AVDP: 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.
AVDP
Largest movements
- Tangible fixed assets +€312,332
up €312,332 (+12.1%), from €2.6m to €2.9m
of which Land and buildings: +€1.4m
- Stocks and contracts -€125,125
down €125,125 (-19.8%), from €630,610 to €505,485
- Cash +€56,081
up €56,081 (+18.3%), from €306,615 to €362,696
mainly Net result for the year (+€204,432) and Tax, wage and social debts (+€133,824)
- Tax, wage and social debts +€133,824
up €133,824 (+2908.6%), from €4,601 to €138,425
of which Taxes: +€134,227
- Reserves +€129,432
up €129,432 (+12.3%), from €1.1m to €1.2m
of which Distributable reserves: +€163,205
- Trade debts -€100,154
down €100,154 (-58.1%), from €172,439 to €72,285
- Gross operating margin +€402,470
up €402,470, from -€32,269 to €370,201
- Depreciation +€43,002
up €43,002 (+90.3%), from €47,595 to €90,598
- Financial charges +€21,401
up €21,401 (+26.7%), from €80,282 to €101,683
of which Financial charges: +€28,597
- Financial income -€14,404
down €14,404 (-25.6%), from €56,270 to €41,865
of which Non-recurring financial income: -€26,785
- Staff costs -€9,830
down €9,830 (-35.1%), from €27,977 to €18,146
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 | €4,655,614 | €4,831,804 | +€176,190 | +3.8% |
| Fixed assets | 21/28 | €2,587,765 | €2,900,097 | +€312,332 | +12.1% |
| Tangible fixed assets | 22/27 | €2,586,765 | €2,899,097 | +€312,332 | +12.1% |
| Land and buildings | 22 | €1,503,380 | €2,879,534 | +€1.4m | +91.5% |
| Plant, machinery and equipment | 23 | €10,364 | €8,894 | -€1,470 | -14.2% |
| Furniture and vehicles | 24 | €33,500 | €10,669 | -€22,831 | -68.2% |
| Assets under construction and advance payments | 27 | €1,039,522 | - | -€1.0m | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €2,067,849 | €1,931,707 | -€136,142 | -6.6% |
| Stocks and contracts in progress | 3 | €630,610 | €505,485 | -€125,125 | -19.8% |
| Stocks | 30/36 | €630,610 | €505,485 | -€125,125 | -19.8% |
| Amounts receivable within one year | 40/41 | €152,943 | €110,847 | -€42,096 | -27.5% |
| Trade receivables | 40 | €96,250 | €96,504 | +€254 | +0.3% |
| Other amounts receivable | 41 | €56,693 | €14,343 | -€42,350 | -74.7% |
| Current investments | 50/53 | €976,833 | €950,731 | -€26,102 | -2.7% |
| Cash at bank and in hand | 54/58 | €306,615 | €362,696 | +€56,081 | +18.3% |
| Deferred charges and accrued income | 490/1 | €848 | €1,948 | +€1,100 | +129.8% |
| Total equity and liabilities | 10/49 | €4,655,614 | €4,831,804 | +€176,190 | +3.8% |
| Equity | 10/15 | €1,156,205 | €1,285,637 | +€129,432 | +11.2% |
| Contributions | 10/11 | €106,124 | €106,124 | = | 0.0% |
| Capital | 10 | €106,124 | €106,124 | = | 0.0% |
| Issued capital | 100 | €106,124 | €106,124 | = | 0.0% |
| Reserves | 13 | €1,050,080 | €1,179,512 | +€129,432 | +12.3% |
| Non-distributable reserves | 130/1 | €10,612 | €10,612 | = | 0.0% |
| Legal reserve | 130 | €10,612 | €10,612 | = | 0.0% |
| Tax-exempt reserves | 132 | €992,803 | €959,029 | -€33,773 | -3.4% |
| Distributable reserves | 133 | €46,665 | €209,870 | +€163,205 | +349.7% |
| Provisions and deferred taxes | 16 | €330,934 | €319,676 | -€11,258 | -3.4% |
| Deferred taxes | 168 | €330,934 | €319,676 | -€11,258 | -3.4% |
| Amounts payable | 17/49 | €3,168,475 | €3,226,490 | +€58,015 | +1.8% |
| Amounts payable after more than one year | 17 | €855,264 | €848,358 | -€6,905 | -0.8% |
| Financial debts | 170/4 | €854,889 | €842,562 | -€12,326 | -1.4% |
| Other amounts payable | 178/9 | €375 | €5,796 | +€5,421 | +1445.6% |
| Amounts payable within one year | 42/48 | €2,294,391 | €2,346,687 | +€52,296 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €12,109 | €12,326 | +€218 | +1.8% |
| Trade debts | 44 | €172,439 | €72,285 | -€100,154 | -58.1% |
| Suppliers | 440/4 | €172,439 | €72,285 | -€100,154 | -58.1% |
| Taxes, remuneration and social security | 45 | €4,601 | €138,425 | +€133,824 | +2908.6% |
| Taxes | 450/3 | - | €134,227 | +€134,227 | |
| Remuneration and social security | 454/9 | €4,601 | €4,197 | -€403 | -8.8% |
| Other amounts payable | 47/48 | €2,105,242 | €2,123,651 | +€18,408 | +0.9% |
| Accrued charges and deferred income | 492/3 | €18,821 | €31,445 | +€12,625 | +67.1% |
| Remuneration, social security and pensions | 62 | €27,977 | €18,146 | -€9,830 | -35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,595 | €90,598 | +€43,002 | +90.3% |
| Other operating charges | 640/8 | €6,149 | €8,466 | +€2,316 | +37.7% |
| Gross operating margin | 9900 | -€32,269 | €370,201 | +€402,470 | |
| Operating profit (loss) | 9901 | -€113,990 | €252,992 | +€366,981 | |
| Financial income | 75/76B | €56,270 | €41,865 | -€14,404 | -25.6% |
| Recurring financial income | 75 | €24,857 | €37,238 | +€12,381 | +49.8% |
| Non-recurring financial income | 76B | €31,412 | €4,627 | -€26,785 | -85.3% |
| Financial charges | 65/66B | €80,282 | €101,683 | +€21,401 | +26.7% |
| Recurring financial charges | 65 | €73,085 | €101,683 | +€28,597 | +39.1% |
| Non-recurring financial charges | 66B | €7,196 | - | -€7,196 | |
| Profit (loss) for the period before taxes | 9903 | -€138,001 | €193,174 | +€331,176 | |
| Transfer from deferred taxes | 780 | €3,598 | €11,258 | +€7,660 | +212.9% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€134,404 | €204,432 | +€338,836 | |
| Transfer from tax-exempt reserves | 789 | €10,793 | €33,773 | +€22,981 | +212.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€123,611 | €238,205 | +€361,817 |
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 9 October 2026 via checked.be.