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
- Receivables within one year +€15,001
up €15,001 (+33.7%), from €44,518 to €59,519
of which Trade receivables: +€9,127
- Cash +€9,709
up €9,709 (+10.3%), from €94,546 to €104,255
mainly Net result for the year (+€51,508) and Depreciation (+€40,936)
- Reserves +€19,000
up €19,000 (+5.0%), from €377,536 to €396,536
- Current portion of long-term debt +€8,333
up €8,333 (+280%), from €2,973 to €11,307
- Taxes -€10,985
down €10,985 (-33.9%), from €32,397 to €21,412
- Gross operating margin -€8,582
down €8,582 (-6.1%), from €141,262 to €132,680
- Depreciation +€5,081
up €5,081 (+14.2%), from €35,855 to €40,936
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 | €506,441 | €530,090 | +€23,649 | +4.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €360,551 | €359,489 | -€1,061 | -0.3% |
| Tangible fixed assets | 22/27 | €149,781 | €148,719 | -€1,061 | -0.7% |
| Land and buildings | 22 | €111,470 | €96,494 | -€14,976 | -13.4% |
| Furniture and vehicles | 24 | €38,311 | €52,226 | +€13,915 | +36.3% |
| Financial fixed assets | 28 | €210,770 | €210,770 | = | 0.0% |
| Current assets | 29/58 | €145,891 | €170,601 | +€24,710 | +16.9% |
| Amounts receivable within one year | 40/41 | €44,518 | €59,519 | +€15,001 | +33.7% |
| Trade receivables | 40 | €39,595 | €48,722 | +€9,127 | +23.1% |
| Other amounts receivable | 41 | €4,923 | €10,796 | +€5,874 | +119% |
| Cash at bank and in hand | 54/58 | €94,546 | €104,255 | +€9,709 | +10.3% |
| Deferred charges and accrued income | 490/1 | €6,827 | €6,827 | = | 0.0% |
| Total equity and liabilities | 10/49 | €506,441 | €530,090 | +€23,649 | +4.7% |
| Equity | 10/15 | €473,013 | €494,521 | +€21,508 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €377,536 | €396,536 | +€19,000 | +5.0% |
| Distributable reserves | 133 | €377,536 | €396,536 | +€19,000 | +5.0% |
| Profit (loss) carried forward | 14 | €76,877 | €79,385 | +€2,508 | +3.3% |
| Amounts payable | 17/49 | €33,428 | €35,569 | +€2,141 | +6.4% |
| Amounts payable within one year | 42/48 | €33,428 | €35,569 | +€2,141 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €2,973 | €11,307 | +€8,333 | +280% |
| Trade debts | 44 | €13,916 | €14,150 | +€234 | +1.7% |
| Suppliers | 440/4 | €13,916 | €14,150 | +€234 | +1.7% |
| Taxes, remuneration and social security | 45 | €12,167 | €7,662 | -€4,506 | -37.0% |
| Taxes | 450/3 | €12,167 | €0 | -€12,167 | -100% |
| Remuneration and social security | 454/9 | - | €7,662 | +€7,662 | |
| Other amounts payable | 47/48 | €4,371 | €2,450 | -€1,921 | -43.9% |
| Remuneration, social security and pensions | 62 | €12,014 | €11,663 | -€351 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,855 | €40,936 | +€5,081 | +14.2% |
| Other operating charges | 640/8 | €8,275 | €7,722 | -€553 | -6.7% |
| Gross operating margin | 9900 | €141,262 | €132,680 | -€8,582 | -6.1% |
| Operating profit (loss) | 9901 | €85,119 | €72,360 | -€12,759 | -15.0% |
| Financial income | 75/76B | €788 | €1,540 | +€752 | +95.4% |
| Recurring financial income | 75 | €788 | €1,540 | +€752 | +95.4% |
| Financial charges | 65/66B | €1,309 | €980 | -€330 | -25.2% |
| Recurring financial charges | 65 | €1,309 | €980 | -€330 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €84,597 | €72,920 | -€11,678 | -13.8% |
| Income taxes | 67/77 | €32,397 | €21,412 | -€10,985 | -33.9% |
| Profit (loss) for the period | 9904 | €52,201 | €51,508 | -€693 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €52,201 | €51,508 | -€693 | -1.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.