ANTENS: 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.
ANTENS
Largest movements
- Receivables within one year -€223,231
down €223,231 (-20.5%), from €1.1m to €866,205
of which Trade receivables: -€244,607
- Cash -€83,189
down €83,189 (-53.0%), from €157,073 to €73,883
mainly Advances received (-€314,936) and Trade debts (-€152,298)
- Stocks and contracts +€36,097
up €36,097 (+1.7%), from €2.1m to €2.1m
- Advances received -€314,936
down €314,936 (-53.5%), from €588,176 to €273,240
- Trade debts -€152,298
down €152,298 (-8.2%), from €1.9m to €1.7m
- Reserves +€126,277
up €126,277 (+26.2%), from €482,770 to €609,048
of which Distributable reserves: +€126,277
- Other debts +€82,553
up €82,553 (+29.9%), from €276,150 to €358,703
- Staff costs +€92,270
up €92,270 (+31.2%), from €295,458 to €387,728
- Gross operating margin +€76,140
up €76,140 (+11.8%), from €646,303 to €722,442
- Write-downs -€40,529
down €40,529 (-24.8%), from €163,538 to €123,009
- Financial income +€11,262
up €11,262 (+522%), from €2,157 to €13,419
- Other operating charges +€10,687
up €10,687 (+246%), from €4,341 to €15,028
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 | €3,356,827 | €3,098,471 | -€258,357 | -7.7% |
| Fixed assets | 21/28 | €35,331 | €47,298 | +€11,967 | +33.9% |
| Tangible fixed assets | 22/27 | €35,331 | €47,298 | +€11,967 | +33.9% |
| Plant, machinery and equipment | 23 | €10,105 | €27,226 | +€17,122 | +169% |
| Furniture and vehicles | 24 | €6,510 | €3,696 | -€2,815 | -43.2% |
| Other tangible fixed assets | 26 | €18,716 | €16,376 | -€2,340 | -12.5% |
| Current assets | 29/58 | €3,321,496 | €3,051,172 | -€270,324 | -8.1% |
| Stocks and contracts in progress | 3 | €2,074,988 | €2,111,084 | +€36,097 | +1.7% |
| Stocks | 30/36 | €2,074,988 | €2,111,084 | +€36,097 | +1.7% |
| Amounts receivable within one year | 40/41 | €1,089,436 | €866,205 | -€223,231 | -20.5% |
| Trade receivables | 40 | €1,070,925 | €826,318 | -€244,607 | -22.8% |
| Other amounts receivable | 41 | €18,511 | €39,887 | +€21,376 | +115% |
| Cash at bank and in hand | 54/58 | €157,073 | €73,883 | -€83,189 | -53.0% |
| Total equity and liabilities | 10/49 | €3,356,827 | €3,098,471 | -€258,357 | -7.7% |
| Equity | 10/15 | €501,362 | €627,640 | +€126,277 | +25.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €482,770 | €609,048 | +€126,277 | +26.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €482,770 | €609,048 | +€126,277 | +26.2% |
| Amounts payable | 17/49 | €2,855,465 | €2,470,831 | -€384,634 | -13.5% |
| Amounts payable after more than one year | 17 | €21,763 | €0 | -€21,763 | -100% |
| Financial debts | 170/4 | €21,763 | €0 | -€21,763 | -100% |
| Amounts payable within one year | 42/48 | €2,833,702 | €2,470,831 | -€362,871 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €26,716 | €21,763 | -€4,954 | -18.5% |
| Trade debts | 44 | €1,858,806 | €1,706,509 | -€152,298 | -8.2% |
| Suppliers | 440/4 | €1,858,806 | €1,706,509 | -€152,298 | -8.2% |
| Advances received on contracts in progress | 46 | €588,176 | €273,240 | -€314,936 | -53.5% |
| Taxes, remuneration and social security | 45 | €83,853 | €110,616 | +€26,763 | +31.9% |
| Taxes | 450/3 | €47,718 | €54,025 | +€6,307 | +13.2% |
| Remuneration and social security | 454/9 | €36,135 | €56,591 | +€20,456 | +56.6% |
| Other amounts payable | 47/48 | €276,150 | €358,703 | +€82,553 | +29.9% |
| Remuneration, social security and pensions | 62 | €295,458 | €387,728 | +€92,270 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,951 | €15,446 | +€4,495 | +41.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €163,538 | €123,009 | -€40,529 | -24.8% |
| Other operating charges | 640/8 | €4,341 | €15,028 | +€10,687 | +246% |
| Gross operating margin | 9900 | €646,303 | €722,442 | +€76,140 | +11.8% |
| Operating profit (loss) | 9901 | €172,015 | €181,231 | +€9,217 | +5.4% |
| Financial income | 75/76B | €2,157 | €13,419 | +€11,262 | +522% |
| Recurring financial income | 75 | €2,157 | €13,419 | +€11,262 | +522% |
| Financial charges | 65/66B | €14,502 | €17,287 | +€2,786 | +19.2% |
| Recurring financial charges | 65 | €14,502 | €17,287 | +€2,786 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €159,670 | €177,363 | +€17,693 | +11.1% |
| Income taxes | 67/77 | €45,662 | €51,085 | +€5,423 | +11.9% |
| Profit (loss) for the period | 9904 | €114,007 | €126,277 | +€12,270 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,007 | €126,277 | +€12,270 | +10.8% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.