AVELS: 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.
AVELS
Largest movements
- Receivables within one year +€16,656
up €16,656 (+185.7%), from €8,967 to €25,623
of which Trade receivables: +€15,651
- Tangible fixed assets -€6,713
down €6,713 (-8.4%), from €80,102 to €73,389
of which Furniture and vehicles: -€8,367
- Financial fixed assets +€5,275
up €5,275 (+727.6%), from €725 to €6,000
- Cash -€4,048
down €4,048 (-4.0%), from €101,012 to €96,964
mainly Receivables within one year (-€16,656) and Investment in fixed assets (net) (-€6,554)
- Intangible fixed assets -€2,975
down €2,975 (-100.0%), from €2,975 to €0
- Reserves +€10,866
up €10,866 (+11.8%), from €92,399 to €103,264
- Gross operating margin +€21,890
up €21,890 (+139.9%), from €15,649 to €37,539
- Taxes +€6,980
up €6,980 (+2728.1%), from €256 to €7,236
- Depreciation -€4,796
down €4,796 (-30.4%), from €15,764 to €10,967
- Other operating charges +€3,039
up €3,039 (+53.8%), from €5,648 to €8,687
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 | €195,939 | €204,853 | +€8,914 | +4.5% |
| Fixed assets | 21/28 | €83,802 | €79,389 | -€4,413 | -5.3% |
| Intangible fixed assets | 21 | €2,975 | €0 | -€2,975 | -100.0% |
| Tangible fixed assets | 22/27 | €80,102 | €73,389 | -€6,713 | -8.4% |
| Plant, machinery and equipment | 23 | €71,735 | €73,389 | +€1,654 | +2.3% |
| Furniture and vehicles | 24 | €8,367 | €0 | -€8,367 | -100.0% |
| Financial fixed assets | 28 | €725 | €6,000 | +€5,275 | +727.6% |
| Current assets | 29/58 | €112,137 | €125,464 | +€13,327 | +11.9% |
| Amounts receivable within one year | 40/41 | €8,967 | €25,623 | +€16,656 | +185.7% |
| Trade receivables | 40 | €4,491 | €20,142 | +€15,651 | +348.5% |
| Other amounts receivable | 41 | €4,476 | €5,481 | +€1,005 | +22.5% |
| Cash at bank and in hand | 54/58 | €101,012 | €96,964 | -€4,048 | -4.0% |
| Deferred charges and accrued income | 490/1 | €2,159 | €2,877 | +€719 | +33.3% |
| Total equity and liabilities | 10/49 | €195,939 | €204,853 | +€8,914 | +4.5% |
| Equity | 10/15 | €159,554 | €170,420 | +€10,866 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,399 | €103,264 | +€10,866 | +11.8% |
| Distributable reserves | 133 | €92,399 | €103,264 | +€10,866 | +11.8% |
| Profit (loss) carried forward | 14 | €48,555 | €48,555 | = | 0.0% |
| Amounts payable | 17/49 | €36,385 | €34,433 | -€1,952 | -5.4% |
| Amounts payable within one year | 42/48 | €36,385 | €33,873 | -€2,512 | -6.9% |
| Trade debts | 44 | €18,814 | €17,588 | -€1,226 | -6.5% |
| Suppliers | 440/4 | €18,814 | €17,588 | -€1,226 | -6.5% |
| Taxes, remuneration and social security | 45 | €2,501 | €1,068 | -€1,433 | -57.3% |
| Taxes | 450/3 | €2,501 | €1,068 | -€1,433 | -57.3% |
| Other amounts payable | 47/48 | €15,071 | €15,218 | +€147 | +1.0% |
| Accrued charges and deferred income | 492/3 | - | €560 | +€560 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,764 | €10,967 | -€4,796 | -30.4% |
| Other operating charges | 640/8 | €5,648 | €8,687 | +€3,039 | +53.8% |
| Gross operating margin | 9900 | €15,649 | €37,539 | +€21,890 | +139.9% |
| Operating profit (loss) | 9901 | -€5,763 | €17,885 | +€23,648 | |
| Financial income | 75/76B | €462 | €295 | -€167 | -36.1% |
| Recurring financial income | 75 | €462 | €295 | -€167 | -36.1% |
| Financial charges | 65/66B | €64 | €78 | +€14 | +22.3% |
| Recurring financial charges | 65 | €64 | €78 | +€14 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,365 | €18,101 | +€23,467 | |
| Income taxes | 67/77 | €256 | €7,236 | +€6,980 | +2728.1% |
| Profit (loss) for the period | 9904 | -€5,621 | €10,866 | +€16,487 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,621 | €10,866 | +€16,487 |
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 4 October 2026 via checked.be.