ANTECHO: 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.
ANTECHO
Largest movements
- Receivables within one year +€577,351
up €577,351 (+132%), from €437,713 to €1.0m
of which Trade receivables: +€573,098
- Stocks and contracts -€290,378
down €290,378 (-100%), from €290,378 to €0
- Cash -€65,233
down €65,233 (-81.8%), from €79,702 to €14,469
mainly Receivables within one year (-€577,351) and Other debts (-€122,623)
- Tangible fixed assets -€17,594
down €17,594 (-19.5%), from €90,064 to €72,470
of which Furniture and vehicles: -€14,276
- Trade debts +€394,992
up €394,992 (+931%), from €42,419 to €437,410
- Other debts -€122,623
down €122,623 (-22.1%), from €555,556 to €432,933
- Reserves -€78,852
down €78,852 (-53.5%), from €147,273 to €68,421
- Tax, wage and social debts +€18,190
up €18,190 (+599%), from €3,037 to €21,227
of which Taxes: +€17,877
- Staff costs +€88,737
up €88,737 (+58.1%), from €152,846 to €241,583
- Gross operating margin +€23,309
up €23,309 (+12.1%), from €192,163 to €215,472
- Depreciation +€10,574
up €10,574 (+41.2%), from €25,687 to €36,261
- Other operating charges -€5,379
down €5,379 (-63.6%), from €8,454 to €3,075
- Financial charges -€5,337
down €5,337 (-28.8%), from €18,500 to €13,163
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 | €932,680 | €1,136,331 | +€203,651 | +21.8% |
| Fixed assets | 21/28 | €123,482 | €106,798 | -€16,684 | -13.5% |
| Intangible fixed assets | 21 | €33,418 | €34,328 | +€910 | +2.7% |
| Tangible fixed assets | 22/27 | €90,064 | €72,470 | -€17,594 | -19.5% |
| Land and buildings | 22 | €19,232 | €20,244 | +€1,012 | +5.3% |
| Plant, machinery and equipment | 23 | €27,431 | €23,100 | -€4,331 | -15.8% |
| Furniture and vehicles | 24 | €43,401 | €29,125 | -€14,276 | -32.9% |
| Current assets | 29/58 | €809,198 | €1,029,533 | +€220,335 | +27.2% |
| Stocks and contracts in progress | 3 | €290,378 | €0 | -€290,378 | -100% |
| Stocks | 30/36 | €290,378 | €0 | -€290,378 | -100% |
| Amounts receivable within one year | 40/41 | €437,713 | €1,015,064 | +€577,351 | +132% |
| Trade receivables | 40 | €415,716 | €988,814 | +€573,098 | +138% |
| Other amounts receivable | 41 | €21,997 | €26,250 | +€4,253 | +19.3% |
| Cash at bank and in hand | 54/58 | €79,702 | €14,469 | -€65,233 | -81.8% |
| Deferred charges and accrued income | 490/1 | €1,404 | €0 | -€1,404 | -100% |
| Total equity and liabilities | 10/49 | €932,680 | €1,136,331 | +€203,651 | +21.8% |
| Equity | 10/15 | €178,260 | €99,407 | -€78,852 | -44.2% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €147,273 | €68,421 | -€78,852 | -53.5% |
| Distributable reserves | 133 | €147,273 | €68,421 | -€78,852 | -53.5% |
| Amounts payable | 17/49 | €754,420 | €1,036,924 | +€282,503 | +37.4% |
| Amounts payable after more than one year | 17 | €20,353 | €13,426 | -€6,927 | -34.0% |
| Financial debts | 170/4 | €20,353 | €13,426 | -€6,927 | -34.0% |
| Amounts payable within one year | 42/48 | €734,067 | €1,023,498 | +€289,431 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €8,056 | €6,927 | -€1,129 | -14.0% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €42,419 | €437,410 | +€394,992 | +931% |
| Suppliers | 440/4 | €42,419 | €437,410 | +€394,992 | +931% |
| Taxes, remuneration and social security | 45 | €3,037 | €21,227 | +€18,190 | +599% |
| Taxes | 450/3 | €3,037 | €20,913 | +€17,877 | +589% |
| Remuneration and social security | 454/9 | €0 | €314 | +€314 | |
| Other amounts payable | 47/48 | €555,556 | €432,933 | -€122,623 | -22.1% |
| Remuneration, social security and pensions | 62 | €152,846 | €241,583 | +€88,737 | +58.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,687 | €36,261 | +€10,574 | +41.2% |
| Other operating charges | 640/8 | €8,454 | €3,075 | -€5,379 | -63.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €192,163 | €215,472 | +€23,309 | +12.1% |
| Operating profit (loss) | 9901 | €5,176 | -€65,447 | -€70,623 | |
| Financial income | 75/76B | €22 | €128 | +€106 | +472% |
| Recurring financial income | 75 | €22 | €128 | +€106 | +472% |
| Financial charges | 65/66B | €18,500 | €13,163 | -€5,337 | -28.8% |
| Recurring financial charges | 65 | €18,500 | €13,163 | -€5,337 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,302 | -€78,482 | -€65,180 | -490% |
| Income taxes | 67/77 | €636 | €370 | -€266 | -41.8% |
| Profit (loss) for the period | 9904 | -€13,938 | -€78,852 | -€64,914 | -466% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,938 | -€78,852 | -€64,914 | -466% |
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 26 October 2026 via checked.be.