ANTWERP OR: 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.
ANTWERP OR
Largest movements
- Stocks and contracts +€44,880
up €44,880 (+10.7%), from €421,158 to €466,038
- Cash +€44,773
up €44,773 (+125.8%), from €35,580 to €80,352
mainly Net result for the year (+€66,986) and Tax, wage and social debts (+€20,456)
- Profit (loss) carried forward +€66,986
up €66,986 (+24.4%), from €273,987 to €340,973
- Tax, wage and social debts +€20,456
up €20,456 (+120.2%), from €17,017 to €37,473
- Gross operating margin +€52,320
up €52,320 (+139.4%), from €37,521 to €89,840
- Taxes +€10,405
up €10,405 (+133.8%), from €7,779 to €18,184
- Financial charges +€1,438
up €1,438 (+57.2%), from €2,514 to €3,952
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 | €459,000 | €546,455 | +€87,455 | +19.1% |
| Fixed assets | 21/28 | €255 | €55 | -€199 | -78.3% |
| Tangible fixed assets | 22/27 | €255 | €55 | -€199 | -78.3% |
| Furniture and vehicles | 24 | €255 | €55 | -€199 | -78.3% |
| Current assets | 29/58 | €458,746 | €546,400 | +€87,654 | +19.1% |
| Stocks and contracts in progress | 3 | €421,158 | €466,038 | +€44,880 | +10.7% |
| Stocks | 30/36 | €421,158 | €466,038 | +€44,880 | +10.7% |
| Amounts receivable within one year | 40/41 | €2,008 | €9 | -€1,999 | -99.6% |
| Trade receivables | 40 | €700 | - | -€700 | |
| Other amounts receivable | 41 | €1,308 | €9 | -€1,299 | -99.3% |
| Cash at bank and in hand | 54/58 | €35,580 | €80,352 | +€44,773 | +125.8% |
| Total equity and liabilities | 10/49 | €459,000 | €546,455 | +€87,455 | +19.1% |
| Equity | 10/15 | €441,983 | €508,969 | +€66,986 | +15.2% |
| Contributions | 10/11 | €153,694 | €153,694 | = | 0.0% |
| Reserves | 13 | €14,302 | €14,302 | = | 0.0% |
| Distributable reserves | 133 | €14,302 | €14,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €273,987 | €340,973 | +€66,986 | +24.4% |
| Amounts payable | 17/49 | €17,017 | €37,486 | +€20,469 | +120.3% |
| Amounts payable within one year | 42/48 | €17,017 | €37,486 | +€20,469 | +120.3% |
| Trade debts | 44 | - | €13 | +€13 | |
| Suppliers | 440/4 | - | €13 | +€13 | |
| Taxes, remuneration and social security | 45 | €17,017 | €37,473 | +€20,456 | +120.2% |
| Taxes | 450/3 | €17,017 | €37,473 | +€20,456 | +120.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €199 | €199 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €37,521 | €89,840 | +€52,320 | +139.4% |
| Operating profit (loss) | 9901 | €36,816 | €89,121 | +€52,305 | +142.1% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,514 | €3,952 | +€1,438 | +57.2% |
| Recurring financial charges | 65 | €2,514 | €3,952 | +€1,438 | +57.2% |
| Profit (loss) for the period before taxes | 9903 | €34,306 | €85,170 | +€50,864 | +148.3% |
| Income taxes | 67/77 | €7,779 | €18,184 | +€10,405 | +133.8% |
| Profit (loss) for the period | 9904 | €26,527 | €66,986 | +€40,459 | +152.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,527 | €66,986 | +€40,459 | +152.5% |
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 7 October 2026 via checked.be.