Annell: 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.
Annell
Largest movements
- Stocks and contracts -€125,550
down €125,550 (-17.9%), from €701,680 to €576,130
- Cash +€52,631
up €52,631 (+146%), from €36,097 to €88,728
mainly Stocks and contracts (+€125,550) and Receivables within one year (+€39,394)
- Receivables within one year -€39,394
down €39,394 (-27.9%), from €141,008 to €101,614
of which Trade receivables: -€39,256
- Tangible fixed assets -€35,416
down €35,416 (-36.7%), from €96,373 to €60,956
of which Furniture and vehicles: -€24,539
- Reserves -€130,013
down €130,013 (-51.0%), from €254,925 to €124,913
of which Distributable reserves: -€130,013
- Debts after one year -€23,234
down €23,234 (-65.6%), from €35,397 to €12,163
- Trade debts +€13,873
up €13,873 (+11.0%), from €125,606 to €139,479
- Gross operating margin -€85,240
down €85,240 (-66.9%), from €127,415 to €42,175
- Write-downs -€4,530
down €4,530, from €2,518 to -€2,012
- Staff costs +€4,013
up €4,013 (+3.9%), from €103,275 to €107,288
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 | €980,405 | €833,291 | -€147,113 | -15.0% |
| Fixed assets | 21/28 | €96,373 | €60,956 | -€35,416 | -36.7% |
| Tangible fixed assets | 22/27 | €96,373 | €60,956 | -€35,416 | -36.7% |
| Plant, machinery and equipment | 23 | €7,755 | €3,255 | -€4,500 | -58.0% |
| Furniture and vehicles | 24 | €56,701 | €32,162 | -€24,539 | -43.3% |
| Other tangible fixed assets | 26 | €31,917 | €25,539 | -€6,377 | -20.0% |
| Current assets | 29/58 | €884,032 | €772,335 | -€111,697 | -12.6% |
| Stocks and contracts in progress | 3 | €701,680 | €576,130 | -€125,550 | -17.9% |
| Stocks | 30/36 | €701,680 | €576,130 | -€125,550 | -17.9% |
| Amounts receivable within one year | 40/41 | €141,008 | €101,614 | -€39,394 | -27.9% |
| Trade receivables | 40 | €140,821 | €101,565 | -€39,256 | -27.9% |
| Other amounts receivable | 41 | €187 | €49 | -€138 | -73.9% |
| Cash at bank and in hand | 54/58 | €36,097 | €88,728 | +€52,631 | +146% |
| Deferred charges and accrued income | 490/1 | €5,247 | €5,863 | +€616 | +11.7% |
| Total equity and liabilities | 10/49 | €980,405 | €833,291 | -€147,113 | -15.0% |
| Equity | 10/15 | €316,925 | €186,913 | -€130,013 | -41.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €254,925 | €124,913 | -€130,013 | -51.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €248,725 | €118,713 | -€130,013 | -52.3% |
| Amounts payable | 17/49 | €663,479 | €646,379 | -€17,101 | -2.6% |
| Amounts payable after more than one year | 17 | €35,397 | €12,163 | -€23,234 | -65.6% |
| Financial debts | 170/4 | €35,397 | €12,163 | -€23,234 | -65.6% |
| Amounts payable within one year | 42/48 | €613,766 | €620,870 | +€7,104 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €23,668 | €23,234 | -€434 | -1.8% |
| Trade debts | 44 | €125,606 | €139,479 | +€13,873 | +11.0% |
| Suppliers | 440/4 | €125,606 | €139,479 | +€13,873 | +11.0% |
| Taxes, remuneration and social security | 45 | €26,137 | €23,918 | -€2,219 | -8.5% |
| Taxes | 450/3 | €6,103 | €3,187 | -€2,916 | -47.8% |
| Remuneration and social security | 454/9 | €20,034 | €20,731 | +€697 | +3.5% |
| Other amounts payable | 47/48 | €438,355 | €434,239 | -€4,116 | -0.9% |
| Accrued charges and deferred income | 492/3 | €14,317 | €13,346 | -€971 | -6.8% |
| Non-recurring operating income | 76A | €15,000 | €0 | -€15,000 | -100% |
| Remuneration, social security and pensions | 62 | €103,275 | €107,288 | +€4,013 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,416 | €35,416 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,518 | -€2,012 | -€4,530 | |
| Other operating charges | 640/8 | €2,653 | €2,129 | -€523 | -19.7% |
| Non-recurring operating charges | 66A | €0 | €5,103 | +€5,103 | |
| Gross operating margin | 9900 | €127,415 | €42,175 | -€85,240 | -66.9% |
| Operating profit (loss) | 9901 | -€16,447 | -€105,750 | -€89,302 | -543% |
| Financial income | 75/76B | €2,591 | €1,442 | -€1,149 | -44.3% |
| Recurring financial income | 75 | €2,591 | €1,442 | -€1,149 | -44.3% |
| Financial charges | 65/66B | €24,671 | €24,254 | -€417 | -1.7% |
| Recurring financial charges | 65 | €24,671 | €24,254 | -€417 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | -€38,527 | -€128,561 | -€90,034 | -234% |
| Income taxes | 67/77 | €1,813 | €1,451 | -€362 | -20.0% |
| Profit (loss) for the period | 9904 | -€40,340 | -€130,013 | -€89,673 | -222% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,340 | -€130,013 | -€89,673 | -222% |
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 31 October 2026 via checked.be.