ANT 18: 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.
ANT 18
Largest movements
- Cash +€85,286
up €85,286 (+97.6%), from €87,344 to €172,630
mainly Receivables within one year (+€65,354) and Other debts (+€51,683)
- Receivables within one year -€65,354
down €65,354 (-48.6%), from €134,456 to €69,102
- Tangible fixed assets -€16,598
down €16,598 (-18.9%), from €88,014 to €71,416
- Trade debts -€81,572
down €81,572 (-74.7%), from €109,232 to €27,659
- Other debts +€51,683
up €51,683 (+136%), from €37,905 to €89,587
- Advances received +€16,668
new in 2025: €16,668
- Accrued charges and deferred income +€12,480
new in 2025: €12,480
- Reserves +€8,043
up €8,043 (+5.8%), from €137,789 to €145,832
- Financial charges +€49,640
up €49,640 (+1,664%), from €2,984 to €52,624
- Gross operating margin +€21,172
up €21,172 (+32.3%), from €65,587 to €86,760
- Depreciation +€16,666
up €16,666 (+632%), from €2,639 to €19,305
- Taxes -€13,748
down €13,748 (-74.2%), from €18,531 to €4,783
- Staff costs -€1,878
no longer reported in 2025 (was €1,878)
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 | €309,814 | €313,148 | +€3,333 | +1.1% |
| Fixed assets | 21/28 | €88,014 | €71,416 | -€16,598 | -18.9% |
| Tangible fixed assets | 22/27 | €88,014 | €71,416 | -€16,598 | -18.9% |
| Furniture and vehicles | 24 | €88,014 | €71,416 | -€16,598 | -18.9% |
| Current assets | 29/58 | €221,800 | €241,732 | +€19,932 | +9.0% |
| Amounts receivable within one year | 40/41 | €134,456 | €69,102 | -€65,354 | -48.6% |
| Trade receivables | 40 | €134,456 | €69,102 | -€65,354 | -48.6% |
| Cash at bank and in hand | 54/58 | €87,344 | €172,630 | +€85,286 | +97.6% |
| Total equity and liabilities | 10/49 | €309,814 | €313,148 | +€3,333 | +1.1% |
| Equity | 10/15 | €142,789 | €150,832 | +€8,043 | +5.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €137,789 | €145,832 | +€8,043 | +5.8% |
| Distributable reserves | 133 | €137,789 | €145,832 | +€8,043 | +5.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €167,026 | €162,316 | -€4,709 | -2.8% |
| Amounts payable within one year | 42/48 | €167,026 | €149,836 | -€17,189 | -10.3% |
| Trade debts | 44 | €109,232 | €27,659 | -€81,572 | -74.7% |
| Suppliers | 440/4 | €109,232 | €27,659 | -€81,572 | -74.7% |
| Advances received on contracts in progress | 46 | - | €16,668 | +€16,668 | |
| Taxes, remuneration and social security | 45 | €19,889 | €15,922 | -€3,968 | -19.9% |
| Taxes | 450/3 | €19,889 | €15,922 | -€3,968 | -19.9% |
| Other amounts payable | 47/48 | €37,905 | €89,587 | +€51,683 | +136% |
| Accrued charges and deferred income | 492/3 | - | €12,480 | +€12,480 | |
| Remuneration, social security and pensions | 62 | €1,878 | - | -€1,878 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,639 | €19,305 | +€16,666 | +632% |
| Other operating charges | 640/8 | €258 | €617 | +€359 | +139% |
| Gross operating margin | 9900 | €65,587 | €86,760 | +€21,172 | +32.3% |
| Operating profit (loss) | 9901 | €60,812 | €66,838 | +€6,026 | +9.9% |
| Financial income | 75/76B | €11 | €0 | -€11 | -100% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100% |
| Financial charges | 65/66B | €2,984 | €52,624 | +€49,640 | +1,664% |
| Recurring financial charges | 65 | €2,984 | €52,624 | +€49,640 | +1,664% |
| Profit (loss) for the period before taxes | 9903 | €57,839 | €14,214 | -€43,625 | -75.4% |
| Income taxes | 67/77 | €18,531 | €4,783 | -€13,748 | -74.2% |
| Profit (loss) for the period | 9904 | €39,309 | €9,431 | -€29,877 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,309 | €9,431 | -€29,877 | -76.0% |
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 22 October 2026 via checked.be.