ATVARO: 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.
ATVARO
Largest movements
- Cash +€942,020
up €942,020 (+203.6%), from €462,726 to €1.4m
mainly Current investments (+€500,000) and Net result for the year (+€429,408)
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Tangible fixed assets -€117,321
down €117,321 (-6.1%), from €1.9m to €1.8m
of which Leasing and similar rights: -€64,168
- Receivables within one year -€68,310
down €68,310 (-9.6%), from €712,585 to €644,275
of which Other amounts receivable: -€53,309
- Reserves +€429,408
up €429,408 (+19.8%), from €2.2m to €2.6m
of which Distributable reserves: +€446,841
- Debts after one year -€134,559
down €134,559 (-13.4%), from €1.0m to €870,176
- Trade debts -€50,449
down €50,449 (-26.0%), from €194,134 to €143,685
- Gross operating margin +€135,408
up €135,408 (+15.5%), from €875,011 to €1.0m
- Other operating charges -€58,271
down €58,271 (-81.0%), from €71,921 to €13,651
- Taxes +€55,318
up €55,318 (+36.5%), from €151,463 to €206,781
- Depreciation +€45,937
up €45,937 (+25.0%), from €183,551 to €229,488
- Financial income +€11,363
up €11,363 (+265.8%), from €4,275 to €15,637
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 | €3,665,672 | €3,912,283 | +€246,612 | +6.7% |
| Fixed assets | 21/28 | €1,914,837 | €1,797,138 | -€117,699 | -6.1% |
| Intangible fixed assets | 21 | €1,678 | €1,300 | -€378 | -22.5% |
| Tangible fixed assets | 22/27 | €1,913,158 | €1,795,837 | -€117,321 | -6.1% |
| Plant, machinery and equipment | 23 | €569,277 | €508,176 | -€61,101 | -10.7% |
| Furniture and vehicles | 24 | €18,074 | €10,588 | -€7,486 | -41.4% |
| Leasing and similar rights | 25 | €1,201,240 | €1,137,073 | -€64,168 | -5.3% |
| Other tangible fixed assets | 26 | €124,567 | €140,001 | +€15,433 | +12.4% |
| Current assets | 29/58 | €1,750,835 | €2,115,146 | +€364,311 | +20.8% |
| Stocks and contracts in progress | 3 | €42,604 | €38,955 | -€3,649 | -8.6% |
| Stocks | 30/36 | €42,604 | €38,955 | -€3,649 | -8.6% |
| Amounts receivable within one year | 40/41 | €712,585 | €644,275 | -€68,310 | -9.6% |
| Trade receivables | 40 | €424,868 | €409,867 | -€15,001 | -3.5% |
| Other amounts receivable | 41 | €287,717 | €234,408 | -€53,309 | -18.5% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €462,726 | €1,404,746 | +€942,020 | +203.6% |
| Deferred charges and accrued income | 490/1 | €32,921 | €27,170 | -€5,750 | -17.5% |
| Total equity and liabilities | 10/49 | €3,665,672 | €3,912,283 | +€246,612 | +6.7% |
| Equity | 10/15 | €2,188,318 | €2,617,726 | +€429,408 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,169,718 | €2,599,126 | +€429,408 | +19.8% |
| Tax-exempt reserves | 132 | €229,269 | €211,835 | -€17,434 | -7.6% |
| Distributable reserves | 133 | €1,940,449 | €2,387,290 | +€446,841 | +23.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €59,034 | €53,667 | -€5,367 | -9.1% |
| Deferred taxes | 168 | €59,034 | €53,667 | -€5,367 | -9.1% |
| Amounts payable | 17/49 | €1,418,319 | €1,240,890 | -€177,429 | -12.5% |
| Amounts payable after more than one year | 17 | €1,004,735 | €870,176 | -€134,559 | -13.4% |
| Financial debts | 170/4 | €1,004,735 | €870,176 | -€134,559 | -13.4% |
| Amounts payable within one year | 42/48 | €407,955 | €366,674 | -€41,281 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €133,474 | €134,559 | +€1,085 | +0.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €194,134 | €143,685 | -€50,449 | -26.0% |
| Suppliers | 440/4 | €194,134 | €143,685 | -€50,449 | -26.0% |
| Taxes, remuneration and social security | 45 | €71,921 | €77,964 | +€6,043 | +8.4% |
| Taxes | 450/3 | €64,374 | €70,186 | +€5,811 | +9.0% |
| Remuneration and social security | 454/9 | €7,546 | €7,778 | +€232 | +3.1% |
| Other amounts payable | 47/48 | €8,426 | €10,466 | +€2,040 | +24.2% |
| Accrued charges and deferred income | 492/3 | €5,629 | €4,040 | -€1,589 | -28.2% |
| Remuneration, social security and pensions | 62 | €115,964 | €117,150 | +€1,186 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,551 | €229,488 | +€45,937 | +25.0% |
| Other operating charges | 640/8 | €71,921 | €13,651 | -€58,271 | -81.0% |
| Gross operating margin | 9900 | €875,011 | €1,010,420 | +€135,408 | +15.5% |
| Operating profit (loss) | 9901 | €503,575 | €650,131 | +€146,556 | +29.1% |
| Financial income | 75/76B | €4,275 | €15,637 | +€11,363 | +265.8% |
| Recurring financial income | 75 | €4,275 | €15,637 | +€11,363 | +265.8% |
| Financial charges | 65/66B | €28,649 | €34,946 | +€6,297 | +22.0% |
| Recurring financial charges | 65 | €28,649 | €34,946 | +€6,297 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €479,200 | €630,822 | +€151,622 | +31.6% |
| Transfer from deferred taxes | 780 | €5,367 | €5,367 | = | 0.0% |
| Income taxes | 67/77 | €151,463 | €206,781 | +€55,318 | +36.5% |
| Profit (loss) for the period | 9904 | €333,104 | €429,408 | +€96,304 | +28.9% |
| Transfer from tax-exempt reserves | 789 | €17,434 | €17,434 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €350,538 | €446,841 | +€96,304 | +27.5% |
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 3 October 2026 via checked.be.