ANTELION: 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.
What changed
ANTELION
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€19,564
2024 · -€19,476+€39,040
Equity
€1.3m
2024 · €1.2m+€19,564
Cash
€11,729
2024 · €21,196-€9,467
Balance sheet total
€2.5m
2024 · €2.5m-€54,109
Largest movements
Assets
- Receivables after one year -€412,404
down €412,404 (-44.7%), from €922,650 to €510,246
- Financial fixed assets +€403,404
up €403,404 (+290%), from €138,975 to €542,379
- Tangible fixed assets -€71,649
down €71,649 (-5.3%), from €1.3m to €1.3m
of which Land and buildings: -€48,624
- Deferred charges and accrued income +€39,733
up €39,733 (+37.3%), from €106,411 to €146,144
Equity and liabilities
- Debts after one year -€133,192
down €133,192 (-100%), from €133,192 to €0
- Other debts +€89,850
up €89,850 (+9.3%), from €967,795 to €1.1m
- Current portion of long-term debt -€34,472
down €34,472 (-50.9%), from €67,664 to €33,192
- Accrued charges and deferred income +€25,511
new in 2025: €25,511
Income statement
- Gross operating margin +€28,049
up €28,049 (+34.5%), from €81,187 to €109,237
- Financial charges +€23,469
up €23,469 (+340%), from €6,912 to €30,382
- Depreciation -€11,369
down €11,369 (-14.0%), from €81,281 to €69,912
- Taxes -€2,788
down €2,788 (-29.1%), from €9,574 to €6,787
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.
Result 2024
-€19,476
Gross operating margin
+€28,049
Depreciation
+€11,369
Other operating charges
+€265
Other operating items
+€23,333
Financial income
+€1,087
Financial charges
-€23,469
Taxes
+€2,788
Deferred taxes and other
-€4,382
Result 2025
€19,564
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€559,865
Investment
-€401,668
Financing
-€167,664
Cash 2024
€21,196
From operations (derived)
+€559,865
Net result for the year
+€19,564
Depreciation
+€69,912
Receivables after one year
+€412,404
Receivables within one year
+€3,727
Deferred charges and accrued income
-€39,733
Provisions
+€3,535
Trade debts
-€1,888
Tax, wage and social debts
-€23,016
Other debts
+€89,850
Accrued charges and deferred income
+€25,511
Investment (derived)
-€401,668
Investment in fixed assets (net)
-€401,668
Financing
-€167,664
Debts after one year
-€133,192
Current portion of long-term debt
-€34,472
Cash 2025
€11,729
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,540,306 | €2,486,197 | -€54,109 | -2.1% |
| Fixed assets | 21/28 | €1,480,307 | €1,812,063 | +€331,756 | +22.4% |
| Tangible fixed assets | 22/27 | €1,341,332 | €1,269,684 | -€71,649 | -5.3% |
| Land and buildings | 22 | €1,277,117 | €1,228,494 | -€48,624 | -3.8% |
| Plant, machinery and equipment | 23 | €2,053 | €882 | -€1,171 | -57.0% |
| Furniture and vehicles | 24 | €16,384 | €12,836 | -€3,548 | -21.7% |
| Leasing and similar rights | 25 | €13,073 | €0 | -€13,073 | -100% |
| Other tangible fixed assets | 26 | €32,706 | €27,472 | -€5,234 | -16.0% |
| Financial fixed assets | 28 | €138,975 | €542,379 | +€403,404 | +290% |
| Current assets | 29/58 | €1,059,999 | €674,134 | -€385,865 | -36.4% |
| Amounts receivable after more than one year | 29 | €922,650 | €510,246 | -€412,404 | -44.7% |
| Trade receivables | 290 | €922,650 | €510,246 | -€412,404 | -44.7% |
