ANTARES MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€118,645
down €118,645 (-7.5%), from €1.6m to €1.5m
of which Land and buildings: -€113,644
- Receivables within one year +€44,495
up €44,495 (+46.2%), from €96,340 to €140,835
of which Other amounts receivable: +€54,921
- Profit (loss) carried forward -€54,738
down €54,738 (-8.2%), from -€668,621 to -€723,359
- Debts after one year -€34,657
down €34,657 (-6.6%), from €521,573 to €486,916
of which Financial debts: -€34,657
- Other debts +€34,499
up €34,499 (+6.8%), from €509,343 to €543,842
- Revaluation surpluses -€32,600
down €32,600 (-7.7%), from €423,796 to €391,197
- Reserves +€20,764
up €20,764 (+5.4%), from €383,433 to €404,196
of which Distributable reserves: +€32,600
- Gross operating margin +€14,574
up €14,574 (+28.5%), from €51,184 to €65,758
- Other operating charges -€11,041
down €11,041 (-57.2%), from €19,311 to €8,271
- Financial charges +€7,259
up €7,259 (+247%), from €2,942 to €10,200
- Depreciation -€1,195
down €1,195 (-1.0%), from €119,841 to €118,645
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 | €1,718,224 | €1,645,099 | -€73,125 | -4.3% |
| Fixed assets | 21/28 | €1,612,465 | €1,493,819 | -€118,645 | -7.4% |
| Tangible fixed assets | 22/27 | €1,592,217 | €1,473,571 | -€118,645 | -7.5% |
| Land and buildings | 22 | €1,557,696 | €1,444,053 | -€113,644 | -7.3% |
| Plant, machinery and equipment | 23 | €33,553 | €29,126 | -€4,428 | -13.2% |
| Furniture and vehicles | 24 | €967 | €393 | -€574 | -59.3% |
| Financial fixed assets | 28 | €20,248 | €20,248 | = | 0.0% |
| Current assets | 29/58 | €105,759 | €151,280 | +€45,521 | +43.0% |
| Amounts receivable within one year | 40/41 | €96,340 | €140,835 | +€44,495 | +46.2% |
| Trade receivables | 40 | €94,333 | €83,907 | -€10,426 | -11.1% |
| Other amounts receivable | 41 | €2,007 | €56,928 | +€54,921 | +2,736% |
| Cash at bank and in hand | 54/58 | €5,939 | €10,445 | +€4,506 | +75.9% |
| Deferred charges and accrued income | 490/1 | €3,480 | - | -€3,480 | |
| Total equity and liabilities | 10/49 | €1,718,224 | €1,645,099 | -€73,125 | -4.3% |
| Equity | 10/15 | €584,816 | €518,242 | -€66,575 | -11.4% |
| Contributions | 10/11 | €446,208 | €446,208 | = | 0.0% |
| Capital | 10 | €446,208 | €446,208 | = | 0.0% |
| Issued capital | 100 | €446,208 | €446,208 | = | 0.0% |
| Revaluation surpluses | 12 | €423,796 | €391,197 | -€32,600 | -7.7% |
| Reserves | 13 | €383,433 | €404,196 | +€20,764 | +5.4% |
| Non-distributable reserves | 130/1 | €1,364 | €1,364 | = | 0.0% |
| Legal reserve | 130 | €1,364 | €1,364 | = | 0.0% |
| Tax-exempt reserves | 132 | €153,871 | €142,035 | -€11,836 | -7.7% |
| Distributable reserves | 133 | €228,198 | €260,798 | +€32,600 | +14.3% |
| Profit (loss) carried forward | 14 | -€668,621 | -€723,359 | -€54,738 | -8.2% |
| Provisions and deferred taxes | 16 | €58,668 | €53,696 | -€4,972 | -8.5% |
| Deferred taxes | 168 | €58,668 | €53,696 | -€4,972 | -8.5% |
| Amounts payable | 17/49 | €1,074,740 | €1,073,162 | -€1,578 | -0.1% |
| Amounts payable after more than one year | 17 | €521,573 | €486,916 | -€34,657 | -6.6% |
| Financial debts | 170/4 | €513,579 | €478,923 | -€34,657 | -6.7% |
| Other amounts payable | 178/9 | €7,993 | €7,993 | = | 0.0% |
| Amounts payable within one year | 42/48 | €553,167 | €585,247 | +€32,080 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €29,743 | €32,522 | +€2,779 | +9.3% |
| Trade debts | 44 | €13,888 | €8,678 | -€5,210 | -37.5% |
| Suppliers | 440/4 | €13,888 | €8,678 | -€5,210 | -37.5% |
| Taxes, remuneration and social security | 45 | €193 | €205 | +€12 | +6.3% |
| Taxes | 450/3 | €193 | €205 | +€12 | +6.3% |
| Other amounts payable | 47/48 | €509,343 | €543,842 | +€34,499 | +6.8% |
| Accrued charges and deferred income | 492/3 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,841 | €118,645 | -€1,195 | -1.0% |
| Other operating charges | 640/8 | €19,311 | €8,271 | -€11,041 | -57.2% |
| Gross operating margin | 9900 | €51,184 | €65,758 | +€14,574 | +28.5% |
| Operating profit (loss) | 9901 | -€87,968 | -€61,158 | +€26,810 | +30.5% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €2,942 | €10,200 | +€7,259 | +247% |
| Recurring financial charges | 65 | €2,942 | €10,200 | +€7,259 | +247% |
| Profit (loss) for the period before taxes | 9903 | -€90,909 | -€71,352 | +€19,557 | +21.5% |
| Transfer from deferred taxes | 780 | €4,972 | €4,972 | = | 0.0% |
| Income taxes | 67/77 | €193 | €194 | +€1 | +0.8% |
| Profit (loss) for the period | 9904 | -€86,130 | -€66,575 | +€19,556 | +22.7% |
| Transfer from tax-exempt reserves | 789 | €11,836 | €11,836 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,294 | -€54,738 | +€19,556 | +26.3% |
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 20 October 2026 via checked.be.