AVD Management: 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 Management
Largest movements
- Financial fixed assets +€2.2m
up €2.2m (+282%), from €772,000 to €2.9m
- Cash +€172,417
up €172,417 (+3,260%), from €5,289 to €177,706
mainly Debts after one year (+€2.0m) and Other debts (+€328,972)
- Debts after one year +€2.0m
up €2.0m (+294%), from €687,946 to €2.7m
- Other debts +€328,972
up €328,972 (+127,806%), from €257 to €329,229
- Reserves -€113,379
down €113,379 (-100%), from €113,379 to €0
- Current portion of long-term debt +€60,493
up €60,493 (+495%), from €12,218 to €72,711
- Financial income +€249,882
up €249,882 (+211,531%), from €118 to €250,000
- Financial charges +€132,805
up €132,805 (+5,111%), from €2,598 to €135,403
- Gross operating margin +€93,038
up €93,038 (+100%), from €92,898 to €185,936
- Taxes -€9,732
down €9,732 (-50.2%), from €19,369 to €9,637
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 | €843,673 | €3,163,408 | +€2.3m | +275% |
| Fixed assets | 21/28 | €816,516 | €2,977,846 | +€2.2m | +265% |
| Tangible fixed assets | 22/27 | €44,516 | €28,046 | -€16,470 | -37.0% |
| Plant, machinery and equipment | 23 | €2,192 | €1,184 | -€1,008 | -46.0% |
| Furniture and vehicles | 24 | €42,324 | €26,862 | -€15,462 | -36.5% |
| Financial fixed assets | 28 | €772,000 | €2,949,800 | +€2.2m | +282% |
| Current assets | 29/58 | €27,157 | €185,562 | +€158,405 | +583% |
| Amounts receivable within one year | 40/41 | €19,847 | €5,351 | -€14,496 | -73.0% |
| Trade receivables | 40 | €19,847 | €2,488 | -€17,359 | -87.5% |
| Other amounts receivable | 41 | - | €2,863 | +€2,863 | |
| Cash at bank and in hand | 54/58 | €5,289 | €177,706 | +€172,417 | +3,260% |
| Deferred charges and accrued income | 490/1 | €2,021 | €2,505 | +€484 | +24.0% |
| Total equity and liabilities | 10/49 | €843,673 | €3,163,408 | +€2.3m | +275% |
| Equity | 10/15 | €113,380 | €1 | -€113,379 | -100.0% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €113,379 | €0 | -€113,379 | -100% |
| Distributable reserves | 133 | €113,379 | €0 | -€113,379 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €730,293 | €3,163,407 | +€2.4m | +333% |
| Amounts payable after more than one year | 17 | €687,946 | €2,707,686 | +€2.0m | +294% |
| Financial debts | 170/4 | €687,946 | €2,707,686 | +€2.0m | +294% |
| Amounts payable within one year | 42/48 | €42,347 | €455,721 | +€413,374 | +976% |
| Current portion of amounts payable after more than one year | 42 | €12,218 | €72,711 | +€60,493 | +495% |
| Trade debts | 44 | €344 | €250 | -€94 | -27.3% |
| Suppliers | 440/4 | €344 | €250 | -€94 | -27.3% |
| Taxes, remuneration and social security | 45 | €29,528 | €53,531 | +€24,003 | +81.3% |
| Taxes | 450/3 | €29,528 | €53,531 | +€24,003 | +81.3% |
| Other amounts payable | 47/48 | €257 | €329,229 | +€328,972 | +127,806% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,424 | €16,470 | +€46 | +0.3% |
| Other operating charges | 640/8 | €602 | €763 | +€160 | +26.6% |
| Gross operating margin | 9900 | €92,898 | €185,936 | +€93,038 | +100% |
| Operating profit (loss) | 9901 | €75,872 | €168,704 | +€92,832 | +122% |
| Financial income | 75/76B | €118 | €250,000 | +€249,882 | +211,531% |
| Recurring financial income | 75 | €118 | €250,000 | +€249,882 | +211,531% |
| Financial charges | 65/66B | €2,598 | €135,403 | +€132,805 | +5,111% |
| Recurring financial charges | 65 | €2,598 | €135,403 | +€132,805 | +5,111% |
| Profit (loss) for the period before taxes | 9903 | €73,392 | €283,300 | +€209,909 | +286% |
| Income taxes | 67/77 | €19,369 | €9,637 | -€9,732 | -50.2% |
| Profit (loss) for the period | 9904 | €54,023 | €273,663 | +€219,640 | +407% |
| Profit (loss) for the period to be appropriated | 9905 | €54,023 | €273,663 | +€219,640 | +407% |
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 25 October 2026 via checked.be.