AVANGARDE: what changed
Two financial 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.
AVANGARDE
Largest movements
- Deferred charges and accrued income +€11,634
up €11,634 (+950.5%), from €1,224 to €12,858
- Receivables within one year +€5,276
up €5,276 (+2.0%), from €263,454 to €268,730
of which Trade receivables: +€17,324
- Other debts +€15,599
up €15,599 (+81.4%), from €19,162 to €34,761
- Trade debts -€13,885
down €13,885 (-87.7%), from €15,838 to €1,953
- Profit (loss) carried forward +€13,820
up €13,820 (+6.7%), from €206,021 to €219,841
- Debts after one year +€12,032
up €12,032 (+8.7%), from €137,716 to €149,748
- Accrued charges and deferred income -€6,470
down €6,470 (-17.3%), from €37,464 to €30,994
- Gross operating margin -€21,412
down €21,412 (-27.5%), from €77,733 to €56,321
- Staff costs -€15,156
down €15,156 (-47.8%), from €31,710 to €16,554
- Financial charges +€3,387
up €3,387 (+35.8%), from €9,471 to €12,858
- Other operating charges -€2,782
down €2,782 (-40.0%), from €6,952 to €4,170
- Taxes -€2,668
down €2,668 (-39.7%), from €6,712 to €4,044
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €471,983 | €490,830 | +€18,847 | +4.0% |
| Fixed assets | 21/28 | €203,153 | €200,816 | -€2,337 | -1.2% |
| Tangible fixed assets | 22/27 | €200,303 | €197,966 | -€2,337 | -1.2% |
| Land and buildings | 22 | €197,533 | €195,561 | -€1,972 | -1.0% |
| Plant, machinery and equipment | 23 | €1,566 | €1,514 | -€52 | -3.3% |
| Furniture and vehicles | 24 | €1,204 | €891 | -€313 | -26.0% |
| Financial fixed assets | 28 | €2,850 | €2,850 | = | 0.0% |
| Current assets | 29/58 | €268,830 | €290,014 | +€21,184 | +7.9% |
| Stocks and contracts in progress | 3 | €4,152 | €8,426 | +€4,274 | +102.9% |
| Stocks | 30/36 | €4,152 | €8,426 | +€4,274 | +102.9% |
| Amounts receivable within one year | 40/41 | €263,454 | €268,730 | +€5,276 | +2.0% |
| Trade receivables | 40 | €127,990 | €145,314 | +€17,324 | +13.5% |
| Other amounts receivable | 41 | €135,464 | €123,416 | -€12,048 | -8.9% |
| Deferred charges and accrued income | 490/1 | €1,224 | €12,858 | +€11,634 | +950.5% |
| Total equity and liabilities | 10/49 | €471,983 | €490,830 | +€18,847 | +4.0% |
| Equity | 10/15 | €226,481 | €240,301 | +€13,820 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,021 | €219,841 | +€13,820 | +6.7% |
| Amounts payable | 17/49 | €245,502 | €250,529 | +€5,027 | +2.0% |
| Amounts payable after more than one year | 17 | €137,716 | €149,748 | +€12,032 | +8.7% |
| Financial debts | 170/4 | €137,716 | €149,748 | +€12,032 | +8.7% |
| Amounts payable within one year | 42/48 | €70,322 | €69,787 | -€535 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €15,694 | €16,196 | +€502 | +3.2% |
| Trade debts | 44 | €15,838 | €1,953 | -€13,885 | -87.7% |
| Suppliers | 440/4 | €15,838 | €1,953 | -€13,885 | -87.7% |
| Taxes, remuneration and social security | 45 | €19,628 | €16,877 | -€2,751 | -14.0% |
| Taxes | 450/3 | €6,688 | €4,884 | -€1,804 | -27.0% |
| Remuneration and social security | 454/9 | €12,940 | €11,993 | -€947 | -7.3% |
| Other amounts payable | 47/48 | €19,162 | €34,761 | +€15,599 | +81.4% |
| Accrued charges and deferred income | 492/3 | €37,464 | €30,994 | -€6,470 | -17.3% |
| Remuneration, social security and pensions | 62 | €31,710 | €16,554 | -€15,156 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,949 | €4,877 | -€72 | -1.5% |
| Other operating charges | 640/8 | €6,952 | €4,170 | -€2,782 | -40.0% |
| Gross operating margin | 9900 | €77,733 | €56,321 | -€21,412 | -27.5% |
| Operating profit (loss) | 9901 | €34,122 | €30,720 | -€3,402 | -10.0% |
| Financial income | 75/76B | €101 | €2 | -€99 | -98.0% |
| Recurring financial income | 75 | €101 | €2 | -€99 | -98.0% |
| Financial charges | 65/66B | €9,471 | €12,858 | +€3,387 | +35.8% |
| Recurring financial charges | 65 | €9,471 | €12,858 | +€3,387 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €24,752 | €17,864 | -€6,888 | -27.8% |
| Income taxes | 67/77 | €6,712 | €4,044 | -€2,668 | -39.7% |
| Profit (loss) for the period | 9904 | €18,040 | €13,820 | -€4,220 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,040 | €13,820 | -€4,220 | -23.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.