AVANGUARD: 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.
AVANGUARD
Largest movements
- Receivables within one year +€9,174
up €9,174 (+79.2%), from €11,577 to €20,751
of which Other amounts receivable: +€8,625
- Cash -€7,904
down €7,904 (-35.1%), from €22,489 to €14,585
mainly Receivables within one year (-€9,174) and Net result for the year (-€1,854)
- Current portion of long-term debt +€3,500
new in 2025: €3,500
- Profit (loss) carried forward -€1,854
down €1,854 (-27.5%), from -€6,730 to -€8,584
- Trade debts -€401
down €401 (-36.3%), from €1,103 to €702
- Other operating charges -€21,122
down €21,122 (-98.1%), from €21,522 to €400
- Gross operating margin -€18,582
down €18,582, from €17,393 to -€1,189
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.
Derived cash bridge
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 | €34,090 | €35,335 | +€1,245 | +3.7% |
| Fixed assets | 21/28 | €25 | - | -€25 | |
| Tangible fixed assets | 22/27 | €25 | - | -€25 | |
| Furniture and vehicles | 24 | €25 | - | -€25 | |
| Current assets | 29/58 | €34,065 | €35,335 | +€1,270 | +3.7% |
| Amounts receivable within one year | 40/41 | €11,577 | €20,751 | +€9,174 | +79.2% |
| Trade receivables | 40 | €873 | €1,421 | +€549 | +62.9% |
| Other amounts receivable | 41 | €10,704 | €19,329 | +€8,625 | +80.6% |
| Cash at bank and in hand | 54/58 | €22,489 | €14,585 | -€7,904 | -35.1% |
| Total equity and liabilities | 10/49 | €34,090 | €35,335 | +€1,245 | +3.7% |
| Equity | 10/15 | €32,987 | €31,133 | -€1,854 | -5.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €33,518 | €33,518 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €31,658 | €31,658 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,730 | -€8,584 | -€1,854 | -27.5% |
| Amounts payable | 17/49 | €1,103 | €4,202 | +€3,099 | +281% |
| Amounts payable within one year | 42/48 | €1,103 | €4,202 | +€3,099 | +281% |
| Current portion of amounts payable after more than one year | 42 | - | €3,500 | +€3,500 | |
| Trade debts | 44 | €1,103 | €702 | -€401 | -36.3% |
| Suppliers | 440/4 | €1,103 | €702 | -€401 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184 | €25 | -€160 | -86.6% |
| Other operating charges | 640/8 | €21,522 | €400 | -€21,122 | -98.1% |
| Gross operating margin | 9900 | €17,393 | -€1,189 | -€18,582 | |
| Operating profit (loss) | 9901 | -€4,313 | -€1,613 | +€2,699 | +62.6% |
| Financial income | 75/76B | €148 | €134 | -€13 | -9.0% |
| Recurring financial income | 75 | €148 | €134 | -€13 | -9.0% |
| Financial charges | 65/66B | €272 | €375 | +€103 | +38.0% |
| Recurring financial charges | 65 | €272 | €375 | +€103 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,437 | -€1,854 | +€2,583 | +58.2% |
| Profit (loss) for the period | 9904 | -€4,437 | -€1,854 | +€2,583 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,437 | -€1,854 | +€2,583 | +58.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.