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
- Tangible fixed assets +€110,836
up €110,836 (+9876.6%), from €1,122 to €111,958
of which Land and buildings: +€111,128
- Financial fixed assets +€100,375
new in 2025: €100,375
- Receivables within one year +€10,498
up €10,498 (+174.6%), from €6,013 to €16,511
- Cash -€9,081
down €9,081 (-21.0%), from €43,312 to €34,231
mainly Investment in fixed assets (net) (-€212,581) and Receivables within one year (-€10,498)
- Debts after one year +€96,110
new in 2025: €96,110
- Other debts +€92,652
up €92,652 (+1092.4%), from €8,481 to €101,133
- Profit (loss) carried forward +€19,782
up €19,782 (+76.7%), from €25,806 to €45,588
- Gross operating margin -€4,458
down €4,458 (-12.9%), from €34,468 to €30,010
- Depreciation +€1,030
up €1,030 (+303.4%), from €340 to €1,370
- Financial charges +€622
up €622 (+353.9%), from €176 to €797
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 | €50,447 | €263,075 | +€212,628 | +421.5% |
| Fixed assets | 21/28 | €1,122 | €212,333 | +€211,211 | +18821.1% |
| Tangible fixed assets | 22/27 | €1,122 | €111,958 | +€110,836 | +9876.6% |
| Land and buildings | 22 | - | €111,128 | +€111,128 | |
| Furniture and vehicles | 24 | €1,122 | €830 | -€292 | -26.1% |
| Financial fixed assets | 28 | - | €100,375 | +€100,375 | |
| Current assets | 29/58 | €49,325 | €50,742 | +€1,418 | +2.9% |
| Amounts receivable within one year | 40/41 | €6,013 | €16,511 | +€10,498 | +174.6% |
| Trade receivables | 40 | €6,013 | €16,511 | +€10,498 | +174.6% |
| Cash at bank and in hand | 54/58 | €43,312 | €34,231 | -€9,081 | -21.0% |
| Total equity and liabilities | 10/49 | €50,447 | €263,075 | +€212,628 | +421.5% |
| Equity | 10/15 | €28,806 | €48,588 | +€19,782 | +68.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,806 | €45,588 | +€19,782 | +76.7% |
| Amounts payable | 17/49 | €21,641 | €214,488 | +€192,847 | +891.1% |
| Amounts payable after more than one year | 17 | - | €96,110 | +€96,110 | |
| Financial debts | 170/4 | - | €96,110 | +€96,110 | |
| Amounts payable within one year | 42/48 | €21,641 | €118,378 | +€96,737 | +447.0% |
| Trade debts | 44 | €3,882 | €5,786 | +€1,904 | +49.1% |
| Suppliers | 440/4 | €3,882 | €5,786 | +€1,904 | +49.1% |
| Taxes, remuneration and social security | 45 | €9,278 | €11,458 | +€2,181 | +23.5% |
| Taxes | 450/3 | €9,278 | €11,458 | +€2,181 | +23.5% |
| Other amounts payable | 47/48 | €8,481 | €101,133 | +€92,652 | +1092.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €340 | €1,370 | +€1,030 | +303.4% |
| Other operating charges | 640/8 | €772 | €490 | -€282 | -36.5% |
| Gross operating margin | 9900 | €34,468 | €30,010 | -€4,458 | -12.9% |
| Operating profit (loss) | 9901 | €33,357 | €28,150 | -€5,207 | -15.6% |
| Financial charges | 65/66B | €176 | €797 | +€622 | +353.9% |
| Recurring financial charges | 65 | €176 | €797 | +€622 | +353.9% |
| Profit (loss) for the period before taxes | 9903 | €33,181 | €27,353 | -€5,828 | -17.6% |
| Income taxes | 67/77 | €7,375 | €7,571 | +€196 | +2.7% |
| Profit (loss) for the period | 9904 | €25,806 | €19,782 | -€6,025 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,806 | €19,782 | -€6,025 | -23.3% |
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 8 October 2026 via checked.be.