AVAROS: what changed
Two fiscal 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.
AVAROS
Largest movements
- Receivables within one year -€65,100
down €65,100 (-44.3%), from €147,007 to €81,907
of which Trade receivables: -€66,156
- Cash -€38,692
down €38,692 (-28.7%), from €135,046 to €96,354
mainly Net result for the year (-€114,057) and Trade debts (-€42,750)
- Stocks and contracts -€11,670
down €11,670 (-100.0%), from €11,670 to €0
- Profit (loss) carried forward -€114,057
down €114,057 (-200.2%), from -€56,980 to -€171,037
- Trade debts -€42,750
down €42,750 (-96.8%), from €44,166 to €1,415
- Accrued charges and deferred income +€41,678
up €41,678 (+31771.7%), from €131 to €41,809
- Write-downs -€87,803
down €87,803, from €36,150 to -€51,653
- Gross operating margin -€74,921
down €74,921 (-461.1%), from -€16,247 to -€91,168
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
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 | €574,062 | €457,618 | -€116,444 | -20.3% |
| Fixed assets | 21/28 | €99,232 | €99,157 | -€74 | -0.1% |
| Tangible fixed assets | 22/27 | €99,157 | €99,157 | = | 0.0% |
| Land and buildings | 22 | €99,157 | €99,157 | = | 0.0% |
| Financial fixed assets | 28 | €74 | €0 | -€74 | -100.0% |
| Current assets | 29/58 | €474,830 | €358,460 | -€116,370 | -24.5% |
| Stocks and contracts in progress | 3 | €11,670 | €0 | -€11,670 | -100.0% |
| Stocks | 30/36 | €11,670 | €0 | -€11,670 | -100.0% |
| Amounts receivable within one year | 40/41 | €147,007 | €81,907 | -€65,100 | -44.3% |
| Trade receivables | 40 | €70,016 | €3,860 | -€66,156 | -94.5% |
| Other amounts receivable | 41 | €76,991 | €78,047 | +€1,056 | +1.4% |
| Current investments | 50/53 | €180,000 | €180,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €135,046 | €96,354 | -€38,692 | -28.7% |
| Deferred charges and accrued income | 490/1 | €1,107 | €199 | -€907 | -82.0% |
| Total equity and liabilities | 10/49 | €574,062 | €457,618 | -€116,444 | -20.3% |
| Equity | 10/15 | €528,153 | €414,096 | -€114,057 | -21.6% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Capital | 10 | €130,000 | €130,000 | = | 0.0% |
| Issued capital | 100 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €455,133 | €455,133 | = | 0.0% |
| Non-distributable reserves | 130/1 | €193,000 | €193,000 | = | 0.0% |
| Legal reserve | 130 | €13,000 | €13,000 | = | 0.0% |
| Own shares acquired | 1312 | €180,000 | €180,000 | = | 0.0% |
| Distributable reserves | 133 | €262,133 | €262,133 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,980 | -€171,037 | -€114,057 | -200.2% |
| Amounts payable | 17/49 | €45,909 | €43,521 | -€2,388 | -5.2% |
| Amounts payable within one year | 42/48 | €45,778 | €1,712 | -€44,066 | -96.3% |
| Trade debts | 44 | €44,166 | €1,415 | -€42,750 | -96.8% |
| Suppliers | 440/4 | €44,166 | €1,415 | -€42,750 | -96.8% |
| Taxes, remuneration and social security | 45 | €751 | €297 | -€454 | -60.5% |
| Taxes | 450/3 | €297 | €297 | = | 0.0% |
| Remuneration and social security | 454/9 | €454 | €0 | -€454 | -100.0% |
| Other amounts payable | 47/48 | €861 | €0 | -€861 | -100.0% |
| Accrued charges and deferred income | 492/3 | €131 | €41,809 | +€41,678 | +31771.7% |
| Non-recurring operating income | 76A | €58,500 | €3,603 | -€54,897 | -93.8% |
| Remuneration, social security and pensions | 62 | -€2,881 | -€3,034 | -€153 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,150 | -€51,653 | -€87,803 | |
| Other operating charges | 640/8 | €8,254 | €8,207 | -€47 | -0.6% |
| Non-recurring operating charges | 66A | €0 | €69,037 | +€69,037 | |
| Gross operating margin | 9900 | -€16,247 | -€91,168 | -€74,921 | -461.1% |
| Operating profit (loss) | 9901 | -€57,769 | -€113,725 | -€55,956 | -96.9% |
| Financial income | 75/76B | €2,057 | €1,630 | -€427 | -20.8% |
| Recurring financial income | 75 | €2,057 | €1,630 | -€427 | -20.8% |
| Financial charges | 65/66B | €971 | €1,867 | +€896 | +92.3% |
| Recurring financial charges | 65 | €971 | €1,867 | +€896 | +92.3% |
| Profit (loss) for the period before taxes | 9903 | -€56,683 | -€113,962 | -€57,279 | -101.1% |
| Income taxes | 67/77 | €297 | €95 | -€202 | -68.0% |
| Profit (loss) for the period | 9904 | -€56,980 | -€114,057 | -€57,077 | -100.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€56,980 | -€114,057 | -€57,077 | -100.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.