AVDD: 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.
AVDD
Largest movements
- Financial fixed assets +€223,250
up €223,250 (+130.7%), from €170,833 to €394,083
- Cash +€31,192
up €31,192 (+267.9%), from €11,641 to €42,833
mainly Net result for the year (+€198,711) and Tax, wage and social debts (+€21,853)
- Receivables within one year -€15,162
down €15,162 (-92.6%), from €16,379 to €1,217
of which Other amounts receivable: -€16,287
- Reserves +€198,711
up €198,711 (+34.4%), from €577,175 to €775,886
of which Distributable reserves: +€198,711
- Tax, wage and social debts +€21,853
up €21,853 (+274.6%), from €7,957 to €29,810
- Other debts +€15,064
up €15,064 (+122.8%), from €12,267 to €27,330
- Gross operating margin +€191,463
up €191,463 (+289.7%), from €66,083 to €257,545
- Taxes +€47,127
up €47,127 (+220.5%), from €21,371 to €68,498
- Financial income +€14,379
up €14,379 (+279.0%), from €5,153 to €19,533
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 | €610,614 | €845,733 | +€235,119 | +38.5% |
| Fixed assets | 21/28 | €205,178 | €421,851 | +€216,673 | +105.6% |
| Tangible fixed assets | 22/27 | €34,344 | €27,767 | -€6,577 | -19.2% |
| Furniture and vehicles | 24 | €34,344 | €27,767 | -€6,577 | -19.2% |
| Financial fixed assets | 28 | €170,833 | €394,083 | +€223,250 | +130.7% |
| Current assets | 29/58 | €405,437 | €423,883 | +€18,446 | +4.5% |
| Amounts receivable after more than one year | 29 | €377,153 | €379,533 | +€2,379 | +0.6% |
| Other amounts receivable | 291 | €377,153 | €379,533 | +€2,379 | +0.6% |
| Amounts receivable within one year | 40/41 | €16,379 | €1,217 | -€15,162 | -92.6% |
| Trade receivables | 40 | €86 | €1,210 | +€1,125 | +1315.2% |
| Other amounts receivable | 41 | €16,294 | €7 | -€16,287 | -100.0% |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,641 | €42,833 | +€31,192 | +267.9% |
| Deferred charges and accrued income | 490/1 | €163 | €200 | +€38 | +23.1% |
| Total equity and liabilities | 10/49 | €610,614 | €845,733 | +€235,119 | +38.5% |
| Equity | 10/15 | €589,575 | €788,286 | +€198,711 | +33.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €577,175 | €775,886 | +€198,711 | +34.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €575,315 | €774,026 | +€198,711 | +34.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,039 | €57,447 | +€36,408 | +173.0% |
| Amounts payable within one year | 42/48 | €21,039 | €57,447 | +€36,408 | +173.0% |
| Trade debts | 44 | €815 | €306 | -€509 | -62.4% |
| Suppliers | 440/4 | €815 | €306 | -€509 | -62.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,957 | €29,810 | +€21,853 | +274.6% |
| Taxes | 450/3 | €7,957 | €29,810 | +€21,853 | +274.6% |
| Other amounts payable | 47/48 | €12,267 | €27,330 | +€15,064 | +122.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,042 | €6,577 | -€465 | -6.6% |
| Other operating charges | 640/8 | €1,605 | €1,852 | +€247 | +15.4% |
| Non-recurring operating charges | 66A | €41 | €0 | -€41 | -100.0% |
| Gross operating margin | 9900 | €66,083 | €257,545 | +€191,463 | +289.7% |
| Operating profit (loss) | 9901 | €57,395 | €249,117 | +€191,722 | +334.0% |
| Financial income | 75/76B | €5,153 | €19,533 | +€14,379 | +279.0% |
| Recurring financial income | 75 | €5,153 | €19,533 | +€14,379 | +279.0% |
| Financial charges | 65/66B | €756 | €1,440 | +€684 | +90.6% |
| Recurring financial charges | 65 | €756 | €1,440 | +€684 | +90.6% |
| Profit (loss) for the period before taxes | 9903 | €61,793 | €267,209 | +€205,417 | +332.4% |
| Income taxes | 67/77 | €21,371 | €68,498 | +€47,127 | +220.5% |
| Profit (loss) for the period | 9904 | €40,422 | €198,711 | +€158,290 | +391.6% |
| Profit (loss) for the period to be appropriated | 9905 | €40,422 | €198,711 | +€158,290 | +391.6% |
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 3 October 2026 via checked.be.