ANNECO: 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.
ANNECO
Largest movements
- Current investments +€6.3m
up €6.3m (+618%), from €1.0m to €7.3m
- Cash -€5.7m
down €5.7m (-44.6%), from €12.8m to €7.1m
mainly Current investments (-€6.3m) and Other debts (-€397,007)
- Reserves +€1.2m
up €1.2m (+9.3%), from €12.8m to €13.9m
of which Distributable reserves: +€1.1m
- Other debts -€397,007
down €397,007 (-18.2%), from €2.2m to €1.8m
- Financial income +€1.3m
up €1.3m (+8,386%), from €15,213 to €1.3m
- Financial charges +€189,002
up €189,002 (+110%), from €171,264 to €360,266
- Gross operating margin -€54,048
down €54,048 (-11.0%), from €491,446 to €437,398
- Taxes +€27,183
up €27,183 (+41.8%), from €64,964 to €92,147
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 | €29,652,414 | €30,430,314 | +€777,900 | +2.6% |
| Fixed assets | 21/28 | €15,539,291 | €15,462,108 | -€77,183 | -0.5% |
| Tangible fixed assets | 22/27 | €2,539,291 | €2,462,108 | -€77,183 | -3.0% |
| Land and buildings | 22 | €2,490,230 | €2,441,481 | -€48,749 | -2.0% |
| Furniture and vehicles | 24 | €49,061 | €20,627 | -€28,434 | -58.0% |
| Financial fixed assets | 28 | €13,000,000 | €13,000,000 | = | 0.0% |
| Current assets | 29/58 | €14,113,124 | €14,968,207 | +€855,083 | +6.1% |
| Amounts receivable within one year | 40/41 | €250,652 | €551,241 | +€300,589 | +120% |
| Other amounts receivable | 41 | €250,652 | €551,241 | +€300,589 | +120% |
| Current investments | 50/53 | €1,017,226 | €7,300,403 | +€6.3m | +618% |
| Cash at bank and in hand | 54/58 | €12,845,246 | €7,116,562 | -€5.7m | -44.6% |
| Total equity and liabilities | 10/49 | €29,652,414 | €30,430,314 | +€777,900 | +2.6% |
| Equity | 10/15 | €27,351,717 | €28,538,007 | +€1.2m | +4.3% |
| Contributions | 10/11 | €14,599,998 | €14,599,998 | = | 0.0% |
| Capital | 10 | €14,599,998 | €14,599,998 | = | 0.0% |
| Issued capital | 100 | €14,599,998 | €14,599,998 | = | 0.0% |
| Reserves | 13 | €12,751,719 | €13,938,009 | +€1.2m | +9.3% |
| Non-distributable reserves | 130/1 | €570,000 | €630,000 | +€60,000 | +10.5% |
| Legal reserve | 130 | €570,000 | €630,000 | +€60,000 | +10.5% |
| Distributable reserves | 133 | €12,181,719 | €13,308,009 | +€1.1m | +9.2% |
| Amounts payable | 17/49 | €2,300,697 | €1,892,307 | -€408,390 | -17.8% |
| Amounts payable within one year | 42/48 | €2,300,697 | €1,892,307 | -€408,390 | -17.8% |
| Trade debts | 44 | €1,420 | €935 | -€485 | -34.2% |
| Suppliers | 440/4 | €1,420 | €935 | -€485 | -34.2% |
| Taxes, remuneration and social security | 45 | €114,056 | €103,158 | -€10,899 | -9.6% |
| Taxes | 450/3 | €114,056 | €103,158 | -€10,899 | -9.6% |
| Other amounts payable | 47/48 | €2,185,221 | €1,788,214 | -€397,007 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,150 | €79,603 | +€453 | +0.6% |
| Other operating charges | 640/8 | €8,938 | €10,092 | +€1,154 | +12.9% |
| Gross operating margin | 9900 | €491,446 | €437,398 | -€54,048 | -11.0% |
| Operating profit (loss) | 9901 | €403,358 | €347,703 | -€55,655 | -13.8% |
| Financial income | 75/76B | €15,213 | €1,291,000 | +€1.3m | +8,386% |
| Recurring financial income | 75 | €15,213 | €1,291,000 | +€1.3m | +8,386% |
| Financial charges | 65/66B | €171,264 | €360,266 | +€189,002 | +110% |
| Recurring financial charges | 65 | €171,264 | €360,266 | +€189,002 | +110% |
| Profit (loss) for the period before taxes | 9903 | €247,308 | €1,278,437 | +€1.0m | +417% |
| Income taxes | 67/77 | €64,964 | €92,147 | +€27,183 | +41.8% |
| Profit (loss) for the period | 9904 | €182,344 | €1,186,290 | +€1.0m | +551% |
| Profit (loss) for the period to be appropriated | 9905 | €182,344 | €1,186,290 | +€1.0m | +551% |
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 25 October 2026 via checked.be.