Antwerp South: 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 South
Largest movements
- Intangible fixed assets -€77,753
down €77,753 (-28.8%), from €269,833 to €192,081
- Tangible fixed assets +€54,375
up €54,375 (+5.9%), from €919,018 to €973,393
of which Other tangible fixed assets: +€92,806
- Cash -€28,045
down €28,045 (-84.2%), from €33,314 to €5,269
mainly Net result for the year (-€271,114) and Investment in fixed assets (net) (-€210,837)
- Profit (loss) carried forward -€271,114
down €271,114 (-24.1%), from -€1.1m to -€1.4m
- Debts after one year +€228,335
up €228,335 (+10.6%), from €2.2m to €2.4m
- Gross operating margin -€51,645
down €51,645 (-24.7%), from €209,104 to €157,459
- Staff costs -€36,850
down €36,850 (-22.8%), from €161,701 to €124,851
- Depreciation +€18,328
up €18,328 (+8.5%), from €216,487 to €234,815
- Write-downs -€5,354
down €5,354 (-100%), from €5,354 to €0
- Financial charges +€4,934
up €4,934 (+7.9%), from €62,097 to €67,031
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 | €1,249,146 | €1,199,720 | -€49,426 | -4.0% |
| Fixed assets | 21/28 | €1,189,452 | €1,165,474 | -€23,978 | -2.0% |
| Intangible fixed assets | 21 | €269,833 | €192,081 | -€77,753 | -28.8% |
| Tangible fixed assets | 22/27 | €919,018 | €973,393 | +€54,375 | +5.9% |
| Plant, machinery and equipment | 23 | €5,935 | €1,860 | -€4,075 | -68.7% |
| Furniture and vehicles | 24 | €82,252 | €47,896 | -€34,356 | -41.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €830,831 | €923,637 | +€92,806 | +11.2% |
| Financial fixed assets | 28 | €600 | €0 | -€600 | -100% |
| Current assets | 29/58 | €59,694 | €34,247 | -€25,448 | -42.6% |
| Amounts receivable within one year | 40/41 | €18,007 | €18,157 | +€151 | +0.8% |
| Trade receivables | 40 | €17,729 | €18,157 | +€428 | +2.4% |
| Other amounts receivable | 41 | €278 | €0 | -€278 | -100% |
| Cash at bank and in hand | 54/58 | €33,314 | €5,269 | -€28,045 | -84.2% |
| Deferred charges and accrued income | 490/1 | €8,374 | €10,821 | +€2,447 | +29.2% |
| Total equity and liabilities | 10/49 | €1,249,146 | €1,199,720 | -€49,426 | -4.0% |
| Equity | 10/15 | -€1,023,496 | -€1,294,609 | -€271,114 | -26.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,123,496 | -€1,394,609 | -€271,114 | -24.1% |
| Amounts payable | 17/49 | €2,272,642 | €2,494,330 | +€221,688 | +9.8% |
| Amounts payable after more than one year | 17 | €2,161,587 | €2,389,922 | +€228,335 | +10.6% |
| Financial debts | 170/4 | €2,161,587 | €2,389,922 | +€228,335 | +10.6% |
| Amounts payable within one year | 42/48 | €110,896 | €103,987 | -€6,909 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €10,082 | €12,726 | +€2,643 | +26.2% |
| Suppliers | 440/4 | €10,082 | €12,726 | +€2,643 | +26.2% |
| Taxes, remuneration and social security | 45 | €20,567 | €19,584 | -€983 | -4.8% |
| Taxes | 450/3 | €12,494 | €5,881 | -€6,613 | -52.9% |
| Remuneration and social security | 454/9 | €8,073 | €13,703 | +€5,630 | +69.7% |
| Other amounts payable | 47/48 | €80,247 | €71,678 | -€8,570 | -10.7% |
| Accrued charges and deferred income | 492/3 | €158 | €420 | +€262 | +165% |
| Non-recurring operating income | 76A | €965 | €0 | -€965 | -100% |
| Remuneration, social security and pensions | 62 | €161,701 | €124,851 | -€36,850 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,487 | €234,815 | +€18,328 | +8.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,354 | €0 | -€5,354 | -100% |
| Other operating charges | 640/8 | €3,342 | €1,985 | -€1,356 | -40.6% |
| Gross operating margin | 9900 | €209,104 | €157,459 | -€51,645 | -24.7% |
| Operating profit (loss) | 9901 | -€177,780 | -€204,192 | -€26,413 | -14.9% |
| Financial income | 75/76B | €360 | €110 | -€251 | -69.5% |
| Recurring financial income | 75 | €360 | €110 | -€251 | -69.5% |
| Financial charges | 65/66B | €62,097 | €67,031 | +€4,934 | +7.9% |
| Recurring financial charges | 65 | €62,097 | €67,031 | +€4,934 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | -€239,517 | -€271,114 | -€31,597 | -13.2% |
| Income taxes | 67/77 | €123 | €0 | -€123 | -100% |
| Profit (loss) for the period | 9904 | -€239,639 | -€271,114 | -€31,474 | -13.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€239,639 | -€271,114 | -€31,474 | -13.1% |
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 27 October 2026 via checked.be.