AVCON: 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.
AVCON
Largest movements
- Cash -€90,543
down €90,543 (-63.0%), from €143,701 to €53,159
mainly Contributions, distributions and other (-€200,000) and Investment in fixed assets (net) (-€80,574)
- Current investments -€70,000
down €70,000 (-100%), from €70,000 to €0
- Tangible fixed assets +€65,893
up €65,893 (+344%), from €19,137 to €85,029
of which Leasing and similar rights: +€72,673
- Receivables within one year +€36,204
up €36,204 (+174%), from €20,802 to €57,006
of which Trade receivables: +€26,204
- Reserves -€99,814
down €99,814 (-46.9%), from €212,751 to €112,937
- Debts after one year +€34,795
new in 2025: €34,795
- Current portion of long-term debt +€12,278
new in 2025: €12,278
- Other debts -€8,851
down €8,851 (-63.2%), from €14,004 to €5,153
- Tax, wage and social debts +€3,970
up €3,970 (+16.7%), from €23,715 to €27,684
of which Taxes: +€3,970
- Gross operating margin +€40,638
up €40,638 (+37.8%), from €107,463 to €148,101
- Depreciation +€8,101
up €8,101 (+123%), from €6,580 to €14,681
- Taxes +€7,804
up €7,804 (+34.1%), from €22,892 to €30,695
- Financial charges +€1,888
up €1,888 (+1,553%), from €122 to €2,009
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 | €255,452 | €198,054 | -€57,398 | -22.5% |
| Fixed assets | 21/28 | €19,137 | €85,029 | +€65,893 | +344% |
| Tangible fixed assets | 22/27 | €19,137 | €85,029 | +€65,893 | +344% |
| Plant, machinery and equipment | 23 | €2,942 | €1,525 | -€1,417 | -48.2% |
| Furniture and vehicles | 24 | €16,195 | €10,831 | -€5,364 | -33.1% |
| Leasing and similar rights | 25 | - | €72,673 | +€72,673 | |
| Current assets | 29/58 | €236,315 | €113,024 | -€123,290 | -52.2% |
| Amounts receivable within one year | 40/41 | €20,802 | €57,006 | +€36,204 | +174% |
| Trade receivables | 40 | €20,802 | €47,006 | +€26,204 | +126% |
| Other amounts receivable | 41 | - | €10,000 | +€10,000 | |
| Current investments | 50/53 | €70,000 | €0 | -€70,000 | -100% |
| Cash at bank and in hand | 54/58 | €143,701 | €53,159 | -€90,543 | -63.0% |
| Deferred charges and accrued income | 490/1 | €1,812 | €2,860 | +€1,048 | +57.8% |
| Total equity and liabilities | 10/49 | €255,452 | €198,054 | -€57,398 | -22.5% |
| Equity | 10/15 | €215,751 | €115,937 | -€99,814 | -46.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €212,751 | €112,937 | -€99,814 | -46.9% |
| Distributable reserves | 133 | €212,751 | €112,937 | -€99,814 | -46.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,700 | €82,117 | +€42,417 | +107% |
| Amounts payable after more than one year | 17 | - | €34,795 | +€34,795 | |
| Financial debts | 170/4 | - | €34,795 | +€34,795 | |
| Amounts payable within one year | 42/48 | €39,700 | €47,322 | +€7,622 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | - | €12,278 | +€12,278 | |
| Trade debts | 44 | €1,982 | €2,207 | +€225 | +11.3% |
| Suppliers | 440/4 | €1,982 | €2,207 | +€225 | +11.3% |
| Taxes, remuneration and social security | 45 | €23,715 | €27,684 | +€3,970 | +16.7% |
| Taxes | 450/3 | €21,715 | €25,684 | +€3,970 | +18.3% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €14,004 | €5,153 | -€8,851 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,580 | €14,681 | +€8,101 | +123% |
| Other operating charges | 640/8 | €2,681 | €3,193 | +€512 | +19.1% |
| Gross operating margin | 9900 | €107,463 | €148,101 | +€40,638 | +37.8% |
| Operating profit (loss) | 9901 | €98,203 | €130,227 | +€32,024 | +32.6% |
| Financial income | 75/76B | €2,304 | €2,663 | +€359 | +15.6% |
| Recurring financial income | 75 | €2,304 | €2,663 | +€359 | +15.6% |
| Financial charges | 65/66B | €122 | €2,009 | +€1,888 | +1,553% |
| Recurring financial charges | 65 | €122 | €2,009 | +€1,888 | +1,553% |
| Profit (loss) for the period before taxes | 9903 | €100,386 | €130,881 | +€30,495 | +30.4% |
| Income taxes | 67/77 | €22,892 | €30,695 | +€7,804 | +34.1% |
| Profit (loss) for the period | 9904 | €77,494 | €100,186 | +€22,692 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,494 | €100,186 | +€22,692 | +29.3% |
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 15 October 2026 via checked.be.