,320 to €15,794
- Gross operating margin +€8,914
up €8,914 (+14.3%), from €62,154 to €71,068
- Taxes +€2,593
up €2,593 (+30.9%), from €8,404 to €10,997
- Depreciation -€1,111
down €1,111 (-2.2%), from €49,744 to €48,633
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 | €825,350 | €793,882 | -€31,468 | -3.8% |
| Fixed assets | 21/28 | €345,354 | €304,472 | -€40,883 | -11.8% |
| Tangible fixed assets | 22/27 | €345,354 | €304,472 | -€40,883 | -11.8% |
| Land and buildings | 22 | €317,497 | €274,809 | -€42,688 | -13.4% |
| Furniture and vehicles | 24 | - | €2,839 | +€2,839 | |
| Other tangible fixed assets | 26 | €27,857 | €26,824 | -€1,033 | -3.7% |
| Current assets | 29/58 | €479,995 | €489,411 | +€9,415 | +2.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €306,480 | €306,480 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €173,371 | €182,930 | +€9,559 | +5.5% |
| Deferred charges and accrued income | 490/1 | €144 | €0 | -€144 | -100.0% |
| Total equity and liabilities | 10/49 | €825,350 | €793,882 | -€31,468 | -3.8% |
| Equity | 10/15 | €519,069 | €519,285 | +€217 | 0.0% |
| Contributions | 10/11 | €216,500 | €216,500 | = | 0.0% |
| Capital | 10 | €216,500 | €216,500 | = | 0.0% |
| Issued capital | 100 | €216,500 | €216,500 | = | 0.0% |
| Reserves | 13 | €302,569 | €302,785 | +€217 | +0.1% |
| Non-distributable reserves | 130/1 | €22,497 | €22,497 | = | 0.0% |
| Legal reserve | 130 | €22,497 | €22,497 | = | 0.0% |
| Tax-exempt reserves | 132 | €107,755 | €84,638 | -€23,118 | -21.5% |
| Distributable reserves | 133 | €172,316 | €195,651 | +€23,335 | +13.5% |
| Provisions and deferred taxes | 16 | €45,263 | €35,552 | -€9,711 | -21.5% |
| Deferred taxes | 168 | €45,263 | €35,552 | -€9,711 | -21.5% |
| Amounts payable | 17/49 | €261,018 | €239,045 | -€21,974 | -8.4% |
| Amounts payable within one year | 42/48 | €260,524 | €237,214 | -€23,310 | -8.9% |
| Trade debts | 44 | €1,640 | €9,833 | +€8,193 | +499.5% |
| Suppliers | 440/4 | €1,640 | €9,833 | +€8,193 | +499.5% |
| Taxes, remuneration and social security | 45 | €5,039 | €2,439 | -€2,600 | -51.6% |
| Taxes | 450/3 | €5,039 | €2,439 | -€2,600 | -51.6% |
| Other amounts payable | 47/48 | €253,844 | €224,942 | -€28,902 | -11.4% |
| Accrued charges and deferred income | 492/3 | €495 | €1,831 | +€1,336 | +270.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,744 | €48,633 | -€1,111 | -2.2% |
| Other operating charges | 640/8 | €6,985 | €6,997 | +€13 | +0.2% |
| Gross operating margin | 9900 | €62,154 | €71,068 | +€8,914 | +14.3% |
| Operating profit (loss) | 9901 | €5,426 | €15,437 | +€10,012 | +184.5% |
| Financial income | 75/76B | €2,446 | €1,859 | -€587 | -24.0% |
| Recurring financial income | 75 | €2,446 | €1,859 | -€587 | -24.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €6,320 | €15,794 | +€9,474 | +149.9% |
| Recurring financial charges | 65 | €6,320 | €15,794 | +€9,474 | +149.9% |
| Profit (loss) for the period before taxes | 9903 | €1,552 | €1,503 | -€49 | -3.2% |
| Transfer from deferred taxes | 780 | €9,711 | €9,711 | = | 0.0% |
| Income taxes | 67/77 | €8,404 | €10,997 | +€2,593 | +30.9% |
| Profit (loss) for the period | 9904 | €2,859 | €217 | -€2,643 | -92.4% |
| Transfer from tax-exempt reserves | 789 | €23,118 | €23,118 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,977 | €23,335 | -€2,643 | -10.2% |
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 3 October 2026 via checked.be.