ANVERSA: 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.
ANVERSA
Largest movements
- Tangible fixed assets -€87,718
down €87,718 (-8.8%), from €995,874 to €908,156
of which Land and buildings: -€85,041
- Receivables within one year +€55,709
up €55,709 (+51.2%), from €108,816 to €164,525
of which Other amounts receivable: +€29,489
- Cash -€27,974
down €27,974 (-60.1%), from €46,556 to €18,583
mainly Net result for the year (-€77,401) and Receivables within one year (-€55,709)
- Financial fixed assets +€24,268
up €24,268 (+49.8%), from €48,705 to €72,973
- Other debts +€96,037
up €96,037 (+144.9%), from €66,300 to €162,337
- Profit (loss) carried forward -€77,401
down €77,401 (-149.3%), from -€51,829 to -€129,230
- Debts after one year -€53,192
down €53,192 (-11.4%), from €466,270 to €413,077
- Gross operating margin -€160,516
down €160,516, from €155,619 to -€4,897
- Taxes -€27,944
down €27,944, from €15,568 to -€12,376
- Depreciation -€8,650
down €8,650 (-13.7%), from €63,368 to €54,718
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 | €1,201,172 | €1,165,458 | -€35,714 | -3.0% |
| Fixed assets | 21/28 | €1,044,579 | €981,129 | -€63,450 | -6.1% |
| Tangible fixed assets | 22/27 | €995,874 | €908,156 | -€87,718 | -8.8% |
| Land and buildings | 22 | €991,485 | €906,444 | -€85,041 | -8.6% |
| Plant, machinery and equipment | 23 | €2,235 | €1,118 | -€1,118 | -50.0% |
| Furniture and vehicles | 24 | €2,154 | €595 | -€1,559 | -72.4% |
| Financial fixed assets | 28 | €48,705 | €72,973 | +€24,268 | +49.8% |
| Current assets | 29/58 | €156,593 | €184,329 | +€27,736 | +17.7% |
| Amounts receivable within one year | 40/41 | €108,816 | €164,525 | +€55,709 | +51.2% |
| Trade receivables | 40 | €68,308 | €94,529 | +€26,220 | +38.4% |
| Other amounts receivable | 41 | €40,507 | €69,996 | +€29,489 | +72.8% |
| Cash at bank and in hand | 54/58 | €46,556 | €18,583 | -€27,974 | -60.1% |
| Deferred charges and accrued income | 490/1 | €1,221 | €1,221 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,201,172 | €1,165,458 | -€35,714 | -3.0% |
| Equity | 10/15 | €506,244 | €428,844 | -€77,401 | -15.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €551,874 | €551,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €550,014 | €551,874 | +€1,860 | +0.3% |
| Profit (loss) carried forward | 14 | -€51,829 | -€129,230 | -€77,401 | -149.3% |
| Amounts payable | 17/49 | €694,928 | €736,614 | +€41,686 | +6.0% |
| Amounts payable after more than one year | 17 | €466,270 | €413,077 | -€53,192 | -11.4% |
| Financial debts | 170/4 | €466,270 | €413,077 | -€53,192 | -11.4% |
| Amounts payable within one year | 42/48 | €228,658 | €323,537 | +€94,879 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €53,170 | €61,488 | +€8,317 | +15.6% |
| Trade debts | 44 | €101,097 | €93,763 | -€7,334 | -7.3% |
| Suppliers | 440/4 | €101,097 | €93,763 | -€7,334 | -7.3% |
| Taxes, remuneration and social security | 45 | €8,090 | €5,949 | -€2,141 | -26.5% |
| Taxes | 450/3 | €8,090 | €5,949 | -€2,141 | -26.5% |
| Other amounts payable | 47/48 | €66,300 | €162,337 | +€96,037 | +144.9% |
| Remuneration, social security and pensions | 62 | - | €1 | +€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,368 | €54,718 | -€8,650 | -13.7% |
| Other operating charges | 640/8 | €8,864 | €9,680 | +€816 | +9.2% |
| Gross operating margin | 9900 | €155,619 | -€4,897 | -€160,516 | |
| Operating profit (loss) | 9901 | €83,386 | -€69,296 | -€152,683 | |
| Financial income | 75/76B | €264 | €288 | +€24 | +8.9% |
| Recurring financial income | 75 | €264 | €288 | +€24 | +8.9% |
| Financial charges | 65/66B | €21,992 | €20,768 | -€1,224 | -5.6% |
| Recurring financial charges | 65 | €21,992 | €20,768 | -€1,224 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €61,659 | -€89,776 | -€151,435 | |
| Income taxes | 67/77 | €15,568 | -€12,376 | -€27,944 | |
| Profit (loss) for the period | 9904 | €46,091 | -€77,401 | -€123,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,091 | -€77,401 | -€123,491 |
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 5 October 2026 via checked.be.