AVEPE: 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.
AVEPE
Largest movements
- Receivables after one year +€48,180
up €48,180 (+14.7%), from €327,643 to €375,823
- Cash +€18,322
up €18,322 (+110.9%), from €16,520 to €34,842
mainly Net result for the year (+€36,304) and Depreciation (+€21,634)
- Tangible fixed assets -€16,771
down €16,771 (-7.2%), from €234,127 to €217,356
- Reserves +€36,304
up €36,304 (+29.3%), from €123,797 to €160,101
of which Distributable reserves: +€36,304
- Tax, wage and social debts +€15,168
up €15,168 (+81.8%), from €18,537 to €33,705
- Financial income +€13,035
new in 2025: €13,035
- Gross operating margin +€10,615
up €10,615 (+18.6%), from €56,949 to €67,564
- Taxes +€6,421
up €6,421 (+54.6%), from €11,760 to €18,181
- Depreciation +€3,620
up €3,620 (+20.1%), from €18,014 to €21,634
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 | €596,572 | €646,302 | +€49,730 | +8.3% |
| Fixed assets | 21/28 | €234,127 | €217,356 | -€16,771 | -7.2% |
| Tangible fixed assets | 22/27 | €234,127 | €217,356 | -€16,771 | -7.2% |
| Land and buildings | 22 | €221,801 | €216,241 | -€5,560 | -2.5% |
| Plant, machinery and equipment | 23 | €6,890 | €569 | -€6,321 | -91.7% |
| Furniture and vehicles | 24 | €5,436 | €545 | -€4,890 | -90.0% |
| Current assets | 29/58 | €362,444 | €428,946 | +€66,501 | +18.3% |
| Amounts receivable after more than one year | 29 | €327,643 | €375,823 | +€48,180 | +14.7% |
| Other amounts receivable | 291 | €327,643 | €375,823 | +€48,180 | +14.7% |
| Amounts receivable within one year | 40/41 | €18,281 | €18,281 | = | 0.0% |
| Other amounts receivable | 41 | €18,281 | €18,281 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,520 | €34,842 | +€18,322 | +110.9% |
| Total equity and liabilities | 10/49 | €596,572 | €646,302 | +€49,730 | +8.3% |
| Equity | 10/15 | €571,988 | €608,292 | +€36,304 | +6.3% |
| Contributions | 10/11 | €448,191 | €448,191 | = | 0.0% |
| Capital | 10 | €448,179 | €448,179 | = | 0.0% |
| Issued capital | 100 | €448,179 | €448,179 | = | 0.0% |
| Outside capital | 11 | €12 | €12 | = | 0.0% |
| Share premium | 1100/10 | €12 | €12 | = | 0.0% |
| Reserves | 13 | €123,797 | €160,101 | +€36,304 | +29.3% |
| Non-distributable reserves | 130/1 | €44,818 | €44,818 | = | 0.0% |
| Legal reserve | 130 | €44,818 | €44,818 | = | 0.0% |
| Distributable reserves | 133 | €78,979 | €115,283 | +€36,304 | +46.0% |
| Amounts payable | 17/49 | €24,583 | €38,010 | +€13,426 | +54.6% |
| Amounts payable within one year | 42/48 | €24,583 | €38,010 | +€13,426 | +54.6% |
| Trade debts | 44 | €6,046 | €4,304 | -€1,742 | -28.8% |
| Suppliers | 440/4 | €6,046 | €4,304 | -€1,742 | -28.8% |
| Taxes, remuneration and social security | 45 | €18,537 | €33,705 | +€15,168 | +81.8% |
| Taxes | 450/3 | €18,537 | €33,705 | +€15,168 | +81.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,014 | €21,634 | +€3,620 | +20.1% |
| Other operating charges | 640/8 | €4,189 | €4,398 | +€209 | +5.0% |
| Gross operating margin | 9900 | €56,949 | €67,564 | +€10,615 | +18.6% |
| Operating profit (loss) | 9901 | €34,746 | €41,532 | +€6,786 | +19.5% |
| Financial income | 75/76B | - | €13,035 | +€13,035 | |
| Recurring financial income | 75 | - | €13,035 | +€13,035 | |
| Financial charges | 65/66B | €77 | €82 | +€5 | +6.8% |
| Recurring financial charges | 65 | €77 | €82 | +€5 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €34,669 | €54,485 | +€19,816 | +57.2% |
| Income taxes | 67/77 | €11,760 | €18,181 | +€6,421 | +54.6% |
| Profit (loss) for the period | 9904 | €22,909 | €36,304 | +€13,394 | +58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,909 | €36,304 | +€13,394 | +58.5% |
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 8 October 2026 via checked.be.