AVIPKO: 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.
AVIPKO
Largest movements
- Tangible fixed assets -€29,135
down €29,135 (-23.8%), from €122,392 to €93,256
of which Furniture and vehicles: -€23,288
- Receivables within one year +€15,947
up €15,947 (+47.0%), from €33,906 to €49,853
of which Trade receivables: +€14,260
- Cash +€6,457
up €6,457 (+4.6%), from €140,465 to €146,922
mainly Depreciation (+€42,533) and Net result for the year (+€17,154)
- Debts after one year -€35,963
down €35,963 (-31.9%), from €112,581 to €76,618
- Reserves +€17,154
up €17,154 (+13.8%), from €123,946 to €141,100
- Trade debts +€13,937
up €13,937 (+51.7%), from €26,977 to €40,913
- Gross operating margin +€25,756
up €25,756 (+13.2%), from €194,522 to €220,278
- Taxes +€4,225
up €4,225 (+100.3%), from €4,210 to €8,435
- Staff costs +€4,149
up €4,149 (+3.1%), from €134,550 to €138,699
- Depreciation +€3,564
up €3,564 (+9.1%), from €38,970 to €42,533
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 | €340,558 | €333,737 | -€6,821 | -2.0% |
| Fixed assets | 21/28 | €122,845 | €93,710 | -€29,135 | -23.7% |
| Tangible fixed assets | 22/27 | €122,392 | €93,256 | -€29,135 | -23.8% |
| Land and buildings | 22 | €21,967 | €12,326 | -€9,641 | -43.9% |
| Plant, machinery and equipment | 23 | €6,382 | €15,605 | +€9,223 | +144.5% |
| Furniture and vehicles | 24 | €82,985 | €59,697 | -€23,288 | -28.1% |
| Other tangible fixed assets | 26 | €11,057 | €5,628 | -€5,429 | -49.1% |
| Financial fixed assets | 28 | €454 | €454 | = | 0.0% |
| Current assets | 29/58 | €217,713 | €240,028 | +€22,315 | +10.2% |
| Stocks and contracts in progress | 3 | €29,541 | €29,651 | +€110 | +0.4% |
| Stocks | 30/36 | €29,541 | €29,651 | +€110 | +0.4% |
| Amounts receivable within one year | 40/41 | €33,906 | €49,853 | +€15,947 | +47.0% |
| Trade receivables | 40 | €17,933 | €32,192 | +€14,260 | +79.5% |
| Other amounts receivable | 41 | €15,974 | €17,661 | +€1,687 | +10.6% |
| Cash at bank and in hand | 54/58 | €140,465 | €146,922 | +€6,457 | +4.6% |
| Deferred charges and accrued income | 490/1 | €13,800 | €13,601 | -€199 | -1.4% |
| Total equity and liabilities | 10/49 | €340,558 | €333,737 | -€6,821 | -2.0% |
| Equity | 10/15 | €154,463 | €171,617 | +€17,154 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,946 | €141,100 | +€17,154 | +13.8% |
| Distributable reserves | 133 | €123,946 | €141,100 | +€17,154 | +13.8% |
| Profit (loss) carried forward | 14 | €11,918 | €11,918 | = | 0.0% |
| Amounts payable | 17/49 | €186,095 | €162,120 | -€23,975 | -12.9% |
| Amounts payable after more than one year | 17 | €112,581 | €76,618 | -€35,963 | -31.9% |
| Financial debts | 170/4 | €112,581 | €76,618 | -€35,963 | -31.9% |
| Amounts payable within one year | 42/48 | €73,514 | €85,502 | +€11,989 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €34,673 | €35,963 | +€1,291 | +3.7% |
| Financial debts | 43 | €2,558 | €0 | -€2,558 | -100.0% |
| Credit institutions | 430/8 | €2,558 | €0 | -€2,558 | -100.0% |
| Trade debts | 44 | €26,977 | €40,913 | +€13,937 | +51.7% |
| Suppliers | 440/4 | €26,977 | €40,913 | +€13,937 | +51.7% |
| Advances received on contracts in progress | 46 | €15 | €0 | -€15 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,813 | €4,143 | +€2,330 | +128.5% |
| Taxes | 450/3 | €1,813 | €3,905 | +€2,092 | +115.4% |
| Remuneration and social security | 454/9 | - | €238 | +€238 | |
| Other amounts payable | 47/48 | €7,479 | €4,483 | -€2,996 | -40.1% |
| Non-recurring operating income | 76A | €7,517 | €0 | -€7,517 | -100.0% |
| Remuneration, social security and pensions | 62 | €134,550 | €138,699 | +€4,149 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,970 | €42,533 | +€3,564 | +9.1% |
| Other operating charges | 640/8 | €3,160 | €3,042 | -€118 | -3.7% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €194,522 | €220,278 | +€25,756 | +13.2% |
| Operating profit (loss) | 9901 | €17,843 | €35,504 | +€17,661 | +99.0% |
| Financial income | 75/76B | €77 | €977 | +€899 | +1161.7% |
| Recurring financial income | 75 | €77 | €977 | +€899 | +1161.7% |
| Financial charges | 65/66B | €9,679 | €10,892 | +€1,213 | +12.5% |
| Recurring financial charges | 65 | €9,679 | €10,892 | +€1,213 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €8,241 | €25,589 | +€17,348 | +210.5% |
| Income taxes | 67/77 | €4,210 | €8,435 | +€4,225 | +100.3% |
| Profit (loss) for the period | 9904 | €4,031 | €17,154 | +€13,123 | +325.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,031 | €17,154 | +€13,123 | +325.6% |
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 3 October 2026 via checked.be.