AVANTGARDE: 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.
AVANTGARDE
Largest movements
- Receivables within one year -€569,420
down €569,420 (-82.8%), from €687,495 to €118,075
of which Other amounts receivable: -€537,645
- Cash -€49,823
down €49,823 (-58.7%), from €84,934 to €35,112
mainly Net result for the year (-€410,967) and Other debts (-€180,000)
- Profit (loss) carried forward -€410,967
down €410,967 (-192%), from -€214,416 to -€625,383
- Other debts -€180,000
down €180,000 (-100%), from €180,000 to €0
- Debts after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Trade debts +€15,214
up €15,214 (+4,927%), from €309 to €15,522
- Financial charges -€659,487
down €659,487 (-99.7%), from €661,593 to €2,105
of which Non-recurring financial charges: -€660,115
- Financial income -€14,876
down €14,876 (-43.3%), from €34,372 to €19,496
- Gross operating margin +€1,728
up €1,728 (+17.9%), from -€9,670 to -€7,941
- Other operating charges +€487
up €487 (+28.6%), from €1,702 to €2,189
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 | €774,594 | €155,326 | -€619,267 | -79.9% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €774,594 | €155,326 | -€619,267 | -79.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €687,495 | €118,075 | -€569,420 | -82.8% |
| Trade receivables | 40 | €40,900 | €9,125 | -€31,775 | -77.7% |
| Other amounts receivable | 41 | €646,595 | €108,950 | -€537,645 | -83.2% |
| Current investments | 50/53 | €729 | €734 | +€5 | +0.7% |
| Cash at bank and in hand | 54/58 | €84,934 | €35,112 | -€49,823 | -58.7% |
| Deferred charges and accrued income | 490/1 | €1,435 | €1,405 | -€30 | -2.1% |
| Total equity and liabilities | 10/49 | €774,594 | €155,326 | -€619,267 | -79.9% |
| Equity | 10/15 | €502,741 | €91,774 | -€410,967 | -81.7% |
| Contributions | 10/11 | €198,315 | €198,315 | = | 0.0% |
| Capital | 10 | €198,315 | €198,315 | = | 0.0% |
| Issued capital | 100 | €198,315 | €198,315 | = | 0.0% |
| Reserves | 13 | €518,842 | €518,842 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Distributable reserves | 133 | €499,010 | €499,010 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€214,416 | -€625,383 | -€410,967 | -192% |
| Amounts payable | 17/49 | €271,853 | €63,553 | -€208,300 | -76.6% |
| Amounts payable after more than one year | 17 | €40,000 | €0 | -€40,000 | -100% |
| Financial debts | 170/4 | €40,000 | €0 | -€40,000 | -100% |
| Amounts payable within one year | 42/48 | €231,853 | €62,806 | -€169,047 | -72.9% |
| Current portion of amounts payable after more than one year | 42 | €44,406 | €43,919 | -€487 | -1.1% |
| Trade debts | 44 | €309 | €15,522 | +€15,214 | +4,927% |
| Suppliers | 440/4 | €309 | €15,522 | +€15,214 | +4,927% |
| Taxes, remuneration and social security | 45 | €7,138 | €3,364 | -€3,774 | -52.9% |
| Taxes | 450/3 | €7,138 | €3,364 | -€3,774 | -52.9% |
| Other amounts payable | 47/48 | €180,000 | €0 | -€180,000 | -100% |
| Accrued charges and deferred income | 492/3 | - | €747 | +€747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,702 | €2,189 | +€487 | +28.6% |
| Non-recurring operating charges | 66A | - | €418,000 | +€418,000 | |
| Gross operating margin | 9900 | -€9,670 | -€7,941 | +€1,728 | +17.9% |
| Operating profit (loss) | 9901 | -€11,371 | -€428,130 | -€416,759 | -3,665% |
| Financial income | 75/76B | €34,372 | €19,496 | -€14,876 | -43.3% |
| Recurring financial income | 75 | €34,372 | €19,496 | -€14,876 | -43.3% |
| Financial charges | 65/66B | €661,593 | €2,105 | -€659,487 | -99.7% |
| Recurring financial charges | 65 | €1,478 | €2,105 | +€628 | +42.5% |
| Non-recurring financial charges | 66B | €660,115 | €0 | -€660,115 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€638,592 | -€410,740 | +€227,852 | +35.7% |
| Income taxes | 67/77 | €179 | €227 | +€48 | +26.9% |
| Profit (loss) for the period | 9904 | -€638,771 | -€410,967 | +€227,804 | +35.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€638,771 | -€410,967 | +€227,804 | +35.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.