ANSA: 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
ANSA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€775,254
2024 · €13.0m-€12.3m
Equity
€195.4m
2024 · €197.1m-€1.7m
Cash
€1.3m
2024 · €14.6m-€13.3m
Balance sheet total
€197.9m
2024 · €200.2m-€2.3m
Largest movements
Assets
- Financial fixed assets +€32.9m
up €32.9m (+46.7%), from €70.5m to €103.4m
of which Affiliated companies: +€103.4m
- Current investments -€23.2m
down €23.2m (-22.3%), from €103.9m to €80.8m
- Cash -€13.3m
down €13.3m (-90.9%), from €14.6m to €1.3m
mainly Investment in fixed assets (net) (-€33.8m) and Contributions, distributions and other (-€2.5m)
- Receivables within one year +€2.2m
up €2.2m (+280%), from €798,964 to €3.0m
of which Other amounts receivable: +€2.4m
- Receivables after one year -€2.2m
down €2.2m (-22.3%), from €9.7m to €7.5m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€8.8m
down €8.8m (-56.6%), from €15.5m to €6.7m
of which Financial income: -€6.9m
- Financial charges +€4.0m
up €4.0m (+485%), from €821,703 to €4.8m
- Services and other goods +€1.1m
new in 2025: €1.1m
- Gross operating margin +€755,309
no longer reported in 2025 (was -€755,309)
- Depreciation -€676,502
down €676,502 (-90.4%), from €748,117 to €71,615
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
€13.0m
Turnover
+€96,145
Other operating income
+€3,966
Services and other goods
-€1.1m
Depreciation
+€676,502
Other operating charges
+€14,643
Other operating items
+€799,859
Financial income
-€8.8m
Financial charges
-€4.0m
Taxes
+€44
Result 2025
€775,254
raises the resultlowers the resultnot broken down further in the accounts
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
-€181,424
Investment
-€10.7m
Financing
-€2.5m
Cash 2024
€14.6m
From operations (derived)
-€181,424
Net result for the year
+€775,254
Depreciation
+€71,615
Receivables after one year
+€2.2m
Receivables within one year
-€2.2m
Deferred charges and accrued income
-€369,323
Trade debts
-€238,029
Tax, wage and social debts
+€14,686
Accrued charges and deferred income
-€351,172
Investment (derived)
-€10.7m
Investment in fixed assets (net)
-€33.8m
Current investments
+€23.2m
Financing
-€2.5m
Short-term financial debts
+€20,555
Contributions, distributions and other
-€2.5m
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,190,617 | €197,911,910 | -€2.3m | -1.1% |
| Fixed assets | 21/28 | €71,123,615 | €104,873,164 | +€33.7m | +47.5% |
| Tangible fixed assets | 22/27 | €623,700 | €1,455,405 | +€831,705 | +133% |
| Land and buildings | 22 | €623,700 | €1,430,621 | +€806,921 | +129% |
| Furniture and vehicles | 24 | - | €24,784 | +€24,784 | |
| Financial fixed assets | 28 | €70,499,915 | €103,417,760 | +€32.9m | +46.7% |
| Affiliated companies | 280/1 | - | €103,417,710 | +€103.4m | |
| Participating interests | 280 | - | €103,417,710 | +€103.4m | |
| Other financial fixed assets | 284/8 | - | €50 | +€50 | |
| Amounts receivable and cash guarantees | 285/8 | - | €50 | +€50 | |
| Current assets | 29/58 | €129,067,002 | €93,038,746 | -€36.0m | -27.9% |
| Amounts receivable after more than one year | 29 | €9,670,581 | €7,514,036 | -€2.2m | -22.3% |
| Other amounts receivable | 291 | €9,670,581 | €7,514,036 | -€2.2m | -22.3% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €798,964 | €3,039,963 | +€2.2m | +280% |
| Trade receivables | 40 | €201,187 | €78,907 | -€122,280 | -60.8% |
| Other amounts receivable | 41 | €597,777 | €2,961,056 | +€2.4m | +395% |
| Current investments | 50/53 | €103,938,523 | €80,771,465 | -€23.2m | -22.3% |
