AVISEM: 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.
AVISEM
Largest movements
- Receivables within one year +€179,833
up €179,833 (+79.9%), from €225,032 to €404,865
of which Other amounts receivable: +€127,039
- Tangible fixed assets +€63,760
up €63,760 (+25.1%), from €253,528 to €317,288
of which Furniture and vehicles: +€87,444
- Deferred charges and accrued income -€44,518
down €44,518 (-66.1%), from €67,383 to €22,866
- Intangible fixed assets -€19,208
down €19,208 (-26.9%), from €71,530 to €52,322
- Reserves +€236,164
up €236,164 (+42.6%), from €553,830 to €789,993
- Current portion of long-term debt -€99,342
no longer reported in 2025 (was €99,342)
- Trade debts +€34,186
up €34,186 (+27.7%), from €123,507 to €157,693
- Other debts -€21,473
down €21,473 (-56.8%), from €37,800 to €16,326
- Accrued charges and deferred income +€14,659
up €14,659 (+190%), from €7,708 to €22,368
- Staff costs +€86,317
up €86,317 (+24.0%), from €359,263 to €445,580
- Gross operating margin -€17,423
down €17,423 (-2.0%), from €856,658 to €839,235
- Depreciation +€11,857
up €11,857 (+21.5%), from €55,194 to €67,051
- Taxes -€10,382
down €10,382 (-9.9%), from €104,705 to €94,323
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 | €984,339 | €1,156,412 | +€172,073 | +17.5% |
| Fixed assets | 21/28 | €325,059 | €369,611 | +€44,552 | +13.7% |
| Intangible fixed assets | 21 | €71,530 | €52,322 | -€19,208 | -26.9% |
| Tangible fixed assets | 22/27 | €253,528 | €317,288 | +€63,760 | +25.1% |
| Land and buildings | 22 | €219,071 | €199,013 | -€20,058 | -9.2% |
| Plant, machinery and equipment | 23 | €14,535 | €10,909 | -€3,627 | -25.0% |
| Furniture and vehicles | 24 | €19,922 | €107,366 | +€87,444 | +439% |
| Current assets | 29/58 | €659,280 | €786,802 | +€127,522 | +19.3% |
| Amounts receivable within one year | 40/41 | €225,032 | €404,865 | +€179,833 | +79.9% |
| Trade receivables | 40 | €163,884 | €216,678 | +€52,794 | +32.2% |
| Other amounts receivable | 41 | €61,149 | €188,188 | +€127,039 | +208% |
| Cash at bank and in hand | 54/58 | €366,865 | €359,071 | -€7,794 | -2.1% |
| Deferred charges and accrued income | 490/1 | €67,383 | €22,866 | -€44,518 | -66.1% |
| Total equity and liabilities | 10/49 | €984,339 | €1,156,412 | +€172,073 | +17.5% |
| Equity | 10/15 | €583,830 | €819,993 | +€236,164 | +40.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €553,830 | €789,993 | +€236,164 | +42.6% |
| Distributable reserves | 133 | €553,830 | €789,993 | +€236,164 | +42.6% |
| Amounts payable | 17/49 | €400,510 | €336,419 | -€64,091 | -16.0% |
| Amounts payable within one year | 42/48 | €392,801 | €314,051 | -€78,750 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €99,342 | - | -€99,342 | |
| Financial debts | 43 | €727 | €1,771 | +€1,044 | +144% |
| Credit institutions | 430/8 | €727 | €1,771 | +€1,044 | +144% |
| Trade debts | 44 | €123,507 | €157,693 | +€34,186 | +27.7% |
| Suppliers | 440/4 | €123,507 | €157,693 | +€34,186 | +27.7% |
| Taxes, remuneration and social security | 45 | €131,425 | €138,260 | +€6,835 | +5.2% |
| Taxes | 450/3 | €66,342 | €26,937 | -€39,405 | -59.4% |
| Remuneration and social security | 454/9 | €65,084 | €111,323 | +€46,240 | +71.0% |
| Other amounts payable | 47/48 | €37,800 | €16,326 | -€21,473 | -56.8% |
| Accrued charges and deferred income | 492/3 | €7,708 | €22,368 | +€14,659 | +190% |
| Remuneration, social security and pensions | 62 | €359,263 | €445,580 | +€86,317 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,194 | €67,051 | +€11,857 | +21.5% |
| Other operating charges | 640/8 | €2,693 | €2,866 | +€173 | +6.4% |
| Gross operating margin | 9900 | €856,658 | €839,235 | -€17,423 | -2.0% |
| Operating profit (loss) | 9901 | €439,509 | €323,738 | -€115,771 | -26.3% |
| Financial income | 75/76B | €2,475 | €10,657 | +€8,183 | +331% |
| Recurring financial income | 75 | €2,475 | €10,657 | +€8,183 | +331% |
| Financial charges | 65/66B | €10,178 | €3,909 | -€6,269 | -61.6% |
| Recurring financial charges | 65 | €10,178 | €3,909 | -€6,269 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | €431,805 | €330,486 | -€101,319 | -23.5% |
| Income taxes | 67/77 | €104,705 | €94,323 | -€10,382 | -9.9% |
| Profit (loss) for the period | 9904 | €327,101 | €236,164 | -€90,937 | -27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €327,101 | €236,164 | -€90,937 | -27.8% |
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 15 October 2026 via checked.be.