AVASCO SOLAR: 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.
What changed
AVASCO SOLAR
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · €4.7m-€1.6m
Equity
€21.0m
2024 · €19.9m+€1.1m
Cash
€531,892
2024 · €141,764+€390,128
Balance sheet total
€30.1m
2024 · €31.0m-€833,477
Largest movements
Assets
- Tangible fixed assets -€1.6m
down €1.6m (-17.9%), from €8.8m to €7.2m
of which Leasing and similar rights: -€1.4m
- Cash +€390,128
up €390,128 (+275%), from €141,764 to €531,892
mainly Net result for the year (+€3.2m) and Depreciation (+€2.0m)
- Stocks and contracts +€311,061
up €311,061 (+7.1%), from €4.4m to €4.7m
Equity and liabilities
- Profit (loss) carried forward +€1.3m
up €1.3m (+6.5%), from €19.3m to €20.5m
- Debts after one year -€1.2m
down €1.2m (-24.3%), from €5.1m to €3.9m
- Trade debts -€518,888
down €518,888 (-32.4%), from €1.6m to €1.1m
- Other debts -€350,000
down €350,000 (-15.6%), from €2.3m to €1.9m
Income statement
- Turnover -€877,766
down €877,766 (-4.0%), from €22.0m to €21.2m
- Services and other goods +€803,702
up €803,702 (+29.9%), from €2.7m to €3.5m
- Depreciation +€510,571
up €510,571 (+34.6%), from €1.5m to €2.0m
- Taxes +€229,088
up €229,088 (+67.6%), from €338,823 to €567,911
of which Taxes: +€567,368
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.
Result 2024
€4.7m
Turnover
-€877,766
Other operating income
-€17,955
Goods and materials
+€19,857
Services and other goods
-€803,702
Staff costs
+€104,998
Depreciation
-€510,571
Other operating charges
-€3,502
Other operating items
+€613,289
Financial income
-€64,837
Financial charges
+€209,347
Taxes
-€229,088
Result 2025
€3.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€491,182
Financing
-€3.3m
Cash 2024
€141,764
From operations (derived)
+€4.1m
Net result for the year
+€3.2m
Depreciation
+€2.0m
Stocks and contracts
-€311,061
Receivables within one year
+€20,876
Deferred charges and accrued income
+€18,319
Trade debts
-€518,888
Tax, wage and social debts
+€178,147
Advances received
-€39,833
Other debts
-€350,000
Investment (derived)
-€491,182
Investment in fixed assets (net)
-€491,182
Financing
-€3.3m
Debts after one year
-€1.2m
Current portion of long-term debt
+€30,022
Short-term financial debts
-€10,000
Contributions, distributions and other
-€2.0m
Cash 2025
€531,892
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €30,952,818 | €30,119,341 | -€833,477 | -2.7% |
| Fixed assets | 21/28 | €9,419,748 | €7,924,277 | -€1.5m | -15.9% |
| Intangible fixed assets | 21 | €591,659 | €660,146 | +€68,488 | +11.6% |
| Tangible fixed assets | 22/27 | €8,827,689 | €7,245,903 | -€1.6m | -17.9% |
| Plant, machinery and equipment | 23 | €1,753,886 | €1,519,491 | -€234,395 | -13.4% |
| Furniture and vehicles | 24 | €287,100 | €202,260 | -€84,840 | -29.6% |
| Leasing and similar rights | 25 | €6,730,108 | €5,377,165 | -€1.4m | -20.1% |
| Other tangible fixed assets | 26 | €56,596 | €47,949 | -€8,648 | -15.3% |
| Assets under construction and advance payments | 27 | €0 | €99,039 | +€99,039 | |
| Financial fixed assets | 28 | €400 | €18,228 | +€17,828 | +4,457% |
| Other financial fixed assets | 284/8 | €400 | €18,228 | +€17,828 | +4,457% |
| Amounts receivable and cash guarantees | 285/8 | €400 | €18,228 | +€17,828 | +4,457% |
| Current assets | 29/58 | €21,533,070 | €22,195,065 | +€661,994 | +3.1% |
| Stocks and contracts in progress | 3 | €4,393,612 | €4,704,673 | +€311,061 | +7.1% |
| Stocks | 30/36 | €4,393,612 | €4,704,673 | +€311,061 | +7.1% |
| Raw materials and consumables | 30/31 | €3,092,199 | €2,962,770 | -€129,429 | -4.2% |
| Work in progress | 32 | €483,006 | €664,919 | +€181,913 | +37.7% |
| Finished goods | 33 | €818,408 | €1,076,984 | +€258,577 | +31.6% |
| Amounts receivable within one year | 40/41 | €16,822,750 | €16,801,874 | -€20,876 | -0.1% |
| Trade receivables | 40 | €2,258,325 | €1,726,522 | -€531,803 | -23.5% |
| Other amounts receivable | 41 | €14,564,425 | €15,075,352 | +€510,927 | +3.5% |
