ANTOLINI MANAGEMENT: 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.
ANTOLINI MANAGEMENT
Largest movements
- Financial fixed assets -€430,192
down €430,192 (-78.7%), from €546,319 to €116,127
- Receivables within one year +€354,832
up €354,832 (+10139.5%), from €3,500 to €358,331
of which Trade receivables: +€314,565
- Intangible fixed assets +€264,535
new in 2025: €264,535
- Tangible fixed assets +€15,965
new in 2025: €15,965
of which Plant, machinery and equipment: +€11,942
- Advances received +€258,940
new in 2025: €258,940
- Debts after one year +€100,000
new in 2025: €100,000
- Trade debts -€81,820
down €81,820 (-84.8%), from €96,540 to €14,720
- Reserves -€73,715
down €73,715 (-54.3%), from €135,817 to €62,102
of which Distributable reserves: -€88,589
- Depreciation +€30,698
new in 2025: €30,698
- Gross operating margin +€16,184
up €16,184 (+282.6%), from €5,727 to €21,911
- Financial charges +€15,611
up €15,611 (+3882.0%), from €402 to €16,013
- Other operating charges +€8,538
up €8,538 (+1663.2%), from €513 to €9,051
- Staff costs +€4,743
up €4,743 (+134.1%), from €3,538 to €8,281
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 | €549,866 | €757,048 | +€207,182 | +37.7% |
| Fixed assets | 21/28 | €546,319 | €396,627 | -€149,692 | -27.4% |
| Intangible fixed assets | 21 | - | €264,535 | +€264,535 | |
| Tangible fixed assets | 22/27 | - | €15,965 | +€15,965 | |
| Plant, machinery and equipment | 23 | - | €11,942 | +€11,942 | |
| Furniture and vehicles | 24 | - | €4,024 | +€4,024 | |
| Financial fixed assets | 28 | €546,319 | €116,127 | -€430,192 | -78.7% |
| Current assets | 29/58 | €3,547 | €360,421 | +€356,875 | +10062.7% |
| Amounts receivable within one year | 40/41 | €3,500 | €358,331 | +€354,832 | +10139.5% |
| Trade receivables | 40 | €3,500 | €318,064 | +€314,565 | +8988.8% |
| Other amounts receivable | 41 | - | €40,267 | +€40,267 | |
| Cash at bank and in hand | 54/58 | €47 | €2,090 | +€2,043 | +4345.8% |
| Total equity and liabilities | 10/49 | €549,866 | €757,048 | +€207,182 | +37.7% |
| Equity | 10/15 | €198,317 | €124,602 | -€73,715 | -37.2% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €135,817 | €62,102 | -€73,715 | -54.3% |
| Non-distributable reserves | 130/1 | €6,250 | €21,124 | +€14,874 | +238.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €14,874 | +€14,874 | |
| Distributable reserves | 133 | €129,567 | €40,978 | -€88,589 | -68.4% |
| Amounts payable | 17/49 | €351,549 | €632,446 | +€280,897 | +79.9% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €351,549 | €532,446 | +€180,897 | +51.5% |
| Financial debts | 43 | - | €1,580 | +€1,580 | |
| Credit institutions | 430/8 | - | €1,580 | +€1,580 | |
| Trade debts | 44 | €96,540 | €14,720 | -€81,820 | -84.8% |
| Suppliers | 440/4 | €96,540 | €14,720 | -€81,820 | -84.8% |
| Advances received on contracts in progress | 46 | - | €258,940 | +€258,940 | |
| Taxes, remuneration and social security | 45 | €6,586 | €8,180 | +€1,594 | +24.2% |
| Taxes | 450/3 | €6,586 | €8,180 | +€1,594 | +24.2% |
| Other amounts payable | 47/48 | €248,423 | €249,027 | +€604 | +0.2% |
| Remuneration, social security and pensions | 62 | €3,538 | €8,281 | +€4,743 | +134.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €30,698 | +€30,698 | |
| Other operating charges | 640/8 | €513 | €9,051 | +€8,538 | +1663.2% |
| Gross operating margin | 9900 | €5,727 | €21,911 | +€16,184 | +282.6% |
| Operating profit (loss) | 9901 | €1,676 | -€26,119 | -€27,794 | |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €402 | €16,013 | +€15,611 | +3882.0% |
| Recurring financial charges | 65 | €402 | €16,013 | +€15,611 | +3882.0% |
| Profit (loss) for the period before taxes | 9903 | €1,273 | -€42,032 | -€43,305 | |
| Income taxes | 67/77 | €970 | €0 | -€970 | -100.0% |
| Profit (loss) for the period | 9904 | €303 | -€42,032 | -€42,335 | |
| Profit (loss) for the period to be appropriated | 9905 | €303 | -€42,032 | -€42,335 |
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 4 October 2026 via checked.be.