ANTEC: 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.
ANTEC
Largest movements
- Stocks and contracts +€428,905
up €428,905 (+438.7%), from €97,758 to €526,664
- Receivables within one year -€244,020
down €244,020 (-31.4%), from €776,538 to €532,517
- Cash -€68,118
down €68,118 (-44.5%), from €153,153 to €85,034
mainly Stocks and contracts (-€428,905) and Short-term financial debts (-€150,154)
- Short-term financial debts -€150,154
down €150,154 (-33.4%), from €448,893 to €298,739
- Debts after one year +€144,472
up €144,472 (+192.6%), from €75,000 to €219,472
- Trade debts +€105,454
up €105,454 (+51.6%), from €204,470 to €309,924
- Profit (loss) carried forward +€21,403
up €21,403 (+10.2%), from -€210,851 to -€189,448
- Staff costs +€32,022
up €32,022 (+5.1%), from €625,730 to €657,751
- Gross operating margin -€10,458
down €10,458 (-1.4%), from €721,615 to €711,157
- Financial charges -€10,074
down €10,074 (-37.4%), from €26,903 to €16,829
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 | €1,057,272 | €1,175,587 | +€118,315 | +11.2% |
| Fixed assets | 21/28 | €16,388 | €13,956 | -€2,432 | -14.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €13,295 | €10,863 | -€2,432 | -18.3% |
| Plant, machinery and equipment | 23 | €6,105 | €5,859 | -€246 | -4.0% |
| Furniture and vehicles | 24 | €7,190 | €5,004 | -€2,186 | -30.4% |
| Financial fixed assets | 28 | €3,093 | €3,093 | = | 0.0% |
| Current assets | 29/58 | €1,040,884 | €1,161,631 | +€120,747 | +11.6% |
| Stocks and contracts in progress | 3 | €97,758 | €526,664 | +€428,905 | +438.7% |
| Stocks | 30/36 | €97,758 | €526,664 | +€428,905 | +438.7% |
| Amounts receivable within one year | 40/41 | €776,538 | €532,517 | -€244,020 | -31.4% |
| Trade receivables | 40 | €776,538 | €532,517 | -€244,020 | -31.4% |
| Cash at bank and in hand | 54/58 | €153,153 | €85,034 | -€68,118 | -44.5% |
| Deferred charges and accrued income | 490/1 | €13,436 | €17,416 | +€3,980 | +29.6% |
| Total equity and liabilities | 10/49 | €1,057,272 | €1,175,587 | +€118,315 | +11.2% |
| Equity | 10/15 | €156,984 | €178,388 | +€21,403 | +13.6% |
| Contributions | 10/11 | €193,487 | €193,487 | = | 0.0% |
| Reserves | 13 | €174,349 | €174,349 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,349 | €19,349 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,349 | €19,349 | = | 0.0% |
| Distributable reserves | 133 | €155,000 | €155,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,851 | -€189,448 | +€21,403 | +10.2% |
| Amounts payable | 17/49 | €900,288 | €997,199 | +€96,911 | +10.8% |
| Amounts payable after more than one year | 17 | €75,000 | €219,472 | +€144,472 | +192.6% |
| Financial debts | 170/4 | €75,000 | €219,472 | +€144,472 | +192.6% |
| Amounts payable within one year | 42/48 | €825,288 | €777,727 | -€47,561 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 43 | €448,893 | €298,739 | -€150,154 | -33.4% |
| Credit institutions | 430/8 | €448,893 | €298,739 | -€150,154 | -33.4% |
| Trade debts | 44 | €204,470 | €309,924 | +€105,454 | +51.6% |
| Suppliers | 440/4 | €204,470 | €309,924 | +€105,454 | +51.6% |
| Taxes, remuneration and social security | 45 | €76,925 | €74,064 | -€2,861 | -3.7% |
| Taxes | 450/3 | €15,365 | €11,725 | -€3,641 | -23.7% |
| Remuneration and social security | 454/9 | €61,559 | €62,339 | +€780 | +1.3% |
| Other amounts payable | 47/48 | €45,000 | €45,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €625,730 | €657,751 | +€32,022 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,487 | €2,977 | -€1,511 | -33.7% |
| Other operating charges | 640/8 | €9,471 | €12,199 | +€2,729 | +28.8% |
| Gross operating margin | 9900 | €721,615 | €711,157 | -€10,458 | -1.4% |
| Operating profit (loss) | 9901 | €81,928 | €38,230 | -€43,697 | -53.3% |
| Financial income | 75/76B | €151 | €2 | -€149 | -98.5% |
| Recurring financial income | 75 | €151 | €2 | -€149 | -98.5% |
| Financial charges | 65/66B | €26,903 | €16,829 | -€10,074 | -37.4% |
| Recurring financial charges | 65 | €26,903 | €16,829 | -€10,074 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | €55,175 | €21,403 | -€33,772 | -61.2% |
| Income taxes | 67/77 | €795 | - | -€795 | |
| Profit (loss) for the period | 9904 | €54,380 | €21,403 | -€32,977 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,380 | €21,403 | -€32,977 | -60.6% |
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 11 October 2026 via checked.be.