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 +€7,728
up €7,728 (+41.1%), from €18,791 to €26,519
of which Trade receivables: +€9,175
- Tangible fixed assets -€5,475
down €5,475 (-1.9%), from €282,161 to €276,686
of which Land and buildings: -€11,626
- Reserves -€10,473
down €10,473 (-2.6%), from €401,368 to €390,895
of which Distributable reserves: -€7,513
- Trade debts +€5,747
up €5,747 (+1,897%), from €303 to €6,050
- Financial charges -€8,166
down €8,166 (-97.4%), from €8,385 to €219
- Gross operating margin +€5,860
up €5,860 (+7.2%), from €81,190 to €87,050
- Depreciation -€5,245
down €5,245 (-26.6%), from €19,723 to €14,478
- Taxes +€3,995
up €3,995 (+23.1%), from €17,277 to €21,272
- Financial income -€3,526
down €3,526 (-83.5%), from €4,224 to €698
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 | €422,022 | €421,073 | -€949 | -0.2% |
| Fixed assets | 21/28 | €282,161 | €276,686 | -€5,475 | -1.9% |
| Tangible fixed assets | 22/27 | €282,161 | €276,686 | -€5,475 | -1.9% |
| Land and buildings | 22 | €277,642 | €266,016 | -€11,626 | -4.2% |
| Furniture and vehicles | 24 | €4,519 | €10,670 | +€6,151 | +136% |
| Current assets | 29/58 | €139,861 | €144,387 | +€4,526 | +3.2% |
| Amounts receivable within one year | 40/41 | €18,791 | €26,519 | +€7,728 | +41.1% |
| Trade receivables | 40 | €17,344 | €26,519 | +€9,175 | +52.9% |
| Other amounts receivable | 41 | €1,447 | - | -€1,447 | |
| Cash at bank and in hand | 54/58 | €118,255 | €115,620 | -€2,635 | -2.2% |
| Deferred charges and accrued income | 490/1 | €2,815 | €2,248 | -€567 | -20.1% |
| Total equity and liabilities | 10/49 | €422,022 | €421,073 | -€949 | -0.2% |
| Equity | 10/15 | €407,568 | €397,095 | -€10,473 | -2.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €401,368 | €390,895 | -€10,473 | -2.6% |
| Tax-exempt reserves | 132 | €65,122 | €62,162 | -€2,960 | -4.5% |
| Distributable reserves | 133 | €336,246 | €328,733 | -€7,513 | -2.2% |
| Amounts payable | 17/49 | €14,454 | €23,978 | +€9,524 | +65.9% |
| Amounts payable within one year | 42/48 | €14,454 | €23,778 | +€9,324 | +64.5% |
| Trade debts | 44 | €303 | €6,050 | +€5,747 | +1,897% |
| Suppliers | 440/4 | €303 | €6,050 | +€5,747 | +1,897% |
| Taxes, remuneration and social security | 45 | €13,141 | €16,718 | +€3,577 | +27.2% |
| Taxes | 450/3 | €13,141 | €15,784 | +€2,643 | +20.1% |
| Remuneration and social security | 454/9 | - | €934 | +€934 | |
| Other amounts payable | 47/48 | €1,010 | €1,010 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Non-recurring operating income | 76A | - | €491 | +€491 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,723 | €14,478 | -€5,245 | -26.6% |
| Other operating charges | 640/8 | €2,902 | €2,631 | -€271 | -9.3% |
| Gross operating margin | 9900 | €81,190 | €87,050 | +€5,860 | +7.2% |
| Operating profit (loss) | 9901 | €58,565 | €69,941 | +€11,376 | +19.4% |
| Financial income | 75/76B | €4,224 | €698 | -€3,526 | -83.5% |
| Recurring financial income | 75 | €4,224 | €698 | -€3,526 | -83.5% |
| Financial charges | 65/66B | €8,385 | €219 | -€8,166 | -97.4% |
| Recurring financial charges | 65 | €8,385 | €219 | -€8,166 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €54,404 | €70,420 | +€16,016 | +29.4% |
| Income taxes | 67/77 | €17,277 | €21,272 | +€3,995 | +23.1% |
| Profit (loss) for the period | 9904 | €37,127 | €49,148 | +€12,021 | +32.4% |
| Transfer from tax-exempt reserves | 789 | €2,961 | €2,960 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,088 | €52,108 | +€12,020 | +30.0% |
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.