ANTECODE: what changed
Two fiscal 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.
ANTECODE
Largest movements
- Cash +€22,393
up €22,393 (+22.1%), from €101,299 to €123,692
mainly Net result for the year (+€77,911) and Tax, wage and social debts (+€6,323)
- Receivables within one year +€17,395
up €17,395 (+105.7%), from €16,453 to €33,847
of which Trade receivables: +€14,910
- Other debts -€48,012
down €48,012 (-87.3%), from €55,026 to €7,013
- Reserves +€42,000
up €42,000 (+105.5%), from €39,826 to €81,826
- Profit (loss) carried forward +€35,911
up €35,911 (+293.1%), from €12,252 to €48,164
- Tax, wage and social debts +€6,323
up €6,323 (+71.6%), from €8,831 to €15,154
- Trade debts +€2,683
up €2,683 (+478.3%), from €561 to €3,244
- Gross operating margin +€12,192
up €12,192 (+12.8%), from €95,569 to €107,761
- Taxes +€5,832
up €5,832 (+28.4%), from €20,524 to €26,356
- Depreciation +€1,102
up €1,102 (+48.1%), from €2,293 to €3,395
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 | €126,561 | €165,610 | +€39,048 | +30.9% |
| Fixed assets | 21/28 | €7,833 | €6,764 | -€1,069 | -13.6% |
| Tangible fixed assets | 22/27 | €7,833 | €6,764 | -€1,069 | -13.6% |
| Plant, machinery and equipment | 23 | €722 | €596 | -€126 | -17.4% |
| Furniture and vehicles | 24 | €6,066 | €5,537 | -€529 | -8.7% |
| Other tangible fixed assets | 26 | €1,046 | €631 | -€414 | -39.6% |
| Current assets | 29/58 | €118,728 | €158,846 | +€40,117 | +33.8% |
| Amounts receivable within one year | 40/41 | €16,453 | €33,847 | +€17,395 | +105.7% |
| Trade receivables | 40 | €15,936 | €30,846 | +€14,910 | +93.6% |
| Other amounts receivable | 41 | €517 | €3,001 | +€2,484 | +480.6% |
| Cash at bank and in hand | 54/58 | €101,299 | €123,692 | +€22,393 | +22.1% |
| Deferred charges and accrued income | 490/1 | €977 | €1,306 | +€330 | +33.7% |
| Total equity and liabilities | 10/49 | €126,561 | €165,610 | +€39,048 | +30.9% |
| Equity | 10/15 | €62,078 | €139,989 | +€77,911 | +125.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €39,826 | €81,826 | +€42,000 | +105.5% |
| Distributable reserves | 133 | €39,826 | €81,826 | +€42,000 | +105.5% |
| Profit (loss) carried forward | 14 | €12,252 | €48,164 | +€35,911 | +293.1% |
| Amounts payable | 17/49 | €64,483 | €25,620 | -€38,863 | -60.3% |
| Amounts payable within one year | 42/48 | €64,418 | €25,411 | -€39,007 | -60.6% |
| Trade debts | 44 | €561 | €3,244 | +€2,683 | +478.3% |
| Suppliers | 440/4 | €561 | €3,244 | +€2,683 | +478.3% |
| Taxes, remuneration and social security | 45 | €8,831 | €15,154 | +€6,323 | +71.6% |
| Taxes | 450/3 | €8,831 | €15,154 | +€6,323 | +71.6% |
| Other amounts payable | 47/48 | €55,026 | €7,013 | -€48,012 | -87.3% |
| Accrued charges and deferred income | 492/3 | €66 | €209 | +€143 | +218.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,293 | €3,395 | +€1,102 | +48.1% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €95,569 | €107,761 | +€12,192 | +12.8% |
| Operating profit (loss) | 9901 | €92,748 | €103,823 | +€11,074 | +11.9% |
| Financial income | 75/76B | €135 | €526 | +€391 | +290.0% |
| Recurring financial income | 75 | €135 | €526 | +€391 | +290.0% |
| Financial charges | 65/66B | €107 | €82 | -€26 | -23.9% |
| Recurring financial charges | 65 | €107 | €82 | -€26 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €92,776 | €104,267 | +€11,491 | +12.4% |
| Income taxes | 67/77 | €20,524 | €26,356 | +€5,832 | +28.4% |
| Profit (loss) for the period | 9904 | €72,252 | €77,911 | +€5,659 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,252 | €77,911 | +€5,659 | +7.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.