ANNEBEL: 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.
ANNEBEL
Largest movements
- Cash +€18,654
up €18,654 (+14.0%), from €133,051 to €151,705
mainly Other debts (+€52,369) and Net result for the year (+€14,110)
- Stocks and contracts +€2,020
up €2,020 (+12.3%), from €16,370 to €18,389
- Other debts +€52,369
up €52,369 (+300.6%), from €17,421 to €69,790
- Reserves -€36,454
down €36,454 (-33.7%), from €108,238 to €71,784
- Tax, wage and social debts +€4,205
up €4,205 (+32.8%), from €12,808 to €17,013
of which Remuneration and social security: +€3,239
- Gross operating margin +€747
up €747 (+2.3%), from €33,139 to €33,886
- Staff costs -€710
down €710 (-4.9%), from €14,645 to €13,934
- Financial income -€681
down €681 (-17.4%), from €3,921 to €3,241
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 | €153,484 | €173,294 | +€19,809 | +12.9% |
| Fixed assets | 21/28 | €910 | €180 | -€731 | -80.3% |
| Tangible fixed assets | 22/27 | €910 | €180 | -€731 | -80.3% |
| Furniture and vehicles | 24 | €910 | €180 | -€731 | -80.3% |
| Current assets | 29/58 | €152,574 | €173,114 | +€20,540 | +13.5% |
| Stocks and contracts in progress | 3 | €16,370 | €18,389 | +€2,020 | +12.3% |
| Stocks | 30/36 | €16,370 | €18,389 | +€2,020 | +12.3% |
| Amounts receivable within one year | 40/41 | €600 | €87 | -€513 | -85.5% |
| Trade receivables | 40 | €600 | €87 | -€513 | -85.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €133,051 | €151,705 | +€18,654 | +14.0% |
| Deferred charges and accrued income | 490/1 | €2,553 | €2,933 | +€380 | +14.9% |
| Total equity and liabilities | 10/49 | €153,484 | €173,294 | +€19,809 | +12.9% |
| Equity | 10/15 | €119,393 | €82,939 | -€36,454 | -30.5% |
| Contributions | 10/11 | €11,155 | €11,155 | = | 0.0% |
| Reserves | 13 | €108,238 | €71,784 | -€36,454 | -33.7% |
| Distributable reserves | 133 | €108,238 | €71,784 | -€36,454 | -33.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,092 | €90,354 | +€56,263 | +165.0% |
| Amounts payable within one year | 42/48 | €32,819 | €88,031 | +€55,212 | +168.2% |
| Trade debts | 44 | €2,589 | €1,227 | -€1,362 | -52.6% |
| Suppliers | 440/4 | €2,589 | €1,227 | -€1,362 | -52.6% |
| Taxes, remuneration and social security | 45 | €12,808 | €17,013 | +€4,205 | +32.8% |
| Taxes | 450/3 | €10,912 | €11,877 | +€966 | +8.9% |
| Remuneration and social security | 454/9 | €1,897 | €5,136 | +€3,239 | +170.8% |
| Other amounts payable | 47/48 | €17,421 | €69,790 | +€52,369 | +300.6% |
| Accrued charges and deferred income | 492/3 | €1,273 | €2,324 | +€1,051 | +82.6% |
| Remuneration, social security and pensions | 62 | €14,645 | €13,934 | -€710 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €878 | €731 | -€147 | -16.8% |
| Other operating charges | 640/8 | €906 | €934 | +€28 | +3.1% |
| Gross operating margin | 9900 | €33,139 | €33,886 | +€747 | +2.3% |
| Operating profit (loss) | 9901 | €16,711 | €18,287 | +€1,576 | +9.4% |
| Financial income | 75/76B | €3,921 | €3,241 | -€681 | -17.4% |
| Recurring financial income | 75 | €3,921 | €3,241 | -€681 | -17.4% |
| Financial charges | 65/66B | €1,269 | €1,360 | +€91 | +7.2% |
| Recurring financial charges | 65 | €1,269 | €1,360 | +€91 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €19,363 | €20,167 | +€805 | +4.2% |
| Income taxes | 67/77 | €5,800 | €6,058 | +€258 | +4.4% |
| Profit (loss) for the period | 9904 | €13,563 | €14,110 | +€547 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,563 | €14,110 | +€547 | +4.0% |
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.