ANTARAS: 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.
ANTARAS
Largest movements
- Receivables within one year +€448,541
up €448,541 (+57.4%), from €782,075 to €1.2m
of which Trade receivables: +€448,416
- Tangible fixed assets -€18,680
down €18,680 (-25.9%), from €72,103 to €53,422
of which Furniture and vehicles: -€16,420
- Trade debts +€151,093
up €151,093 (+53.0%), from €285,006 to €436,099
- Reserves +€126,756
up €126,756 (+39.8%), from €318,586 to €445,343
of which Distributable reserves: +€128,616
- Short-term financial debts +€60,000
new in 2025: €60,000
- Other debts +€60,000
up €60,000 (+44.1%), from €136,010 to €196,010
- Tax, wage and social debts +€59,430
up €59,430 (+64.3%), from €92,367 to €151,797
of which Taxes: +€56,886
- Gross operating margin +€86,394
up €86,394 (+14.0%), from €615,736 to €702,130
- Staff costs +€19,548
up €19,548 (+5.7%), from €343,835 to €363,383
- Taxes +€17,459
up €17,459 (+25.6%), from €68,301 to €85,761
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 | €905,490 | €1,347,807 | +€442,316 | +48.8% |
| Fixed assets | 21/28 | €81,678 | €62,997 | -€18,680 | -22.9% |
| Tangible fixed assets | 22/27 | €72,103 | €53,422 | -€18,680 | -25.9% |
| Plant, machinery and equipment | 23 | €5,221 | €2,961 | -€2,260 | -43.3% |
| Furniture and vehicles | 24 | €66,881 | €50,461 | -€16,420 | -24.6% |
| Financial fixed assets | 28 | €9,575 | €9,575 | = | 0.0% |
| Current assets | 29/58 | €823,813 | €1,284,810 | +€460,997 | +56.0% |
| Amounts receivable within one year | 40/41 | €782,075 | €1,230,616 | +€448,541 | +57.4% |
| Trade receivables | 40 | €611,244 | €1,059,660 | +€448,416 | +73.4% |
| Other amounts receivable | 41 | €170,831 | €170,957 | +€126 | +0.1% |
| Cash at bank and in hand | 54/58 | €30,056 | €35,598 | +€5,543 | +18.4% |
| Deferred charges and accrued income | 490/1 | €11,682 | €18,595 | +€6,913 | +59.2% |
| Total equity and liabilities | 10/49 | €905,490 | €1,347,807 | +€442,316 | +48.8% |
| Equity | 10/15 | €337,186 | €463,943 | +€126,756 | +37.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €318,586 | €445,343 | +€126,756 | +39.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €316,726 | €445,343 | +€128,616 | +40.6% |
| Amounts payable | 17/49 | €568,304 | €883,864 | +€315,560 | +55.5% |
| Amounts payable after more than one year | 17 | €39,958 | €24,348 | -€15,610 | -39.1% |
| Financial debts | 170/4 | €39,958 | €24,348 | -€15,610 | -39.1% |
| Amounts payable within one year | 42/48 | €528,346 | €859,516 | +€331,170 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €14,963 | €15,610 | +€647 | +4.3% |
| Financial debts | 43 | - | €60,000 | +€60,000 | |
| Credit institutions | 430/8 | - | €60,000 | +€60,000 | |
| Trade debts | 44 | €285,006 | €436,099 | +€151,093 | +53.0% |
| Suppliers | 440/4 | €285,006 | €436,099 | +€151,093 | +53.0% |
| Taxes, remuneration and social security | 45 | €92,367 | €151,797 | +€59,430 | +64.3% |
| Taxes | 450/3 | €32,778 | €89,664 | +€56,886 | +173.5% |
| Remuneration and social security | 454/9 | €59,589 | €62,133 | +€2,544 | +4.3% |
| Other amounts payable | 47/48 | €136,010 | €196,010 | +€60,000 | +44.1% |
| Remuneration, social security and pensions | 62 | €343,835 | €363,383 | +€19,548 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,086 | €18,680 | +€4,595 | +32.6% |
| Other operating charges | 640/8 | €2,931 | €2,007 | -€924 | -31.5% |
| Gross operating margin | 9900 | €615,736 | €702,130 | +€86,394 | +14.0% |
| Operating profit (loss) | 9901 | €254,884 | €318,059 | +€63,175 | +24.8% |
| Financial income | 75/76B | €1,035 | - | -€1,035 | |
| Recurring financial income | 75 | €1,035 | - | -€1,035 | |
| Financial charges | 65/66B | €7,271 | €5,542 | -€1,729 | -23.8% |
| Recurring financial charges | 65 | €7,271 | €5,542 | -€1,729 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €248,649 | €312,517 | +€63,868 | +25.7% |
| Income taxes | 67/77 | €68,301 | €85,761 | +€17,459 | +25.6% |
| Profit (loss) for the period | 9904 | €180,347 | €226,756 | +€46,409 | +25.7% |
| Profit (loss) for the period to be appropriated | 9905 | €180,347 | €226,756 | +€46,409 | +25.7% |
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 9 October 2026 via checked.be.