ANTONELLO: 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
ANTONELLO
NACE 68.121, Development of residential building projects
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€859,980
2024 · €40,345-€900,325
Equity
€699,349
2024 · €881,783-€182,434
Cash
€9,287
2024 · €3,068+€6,219
Balance sheet total
€2.1m
2024 · €2.6m-€428,656
Largest movements
Assets
- Financial fixed assets -€1.0m
down €1.0m (-97.0%), from €1.1m to €32,079
- Tangible fixed assets +€621,291
up €621,291 (+42.4%), from €1.5m to €2.1m
of which Land and buildings: +€621,388
Equity and liabilities
- Profit (loss) carried forward -€859,980
new in 2025: -€859,980
- Revaluation surpluses +€677,546
new in 2025: €677,546
- Debts after one year -€107,179
down €107,179 (-11.5%), from €933,884 to €826,705
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
Income statement
- Financial charges +€318,229
up €318,229 (+1790.0%), from €17,779 to €336,007
- Gross operating margin -€53,403
down €53,403 (-45.0%), from €118,595 to €65,192
- Financial income -€3,404
down €3,404 (-100.0%), from €3,404 to €0
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
€40,345
Gross operating margin
-€53,403
Depreciation
+€366
Other operating charges
-€172
Other operating items
-€525,483
Financial income
-€3,404
Financial charges
-€318,229
Result 2025
-€859,980
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.
From operations
-€811,402
Investment
+€361,513
Financing
+€456,107
Cash 2024
€3,068
From operations (derived)
-€811,402
Net result for the year
-€859,980
Depreciation
+€56,255
Receivables within one year
+€13,702
Deferred charges and accrued income
+€3,404
Smaller working-capital items
+€3,410
Tax, wage and social debts
-€11,302
Other debts
-€16,892
Investment (derived)
+€361,513
Investment in fixed assets (net)
+€361,513
Financing
+€456,107
Debts after one year
-€107,179
Current portion of long-term debt
-€14,259
Short-term financial debts
-€100,000
Contributions, distributions and other
+€677,546
Cash 2025
€9,287
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,556,881 | €2,128,225 | -€428,656 | -16.8% |
| Fixed assets | 21/28 | €2,536,358 | €2,118,589 | -€417,768 | -16.5% |
| Tangible fixed assets | 22/27 | €1,465,219 | €2,086,510 | +€621,291 | +42.4% |
| Land and buildings | 22 | €1,465,122 | €2,086,510 | +€621,388 | +42.4% |
| Furniture and vehicles | 24 | €97 | €0 | -€97 | -100.0% |
| Financial fixed assets | 28 | €1,071,138 | €32,079 | -€1.0m | -97.0% |
| Current assets | 29/58 | €20,524 | €9,636 | -€10,888 | -53.1% |
| Amounts receivable within one year | 40/41 | €14,051 | €349 | -€13,702 | -97.5% |
| Trade receivables | 40 | €13,273 | €349 | -€12,924 | -97.4% |
| Other amounts receivable | 41 | €778 | €0 | -€778 | -100.0% |
| Cash at bank and in hand | 54/58 | €3,068 | €9,287 | +€6,219 | +202.7% |
| Deferred charges and accrued income | 490/1 | €3,404 | €0 | -€3,404 | -100.0% |
| Total equity and liabilities | 10/49 | €2,556,881 | €2,128,225 | -€428,656 | -16.8% |
| Equity | 10/15 | €881,783 | €699,349 | -€182,434 | -20.7% |
| Contributions | 10/11 | €720,000 | €720,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €677,546 | +€677,546 | |
| Reserves | 13 | €161,783 | €161,783 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €161,783 | €161,783 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€859,980 | -€859,980 | |
| Amounts payable | 17/49 | €1,675,098 | €1,428,876 | -€246,222 | -14.7% |
| Amounts payable after more than one year | 17 | €933,884 | €826,705 | -€107,179 | -11.5% |
| Financial debts | 170/4 | €933,884 | €826,705 | -€107,179 | -11.5% |
| Amounts payable within one year | 42/48 | €741,214 | €600,446 | -€140,768 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | €121,438 | €107,179 | -€14,259 | -11.7% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €0 | €1,685 | +€1,685 | |
| Suppliers | 440/4 | €0 | €1,685 | +€1,685 | |
| Taxes, remuneration and social security | 45 | €16,722 | €5,420 | -€11,302 | -67.6% |
| Taxes | 450/3 | €10,722 | €5,420 | -€5,302 | -49.5% |
| Remuneration and social security | 454/9 | €6,000 | €0 | -€6,000 | -100.0% |
| Other amounts payable | 47/48 | €503,054 | €486,162 | -€16,892 | -3.4% |
| Accrued charges and deferred income | 492/3 | - | €1,725 | +€1,725 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,620 | €56,255 | -€366 | -0.6% |
| Other operating charges | 640/8 | €7,254 | €7,427 | +€172 | +2.4% |
| Non-recurring operating charges | 66A | - | €525,483 | +€525,483 | |
| Gross operating margin | 9900 | €118,595 | €65,192 | -€53,403 | -45.0% |
| Operating profit (loss) | 9901 | €54,720 | -€523,972 | -€578,692 | |
| Financial income | 75/76B | €3,404 | €0 | -€3,404 | -100.0% |
| Recurring financial income | 75 | €3,404 | €0 | -€3,404 | -100.0% |
| Financial charges | 65/66B | €17,779 | €336,007 | +€318,229 | +1790.0% |
| Recurring financial charges | 65 | €17,779 | €336,007 | +€318,229 | +1790.0% |
| Profit (loss) for the period before taxes | 9903 | €40,345 | -€859,980 | -€900,325 | |
| Profit (loss) for the period | 9904 | €40,345 | -€859,980 | -€900,325 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,345 | -€859,980 | -€900,325 |
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.