ANTARES: 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.
ANTARES
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Receivables within one year -€37,005
down €37,005 (-48.9%), from €75,665 to €38,660
of which Trade receivables: -€36,902
- Tangible fixed assets -€28,641
down €28,641 (-17.3%), from €165,694 to €137,053
of which Land and buildings: -€27,680
- Cash +€9,125
up €9,125 (+5.3%), from €171,512 to €180,637
mainly Other debts (+€56,666) and Net result for the year (+€43,585)
- Deferred charges and accrued income +€4,867
up €4,867 (+700%), from €695 to €5,562
- Other debts +€56,666
up €56,666 (+150%), from €37,742 to €94,408
- Reserves -€49,079
down €49,079 (-16.1%), from €305,078 to €255,999
- Gross operating margin -€5,576
down €5,576 (-5.4%), from €102,408 to €96,832
- Taxes -€1,452
down €1,452 (-5.9%), from €24,742 to €23,290
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 | €424,799 | €433,144 | +€8,345 | +2.0% |
| Fixed assets | 21/28 | €176,926 | €148,285 | -€28,641 | -16.2% |
| Tangible fixed assets | 22/27 | €165,694 | €137,053 | -€28,641 | -17.3% |
| Land and buildings | 22 | €163,585 | €135,905 | -€27,680 | -16.9% |
| Plant, machinery and equipment | 23 | €550 | €550 | = | 0.0% |
| Furniture and vehicles | 24 | €1,560 | €598 | -€961 | -61.6% |
| Financial fixed assets | 28 | €11,231 | €11,231 | = | 0.0% |
| Current assets | 29/58 | €247,873 | €284,859 | +€36,987 | +14.9% |
| Amounts receivable within one year | 40/41 | €75,665 | €38,660 | -€37,005 | -48.9% |
| Trade receivables | 40 | €73,764 | €36,862 | -€36,902 | -50.0% |
| Other amounts receivable | 41 | €1,902 | €1,798 | -€103 | -5.4% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €171,512 | €180,637 | +€9,125 | +5.3% |
| Deferred charges and accrued income | 490/1 | €695 | €5,562 | +€4,867 | +700% |
| Total equity and liabilities | 10/49 | €424,799 | €433,144 | +€8,345 | +2.0% |
| Equity | 10/15 | €380,956 | €331,877 | -€49,079 | -12.9% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €305,078 | €255,999 | -€49,079 | -16.1% |
| Distributable reserves | 133 | €305,078 | €255,999 | -€49,079 | -16.1% |
| Profit (loss) carried forward | 14 | €44,878 | €44,878 | = | 0.0% |
| Amounts payable | 17/49 | €43,843 | €101,267 | +€57,425 | +131% |
| Amounts payable within one year | 42/48 | €43,843 | €101,267 | +€57,425 | +131% |
| Financial debts | 43 | €1,324 | €315 | -€1,010 | -76.3% |
| Credit institutions | 430/8 | €1,324 | €315 | -€1,010 | -76.3% |
| Trade debts | 44 | €2,405 | €3,599 | +€1,194 | +49.6% |
| Suppliers | 440/4 | €2,405 | €3,599 | +€1,194 | +49.6% |
| Taxes, remuneration and social security | 45 | €2,371 | €2,946 | +€574 | +24.2% |
| Taxes | 450/3 | €2,371 | €2,946 | +€574 | +24.2% |
| Other amounts payable | 47/48 | €37,742 | €94,408 | +€56,666 | +150% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,177 | €28,641 | -€536 | -1.8% |
| Other operating charges | 640/8 | €1,848 | €1,960 | +€112 | +6.1% |
| Gross operating margin | 9900 | €102,408 | €96,832 | -€5,576 | -5.4% |
| Operating profit (loss) | 9901 | €71,383 | €66,231 | -€5,152 | -7.2% |
| Financial income | 75/76B | €427 | €1,147 | +€720 | +169% |
| Recurring financial income | 75 | €427 | €1,147 | +€720 | +169% |
| Financial charges | 65/66B | €600 | €503 | -€98 | -16.3% |
| Recurring financial charges | 65 | €600 | €503 | -€98 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €71,210 | €66,875 | -€4,334 | -6.1% |
| Income taxes | 67/77 | €24,742 | €23,290 | -€1,452 | -5.9% |
| Profit (loss) for the period | 9904 | €46,468 | €43,585 | -€2,882 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,468 | €43,585 | -€2,882 | -6.2% |
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 1 November 2026 via checked.be.