AV Management: 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.
AV Management
Largest movements
- Cash -€490,115
down €490,115 (-58.9%), from €831,782 to €341,667
mainly Investment in fixed assets (net) (-€615,580) and Receivables within one year (-€134,660)
- Tangible fixed assets +€280,860
up €280,860 (+22.4%), from €1.3m to €1.5m
of which Land and buildings: +€399,376
- Receivables within one year +€134,660
up €134,660 (+264.1%), from €50,987 to €185,647
of which Trade receivables: +€112,410
- Stocks and contracts +€24,663
new in 2025: €24,663
- Other debts +€100,000
up €100,000 (+2591.8%), from €3,858 to €103,858
- Debts after one year -€66,527
down €66,527 (-13.0%), from €513,366 to €446,839
- Current portion of long-term debt -€46,823
down €46,823 (-41.3%), from €113,350 to €66,527
- Trade debts -€28,385
down €28,385 (-27.4%), from €103,770 to €75,385
- Gross operating margin -€75,801
down €75,801 (-16.3%), from €466,394 to €390,592
- Depreciation +€27,207
up €27,207 (+8.8%), from €307,513 to €334,720
- Taxes -€23,960
down €23,960 (-84.8%), from €28,259 to €4,299
- Financial charges -€9,304
down €9,304 (-33.1%), from €28,121 to €18,817
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 | €2,146,334 | €2,090,759 | -€55,574 | -2.6% |
| Fixed assets | 21/28 | €1,251,661 | €1,532,521 | +€280,860 | +22.4% |
| Tangible fixed assets | 22/27 | €1,251,661 | €1,532,521 | +€280,860 | +22.4% |
| Land and buildings | 22 | €649,407 | €1,048,784 | +€399,376 | +61.5% |
| Plant, machinery and equipment | 23 | €409,865 | €333,651 | -€76,213 | -18.6% |
| Furniture and vehicles | 24 | €154,701 | €150,086 | -€4,614 | -3.0% |
| Leasing and similar rights | 25 | €37,689 | €0 | -€37,689 | -100.0% |
| Current assets | 29/58 | €894,672 | €558,238 | -€336,434 | -37.6% |
| Stocks and contracts in progress | 3 | - | €24,663 | +€24,663 | |
| Stocks | 30/36 | - | €24,663 | +€24,663 | |
| Amounts receivable within one year | 40/41 | €50,987 | €185,647 | +€134,660 | +264.1% |
| Trade receivables | 40 | €38,059 | €150,468 | +€112,410 | +295.4% |
| Other amounts receivable | 41 | €12,928 | €35,178 | +€22,250 | +172.1% |
| Cash at bank and in hand | 54/58 | €831,782 | €341,667 | -€490,115 | -58.9% |
| Deferred charges and accrued income | 490/1 | €11,903 | €6,262 | -€5,641 | -47.4% |
| Total equity and liabilities | 10/49 | €2,146,334 | €2,090,759 | -€55,574 | -2.6% |
| Equity | 10/15 | €1,375,607 | €1,388,627 | +€13,020 | +0.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,363,207 | €1,376,227 | +€13,020 | +1.0% |
| Distributable reserves | 133 | €1,363,207 | €1,376,227 | +€13,020 | +1.0% |
| Amounts payable | 17/49 | €770,727 | €702,133 | -€68,594 | -8.9% |
| Amounts payable after more than one year | 17 | €513,366 | €446,839 | -€66,527 | -13.0% |
| Financial debts | 170/4 | €513,366 | €446,839 | -€66,527 | -13.0% |
| Amounts payable within one year | 42/48 | €246,106 | €254,938 | +€8,831 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €113,350 | €66,527 | -€46,823 | -41.3% |
| Trade debts | 44 | €103,770 | €75,385 | -€28,385 | -27.4% |
| Suppliers | 440/4 | €103,770 | €75,385 | -€28,385 | -27.4% |
| Taxes, remuneration and social security | 45 | €25,128 | €9,167 | -€15,960 | -63.5% |
| Taxes | 450/3 | €22,452 | €6,908 | -€15,544 | -69.2% |
| Remuneration and social security | 454/9 | €2,676 | €2,260 | -€417 | -15.6% |
| Other amounts payable | 47/48 | €3,858 | €103,858 | +€100,000 | +2591.8% |
| Accrued charges and deferred income | 492/3 | €11,255 | €357 | -€10,899 | -96.8% |
| Non-recurring operating income | 76A | €1,000 | €13,100 | +€12,100 | +1210.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307,513 | €334,720 | +€27,207 | +8.8% |
| Other operating charges | 640/8 | €27,066 | €26,269 | -€797 | -2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €466,394 | €390,592 | -€75,801 | -16.3% |
| Operating profit (loss) | 9901 | €131,814 | €29,603 | -€102,211 | -77.5% |
| Financial income | 75/76B | €7,562 | €6,533 | -€1,029 | -13.6% |
| Recurring financial income | 75 | €7,562 | €6,533 | -€1,029 | -13.6% |
| Financial charges | 65/66B | €28,121 | €18,817 | -€9,304 | -33.1% |
| Recurring financial charges | 65 | €28,121 | €18,817 | -€9,304 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €111,255 | €17,319 | -€93,936 | -84.4% |
| Income taxes | 67/77 | €28,259 | €4,299 | -€23,960 | -84.8% |
| Profit (loss) for the period | 9904 | €82,996 | €13,020 | -€69,976 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €82,996 | €13,020 | -€69,976 | -84.3% |
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.