Antoniou: 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.
Antoniou
Largest movements
- Cash -€286,496
down €286,496 (-61.0%), from €469,860 to €183,364
mainly Receivables within one year (-€248,955) and Contributions, distributions and other (-€55,000)
- Receivables within one year +€248,955
up €248,955 (+114%), from €218,390 to €467,344
of which Trade receivables: +€266,274
- Tangible fixed assets -€8,917
down €8,917 (-28.1%), from €31,769 to €22,853
of which Furniture and vehicles: -€8,917
- Profit (loss) carried forward -€55,000
down €55,000 (-21.8%), from €251,844 to €196,844
- Reserves +€41,992
up €41,992 (+34.9%), from €120,362 to €162,354
of which Distributable reserves: +€41,992
- Accrued charges and deferred income -€33,500
down €33,500 (-100%), from €33,500 to €0
- Trade debts -€11,376
down €11,376 (-5.2%), from €219,803 to €208,427
- Gross operating margin +€196,606
up €196,606 (+16.3%), from €1.2m to €1.4m
- Staff costs +€172,892
up €172,892 (+16.8%), from €1.0m to €1.2m
- Financial charges +€57,570
up €57,570 (+138%), from €41,655 to €99,225
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 | €783,418 | €733,374 | -€50,045 | -6.4% |
| Fixed assets | 21/28 | €34,269 | €25,353 | -€8,917 | -26.0% |
| Tangible fixed assets | 22/27 | €31,769 | €22,853 | -€8,917 | -28.1% |
| Land and buildings | 22 | €3,718 | €3,718 | = | 0.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €28,051 | €19,134 | -€8,917 | -31.8% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €749,149 | €708,021 | -€41,128 | -5.5% |
| Stocks and contracts in progress | 3 | €45,824 | €44,294 | -€1,530 | -3.3% |
| Stocks | 30/36 | €45,824 | €44,294 | -€1,530 | -3.3% |
| Amounts receivable within one year | 40/41 | €218,390 | €467,344 | +€248,955 | +114% |
| Trade receivables | 40 | €169,103 | €435,377 | +€266,274 | +157% |
| Other amounts receivable | 41 | €49,286 | €31,967 | -€17,319 | -35.1% |
| Cash at bank and in hand | 54/58 | €469,860 | €183,364 | -€286,496 | -61.0% |
| Deferred charges and accrued income | 490/1 | €15,076 | €13,019 | -€2,057 | -13.6% |
| Total equity and liabilities | 10/49 | €783,418 | €733,374 | -€50,045 | -6.4% |
| Equity | 10/15 | €446,574 | €433,566 | -€13,008 | -2.9% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Contributions outside capital | 11 | €74,368 | €74,368 | = | 0.0% |
| Other | 1109/19 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €120,362 | €162,354 | +€41,992 | +34.9% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €186 | €186 | = | 0.0% |
| Distributable reserves | 133 | €112,740 | €154,731 | +€41,992 | +37.2% |
| Profit (loss) carried forward | 14 | €251,844 | €196,844 | -€55,000 | -21.8% |
| Amounts payable | 17/49 | €336,844 | €299,808 | -€37,037 | -11.0% |
| Amounts payable within one year | 42/48 | €303,344 | €299,808 | -€3,537 | -1.2% |
| Trade debts | 44 | €219,803 | €208,427 | -€11,376 | -5.2% |
| Suppliers | 440/4 | €219,803 | €208,427 | -€11,376 | -5.2% |
| Taxes, remuneration and social security | 45 | €29,541 | €36,381 | +€6,840 | +23.2% |
| Taxes | 450/3 | €2,470 | €9,621 | +€7,151 | +289% |
| Remuneration and social security | 454/9 | €27,071 | €26,760 | -€311 | -1.1% |
| Other amounts payable | 47/48 | €54,000 | €55,000 | +€1,000 | +1.9% |
| Accrued charges and deferred income | 492/3 | €33,500 | €0 | -€33,500 | -100% |
| Non-recurring operating income | 76A | €8,458 | €500 | -€7,958 | -94.1% |
| Remuneration, social security and pensions | 62 | €1,032,044 | €1,204,937 | +€172,892 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,077 | €7,081 | -€6,996 | -49.7% |
| Other operating charges | 640/8 | €13,744 | €17,610 | +€3,866 | +28.1% |
| Non-recurring operating charges | 66A | €2,973 | €7,386 | +€4,414 | +148% |
| Gross operating margin | 9900 | €1,208,772 | €1,405,379 | +€196,606 | +16.3% |
| Operating profit (loss) | 9901 | €145,934 | €168,365 | +€22,430 | +15.4% |
| Financial income | 75/76B | €2,191 | €3 | -€2,189 | -99.9% |
| Recurring financial income | 75 | €2,191 | €3 | -€2,189 | -99.9% |
| Financial charges | 65/66B | €41,655 | €99,225 | +€57,570 | +138% |
| Recurring financial charges | 65 | €41,655 | €99,225 | +€57,570 | +138% |
| Profit (loss) for the period before taxes | 9903 | €106,470 | €69,142 | -€37,328 | -35.1% |
| Income taxes | 67/77 | €34,769 | €27,151 | -€7,619 | -21.9% |
| Profit (loss) for the period | 9904 | €71,701 | €41,992 | -€29,709 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €71,701 | €41,992 | -€29,709 | -41.4% |
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 16 October 2026 via checked.be.