AVANT - GARDE: 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.
AVANT - GARDE
Largest movements
- Receivables within one year -€337,497
down €337,497 (-40.0%), from €842,923 to €505,425
of which Trade receivables: -€350,852
- Stocks and contracts -€117,531
down €117,531 (-48.3%), from €243,351 to €125,820
- Tangible fixed assets +€57,019
up €57,019 (+561%), from €10,160 to €67,179
of which Furniture and vehicles: +€41,301
- Trade debts -€132,928
down €132,928 (-39.8%), from €333,870 to €200,942
- Other debts -€121,637
down €121,637 (-64.9%), from €187,281 to €65,644
- Debts after one year -€83,250
down €83,250 (-48.6%), from €171,187 to €87,937
- Profit (loss) carried forward -€60,865
down €60,865 (-229%), from -€26,609 to -€87,474
- Tax, wage and social debts -€60,259
down €60,259 (-86.2%), from €69,911 to €9,652
of which Taxes: -€57,359
- Write-downs +€21,394
up €21,394 (+10.4%), from €205,880 to €227,274
- Financial charges +€7,757
up €7,757 (+30.6%), from €25,355 to €33,112
- Depreciation +€5,354
up €5,354 (+1,999%), from €268 to €5,622
- Gross operating margin +€3,854
up €3,854 (+1.9%), from €205,457 to €209,311
- Other operating charges +€3,534
up €3,534 (+96.5%), from €3,661 to €7,195
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 | €1,125,727 | €729,607 | -€396,121 | -35.2% |
| Fixed assets | 21/28 | €11,285 | €68,304 | +€57,019 | +505% |
| Tangible fixed assets | 22/27 | €10,160 | €67,179 | +€57,019 | +561% |
| Furniture and vehicles | 24 | €10,160 | €51,461 | +€41,301 | +407% |
| Other tangible fixed assets | 26 | - | €15,719 | +€15,719 | |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €1,114,443 | €661,303 | -€453,140 | -40.7% |
| Stocks and contracts in progress | 3 | €243,351 | €125,820 | -€117,531 | -48.3% |
| Stocks | 30/36 | €243,351 | €125,820 | -€117,531 | -48.3% |
| Amounts receivable within one year | 40/41 | €842,923 | €505,425 | -€337,497 | -40.0% |
| Trade receivables | 40 | €781,623 | €430,771 | -€350,852 | -44.9% |
| Other amounts receivable | 41 | €61,300 | €74,654 | +€13,354 | +21.8% |
| Cash at bank and in hand | 54/58 | €22,500 | €13,258 | -€9,242 | -41.1% |
| Deferred charges and accrued income | 490/1 | €5,669 | €16,799 | +€11,130 | +196% |
| Total equity and liabilities | 10/49 | €1,125,727 | €729,607 | -€396,121 | -35.2% |
| Equity | 10/15 | €159,666 | €98,801 | -€60,865 | -38.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €167,683 | €167,683 | = | 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 | €165,823 | €165,823 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,609 | -€87,474 | -€60,865 | -229% |
| Amounts payable | 17/49 | €966,062 | €630,806 | -€335,255 | -34.7% |
| Amounts payable after more than one year | 17 | €171,187 | €87,937 | -€83,250 | -48.6% |
| Financial debts | 170/4 | €171,187 | €87,937 | -€83,250 | -48.6% |
| Amounts payable within one year | 42/48 | €794,874 | €533,988 | -€260,886 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €78,813 | €83,250 | +€4,437 | +5.6% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €333,870 | €200,942 | -€132,928 | -39.8% |
| Suppliers | 440/4 | €333,870 | €200,942 | -€132,928 | -39.8% |
| Advances received on contracts in progress | 46 | - | €49,500 | +€49,500 | |
| Taxes, remuneration and social security | 45 | €69,911 | €9,652 | -€60,259 | -86.2% |
| Taxes | 450/3 | €67,011 | €9,652 | -€57,359 | -85.6% |
| Remuneration and social security | 454/9 | €2,900 | €0 | -€2,900 | -100% |
| Other amounts payable | 47/48 | €187,281 | €65,644 | -€121,637 | -64.9% |
| Accrued charges and deferred income | 492/3 | €0 | €8,881 | +€8,881 | |
| Non-recurring operating income | 76A | €92,682 | €45,001 | -€47,680 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268 | €5,622 | +€5,354 | +1,999% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €205,880 | €227,274 | +€21,394 | +10.4% |
| Other operating charges | 640/8 | €3,661 | €7,195 | +€3,534 | +96.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €205,457 | €209,311 | +€3,854 | +1.9% |
| Operating profit (loss) | 9901 | -€4,352 | -€30,781 | -€26,428 | -607% |
| Financial income | 75/76B | €3,872 | €3,412 | -€460 | -11.9% |
| Recurring financial income | 75 | €3,872 | €3,412 | -€460 | -11.9% |
| Financial charges | 65/66B | €25,355 | €33,112 | +€7,757 | +30.6% |
| Recurring financial charges | 65 | €25,355 | €33,112 | +€7,757 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | -€25,836 | -€60,481 | -€34,645 | -134% |
| Income taxes | 67/77 | €774 | €384 | -€389 | -50.3% |
| Profit (loss) for the period | 9904 | -€26,609 | -€60,865 | -€34,256 | -129% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,609 | -€60,865 | -€34,256 | -129% |
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 16 October 2026 via checked.be.