ANTHEM: 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.
ANTHEM
Largest movements
- Cash +€131,577
up €131,577 (+36.7%), from €358,847 to €490,424
mainly Depreciation (+€149,661) and Other debts (+€68,673)
- Tangible fixed assets -€123,112
down €123,112 (-11.1%), from €1.1m to €988,872
of which Plant, machinery and equipment: -€84,932
- Receivables within one year +€27,768
up €27,768 (+34.8%), from €79,895 to €107,663
of which Trade receivables: +€24,719
- Other debts +€68,673
up €68,673 (+1144.6%), from €6,000 to €74,673
- Debts after one year -€33,125
down €33,125 (-2.4%), from €1.4m to €1.3m
of which Financial debts: -€73,689
- Trade debts -€20,621
down €20,621 (-9.9%), from €207,592 to €186,970
- Gross operating margin -€216,497
down €216,497 (-29.7%), from €727,836 to €511,338
- Depreciation -€117,072
down €117,072 (-43.9%), from €266,734 to €149,661
- Staff costs -€68,317
down €68,317 (-19.7%), from €347,586 to €279,269
- Financial charges -€45,820
down €45,820 (-42.8%), from €107,003 to €61,183
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 | €1,794,207 | €1,835,987 | +€41,780 | +2.3% |
| Fixed assets | 21/28 | €1,111,983 | €988,872 | -€123,112 | -11.1% |
| Tangible fixed assets | 22/27 | €1,111,983 | €988,872 | -€123,112 | -11.1% |
| Plant, machinery and equipment | 23 | €565,407 | €480,475 | -€84,932 | -15.0% |
| Furniture and vehicles | 24 | - | €23,567 | +€23,567 | |
| Other tangible fixed assets | 26 | €546,576 | €484,830 | -€61,746 | -11.3% |
| Current assets | 29/58 | €682,224 | €847,115 | +€164,891 | +24.2% |
| Stocks and contracts in progress | 3 | €242,399 | €246,547 | +€4,148 | +1.7% |
| Stocks | 30/36 | €242,399 | €246,547 | +€4,148 | +1.7% |
| Amounts receivable within one year | 40/41 | €79,895 | €107,663 | +€27,768 | +34.8% |
| Trade receivables | 40 | €68,793 | €93,511 | +€24,719 | +35.9% |
| Other amounts receivable | 41 | €11,102 | €14,152 | +€3,050 | +27.5% |
| Cash at bank and in hand | 54/58 | €358,847 | €490,424 | +€131,577 | +36.7% |
| Deferred charges and accrued income | 490/1 | €1,083 | €2,480 | +€1,397 | +129.1% |
| Total equity and liabilities | 10/49 | €1,794,207 | €1,835,987 | +€41,780 | +2.3% |
| Equity | 10/15 | €60,158 | €75,274 | +€15,115 | +25.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €158 | €15,274 | +€15,115 | +9558.3% |
| Distributable reserves | 133 | €158 | €15,274 | +€15,115 | +9558.3% |
| Amounts payable | 17/49 | €1,734,049 | €1,760,713 | +€26,664 | +1.5% |
| Amounts payable after more than one year | 17 | €1,368,926 | €1,335,800 | -€33,125 | -2.4% |
| Financial debts | 170/4 | €781,691 | €708,002 | -€73,689 | -9.4% |
| Trade debts | 175 | €287,234 | €327,798 | +€40,564 | +14.1% |
| Other amounts payable | 178/9 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €360,341 | €420,311 | +€59,970 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €94,539 | €104,405 | +€9,866 | +10.4% |
| Trade debts | 44 | €207,592 | €186,970 | -€20,621 | -9.9% |
| Suppliers | 440/4 | €207,592 | €186,970 | -€20,621 | -9.9% |
| Taxes, remuneration and social security | 45 | €52,211 | €54,263 | +€2,052 | +3.9% |
| Remuneration and social security | 454/9 | €52,211 | €54,263 | +€2,052 | +3.9% |
| Other amounts payable | 47/48 | €6,000 | €74,673 | +€68,673 | +1144.6% |
| Accrued charges and deferred income | 492/3 | €4,782 | €4,602 | -€181 | -3.8% |
| Remuneration, social security and pensions | 62 | €347,586 | €279,269 | -€68,317 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266,734 | €149,661 | -€117,072 | -43.9% |
| Other operating charges | 640/8 | €6,763 | €8,480 | +€1,717 | +25.4% |
| Gross operating margin | 9900 | €727,836 | €511,338 | -€216,497 | -29.7% |
| Operating profit (loss) | 9901 | €106,752 | €73,928 | -€32,825 | -30.7% |
| Financial income | 75/76B | €408 | €2,371 | +€1,962 | +480.4% |
| Recurring financial income | 75 | €408 | €2,371 | +€1,962 | +480.4% |
| Financial charges | 65/66B | €107,003 | €61,183 | -€45,820 | -42.8% |
| Recurring financial charges | 65 | €107,003 | €61,183 | -€45,820 | -42.8% |
| Profit (loss) for the period before taxes | 9903 | €158 | €15,115 | +€14,957 | +9458.3% |
| Profit (loss) for the period | 9904 | €158 | €15,115 | +€14,957 | +9458.3% |
| Profit (loss) for the period to be appropriated | 9905 | €158 | €15,115 | +€14,957 | +9458.3% |
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 12 October 2026 via checked.be.