AVG-PROJECTS: what changed
AVG-PROJECTS
Largest movements
- Tangible fixed assets +€400,654
up €400,654 (+337%), from €118,954 to €519,608
of which Land and buildings: +€392,542
- Receivables within one year -€42,901
down €42,901 (-71.1%), from €60,312 to €17,411
of which Trade receivables: -€34,147
- Current investments +€34,912
up €34,912 (+89.1%), from €39,199 to €74,111
- Cash -€29,081
down €29,081 (-74.0%), from €39,292 to €10,211
mainly Investment in fixed assets (net) (-€452,897) and Current investments (-€34,912)
- Debts after one year +€357,892
up €357,892 (+2,705%), from €13,229 to €371,121
- Trade debts -€19,654
down €19,654 (-66.9%), from €29,370 to €9,715
- Current portion of long-term debt +€17,310
up €17,310 (+133%), from €13,062 to €30,372
- Reserves +€14,986
up €14,986 (+15.3%), from €97,700 to €112,685
- Other debts -€13,301
down €13,301 (-22.6%), from €58,848 to €45,547
- Gross operating margin +€35,989
up €35,989 (+70.0%), from €51,379 to €87,368
- Depreciation +€31,618
up €31,618 (+153%), from €20,626 to €52,244
- Financial charges +€9,204
up €9,204 (+227%), from €4,052 to €13,256
- Financial income -€7,913
down €7,913 (-72.9%), from €10,853 to €2,940
- Taxes -€2,819
down €2,819 (-26.5%), from €10,638 to €7,819
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €257,757 | €621,341 | +€363,584 | +141% |
| Fixed assets | 21/28 | €118,954 | €519,608 | +€400,654 | +337% |
| Tangible fixed assets | 22/27 | €118,954 | €519,608 | +€400,654 | +337% |
| Land and buildings | 22 | €86,537 | €479,079 | +€392,542 | +454% |
| Plant, machinery and equipment | 23 | €15,044 | €9,424 | -€5,620 | -37.4% |
| Furniture and vehicles | 24 | €17,374 | €31,106 | +€13,732 | +79.0% |
| Current assets | 29/58 | €138,803 | €101,733 | -€37,070 | -26.7% |
| Amounts receivable within one year | 40/41 | €60,312 | €17,411 | -€42,901 | -71.1% |
| Trade receivables | 40 | €49,174 | €15,027 | -€34,147 | -69.4% |
| Other amounts receivable | 41 | €11,138 | €2,384 | -€8,754 | -78.6% |
| Current investments | 50/53 | €39,199 | €74,111 | +€34,912 | +89.1% |
| Cash at bank and in hand | 54/58 | €39,292 | €10,211 | -€29,081 | -74.0% |
| Total equity and liabilities | 10/49 | €257,757 | €621,341 | +€363,584 | +141% |
| Equity | 10/15 | €98,200 | €113,185 | +€14,986 | +15.3% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €97,700 | €112,685 | +€14,986 | +15.3% |
| Distributable reserves | 133 | €97,700 | €112,685 | +€14,986 | +15.3% |
| Amounts payable | 17/49 | €159,557 | €508,156 | +€348,599 | +218% |
| Amounts payable after more than one year | 17 | €13,229 | €371,121 | +€357,892 | +2,705% |
| Financial debts | 170/4 | €13,229 | €371,121 | +€357,892 | +2,705% |
| Amounts payable within one year | 42/48 | €141,961 | €134,947 | -€7,013 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €13,062 | €30,372 | +€17,310 | +133% |
| Trade debts | 44 | €29,370 | €9,715 | -€19,654 | -66.9% |
| Suppliers | 440/4 | €29,370 | €9,715 | -€19,654 | -66.9% |
| Advances received on contracts in progress | 46 | €22,500 | €31,366 | +€8,866 | +39.4% |
| Taxes, remuneration and social security | 45 | €18,181 | €17,947 | -€234 | -1.3% |
| Taxes | 450/3 | €18,181 | €17,947 | -€234 | -1.3% |
| Other amounts payable | 47/48 | €58,848 | €45,547 | -€13,301 | -22.6% |
| Accrued charges and deferred income | 492/3 | €4,368 | €2,088 | -€2,280 | -52.2% |
| Non-recurring operating income | 76A | €4,751 | €6,650 | +€1,899 | +40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,626 | €52,244 | +€31,618 | +153% |
| Other operating charges | 640/8 | €871 | €2,003 | +€1,132 | +130% |
| Gross operating margin | 9900 | €51,379 | €87,368 | +€35,989 | +70.0% |
| Operating profit (loss) | 9901 | €29,882 | €33,121 | +€3,239 | +10.8% |
| Financial income | 75/76B | €10,853 | €2,940 | -€7,913 | -72.9% |
| Recurring financial income | 75 | €10,853 | €2,940 | -€7,913 | -72.9% |
| Financial charges | 65/66B | €4,052 | €13,256 | +€9,204 | +227% |
| Recurring financial charges | 65 | €4,052 | €13,256 | +€9,204 | +227% |
| Profit (loss) for the period before taxes | 9903 | €36,684 | €22,805 | -€13,879 | -37.8% |
| Income taxes | 67/77 | €10,638 | €7,819 | -€2,819 | -26.5% |
| Profit (loss) for the period | 9904 | €26,046 | €14,986 | -€11,060 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,046 | €14,986 | -€11,060 | -42.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.