Antwerpairco: what changed
Antwerpairco
Largest movements
- Receivables within one year +€38,946
up €38,946 (+113%), from €34,448 to €73,395
of which Trade receivables: +€25,564
- Tangible fixed assets -€31,367
down €31,367 (-24.0%), from €130,875 to €99,509
of which Leasing and similar rights: -€15,919
- Current investments +€17,604
new in 2025: €17,604
- Cash +€11,693
up €11,693 (+8.8%), from €132,802 to €144,495
mainly Net result for the year (+€52,103) and Depreciation (+€33,150)
- Stocks and contracts +€4,952
up €4,952 (+11.0%), from €44,995 to €49,948
of which Stocks: +€5,943
- Reserves +€55,740
up €55,740 (+22.1%), from €252,059 to €307,799
- Debts after one year -€19,372
down €19,372 (-61.1%), from €31,693 to €12,321
- Trade debts +€11,171
up €11,171 (+297%), from €3,764 to €14,935
- Advances received -€10,470
no longer reported in 2025 (was €10,470)
- Tax, wage and social debts +€9,704
up €9,704 (+335%), from €2,901 to €12,605
of which Remuneration and social security: +€5,435
- Gross operating margin +€43,276
up €43,276 (+24.5%), from €176,425 to €219,702
- Staff costs +€25,720
up €25,720 (+32.6%), from €78,974 to €104,694
- Taxes +€6,372
up €6,372 (+41.9%), from €15,216 to €21,588
- Depreciation -€4,350
down €4,350 (-11.6%), from €37,500 to €33,150
- Financial charges -€3,418
down €3,418 (-55.8%), from €6,124 to €2,707
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €343,734 | €385,623 | +€41,889 | +12.2% |
| Fixed assets | 21/28 | €130,875 | €99,509 | -€31,367 | -24.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €130,875 | €99,509 | -€31,367 | -24.0% |
| Land and buildings | 22 | €57,244 | €49,066 | -€8,178 | -14.3% |
| Plant, machinery and equipment | 23 | €13,619 | €10,096 | -€3,523 | -25.9% |
| Furniture and vehicles | 24 | €22,691 | €18,945 | -€3,746 | -16.5% |
| Leasing and similar rights | 25 | €35,321 | €19,402 | -€15,919 | -45.1% |
| Other tangible fixed assets | 26 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €212,859 | €286,115 | +€73,256 | +34.4% |
| Amounts receivable after more than one year | 29 | €204 | €204 | = | 0.0% |
| Trade receivables | 290 | €204 | €204 | = | 0.0% |
| Stocks and contracts in progress | 3 | €44,995 | €49,948 | +€4,952 | +11.0% |
| Stocks | 30/36 | €41,504 | €47,448 | +€5,943 | +14.3% |
| Contracts in progress | 37 | €3,491 | €2,500 | -€991 | -28.4% |
| Amounts receivable within one year | 40/41 | €34,448 | €73,395 | +€38,946 | +113% |
| Trade receivables | 40 | €29,057 | €54,621 | +€25,564 | +88.0% |
| Other amounts receivable | 41 | €5,391 | €18,773 | +€13,382 | +248% |
| Current investments | 50/53 | - | €17,604 | +€17,604 | |
| Cash at bank and in hand | 54/58 | €132,802 | €144,495 | +€11,693 | +8.8% |
| Deferred charges and accrued income | 490/1 | €410 | €470 | +€60 | +14.6% |
| Total equity and liabilities | 10/49 | €343,734 | €385,623 | +€41,889 | +12.2% |
| Equity | 10/15 | €270,651 | €326,391 | +€55,740 | +20.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €252,059 | €307,799 | +€55,740 | +22.1% |
| Distributable reserves | 133 | €252,059 | €307,799 | +€55,740 | +22.1% |
| Amounts payable | 17/49 | €73,083 | €59,232 | -€13,850 | -19.0% |
| Amounts payable after more than one year | 17 | €31,693 | €12,321 | -€19,372 | -61.1% |
| Financial debts | 170/4 | €31,693 | €12,321 | -€19,372 | -61.1% |
| Amounts payable within one year | 42/48 | €41,390 | €46,912 | +€5,521 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €24,255 | €19,372 | -€4,883 | -20.1% |
| Trade debts | 44 | €3,764 | €14,935 | +€11,171 | +297% |
| Suppliers | 440/4 | €3,764 | €14,935 | +€11,171 | +297% |
| Advances received on contracts in progress | 46 | €10,470 | - | -€10,470 | |
| Taxes, remuneration and social security | 45 | €2,901 | €12,605 | +€9,704 | +335% |
| Taxes | 450/3 | €2,901 | €7,170 | +€4,269 | +147% |
| Remuneration and social security | 454/9 | - | €5,435 | +€5,435 | |
| Remuneration, social security and pensions | 62 | €78,974 | €104,694 | +€25,720 | +32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,500 | €33,150 | -€4,350 | -11.6% |
| Other operating charges | 640/8 | €4,965 | €5,288 | +€323 | +6.5% |
| Non-recurring operating charges | 66A | - | €1,988 | +€1,988 | |
| Gross operating margin | 9900 | €176,425 | €219,702 | +€43,276 | +24.5% |
| Operating profit (loss) | 9901 | €54,987 | €74,583 | +€19,596 | +35.6% |
| Financial income | 75/76B | €1,604 | €1,815 | +€210 | +13.1% |
| Recurring financial income | 75 | €1,604 | €1,815 | +€210 | +13.1% |
| Financial charges | 65/66B | €6,124 | €2,707 | -€3,418 | -55.8% |
| Recurring financial charges | 65 | €6,124 | €2,707 | -€3,418 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €50,467 | €73,691 | +€23,224 | +46.0% |
| Income taxes | 67/77 | €15,216 | €21,588 | +€6,372 | +41.9% |
| Profit (loss) for the period | 9904 | €35,251 | €52,103 | +€16,852 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,251 | €52,103 | +€16,852 | +47.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.