ANPA: 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.
What changed
ANPA
NACE 46.900, Non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€123,289
2024 · -€56,641-€66,648
Equity
€4.4m
2024 · €4.6m-€123,289
Cash
€49,520
2024 · €41,517+€8,003
Balance sheet total
€6.4m
2024 · €6.5m-€117,823
Largest movements
Assets
- Tangible fixed assets -€276,938
down €276,938 (-4.9%), from €5.6m to €5.3m
- Receivables within one year +€151,112
up €151,112 (+17.6%), from €856,394 to €1.0m
of which Trade receivables: +€158,509
Equity and liabilities
- Reserves -€123,289
down €123,289 (-2.9%), from €4.3m to €4.1m
of which Tax-exempt reserves: -€218,672
- Provisions -€72,891
down €72,891 (-4.6%), from €1.6m to €1.5m
of which Deferred taxes: -€72,891
Income statement
- Gross operating margin -€62,027
down €62,027 (-17.6%), from €352,887 to €290,860
- Depreciation -€13,403
down €13,403 (-4.0%), from €337,851 to €324,448
- Other operating charges +€12,312
up €12,312 (+16.6%), from €74,105 to €86,417
- Financial income -€11,187
no longer reported in 2025 (was €11,187)
- Taxes -€8,659
down €8,659 (-15.1%), from €57,464 to €48,805
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.
Result 2024
-€56,641
Gross operating margin
-€62,027
Staff costs
-€3,227
Depreciation
+€13,403
Other operating charges
-€12,312
Financial income
-€11,187
Financial charges
+€44
Taxes
+€8,659
Result 2025
-€123,289
raises the resultlowers the result
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.
From operations
+€70,053
Investment
-€47,510
Financing
-€14,540
Cash 2024
€41,517
From operations (derived)
+€70,053
Net result for the year
-€123,289
Depreciation
+€324,448
Receivables within one year
-€151,112
Provisions
-€72,891
Trade debts
+€46,725
Tax, wage and social debts
+€48,280
Other debts
-€860
Accrued charges and deferred income
-€1,247
Investment (derived)
-€47,510
Investment in fixed assets (net)
-€47,510
Financing
-€14,540
Debts after one year
-€14,561
Current portion of long-term debt
+€20
Cash 2025
€49,520
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,513,828 | €6,396,005 | -€117,823 | -1.8% |
| Fixed assets | 21/28 | €5,615,917 | €5,338,979 | -€276,938 | -4.9% |
| Tangible fixed assets | 22/27 | €5,614,317 | €5,337,379 | -€276,938 | -4.9% |
| Land and buildings | 22 | €5,614,317 | €5,337,379 | -€276,938 | -4.9% |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €897,911 | €1,057,026 | +€159,115 | +17.7% |
| Amounts receivable within one year | 40/41 | €856,394 | €1,007,506 | +€151,112 | +17.6% |
| Trade receivables | 40 | €26,490 | €184,999 | +€158,509 | +598% |
| Other amounts receivable | 41 | €829,904 | €822,507 | -€7,397 | -0.9% |
| Cash at bank and in hand | 54/58 | €41,517 | €49,520 | +€8,003 | +19.3% |
| Total equity and liabilities | 10/49 | €6,513,828 | €6,396,005 | -€117,823 | -1.8% |
| Equity | 10/15 | €4,565,659 | €4,442,369 | -€123,289 | -2.7% |
| Contributions | 10/11 | €303,872 | €303,872 | = | 0.0% |
| Capital | 10 | €303,872 | €303,872 | = | 0.0% |
| Issued capital | 100 | €303,872 | €303,872 | = | 0.0% |
| Reserves | 13 | €4,261,786 | €4,138,497 | -€123,289 | -2.9% |
| Non-distributable reserves | 130/1 | €66,570 | €66,570 | = | 0.0% |
| Legal reserve | 130 | €66,570 | €66,570 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,258,907 | €3,040,235 | -€218,672 | -6.7% |
| Distributable reserves | 133 | €936,309 | €1,031,692 | +€95,383 | +10.2% |
| Provisions and deferred taxes | 16 | €1,594,930 | €1,522,039 | -€72,891 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €172,122 | €172,122 | = | 0.0% |
| Major repairs and maintenance | 162 | €172,122 | €172,122 | = | 0.0% |
| Deferred taxes | 168 | €1,422,808 | €1,349,917 | -€72,891 | -5.1% |
| Amounts payable | 17/49 | €353,239 | €431,596 | +€78,357 | +22.2% |
| Amounts payable after more than one year | 17 | €33,572 | €19,012 | -€14,561 | -43.4% |
| Financial debts | 170/4 | €33,572 | €19,012 | -€14,561 | -43.4% |
| Amounts payable within one year | 42/48 | €293,476 | €387,641 | +€94,165 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €14,520 | €14,540 | +€20 | +0.1% |
| Trade debts | 44 | €164,001 | €210,726 | +€46,725 | +28.5% |
| Suppliers | 440/4 | €164,001 | €210,726 | +€46,725 | +28.5% |
| Taxes, remuneration and social security | 45 | €62,501 | €110,780 | +€48,280 | +77.2% |
| Taxes | 450/3 | €61,434 | €109,911 | +€48,477 | +78.9% |
| Remuneration and social security | 454/9 | €1,067 | €870 | -€197 | -18.5% |
| Other amounts payable | 47/48 | €52,454 | €51,594 | -€860 | -1.6% |
| Accrued charges and deferred income | 492/3 | €26,191 | €24,944 | -€1,247 | -4.8% |
| Remuneration, social security and pensions | 62 | €22,117 | €25,344 | +€3,227 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €337,851 | €324,448 | -€13,403 | -4.0% |
| Other operating charges | 640/8 | €74,105 | €86,417 | +€12,312 | +16.6% |
| Gross operating margin | 9900 | €352,887 | €290,860 | -€62,027 | -17.6% |
| Operating profit (loss) | 9901 | -€81,185 | -€145,350 | -€64,164 | -79.0% |
| Financial income | 75/76B | €11,187 | - | -€11,187 | |
| Recurring financial income | 75 | €11,187 | - | -€11,187 | |
| Financial charges | 65/66B | €2,069 | €2,025 | -€44 | -2.1% |
| Recurring financial charges | 65 | €2,069 | €2,025 | -€44 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€72,068 | -€147,375 | -€75,307 | -104% |
| Transfer from deferred taxes | 780 | €72,891 | €72,891 | = | 0.0% |
| Income taxes | 67/77 | €57,464 | €48,805 | -€8,659 | -15.1% |
| Profit (loss) for the period | 9904 | -€56,641 | -€123,289 | -€66,648 | -118% |
| Transfer from tax-exempt reserves | 789 | €218,672 | €218,672 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €162,031 | €95,383 | -€66,648 | -41.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.