AVGS: 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.
AVGS
Largest movements
- Cash +€21,612
up €21,612 (+110%), from €19,611 to €41,223
mainly Net result for the year (+€29,284) and Depreciation (+€16,250)
- Tangible fixed assets -€18,708
down €18,708 (-48.1%), from €38,854 to €20,146
of which Furniture and vehicles: -€17,123
- Stocks and contracts -€10,586
down €10,586 (-67.0%), from €15,791 to €5,205
- Intangible fixed assets -€5,467
down €5,467 (-100%), from €5,467 to €0
- Deferred charges and accrued income +€4,669
up €4,669 (+294%), from €1,586 to €6,255
- Reserves +€55,245
up €55,245 (+3,733%), from €1,480 to €56,726
- Profit (loss) carried forward -€25,961
no longer reported in 2025 (was €25,961)
- Current portion of long-term debt -€22,546
down €22,546 (-66.3%), from €34,026 to €11,480
- Debts after one year -€15,558
down €15,558 (-50.5%), from €30,804 to €15,245
- Trade debts -€3,996
down €3,996 (-33.5%), from €11,917 to €7,921
- Gross operating margin +€20,890
up €20,890 (+55.3%), from €37,803 to €58,693
- Depreciation -€7,843
down €7,843 (-32.6%), from €24,093 to €16,250
- Taxes +€5,977
up €5,977 (+218%), from €2,737 to €8,714
- Staff costs -€1,350
down €1,350, from €359 to -€991
- Financial charges -€966
down €966 (-35.7%), from €2,702 to €1,736
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.
Derived cash bridge
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 | €126,283 | €113,322 | -€12,961 | -10.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €44,320 | €20,146 | -€24,175 | -54.5% |
| Intangible fixed assets | 21 | €5,467 | €0 | -€5,467 | -100% |
| Tangible fixed assets | 22/27 | €38,854 | €20,146 | -€18,708 | -48.1% |
| Plant, machinery and equipment | 23 | €725 | €259 | -€466 | -64.2% |
| Furniture and vehicles | 24 | €31,816 | €14,692 | -€17,123 | -53.8% |
| Other tangible fixed assets | 26 | €6,313 | €5,194 | -€1,119 | -17.7% |
| Current assets | 29/58 | €81,962 | €93,176 | +€11,214 | +13.7% |
| Stocks and contracts in progress | 3 | €15,791 | €5,205 | -€10,586 | -67.0% |
| Stocks | 30/36 | €15,791 | €5,205 | -€10,586 | -67.0% |
| Amounts receivable within one year | 40/41 | €44,974 | €40,492 | -€4,482 | -10.0% |
| Trade receivables | 40 | €30,952 | €26,217 | -€4,735 | -15.3% |
| Other amounts receivable | 41 | €14,022 | €14,275 | +€253 | +1.8% |
| Cash at bank and in hand | 54/58 | €19,611 | €41,223 | +€21,612 | +110% |
| Deferred charges and accrued income | 490/1 | €1,586 | €6,255 | +€4,669 | +294% |
| Total equity and liabilities | 10/49 | €126,283 | €113,322 | -€12,961 | -10.3% |
| Equity | 10/15 | €46,041 | €75,326 | +€29,284 | +63.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,480 | €56,726 | +€55,245 | +3,733% |
| Distributable reserves | 133 | €1,480 | €56,726 | +€55,245 | +3,733% |
| Profit (loss) carried forward | 14 | €25,961 | - | -€25,961 | |
| Amounts payable | 17/49 | €80,242 | €37,996 | -€42,245 | -52.6% |
| Amounts payable after more than one year | 17 | €30,804 | €15,245 | -€15,558 | -50.5% |
| Financial debts | 170/4 | €30,804 | €15,245 | -€15,558 | -50.5% |
| Amounts payable within one year | 42/48 | €49,438 | €22,351 | -€27,087 | -54.8% |
| Current portion of amounts payable after more than one year | 42 | €34,026 | €11,480 | -€22,546 | -66.3% |
| Trade debts | 44 | €11,917 | €7,921 | -€3,996 | -33.5% |
| Suppliers | 440/4 | €11,917 | €7,921 | -€3,996 | -33.5% |
| Taxes, remuneration and social security | 45 | €3,430 | €2,950 | -€480 | -14.0% |
| Remuneration and social security | 454/9 | €3,430 | €2,950 | -€480 | -14.0% |
| Other amounts payable | 47/48 | €64 | - | -€64 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €359 | -€991 | -€1,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,093 | €16,250 | -€7,843 | -32.6% |
| Other operating charges | 640/8 | €1,538 | €1,573 | +€36 | +2.3% |
| Non-recurring operating charges | 66A | - | €2,194 | +€2,194 | |
| Gross operating margin | 9900 | €37,803 | €58,693 | +€20,890 | +55.3% |
| Operating profit (loss) | 9901 | €11,813 | €39,666 | +€27,853 | +236% |
| Financial income | 75/76B | €97 | €68 | -€29 | -30.0% |
| Recurring financial income | 75 | €97 | €68 | -€29 | -30.0% |
| Financial charges | 65/66B | €2,702 | €1,736 | -€966 | -35.7% |
| Recurring financial charges | 65 | €2,702 | €1,736 | -€966 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €9,209 | €37,998 | +€28,790 | +313% |
| Income taxes | 67/77 | €2,737 | €8,714 | +€5,977 | +218% |
| Profit (loss) for the period | 9904 | €6,472 | €29,284 | +€22,812 | +352% |
| Profit (loss) for the period to be appropriated | 9905 | €6,472 | €29,284 | +€22,812 | +352% |
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 16 October 2026 via checked.be.