Antwerp express: 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.
Antwerp express
Largest movements
- Cash -€79,624
down €79,624 (-90.9%), from €87,550 to €7,925
mainly Current portion of long-term debt (-€62,598) and Receivables within one year (-€31,746)
- Receivables within one year +€31,746
up €31,746 (+102%), from €31,053 to €62,799
of which Other amounts receivable: +€17,541
- Tangible fixed assets +€20,002
up €20,002 (+943%), from €2,122 to €22,125
of which Land and buildings: +€22,125
- Current portion of long-term debt -€62,598
down €62,598 (-100%), from €62,598 to €0
- Reserves +€36,130
up €36,130 (+1,943%), from €1,859 to €37,989
of which Distributable reserves: +€36,130
- Debts after one year -€18,024
down €18,024 (-100%), from €18,024 to €0
- Trade debts +€13,683
up €13,683 (+520%), from €2,632 to €16,316
- Tax, wage and social debts +€6,158
up €6,158 (+47.3%), from €13,023 to €19,181
of which Taxes: +€6,158
- Staff costs -€49,802
down €49,802 (-100%), from €49,802 to €0
- Gross operating margin -€28,101
down €28,101 (-26.7%), from €105,073 to €76,972
- Taxes +€6,674
up €6,674 (+80.0%), from €8,340 to €15,014
- Financial charges -€4,349
down €4,349 (-73.9%), from €5,884 to €1,535
- Depreciation -€3,301
down €3,301 (-46.5%), from €7,106 to €3,805
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 | €120,725 | €92,849 | -€27,876 | -23.1% |
| Fixed assets | 21/28 | €2,122 | €22,125 | +€20,002 | +943% |
| Tangible fixed assets | 22/27 | €2,122 | €22,125 | +€20,002 | +943% |
| Land and buildings | 22 | - | €22,125 | +€22,125 | |
| Leasing and similar rights | 25 | €2,122 | €0 | -€2,122 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €118,603 | €70,724 | -€47,879 | -40.4% |
| Amounts receivable within one year | 40/41 | €31,053 | €62,799 | +€31,746 | +102% |
| Trade receivables | 40 | €25,410 | €39,615 | +€14,205 | +55.9% |
| Other amounts receivable | 41 | €5,643 | €23,184 | +€17,541 | +311% |
| Cash at bank and in hand | 54/58 | €87,550 | €7,925 | -€79,624 | -90.9% |
| Total equity and liabilities | 10/49 | €120,725 | €92,849 | -€27,876 | -23.1% |
| Equity | 10/15 | €21,212 | €57,352 | +€36,140 | +170% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €37,989 | +€36,130 | +1,943% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €36,130 | +€36,130 | |
| Profit (loss) carried forward | 14 | €760 | €771 | +€10 | +1.3% |
| Amounts payable | 17/49 | €99,513 | €35,497 | -€64,017 | -64.3% |
| Amounts payable after more than one year | 17 | €18,024 | €0 | -€18,024 | -100% |
| Financial debts | 170/4 | €18,024 | €0 | -€18,024 | -100% |
| Amounts payable within one year | 42/48 | €81,490 | €35,497 | -€45,993 | -56.4% |
| Current portion of amounts payable after more than one year | 42 | €62,598 | €0 | -€62,598 | -100% |
| Trade debts | 44 | €2,632 | €16,316 | +€13,683 | +520% |
| Suppliers | 440/4 | €2,632 | €16,316 | +€13,683 | +520% |
| Taxes, remuneration and social security | 45 | €13,023 | €19,181 | +€6,158 | +47.3% |
| Taxes | 450/3 | €13,023 | €19,181 | +€6,158 | +47.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,236 | €0 | -€3,236 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €6,594 | €0 | -€6,594 | -100% |
| Remuneration, social security and pensions | 62 | €49,802 | €0 | -€49,802 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,106 | €3,805 | -€3,301 | -46.5% |
| Other operating charges | 640/8 | €1,656 | €1,903 | +€247 | +14.9% |
| Non-recurring operating charges | 66A | €9,413 | €19,143 | +€9,731 | +103% |
| Gross operating margin | 9900 | €105,073 | €76,972 | -€28,101 | -26.7% |
| Operating profit (loss) | 9901 | €37,097 | €52,121 | +€15,024 | +40.5% |
| Financial income | 75/76B | €397 | €569 | +€172 | +43.4% |
| Recurring financial income | 75 | €397 | €569 | +€172 | +43.4% |
| Financial charges | 65/66B | €5,884 | €1,535 | -€4,349 | -73.9% |
| Recurring financial charges | 65 | €5,884 | €1,535 | -€4,349 | -73.9% |
| Profit (loss) for the period before taxes | 9903 | €31,609 | €51,154 | +€19,545 | +61.8% |
| Income taxes | 67/77 | €8,340 | €15,014 | +€6,674 | +80.0% |
| Profit (loss) for the period | 9904 | €23,269 | €36,140 | +€12,871 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,269 | €36,140 | +€12,871 | +55.3% |
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 20 October 2026 via checked.be.