ANTORETI: 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.
ANTORETI
Largest movements
- Cash +€374,306
up €374,306 (+26.4%), from €1.4m to €1.8m
mainly Net result for the year (+€734,051) and Receivables within one year (+€364,394)
- Receivables within one year -€364,394
down €364,394 (-80.2%), from €454,079 to €89,685
of which Trade receivables: -€272,994
- Deferred charges and accrued income +€57,374
up €57,374 (+115.6%), from €49,622 to €106,996
- Profit (loss) carried forward +€584,051
up €584,051 (+107.7%), from €542,259 to €1.1m
- Trade debts -€417,729
down €417,729 (-27.7%), from €1.5m to €1.1m
- Debts after one year -€145,421
down €145,421 (-13.0%), from €1.1m to €969,424
- Accrued charges and deferred income +€135,318
up €135,318 (+1510.6%), from €8,958 to €144,276
- Advances received -€118,578
down €118,578 (-91.8%), from €129,156 to €10,578
- Gross operating margin -€210,715
down €210,715 (-12.9%), from €1.6m to €1.4m
- Taxes -€49,036
down €49,036 (-16.7%), from €293,766 to €244,730
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 | €4,845,180 | €4,882,525 | +€37,345 | +0.8% |
| Fixed assets | 21/28 | €1,208,113 | €1,199,052 | -€9,061 | -0.8% |
| Tangible fixed assets | 22/27 | €1,208,113 | €1,199,052 | -€9,061 | -0.8% |
| Land and buildings | 22 | €1,040,662 | €978,855 | -€61,807 | -5.9% |
| Plant, machinery and equipment | 23 | €102,590 | €110,938 | +€8,348 | +8.1% |
| Furniture and vehicles | 24 | €64,861 | €109,259 | +€44,398 | +68.5% |
| Current assets | 29/58 | €3,637,067 | €3,683,473 | +€46,406 | +1.3% |
| Stocks and contracts in progress | 3 | €1,716,584 | €1,695,704 | -€20,880 | -1.2% |
| Stocks | 30/36 | €1,716,584 | €1,695,704 | -€20,880 | -1.2% |
| Amounts receivable within one year | 40/41 | €454,079 | €89,685 | -€364,394 | -80.2% |
| Trade receivables | 40 | €362,409 | €89,415 | -€272,994 | -75.3% |
| Other amounts receivable | 41 | €91,670 | €270 | -€91,400 | -99.7% |
| Cash at bank and in hand | 54/58 | €1,416,782 | €1,791,088 | +€374,306 | +26.4% |
| Deferred charges and accrued income | 490/1 | €49,622 | €106,996 | +€57,374 | +115.6% |
| Total equity and liabilities | 10/49 | €4,845,180 | €4,882,525 | +€37,345 | +0.8% |
| Equity | 10/15 | €1,767,103 | €2,351,154 | +€584,051 | +33.1% |
| Contributions | 10/11 | €24,844 | €24,844 | = | 0.0% |
| Reserves | 13 | €1,200,000 | €1,200,000 | = | 0.0% |
| Distributable reserves | 133 | €1,200,000 | €1,200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €542,259 | €1,126,310 | +€584,051 | +107.7% |
| Amounts payable | 17/49 | €3,078,077 | €2,531,371 | -€546,706 | -17.8% |
| Amounts payable after more than one year | 17 | €1,114,845 | €969,424 | -€145,421 | -13.0% |
| Financial debts | 170/4 | €1,114,845 | €969,424 | -€145,421 | -13.0% |
| Amounts payable within one year | 42/48 | €1,954,274 | €1,417,671 | -€536,603 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €146,851 | €147,722 | +€871 | +0.6% |
| Financial debts | 43 | €127,796 | €126,760 | -€1,036 | -0.8% |
| Credit institutions | 430/8 | €127,796 | €126,760 | -€1,036 | -0.8% |
| Trade debts | 44 | €1,508,273 | €1,090,544 | -€417,729 | -27.7% |
| Suppliers | 440/4 | €1,508,273 | €1,090,544 | -€417,729 | -27.7% |
| Advances received on contracts in progress | 46 | €129,156 | €10,578 | -€118,578 | -91.8% |
| Taxes, remuneration and social security | 45 | €25,918 | €42,067 | +€16,149 | +62.3% |
| Remuneration and social security | 454/9 | €25,918 | €42,067 | +€16,149 | +62.3% |
| Other amounts payable | 47/48 | €16,280 | - | -€16,280 | |
| Accrued charges and deferred income | 492/3 | €8,958 | €144,276 | +€135,318 | +1510.6% |
| Remuneration, social security and pensions | 62 | €280,277 | €265,202 | -€15,075 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,177 | €101,998 | -€179 | -0.2% |
| Other operating charges | 640/8 | €26,169 | €24,926 | -€1,243 | -4.7% |
| Gross operating margin | 9900 | €1,632,669 | €1,421,954 | -€210,715 | -12.9% |
| Operating profit (loss) | 9901 | €1,224,046 | €1,029,828 | -€194,218 | -15.9% |
| Financial income | 75/76B | €56 | €2,755 | +€2,699 | +4819.6% |
| Recurring financial income | 75 | €56 | €2,755 | +€2,699 | +4819.6% |
| Financial charges | 65/66B | €50,613 | €53,802 | +€3,189 | +6.3% |
| Recurring financial charges | 65 | €50,613 | €51,270 | +€657 | +1.3% |
| Non-recurring financial charges | 66B | - | €2,532 | +€2,532 | |
| Profit (loss) for the period before taxes | 9903 | €1,173,489 | €978,781 | -€194,708 | -16.6% |
| Income taxes | 67/77 | €293,766 | €244,730 | -€49,036 | -16.7% |
| Profit (loss) for the period | 9904 | €879,723 | €734,051 | -€145,672 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €879,723 | €734,051 | -€145,672 | -16.6% |
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 3 October 2026 via checked.be.