Antleron: 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.
Antleron
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+306%), from €332,052 to €1.3m
of which Trade receivables: +€1.1m
- Cash -€867,197
down €867,197 (-76.7%), from €1.1m to €263,192
mainly Receivables within one year (-€1.0m) and Accrued charges and deferred income (-€183,261)
- Tangible fixed assets -€158,457
down €158,457 (-24.7%), from €641,632 to €483,175
of which Plant, machinery and equipment: -€156,144
- Intangible fixed assets -€41,130
down €41,130 (-21.1%), from €195,063 to €153,934
- Profit (loss) carried forward +€265,838
up €265,838 (+48.8%), from €544,375 to €810,213
- Accrued charges and deferred income -€183,261
down €183,261 (-99.6%), from €184,083 to €822
- Trade debts -€103,030
down €103,030 (-56.3%), from €182,933 to €79,903
- Investment grants -€57,698
down €57,698 (-19.5%), from €295,489 to €237,791
- Tax, wage and social debts +€54,393
up €54,393 (+27.5%), from €198,063 to €252,456
of which Taxes: +€58,110
- Gross operating margin +€637,539
up €637,539 (+65.4%), from €975,056 to €1.6m
- Depreciation +€33,815
up €33,815 (+15.5%), from €217,806 to €251,621
- Staff costs +€33,669
up €33,669 (+3.1%), from €1.1m to €1.1m
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 | €2,334,649 | €2,287,966 | -€46,682 | -2.0% |
| Fixed assets | 21/28 | €853,661 | €654,877 | -€198,784 | -23.3% |
| Intangible fixed assets | 21 | €195,063 | €153,934 | -€41,130 | -21.1% |
| Tangible fixed assets | 22/27 | €641,632 | €483,175 | -€158,457 | -24.7% |
| Plant, machinery and equipment | 23 | €632,293 | €476,149 | -€156,144 | -24.7% |
| Furniture and vehicles | 24 | €9,338 | €7,026 | -€2,312 | -24.8% |
| Financial fixed assets | 28 | €16,966 | €17,768 | +€802 | +4.7% |
| Current assets | 29/58 | €1,480,988 | €1,633,090 | +€152,102 | +10.3% |
| Amounts receivable within one year | 40/41 | €332,052 | €1,347,941 | +€1.0m | +306% |
| Trade receivables | 40 | €114,002 | €1,173,055 | +€1.1m | +929% |
| Other amounts receivable | 41 | €218,050 | €174,886 | -€43,164 | -19.8% |
| Cash at bank and in hand | 54/58 | €1,130,390 | €263,192 | -€867,197 | -76.7% |
| Deferred charges and accrued income | 490/1 | €18,546 | €21,957 | +€3,411 | +18.4% |
| Total equity and liabilities | 10/49 | €2,334,649 | €2,287,966 | -€46,682 | -2.0% |
| Equity | 10/15 | €1,384,792 | €1,603,057 | +€218,265 | +15.8% |
| Contributions | 10/11 | €504,593 | €504,593 | = | 0.0% |
| Capital | 10 | €504,593 | €504,593 | = | 0.0% |
| Issued capital | 100 | €504,593 | €504,593 | = | 0.0% |
| Reserves | 13 | €40,335 | €50,459 | +€10,125 | +25.1% |
| Non-distributable reserves | 130/1 | €40,335 | €50,459 | +€10,125 | +25.1% |
| Legal reserve | 130 | €40,335 | €50,459 | +€10,125 | +25.1% |
| Profit (loss) carried forward | 14 | €544,375 | €810,213 | +€265,838 | +48.8% |
| Investment grants | 15 | €295,489 | €237,791 | -€57,698 | -19.5% |
| Amounts payable | 17/49 | €949,857 | €684,910 | -€264,947 | -27.9% |
| Amounts payable after more than one year | 17 | €242,258 | €201,885 | -€40,373 | -16.7% |
| Financial debts | 170/4 | €242,258 | €201,885 | -€40,373 | -16.7% |
| Amounts payable within one year | 42/48 | €523,516 | €482,203 | -€41,313 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €49,404 | €40,373 | -€9,031 | -18.3% |
| Trade debts | 44 | €182,933 | €79,903 | -€103,030 | -56.3% |
| Suppliers | 440/4 | €182,933 | €79,903 | -€103,030 | -56.3% |
| Taxes, remuneration and social security | 45 | €198,063 | €252,456 | +€54,393 | +27.5% |
| Taxes | 450/3 | €69,968 | €128,078 | +€58,110 | +83.1% |
| Remuneration and social security | 454/9 | €128,095 | €124,378 | -€3,717 | -2.9% |
| Other amounts payable | 47/48 | €93,116 | €109,471 | +€16,355 | +17.6% |
| Accrued charges and deferred income | 492/3 | €184,083 | €822 | -€183,261 | -99.6% |
| Remuneration, social security and pensions | 62 | €1,088,806 | €1,122,475 | +€33,669 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,806 | €251,621 | +€33,815 | +15.5% |
| Other operating charges | 640/8 | €1,094 | €222 | -€871 | -79.7% |
| Non-recurring operating charges | 66A | €3,592 | €7,684 | +€4,092 | +114% |
| Gross operating margin | 9900 | €975,056 | €1,612,595 | +€637,539 | +65.4% |
| Operating profit (loss) | 9901 | -€336,242 | €230,592 | +€566,834 | |
| Financial income | 75/76B | €45,363 | €57,698 | +€12,335 | +27.2% |
| Recurring financial income | 75 | €45,363 | €57,698 | +€12,335 | +27.2% |
| Financial charges | 65/66B | €6,409 | €12,327 | +€5,918 | +92.3% |
| Recurring financial charges | 65 | €6,409 | €12,327 | +€5,918 | +92.3% |
| Profit (loss) for the period before taxes | 9903 | -€297,289 | €275,963 | +€573,252 | |
| Income taxes | 67/77 | €299 | - | -€299 | |
| Profit (loss) for the period | 9904 | -€297,588 | €275,963 | +€573,550 | |
| Profit (loss) for the period to be appropriated | 9905 | -€297,588 | €275,963 | +€573,550 |
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 17 October 2026 via checked.be.