AVD Invest: 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.
AVD Invest
Largest movements
- Receivables after one year +€145,600
new in 2025: €145,600
- Receivables within one year -€97,893
down €97,893 (-65.7%), from €149,084 to €51,190
of which Other amounts receivable: -€56,343
- Cash +€2,435
new in 2025: €2,435
mainly Receivables within one year (+€97,893) and Net result for the year (+€74,137)
- Reserves +€40,194
new in 2025: €40,194
- Profit (loss) carried forward +€33,943
up €33,943, from -€33,943 to €0
- Tax, wage and social debts +€31,616
up €31,616 (+350%), from €9,043 to €40,658
- Advances received -€23,595
down €23,595 (-34.4%), from €68,595 to €45,000
- Trade debts -€22,974
down €22,974 (-97.3%), from €23,605 to €632
- Gross operating margin +€40,479
up €40,479 (+84.7%), from €47,801 to €88,280
- Taxes +€13,290
up €13,290, from €0 to €13,290
- Financial income +€4,207
up €4,207 (+302%), from €1,393 to €5,600
- Other operating charges +€3,359
up €3,359 (+5,266%), from €64 to €3,423
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 | €167,241 | €215,437 | +€48,196 | +28.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €18,157 | €16,211 | -€1,946 | -10.7% |
| Tangible fixed assets | 22/27 | €4,156 | €2,210 | -€1,946 | -46.8% |
| Land and buildings | 22 | €3,967 | €2,210 | -€1,757 | -44.3% |
| Furniture and vehicles | 24 | €189 | €0 | -€189 | -100% |
| Financial fixed assets | 28 | €14,002 | €14,002 | = | 0.0% |
| Current assets | 29/58 | €149,084 | €199,225 | +€50,142 | +33.6% |
| Amounts receivable after more than one year | 29 | - | €145,600 | +€145,600 | |
| Other amounts receivable | 291 | - | €145,600 | +€145,600 | |
| Amounts receivable within one year | 40/41 | €149,084 | €51,190 | -€97,893 | -65.7% |
| Trade receivables | 40 | €92,740 | €51,190 | -€41,550 | -44.8% |
| Other amounts receivable | 41 | €56,343 | €0 | -€56,343 | -100% |
| Cash at bank and in hand | 54/58 | - | €2,435 | +€2,435 | |
| Total equity and liabilities | 10/49 | €167,241 | €215,437 | +€48,196 | +28.8% |
| Equity | 10/15 | -€3,943 | €70,194 | +€74,137 | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | - | €40,194 | +€40,194 | |
| Distributable reserves | 133 | - | €40,194 | +€40,194 | |
| Profit (loss) carried forward | 14 | -€33,943 | €0 | +€33,943 | |
| Amounts payable | 17/49 | €171,184 | €145,242 | -€25,941 | -15.2% |
| Amounts payable after more than one year | 17 | €54,066 | €40,143 | -€13,923 | -25.8% |
| Financial debts | 170/4 | €54,066 | €40,143 | -€13,923 | -25.8% |
| Amounts payable within one year | 42/48 | €117,117 | €105,099 | -€12,018 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €15,827 | €13,750 | -€2,077 | -13.1% |
| Financial debts | 43 | €48 | €0 | -€48 | -100% |
| Credit institutions | 430/8 | €48 | €0 | -€48 | -100% |
| Trade debts | 44 | €23,605 | €632 | -€22,974 | -97.3% |
| Suppliers | 440/4 | €23,605 | €632 | -€22,974 | -97.3% |
| Advances received on contracts in progress | 46 | €68,595 | €45,000 | -€23,595 | -34.4% |
| Taxes, remuneration and social security | 45 | €9,043 | €40,658 | +€31,616 | +350% |
| Taxes | 450/3 | €9,043 | €40,658 | +€31,616 | +350% |
| Other amounts payable | 47/48 | €0 | €5,060 | +€5,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,825 | €1,946 | -€879 | -31.1% |
| Other operating charges | 640/8 | €64 | €3,423 | +€3,359 | +5,266% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €47,801 | €88,280 | +€40,479 | +84.7% |
| Operating profit (loss) | 9901 | €44,912 | €82,911 | +€37,999 | +84.6% |
| Financial income | 75/76B | €1,393 | €5,600 | +€4,207 | +302% |
| Recurring financial income | 75 | €1,393 | €5,600 | +€4,207 | +302% |
| Financial charges | 65/66B | €519 | €1,084 | +€564 | +109% |
| Recurring financial charges | 65 | €519 | €1,084 | +€564 | +109% |
| Profit (loss) for the period before taxes | 9903 | €45,786 | €87,427 | +€41,641 | +90.9% |
| Income taxes | 67/77 | €0 | €13,290 | +€13,290 | |
| Profit (loss) for the period | 9904 | €45,786 | €74,137 | +€28,351 | +61.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,786 | €74,137 | +€28,351 | +61.9% |
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 31 October 2026 via checked.be.