AVGM: 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.
AVGM
Largest movements
- Receivables within one year -€46,943
down €46,943 (-65.1%), from €72,152 to €25,208
of which Other amounts receivable: -€34,137
- Stocks and contracts +€35,361
up €35,361, from €0 to €35,361
- Cash +€32,915
up €32,915 (+11468.1%), from €287 to €33,202
mainly Receivables within one year (+€46,943) and Net result for the year (+€20,094)
- Debts after one year -€42,814
down €42,814 (-14.3%), from €300,210 to €257,396
of which Other amounts payable: -€33,011
- Reserves +€20,000
up €20,000 (+1078.2%), from €1,855 to €21,855
- Current portion of long-term debt +€19,375
up €19,375 (+18.3%), from €106,096 to €125,471
- Trade debts +€15,436
up €15,436 (+393.5%), from €3,923 to €19,359
- Other debts +€9,397
new in 2025: €9,397
- Gross operating margin +€42,295
up €42,295 (+199694.9%), from €21 to €42,317
- Financial charges -€5,890
down €5,890 (-22.8%), from €25,778 to €19,888
- Financial income -€3,705
down €3,705 (-73.5%), from €5,037 to €1,333
- Taxes +€2,668
up €2,668, from €0 to €2,668
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 | €904,361 | €921,514 | +€17,153 | +1.9% |
| Fixed assets | 21/28 | €825,770 | €825,770 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €825,770 | €825,770 | = | 0.0% |
| Current assets | 29/58 | €78,590 | €95,744 | +€17,153 | +21.8% |
| Stocks and contracts in progress | 3 | €0 | €35,361 | +€35,361 | |
| Stocks | 30/36 | €0 | €35,361 | +€35,361 | |
| Amounts receivable within one year | 40/41 | €72,152 | €25,208 | -€46,943 | -65.1% |
| Trade receivables | 40 | €12,843 | €37 | -€12,806 | -99.7% |
| Other amounts receivable | 41 | €59,309 | €25,171 | -€34,137 | -57.6% |
| Cash at bank and in hand | 54/58 | €287 | €33,202 | +€32,915 | +11468.1% |
| Deferred charges and accrued income | 490/1 | €6,152 | €1,972 | -€4,179 | -67.9% |
| Total equity and liabilities | 10/49 | €904,361 | €921,514 | +€17,153 | +1.9% |
| Equity | 10/15 | €473,634 | €493,728 | +€20,094 | +4.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €21,855 | +€20,000 | +1078.2% |
| Distributable reserves | 133 | €1,855 | €21,855 | +€20,000 | +1078.2% |
| Profit (loss) carried forward | 14 | €453,229 | €453,323 | +€94 | 0.0% |
| Amounts payable | 17/49 | €430,727 | €427,785 | -€2,941 | -0.7% |
| Amounts payable after more than one year | 17 | €300,210 | €257,396 | -€42,814 | -14.3% |
| Financial debts | 170/4 | €116,220 | €106,417 | -€9,803 | -8.4% |
| Other amounts payable | 178/9 | €183,990 | €150,979 | -€33,011 | -17.9% |
| Amounts payable within one year | 42/48 | €111,205 | €156,896 | +€45,691 | +41.1% |
| Current portion of amounts payable after more than one year | 42 | €106,096 | €125,471 | +€19,375 | +18.3% |
| Trade debts | 44 | €3,923 | €19,359 | +€15,436 | +393.5% |
| Suppliers | 440/4 | €3,923 | €19,359 | +€15,436 | +393.5% |
| Taxes, remuneration and social security | 45 | €1,185 | €2,668 | +€1,483 | +125.1% |
| Taxes | 450/3 | €1,185 | €2,668 | +€1,483 | +125.1% |
| Other amounts payable | 47/48 | - | €9,397 | +€9,397 | |
| Accrued charges and deferred income | 492/3 | €19,312 | €13,493 | -€5,818 | -30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293 | €0 | -€293 | -100.0% |
| Other operating charges | 640/8 | €1,008 | €998 | -€9 | -0.9% |
| Gross operating margin | 9900 | €21 | €42,317 | +€42,295 | +199694.9% |
| Operating profit (loss) | 9901 | -€1,280 | €41,318 | +€42,598 | |
| Financial income | 75/76B | €5,037 | €1,333 | -€3,705 | -73.5% |
| Recurring financial income | 75 | €5,037 | €1,333 | -€3,705 | -73.5% |
| Financial charges | 65/66B | €25,778 | €19,888 | -€5,890 | -22.8% |
| Recurring financial charges | 65 | €25,778 | €19,888 | -€5,890 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | -€22,021 | €22,763 | +€44,783 | |
| Income taxes | 67/77 | €0 | €2,668 | +€2,668 | |
| Profit (loss) for the period | 9904 | -€22,021 | €20,094 | +€42,115 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,021 | €20,094 | +€42,115 |
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.