| Amounts receivable within one year | 40/41 | €9,742 | €6,015 | -€3,727 | -38.3% |
| Trade receivables | 40 | €2,168 | €0 | -€2,168 | -100% |
| Other amounts receivable | 41 | €7,574 | €6,015 | -€1,559 | -20.6% |
| Cash at bank and in hand | 54/58 | €21,196 | €11,729 | -€9,467 | -44.7% |
| Deferred charges and accrued income | 490/1 | €106,411 | €146,144 | +€39,733 | +37.3% |
| Total equity and liabilities | 10/49 | €2,540,306 | €2,486,197 | -€54,109 | -2.1% |
| Equity | 10/15 | €1,230,640 | €1,250,205 | +€19,564 | +1.6% |
| Contributions | 10/11 | €253,000 | €253,000 | = | 0.0% |
| Reserves | 13 | €241,597 | €256,089 | +€14,491 | +6.0% |
| Tax-exempt reserves | 132 | €9,432 | €23,924 | +€14,491 | +154% |
| Distributable reserves | 133 | €232,165 | €232,165 | = | 0.0% |
| Profit (loss) carried forward | 14 | €736,043 | €741,116 | +€5,073 | +0.7% |
| Provisions and deferred taxes | 16 | €4,327 | €7,861 | +€3,535 | +81.7% |
| Deferred taxes | 168 | €4,327 | €7,861 | +€3,535 | +81.7% |
| Amounts payable | 17/49 | €1,305,339 | €1,228,131 | -€77,208 | -5.9% |
| Amounts payable after more than one year | 17 | €133,192 | €0 | -€133,192 | -100% |
| Financial debts | 170/4 | €133,192 | €0 | -€133,192 | -100% |
| Amounts payable within one year | 42/48 | €1,172,147 | €1,202,620 | +€30,473 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €67,664 | €33,192 | -€34,472 | -50.9% |
| Trade debts | 44 | €103,657 | €101,768 | -€1,888 | -1.8% |
| Suppliers | 440/4 | €103,657 | €101,768 | -€1,888 | -1.8% |
| Taxes, remuneration and social security | 45 | €33,031 | €10,015 | -€23,016 | -69.7% |
| Taxes | 450/3 | €33,031 | €10,015 | -€23,016 | -69.7% |
| Other amounts payable | 47/48 | €967,795 | €1,057,645 | +€89,850 | +9.3% |
| Accrued charges and deferred income | 492/3 | - | €25,511 | +€25,511 | |
| Non-recurring operating income | 76A | €13,148 | €21,033 | +€7,885 | +60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,281 | €69,912 | -€11,369 | -14.0% |
| Other operating charges | 640/8 | €4,247 | €3,981 | -€265 | -6.3% |
| Non-recurring operating charges | 66A | €23,333 | €0 | -€23,333 | -100% |
| Gross operating margin | 9900 | €81,187 | €109,237 | +€28,049 | +34.5% |
| Operating profit (loss) | 9901 | -€27,674 | €35,343 | +€63,017 | |
| Financial income | 75/76B | €23,837 | €24,924 | +€1,087 | +4.6% |
| Recurring financial income | 75 | €23,837 | €24,924 | +€1,087 | +4.6% |
| Financial charges | 65/66B | €6,912 | €30,382 | +€23,469 | +340% |
| Recurring financial charges | 65 | €6,912 | €30,382 | +€23,469 | +340% |
| Profit (loss) for the period before taxes | 9903 | -€10,749 | €29,886 | +€40,634 | |
| Transfer from deferred taxes | 780 | €847 | €672 | -€175 | -20.7% |
| Transfer to deferred taxes | 680 | - | €4,207 | +€4,207 | |
| Income taxes | 67/77 | €9,574 | €6,787 | -€2,788 | -29.1% |
| Profit (loss) for the period | 9904 | -€19,476 | €19,564 | +€39,040 | |
| Transfer from tax-exempt reserves | 789 | €3,037 | €2,335 | -€702 | -23.1% |
| Transfer to tax-exempt reserves | 689 | - | €16,826 | +€16,826 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,439 | €5,073 | +€21,512 |
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 18 October 2026 via checked.be.