ANOVA: 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.
ANOVA
Largest movements
- Tangible fixed assets -€20,540
down €20,540 (-8.6%), from €238,551 to €218,010
of which Land and buildings: -€20,445
- Cash +€15,189
up €15,189 (+70.3%), from €21,597 to €36,786
mainly Depreciation (+€22,660) and Net result for the year (+€9,992)
- Debts after one year -€14,650
down €14,650 (-22.5%), from €65,084 to €50,434
of which Financial debts: -€17,708
- Profit (loss) carried forward +€9,992
up €9,992 (+5.0%), from €200,781 to €210,773
- Gross operating margin +€3,276
up €3,276 (+11.5%), from €28,554 to €31,830
- Financial income +€1,127
up €1,127 (+254.8%), from €442 to €1,569
- Depreciation +€557
up €557 (+2.5%), from €22,103 to €22,660
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 | €368,970 | €364,889 | -€4,081 | -1.1% |
| Fixed assets | 21/28 | €238,790 | €219,050 | -€19,740 | -8.3% |
| Tangible fixed assets | 22/27 | €238,551 | €218,010 | -€20,540 | -8.6% |
| Land and buildings | 22 | €224,399 | €203,954 | -€20,445 | -9.1% |
| Other tangible fixed assets | 26 | €14,152 | €14,057 | -€95 | -0.7% |
| Financial fixed assets | 28 | €240 | €1,040 | +€800 | +333.8% |
| Current assets | 29/58 | €130,180 | €145,839 | +€15,660 | +12.0% |
| Amounts receivable within one year | 40/41 | €15,144 | €15,470 | +€326 | +2.2% |
| Other amounts receivable | 41 | €15,144 | €15,470 | +€326 | +2.2% |
| Current investments | 50/53 | €85,647 | €85,647 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,597 | €36,786 | +€15,189 | +70.3% |
| Deferred charges and accrued income | 490/1 | €7,791 | €7,935 | +€145 | +1.9% |
| Total equity and liabilities | 10/49 | €368,970 | €364,889 | -€4,081 | -1.1% |
| Equity | 10/15 | €302,952 | €312,944 | +€9,992 | +3.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €40,197 | €40,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,000 | €34,000 | = | 0.0% |
| Other | 1319 | €34,000 | €34,000 | = | 0.0% |
| Distributable reserves | 133 | €6,197 | €6,197 | = | 0.0% |
| Profit (loss) carried forward | 14 | €200,781 | €210,773 | +€9,992 | +5.0% |
| Amounts payable | 17/49 | €66,018 | €51,945 | -€14,073 | -21.3% |
| Amounts payable after more than one year | 17 | €65,084 | €50,434 | -€14,650 | -22.5% |
| Financial debts | 170/4 | €65,084 | €47,376 | -€17,708 | -27.2% |
| Other amounts payable | 178/9 | - | €3,058 | +€3,058 | |
| Amounts payable within one year | 42/48 | €934 | €1,099 | +€165 | +17.7% |
| Trade debts | 44 | €934 | €1,099 | +€165 | +17.7% |
| Suppliers | 440/4 | €934 | €1,099 | +€165 | +17.7% |
| Accrued charges and deferred income | 492/3 | - | €413 | +€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,103 | €22,660 | +€557 | +2.5% |
| Other operating charges | 640/8 | €564 | €582 | +€18 | +3.3% |
| Gross operating margin | 9900 | €28,554 | €31,830 | +€3,276 | +11.5% |
| Operating profit (loss) | 9901 | €5,887 | €8,588 | +€2,700 | +45.9% |
| Financial income | 75/76B | €442 | €1,569 | +€1,127 | +254.8% |
| Recurring financial income | 75 | €442 | €1,569 | +€1,127 | +254.8% |
| Financial charges | 65/66B | €291 | €92 | -€198 | -68.3% |
| Recurring financial charges | 65 | €291 | €92 | -€198 | -68.3% |
| Profit (loss) for the period before taxes | 9903 | €6,039 | €10,064 | +€4,025 | +66.7% |
| Income taxes | 67/77 | -€72 | €72 | +€144 | |
| Profit (loss) for the period | 9904 | €6,111 | €9,992 | +€3,881 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,111 | €9,992 | +€3,881 | +63.5% |
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 5 October 2026 via checked.be.