ANTWERPEN ONE: 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.
ANTWERPEN ONE
Largest movements
- Cash -€90,333
down €90,333 (-40.8%), from €221,599 to €131,265
mainly Receivables within one year (-€75,503) and Trade debts (-€61,757)
- Receivables within one year +€75,503
new in 2025: €75,503
- Tangible fixed assets -€48,780
down €48,780 (-25.8%), from €188,883 to €140,103
of which Land and buildings: -€26,341
- Stocks and contracts +€40,819
up €40,819 (+17.1%), from €238,452 to €279,271
- Deferred charges and accrued income -€38,178
down €38,178 (-86.7%), from €44,058 to €5,880
- Trade debts -€61,757
down €61,757 (-77.6%), from €79,571 to €17,814
- Reserves +€44,250
up €44,250 (+14.9%), from €296,337 to €340,586
of which Distributable reserves: +€44,250
- Tax, wage and social debts -€27,405
down €27,405 (-88.1%), from €31,098 to €3,692
of which Taxes: -€27,405
- Debts after one year -€20,355
down €20,355 (-22.5%), from €90,607 to €70,251
- Gross operating margin +€8,406
up €8,406 (+8.0%), from €105,128 to €113,534
- Financial charges -€1,384
down €1,384 (-14.3%), from €9,670 to €8,286
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 | €692,991 | €632,022 | -€60,969 | -8.8% |
| Fixed assets | 21/28 | €188,883 | €140,103 | -€48,780 | -25.8% |
| Tangible fixed assets | 22/27 | €188,883 | €140,103 | -€48,780 | -25.8% |
| Land and buildings | 22 | €119,776 | €93,435 | -€26,341 | -22.0% |
| Plant, machinery and equipment | 23 | €4,525 | €2,430 | -€2,095 | -46.3% |
| Furniture and vehicles | 24 | €64,583 | €44,238 | -€20,344 | -31.5% |
| Current assets | 29/58 | €504,108 | €491,919 | -€12,189 | -2.4% |
| Stocks and contracts in progress | 3 | €238,452 | €279,271 | +€40,819 | +17.1% |
| Stocks | 30/36 | €238,452 | €279,271 | +€40,819 | +17.1% |
| Amounts receivable within one year | 40/41 | - | €75,503 | +€75,503 | |
| Other amounts receivable | 41 | - | €75,503 | +€75,503 | |
| Cash at bank and in hand | 54/58 | €221,599 | €131,265 | -€90,333 | -40.8% |
| Deferred charges and accrued income | 490/1 | €44,058 | €5,880 | -€38,178 | -86.7% |
| Total equity and liabilities | 10/49 | €692,991 | €632,022 | -€60,969 | -8.8% |
| Equity | 10/15 | €314,937 | €359,186 | +€44,250 | +14.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €296,337 | €340,586 | +€44,250 | +14.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €294,477 | €338,726 | +€44,250 | +15.0% |
| Amounts payable | 17/49 | €378,054 | €272,836 | -€105,219 | -27.8% |
| Amounts payable after more than one year | 17 | €90,607 | €70,251 | -€20,355 | -22.5% |
| Financial debts | 170/4 | €90,607 | €70,251 | -€20,355 | -22.5% |
| Amounts payable within one year | 42/48 | €287,448 | €202,584 | -€84,864 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €170,032 | €170,355 | +€323 | +0.2% |
| Trade debts | 44 | €79,571 | €17,814 | -€61,757 | -77.6% |
| Suppliers | 440/4 | €79,571 | €17,814 | -€61,757 | -77.6% |
| Taxes, remuneration and social security | 45 | €31,098 | €3,692 | -€27,405 | -88.1% |
| Taxes | 450/3 | €29,098 | €1,692 | -€27,405 | -94.2% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €6,747 | €10,723 | +€3,976 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,922 | €48,780 | -€142 | -0.3% |
| Other operating charges | 640/8 | €471 | €484 | +€13 | +2.8% |
| Gross operating margin | 9900 | €105,128 | €113,534 | +€8,406 | +8.0% |
| Operating profit (loss) | 9901 | €55,735 | €64,269 | +€8,535 | +15.3% |
| Financial income | 75/76B | €1 | €1 | -€1 | -51.5% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -51.5% |
| Financial charges | 65/66B | €9,670 | €8,286 | -€1,384 | -14.3% |
| Recurring financial charges | 65 | €9,670 | €8,286 | -€1,384 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €46,066 | €55,984 | +€9,918 | +21.5% |
| Income taxes | 67/77 | €11,692 | €11,735 | +€42 | +0.4% |
| Profit (loss) for the period | 9904 | €34,374 | €44,250 | +€9,876 | +28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,374 | €44,250 | +€9,876 | +28.7% |
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.