AVAC: what changed
AVAC
Largest movements
- Tangible fixed assets -€75,640
down €75,640 (-44.4%), from €170,251 to €94,611
of which Furniture and vehicles: -€80,043
- Cash +€34,717
up €34,717 (+14.0%), from €247,597 to €282,314
mainly Depreciation (+€47,929) and Net result for the year (+€47,803)
- Deferred charges and accrued income -€12,315
down €12,315 (-8.9%), from €138,463 to €126,147
- Receivables within one year -€11,509
down €11,509 (-14.6%), from €78,719 to €67,211
of which Trade receivables: -€13,157
- Debts after one year -€61,295
down €61,295 (-72.0%), from €85,102 to €23,807
- Reserves +€44,448
up €44,448 (+11.8%), from €376,268 to €420,716
of which Distributable reserves: +€44,448
- Current portion of long-term debt -€35,433
down €35,433 (-49.4%), from €71,760 to €36,327
- Trade debts +€18,947
up €18,947 (+155%), from €12,209 to €31,155
- Other debts -€17,839
down €17,839 (-100%), from €17,839 to €0
- Gross operating margin +€69,990
up €69,990 (+15.3%), from €457,843 to €527,833
- Staff costs +€20,650
up €20,650 (+5.9%), from €347,407 to €368,056
- Depreciation -€12,986
down €12,986 (-21.3%), from €60,915 to €47,929
- Taxes +€12,190
up €12,190 (+167%), from €7,316 to €19,506
- Other operating charges +€5,439
up €5,439 (+25.1%), from €21,696 to €27,134
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 | €655,891 | €591,144 | -€64,747 | -9.9% |
| Fixed assets | 21/28 | €170,307 | €94,667 | -€75,640 | -44.4% |
| Tangible fixed assets | 22/27 | €170,251 | €94,611 | -€75,640 | -44.4% |
| Land and buildings | 22 | €33,491 | €29,191 | -€4,300 | -12.8% |
| Plant, machinery and equipment | 23 | €9,764 | €18,468 | +€8,703 | +89.1% |
| Furniture and vehicles | 24 | €126,996 | €46,953 | -€80,043 | -63.0% |
| Financial fixed assets | 28 | €56 | €56 | = | 0.0% |
| Current assets | 29/58 | €485,584 | €496,477 | +€10,893 | +2.2% |
| Stocks and contracts in progress | 3 | €20,805 | €20,805 | = | 0.0% |
| Stocks | 30/36 | €20,805 | €20,805 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €78,719 | €67,211 | -€11,509 | -14.6% |
| Trade receivables | 40 | €73,106 | €59,950 | -€13,157 | -18.0% |
| Other amounts receivable | 41 | €5,613 | €7,261 | +€1,648 | +29.4% |
| Cash at bank and in hand | 54/58 | €247,597 | €282,314 | +€34,717 | +14.0% |
| Deferred charges and accrued income | 490/1 | €138,463 | €126,147 | -€12,315 | -8.9% |
| Total equity and liabilities | 10/49 | €655,891 | €591,144 | -€64,747 | -9.9% |
| Equity | 10/15 | €391,505 | €439,308 | +€47,803 | +12.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €376,268 | €420,716 | +€44,448 | +11.8% |
| Tax-exempt reserves | 132 | €35,636 | €35,636 | = | 0.0% |
| Distributable reserves | 133 | €340,632 | €385,080 | +€44,448 | +13.0% |
| Profit (loss) carried forward | 14 | -€3,354 | €0 | +€3,354 | |
| Amounts payable | 17/49 | €264,386 | €151,836 | -€112,549 | -42.6% |
| Amounts payable after more than one year | 17 | €85,102 | €23,807 | -€61,295 | -72.0% |
| Financial debts | 170/4 | €85,102 | €23,807 | -€61,295 | -72.0% |
| Amounts payable within one year | 42/48 | €179,037 | €126,017 | -€53,020 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €71,760 | €36,327 | -€35,433 | -49.4% |
| Financial debts | 43 | €9,783 | €6,708 | -€3,074 | -31.4% |
| Credit institutions | 430/8 | €9,783 | €6,708 | -€3,074 | -31.4% |
| Trade debts | 44 | €12,209 | €31,155 | +€18,947 | +155% |
| Suppliers | 440/4 | €12,209 | €31,155 | +€18,947 | +155% |
| Taxes, remuneration and social security | 45 | €67,447 | €51,827 | -€15,621 | -23.2% |
| Taxes | 450/3 | €32,137 | €21,235 | -€10,902 | -33.9% |
| Remuneration and social security | 454/9 | €35,310 | €30,592 | -€4,718 | -13.4% |
| Other amounts payable | 47/48 | €17,839 | €0 | -€17,839 | -100% |
| Accrued charges and deferred income | 492/3 | €246 | €2,012 | +€1,766 | +717% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €347,407 | €368,056 | +€20,650 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,915 | €47,929 | -€12,986 | -21.3% |
| Other operating charges | 640/8 | €21,696 | €27,134 | +€5,439 | +25.1% |
| Non-recurring operating charges | 66A | - | €9,129 | +€9,129 | |
| Gross operating margin | 9900 | €457,843 | €527,833 | +€69,990 | +15.3% |
| Operating profit (loss) | 9901 | €27,826 | €75,585 | +€47,759 | +172% |
| Financial income | 75/76B | €1,163 | €1,169 | +€6 | +0.5% |
| Recurring financial income | 75 | €1,163 | €1,169 | +€6 | +0.5% |
| Financial charges | 65/66B | €12,563 | €9,446 | -€3,116 | -24.8% |
| Recurring financial charges | 65 | €12,563 | €9,446 | -€3,116 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €16,426 | €67,308 | +€50,882 | +310% |
| Income taxes | 67/77 | €7,316 | €19,506 | +€12,190 | +167% |
| Profit (loss) for the period | 9904 | €9,111 | €47,803 | +€38,692 | +425% |
| Profit (loss) for the period to be appropriated | 9905 | €9,111 | €47,803 | +€38,692 | +425% |
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 4 November 2026 via checked.be.