ANRAED: 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.
ANRAED
Largest movements
- Tangible fixed assets +€81,769
up €81,769 (+2.9%), from €2.9m to €2.9m
of which Other tangible fixed assets: +€361,265
- Receivables within one year +€68,293
up €68,293 (+92.5%), from €73,829 to €142,122
of which Other amounts receivable: +€91,183
- Cash -€50,507
down €50,507 (-90.5%), from €55,788 to €5,281
mainly Investment in fixed assets (net) (-€214,478) and Contributions, distributions and other (-€210,000)
- Other debts +€345,949
up €345,949 (+14,720%), from €2,350 to €348,299
- Reserves -€210,000
down €210,000 (-7.5%), from €2.8m to €2.6m
of which Distributable reserves: -€210,000
- Gross operating margin -€56,699
down €56,699 (-27.1%), from €209,466 to €152,767
- Taxes -€12,167
down €12,167 (-67.0%), from €18,167 to €6,000
- Financial charges -€4,475
down €4,475 (-18.3%), from €24,456 to €19,980
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 | €4,191,233 | €4,283,464 | +€92,231 | +2.2% |
| Fixed assets | 21/28 | €4,054,293 | €4,136,062 | +€81,769 | +2.0% |
| Tangible fixed assets | 22/27 | €2,854,293 | €2,936,062 | +€81,769 | +2.9% |
| Land and buildings | 22 | €1,033,455 | €577,825 | -€455,629 | -44.1% |
| Plant, machinery and equipment | 23 | €707 | €469 | -€238 | -33.6% |
| Furniture and vehicles | 24 | - | €147,675 | +€147,675 | |
| Leasing and similar rights | 25 | €79,377 | €108,072 | +€28,695 | +36.2% |
| Other tangible fixed assets | 26 | €1,740,754 | €2,102,019 | +€361,265 | +20.8% |
| Financial fixed assets | 28 | €1,200,000 | €1,200,000 | = | 0.0% |
| Current assets | 29/58 | €136,940 | €147,402 | +€10,462 | +7.6% |
| Amounts receivable within one year | 40/41 | €73,829 | €142,122 | +€68,293 | +92.5% |
| Trade receivables | 40 | €22,890 | €0 | -€22,890 | -100% |
| Other amounts receivable | 41 | €50,938 | €142,122 | +€91,183 | +179% |
| Cash at bank and in hand | 54/58 | €55,788 | €5,281 | -€50,507 | -90.5% |
| Deferred charges and accrued income | 490/1 | €7,324 | €0 | -€7,324 | -100% |
| Total equity and liabilities | 10/49 | €4,191,233 | €4,283,464 | +€92,231 | +2.2% |
| Equity | 10/15 | €2,801,023 | €2,573,193 | -€227,830 | -8.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,782,473 | €2,572,473 | -€210,000 | -7.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,782,473 | €2,572,473 | -€210,000 | -7.5% |
| Profit (loss) carried forward | 14 | €0 | -€17,830 | -€17,830 | |
| Amounts payable | 17/49 | €1,390,210 | €1,710,271 | +€320,061 | +23.0% |
| Amounts payable after more than one year | 17 | €1,076,727 | €1,034,458 | -€42,269 | -3.9% |
| Financial debts | 170/4 | €1,076,727 | €1,034,458 | -€42,269 | -3.9% |
| Amounts payable within one year | 42/48 | €313,483 | €675,582 | +€362,099 | +116% |
| Current portion of amounts payable after more than one year | 42 | €195,223 | €226,915 | +€31,693 | +16.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €79,927 | €92,748 | +€12,821 | +16.0% |
| Suppliers | 440/4 | €79,927 | €92,748 | +€12,821 | +16.0% |
| Taxes, remuneration and social security | 45 | €35,983 | €7,619 | -€28,364 | -78.8% |
| Taxes | 450/3 | €32,983 | €6,848 | -€26,136 | -79.2% |
| Remuneration and social security | 454/9 | €3,000 | €771 | -€2,229 | -74.3% |
| Other amounts payable | 47/48 | €2,350 | €348,299 | +€345,949 | +14,720% |
| Accrued charges and deferred income | 492/3 | - | €232 | +€232 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,663 | €132,709 | +€1,047 | +0.8% |
| Other operating charges | 640/8 | €13,116 | €13,415 | +€298 | +2.3% |
| Gross operating margin | 9900 | €209,466 | €152,767 | -€56,699 | -27.1% |
| Operating profit (loss) | 9901 | €64,687 | €6,643 | -€58,043 | -89.7% |
| Financial income | 75/76B | €2,810 | €1,507 | -€1,304 | -46.4% |
| Recurring financial income | 75 | €2,810 | €1,507 | -€1,304 | -46.4% |
| Financial charges | 65/66B | €24,456 | €19,980 | -€4,475 | -18.3% |
| Recurring financial charges | 65 | €24,456 | €19,980 | -€4,475 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €43,042 | -€11,830 | -€54,872 | |
| Income taxes | 67/77 | €18,167 | €6,000 | -€12,167 | -67.0% |
| Profit (loss) for the period | 9904 | €24,874 | -€17,830 | -€42,705 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,874 | -€17,830 | -€42,705 |
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 26 October 2026 via checked.be.