| Cash at bank and in hand | 54/58 | €141,764 | €531,892 | +€390,128 | +275% |
| Deferred charges and accrued income | 490/1 | €174,944 | €156,625 | -€18,319 | -10.5% |
| Total equity and liabilities | 10/49 | €30,952,818 | €30,119,341 | -€833,477 | -2.7% |
| Equity | 10/15 | €19,898,494 | €21,017,452 | +€1.1m | +5.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,278,057 | €20,534,046 | +€1.3m | +6.5% |
| Investment grants | 15 | €551,687 | €414,657 | -€137,030 | -24.8% |
| Amounts payable | 17/49 | €11,054,324 | €9,101,889 | -€2.0m | -17.7% |
| Amounts payable after more than one year | 17 | €5,110,377 | €3,868,494 | -€1.2m | -24.3% |
| Financial debts | 170/4 | €5,110,377 | €3,868,494 | -€1.2m | -24.3% |
| Leasing and similar obligations | 172 | €5,110,377 | €3,868,494 | -€1.2m | -24.3% |
| Amounts payable within one year | 42/48 | €5,943,947 | €5,233,395 | -€710,552 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €1,211,861 | €1,241,883 | +€30,022 | +2.5% |
| Financial debts | 43 | €350,000 | €340,000 | -€10,000 | -2.9% |
| Credit institutions | 430/8 | €350,000 | €340,000 | -€10,000 | -2.9% |
| Trade debts | 44 | €1,601,294 | €1,082,406 | -€518,888 | -32.4% |
| Suppliers | 440/4 | €1,601,294 | €1,082,406 | -€518,888 | -32.4% |
| Advances received on contracts in progress | 46 | €78,833 | €39,000 | -€39,833 | -50.5% |
| Taxes, remuneration and social security | 45 | €451,959 | €630,106 | +€178,147 | +39.4% |
| Taxes | 450/3 | €198,822 | €391,465 | +€192,643 | +96.9% |
| Remuneration and social security | 454/9 | €253,138 | €238,641 | -€14,496 | -5.7% |
| Other amounts payable | 47/48 | €2,250,000 | €1,900,000 | -€350,000 | -15.6% |
| Operating income | 70/76A | €21,918,645 | €21,636,213 | -€282,433 | -1.3% |
| Turnover | 70 | €22,030,028 | €21,152,262 | -€877,766 | -4.0% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€172,772 | €440,490 | +€613,262 | |
| Other operating income | 74 | €61,389 | €43,433 | -€17,955 | -29.2% |
| Non-recurring operating income | 76A | €0 | €28 | +€28 | |
| Operating charges | 60/66A | €17,180,953 | €18,373,872 | +€1.2m | +6.9% |
| Goods for resale, raw materials and consumables | 60 | €10,914,790 | €10,894,933 | -€19,857 | -0.2% |
| Purchases | 600/8 | €10,595,820 | €10,765,504 | +€169,684 | +1.6% |
| Change in stocks: decrease (increase) | 609 | €318,970 | €129,429 | -€189,541 | -59.4% |
| Services and other goods | 61 | €2,691,560 | €3,495,262 | +€803,702 | +29.9% |
| Remuneration, social security and pensions | 62 | €2,055,620 | €1,950,621 | -€104,998 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,476,082 | €1,986,653 | +€510,571 | +34.6% |
| Other operating charges | 640/8 | €42,901 | €46,403 | +€3,502 | +8.2% |
| Operating profit (loss) | 9901 | €4,737,693 | €3,262,341 | -€1.5m | -31.1% |
| Financial income | 75/76B | €707,472 | €642,635 | -€64,837 | -9.2% |
| Recurring financial income | 75 | €707,472 | €642,635 | -€64,837 | -9.2% |
| Income from current assets | 751 | €677,019 | €483,554 | -€193,464 | -28.6% |
| Other financial income | 752/9 | €30,453 | €159,080 | +€128,627 | +422% |
| Financial charges | 65/66B | €390,422 | €181,076 | -€209,347 | -53.6% |
| Recurring financial charges | 65 | €390,422 | €181,076 | -€209,347 | -53.6% |
| Debt charges | 650 | €385,181 | €177,054 | -€208,127 | -54.0% |
| Other financial charges | 652/9 | €5,241 | €4,021 | -€1,220 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €5,054,742 | €3,723,900 | -€1.3m | -26.3% |
| Income taxes | 67/77 | €338,823 | €567,911 | +€229,088 | +67.6% |
| Taxes | 670/3 | €350,000 | €917,368 | +€567,368 | +162% |
| Tax adjustments and reversals of tax provisions | 77 | €11,177 | €349,458 | +€338,280 | +3,027% |
| Profit (loss) for the period | 9904 | €4,715,920 | €3,155,989 | -€1.6m | -33.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,715,920 | €3,155,989 | -€1.6m | -33.1% |
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 26 October 2026 via checked.be.