| Other investments | 51/53 | - | €80,771,465 | +€80.8m | |
| Cash at bank and in hand | 54/58 | €14,647,243 | €1,332,268 | -€13.3m | -90.9% |
| Deferred charges and accrued income | 490/1 | €11,691 | €381,014 | +€369,323 | +3,159% |
| Total equity and liabilities | 10/49 | €200,190,617 | €197,911,910 | -€2.3m | -1.1% |
| Equity | 10/15 | €197,087,874 | €195,363,128 | -€1.7m | -0.9% |
| Contributions | 10/11 | €17,874,900 | €17,874,900 | = | 0.0% |
| Capital | 10 | €891,000 | €891,000 | = | 0.0% |
| Issued capital | 100 | €891,000 | €891,000 | = | 0.0% |
| Contributions outside capital | 11 | €16,983,900 | €16,983,900 | = | 0.0% |
| Other | 1109/19 | €16,983,900 | €16,983,900 | = | 0.0% |
| Reserves | 13 | €543,871 | €543,871 | = | 0.0% |
| Non-distributable reserves | 130/1 | €543,871 | €543,871 | = | 0.0% |
| Legal reserve | 130 | €543,871 | €543,871 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,669,103 | €176,944,356 | -€1.7m | -1.0% |
| Amounts payable | 17/49 | €3,102,743 | €2,548,783 | -€553,960 | -17.9% |
| Amounts payable within one year | 42/48 | €2,751,571 | €2,548,783 | -€202,788 | -7.4% |
| Financial debts | 43 | - | €20,555 | +€20,555 | |
| Credit institutions | 430/8 | - | €20,555 | +€20,555 | |
| Trade debts | 44 | €251,571 | €13,542 | -€238,029 | -94.6% |
| Suppliers | 440/4 | €251,571 | €13,542 | -€238,029 | -94.6% |
| Taxes, remuneration and social security | 45 | €0 | €14,686 | +€14,686 | |
| Taxes | 450/3 | €0 | €14,686 | +€14,686 | |
| Other amounts payable | 47/48 | €2,500,000 | €2,500,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €351,172 | €0 | -€351,172 | -100% |
| Operating income | 70/76A | - | €144,661 | +€144,661 | |
| Turnover | 70 | - | €96,145 | +€96,145 | |
| Other operating income | 74 | - | €3,966 | +€3,966 | |
| Non-recurring operating income | 76A | - | €44,550 | +€44,550 | |
| Operating charges | 60/66A | - | €1,287,934 | +€1.3m | |
| Services and other goods | 61 | - | €1,095,506 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €748,117 | €71,615 | -€676,502 | -90.4% |
| Other operating charges | 640/8 | €135,455 | €120,812 | -€14,643 | -10.8% |
| Gross operating margin | 9900 | -€755,309 | - | +€755,309 | |
| Operating profit (loss) | 9901 | -€1,638,881 | -€1,143,273 | +€495,608 | +30.2% |
| Financial income | 75/76B | €15,501,707 | €6,722,506 | -€8.8m | -56.6% |
| Recurring financial income | 75 | €13,661,413 | €6,722,506 | -€6.9m | -50.8% |
| Income from financial fixed assets | 750 | - | €175,833 | +€175,833 | |
| Income from current assets | 751 | - | €3,703,812 | +€3.7m | |
| Other financial income | 752/9 | - | €2,842,862 | +€2.8m | |
| Non-recurring financial income | 76B | €1,840,294 | €0 | -€1.8m | -100% |
| Financial charges | 65/66B | €821,703 | €4,803,980 | +€4.0m | +485% |
| Recurring financial charges | 65 | €821,703 | €4,803,980 | +€4.0m | +485% |
| Debt charges | 650 | - | €3,479 | +€3,479 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | - | -€73,330 | -€73,330 | |
| Other financial charges | 652/9 | - | €4,873,830 | +€4.9m | |
| Profit (loss) for the period before taxes | 9903 | €13,041,122 | €775,254 | -€12.3m | -94.1% |
| Income taxes | 67/77 | €44 | €0 | -€44 | -100% |
| Taxes | 670/3 | - | €0 | = | |
| Profit (loss) for the period | 9904 | €13,041,078 | €775,254 | -€12.3m | -94.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,041,078 | €775,254 | -€12.3m | -94.1% |
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 27 October 2026 via checked.be.