AVANGARD: 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.
AVANGARD
Largest movements
- Cash -€10,314
down €10,314 (-48.2%), from €21,382 to €11,068
mainly Debts after one year (-€9,219) and Investment in fixed assets (net) (-€8,993)
- Receivables within one year +€1,321
up €1,321 (+13.6%), from €9,695 to €11,017
of which Other amounts receivable: +€2,777
- Tangible fixed assets +€1,191
up €1,191 (+7.8%), from €15,245 to €16,436
- Short-term financial debts +€11,656
up €11,656 (+2390.2%), from €488 to €12,144
- Debts after one year -€9,219
down €9,219 (-29.1%), from €31,632 to €22,413
- Trade debts -€5,038
down €5,038 (-85.3%), from €5,905 to €867
- Profit (loss) carried forward -€3,783
down €3,783 (-14.9%), from -€25,351 to -€29,133
- Tax, wage and social debts -€2,044
down €2,044 (-28.3%), from €7,231 to €5,188
of which Taxes: -€2,172
- Gross operating margin -€51,612
down €51,612 (-82.8%), from €62,304 to €10,692
- Depreciation -€8,431
down €8,431 (-51.9%), from €16,234 to €7,802
- Taxes -€6,955
no longer reported in 2025 (was €6,955)
- Other operating charges -€5,833
down €5,833 (-72.3%), from €8,063 to €2,231
- Financial charges -€1,317
down €1,317 (-40.7%), from €3,233 to €1,915
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 | €47,118 | €39,316 | -€7,802 | -16.6% |
| Fixed assets | 21/28 | €16,041 | €17,231 | +€1,191 | +7.4% |
| Tangible fixed assets | 22/27 | €15,245 | €16,436 | +€1,191 | +7.8% |
| Furniture and vehicles | 24 | €15,245 | €16,436 | +€1,191 | +7.8% |
| Financial fixed assets | 28 | €796 | €796 | = | 0.0% |
| Current assets | 29/58 | €31,077 | €22,085 | -€8,992 | -28.9% |
| Amounts receivable within one year | 40/41 | €9,695 | €11,017 | +€1,321 | +13.6% |
| Trade receivables | 40 | €1,456 | - | -€1,456 | |
| Other amounts receivable | 41 | €8,239 | €11,017 | +€2,777 | +33.7% |
| Cash at bank and in hand | 54/58 | €21,382 | €11,068 | -€10,314 | -48.2% |
| Total equity and liabilities | 10/49 | €47,118 | €39,316 | -€7,802 | -16.6% |
| Equity | 10/15 | €1,861 | -€1,921 | -€3,783 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,612 | €8,612 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,359 | €1,359 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,359 | €1,359 | = | 0.0% |
| Distributable reserves | 133 | €7,253 | €7,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,351 | -€29,133 | -€3,783 | -14.9% |
| Amounts payable | 17/49 | €45,257 | €41,238 | -€4,019 | -8.9% |
| Amounts payable after more than one year | 17 | €31,632 | €22,413 | -€9,219 | -29.1% |
| Financial debts | 170/4 | €31,632 | €22,413 | -€9,219 | -29.1% |
| Amounts payable within one year | 42/48 | €13,624 | €18,824 | +€5,200 | +38.2% |
| Financial debts | 43 | €488 | €12,144 | +€11,656 | +2390.2% |
| Credit institutions | 430/8 | €488 | €12,144 | +€11,656 | +2390.2% |
| Trade debts | 44 | €5,905 | €867 | -€5,038 | -85.3% |
| Suppliers | 440/4 | €5,905 | €867 | -€5,038 | -85.3% |
| Taxes, remuneration and social security | 45 | €7,231 | €5,188 | -€2,044 | -28.3% |
| Taxes | 450/3 | €7,231 | €5,059 | -€2,172 | -30.0% |
| Remuneration and social security | 454/9 | - | €128 | +€128 | |
| Other amounts payable | 47/48 | - | €626 | +€626 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,234 | €7,802 | -€8,431 | -51.9% |
| Other operating charges | 640/8 | €8,063 | €2,231 | -€5,833 | -72.3% |
| Non-recurring operating charges | 66A | - | €2,527 | +€2,527 | |
| Gross operating margin | 9900 | €62,304 | €10,692 | -€51,612 | -82.8% |
| Operating profit (loss) | 9901 | €38,007 | -€1,867 | -€39,874 | |
| Financial charges | 65/66B | €3,233 | €1,915 | -€1,317 | -40.7% |
| Recurring financial charges | 65 | €3,233 | €1,915 | -€1,317 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €34,775 | -€3,783 | -€38,557 | |
| Income taxes | 67/77 | €6,955 | - | -€6,955 | |
| Profit (loss) for the period | 9904 | €27,820 | -€3,783 | -€31,602 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,820 | -€3,783 | -€31,602 |
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 4 October 2026 via checked.be.