ANTOPHAR: 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.
ANTOPHAR
Largest movements
- Tangible fixed assets +€628,311
up €628,311 (+83.4%), from €753,597 to €1.4m
of which Land and buildings: +€408,563
- Receivables within one year -€502,455
down €502,455 (-90.5%), from €554,950 to €52,495
of which Other amounts receivable: -€499,419
- Other debts +€301,122
new in 2025: €301,122
- Reserves -€87,206
down €87,206 (-7.0%), from €1.2m to €1.2m
of which Distributable reserves: -€87,206
- Trade debts -€82,495
down €82,495 (-60.5%), from €136,425 to €53,930
- Depreciation +€46,882
up €46,882 (+162%), from €28,924 to €75,806
- Financial income -€27,919
down €27,919 (-94.7%), from €29,479 to €1,560
- Staff costs -€17,598
down €17,598 (-9.4%), from €188,049 to €170,451
- Gross operating margin +€6,972
up €6,972 (+4.3%), from €160,380 to €167,352
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 | €1,412,499 | €1,552,741 | +€140,242 | +9.9% |
| Fixed assets | 21/28 | €753,597 | €1,381,908 | +€628,311 | +83.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €753,597 | €1,381,908 | +€628,311 | +83.4% |
| Land and buildings | 22 | €680,136 | €1,088,699 | +€408,563 | +60.1% |
| Plant, machinery and equipment | 23 | €64,817 | €284,388 | +€219,571 | +339% |
| Furniture and vehicles | 24 | €8,644 | €8,821 | +€177 | +2.0% |
| Current assets | 29/58 | €658,902 | €170,833 | -€488,069 | -74.1% |
| Stocks and contracts in progress | 3 | €90,631 | €101,882 | +€11,252 | +12.4% |
| Stocks | 30/36 | €90,631 | €101,882 | +€11,252 | +12.4% |
| Amounts receivable within one year | 40/41 | €554,950 | €52,495 | -€502,455 | -90.5% |
| Trade receivables | 40 | €55,531 | €52,495 | -€3,035 | -5.5% |
| Other amounts receivable | 41 | €499,419 | - | -€499,419 | |
| Cash at bank and in hand | 54/58 | €13,321 | €10,077 | -€3,243 | -24.3% |
| Deferred charges and accrued income | 490/1 | - | €6,377 | +€6,377 | |
| Total equity and liabilities | 10/49 | €1,412,499 | €1,552,741 | +€140,242 | +9.9% |
| Equity | 10/15 | €1,264,119 | €1,176,913 | -€87,206 | -6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,245,519 | €1,158,313 | -€87,206 | -7.0% |
| Tax-exempt reserves | 132 | €15,082 | €15,082 | = | 0.0% |
| Distributable reserves | 133 | €1,230,437 | €1,143,231 | -€87,206 | -7.1% |
| Amounts payable | 17/49 | €148,380 | €375,828 | +€227,448 | +153% |
| Amounts payable within one year | 42/48 | €148,380 | €375,828 | +€227,448 | +153% |
| Trade debts | 44 | €136,425 | €53,930 | -€82,495 | -60.5% |
| Suppliers | 440/4 | €136,425 | €53,930 | -€82,495 | -60.5% |
| Taxes, remuneration and social security | 45 | €11,955 | €20,775 | +€8,821 | +73.8% |
| Taxes | 450/3 | €448 | €518 | +€70 | +15.7% |
| Remuneration and social security | 454/9 | €11,507 | €20,258 | +€8,751 | +76.0% |
| Other amounts payable | 47/48 | - | €301,122 | +€301,122 | |
| Non-recurring operating income | 76A | - | €8,467 | +€8,467 | |
| Remuneration, social security and pensions | 62 | €188,049 | €170,451 | -€17,598 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,924 | €75,806 | +€46,882 | +162% |
| Other operating charges | 640/8 | €8,757 | €8,091 | -€665 | -7.6% |
| Gross operating margin | 9900 | €160,380 | €167,352 | +€6,972 | +4.3% |
| Operating profit (loss) | 9901 | -€65,350 | -€86,997 | -€21,647 | -33.1% |
| Financial income | 75/76B | €29,479 | €1,560 | -€27,919 | -94.7% |
| Recurring financial income | 75 | €29,479 | €1,560 | -€27,919 | -94.7% |
| Financial charges | 65/66B | €988 | €1,593 | +€605 | +61.3% |
| Recurring financial charges | 65 | €988 | €1,593 | +€605 | +61.3% |
| Profit (loss) for the period before taxes | 9903 | -€36,858 | -€87,030 | -€50,171 | -136% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€37,033 | -€87,206 | -€50,173 | -135% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,033 | -€87,206 | -€50,173 | -135% |
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 13 October 2026 via checked.be.