AVDE: 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.
AVDE
Largest movements
- Receivables within one year +€262,853
up €262,853 (+50.6%), from €519,970 to €782,823
of which Other amounts receivable: +€264,845
- Accrued charges and deferred income +€135,050
up €135,050 (+5627.1%), from €2,400 to €137,450
- Trade debts +€119,226
up €119,226 (+41.9%), from €284,796 to €404,022
- Advances received -€38,380
no longer reported in 2025 (was €38,380)
- Profit (loss) carried forward +€32,828
up €32,828 (+20.2%), from €162,590 to €195,419
- Tax, wage and social debts +€12,821
up €12,821 (+13.5%), from €94,835 to €107,655
of which Taxes: +€28,980
- Gross operating margin +€99,050
up €99,050 (+15.6%), from €633,223 to €732,274
- Staff costs +€56,229
up €56,229 (+10.4%), from €542,416 to €598,645
- Other operating charges +€32,919
up €32,919 (+1159.1%), from €2,840 to €35,759
- Taxes +€19,805
up €19,805 (+117.4%), from €16,872 to €36,677
- Financial charges -€12,179
down €12,179 (-30.6%), from €39,769 to €27,590
of which Financial charges: -€13,029
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 | €843,094 | €1,107,639 | +€264,545 | +31.4% |
| Fixed assets | 21/28 | €56,551 | €54,250 | -€2,301 | -4.1% |
| Tangible fixed assets | 22/27 | €51,809 | €48,797 | -€3,012 | -5.8% |
| Plant, machinery and equipment | 23 | €43,643 | €44,088 | +€444 | +1.0% |
| Furniture and vehicles | 24 | €8,165 | €4,709 | -€3,456 | -42.3% |
| Financial fixed assets | 28 | €4,742 | €5,453 | +€711 | +15.0% |
| Current assets | 29/58 | €786,544 | €1,053,389 | +€266,846 | +33.9% |
| Stocks and contracts in progress | 3 | €183,660 | €191,870 | +€8,210 | +4.5% |
| Stocks | 30/36 | €183,660 | €191,870 | +€8,210 | +4.5% |
| Amounts receivable within one year | 40/41 | €519,970 | €782,823 | +€262,853 | +50.6% |
| Trade receivables | 40 | €394,417 | €392,426 | -€1,992 | -0.5% |
| Other amounts receivable | 41 | €125,552 | €390,397 | +€264,845 | +210.9% |
| Cash at bank and in hand | 54/58 | €69,654 | €73,268 | +€3,614 | +5.2% |
| Deferred charges and accrued income | 490/1 | €13,260 | €5,428 | -€7,832 | -59.1% |
| Total equity and liabilities | 10/49 | €843,094 | €1,107,639 | +€264,545 | +31.4% |
| Equity | 10/15 | €297,783 | €330,612 | +€32,828 | +11.0% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Capital | 10 | €80,000 | €80,000 | = | 0.0% |
| Issued capital | 100 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €55,193 | €55,193 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,000 | €8,000 | = | 0.0% |
| Legal reserve | 130 | €8,000 | €8,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,193 | €7,193 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,590 | €195,419 | +€32,828 | +20.2% |
| Amounts payable | 17/49 | €545,311 | €777,027 | +€231,716 | +42.5% |
| Amounts payable within one year | 42/48 | €542,911 | €639,577 | +€96,666 | +17.8% |
| Financial debts | 43 | €99,900 | €99,900 | = | 0.0% |
| Credit institutions | 430/8 | €99,900 | €99,900 | = | 0.0% |
| Trade debts | 44 | €284,796 | €404,022 | +€119,226 | +41.9% |
| Suppliers | 440/4 | €284,796 | €404,022 | +€119,226 | +41.9% |
| Advances received on contracts in progress | 46 | €38,380 | - | -€38,380 | |
| Taxes, remuneration and social security | 45 | €94,835 | €107,655 | +€12,821 | +13.5% |
| Taxes | 450/3 | €34,143 | €63,123 | +€28,980 | +84.9% |
| Remuneration and social security | 454/9 | €60,691 | €44,532 | -€16,160 | -26.6% |
| Other amounts payable | 47/48 | €25,000 | €28,000 | +€3,000 | +12.0% |
| Accrued charges and deferred income | 492/3 | €2,400 | €137,450 | +€135,050 | +5627.1% |
| Remuneration, social security and pensions | 62 | €542,416 | €598,645 | +€56,229 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,340 | €16,087 | -€6,253 | -28.0% |
| Other operating charges | 640/8 | €2,840 | €35,759 | +€32,919 | +1159.1% |
| Gross operating margin | 9900 | €633,223 | €732,274 | +€99,050 | +15.6% |
| Operating profit (loss) | 9901 | €65,627 | €81,783 | +€16,156 | +24.6% |
| Financial income | 75/76B | €20,530 | €18,313 | -€2,217 | -10.8% |
| Recurring financial income | 75 | €4,633 | €7,256 | +€2,623 | +56.6% |
| Non-recurring financial income | 76B | €15,897 | €11,057 | -€4,840 | -30.4% |
| Financial charges | 65/66B | €39,769 | €27,590 | -€12,179 | -30.6% |
| Recurring financial charges | 65 | €38,656 | €25,627 | -€13,029 | -33.7% |
| Non-recurring financial charges | 66B | €1,112 | €1,963 | +€850 | +76.4% |
| Profit (loss) for the period before taxes | 9903 | €46,388 | €72,506 | +€26,118 | +56.3% |
| Income taxes | 67/77 | €16,872 | €36,677 | +€19,805 | +117.4% |
| Profit (loss) for the period | 9904 | €29,516 | €35,828 | +€6,313 | +21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,516 | €35,828 | +€6,313 | +21.4% |
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 5 October 2026 via checked.be.