AVP: 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.
AVP
Largest movements
- Tangible fixed assets +€375,266
up €375,266 (+1933.7%), from €19,407 to €394,673
of which Plant, machinery and equipment: +€287,722
- Deferred charges and accrued income -€228,909
down €228,909 (-59.0%), from €387,936 to €159,026
- Receivables within one year +€180,723
up €180,723 (+19.3%), from €936,430 to €1.1m
of which Other amounts receivable: +€142,853
- Cash +€103,772
up €103,772 (+23.1%), from €449,672 to €553,444
mainly Debts after one year (+€263,602) and Deferred charges and accrued income (+€228,909)
- Debts after one year +€263,602
up €263,602 (+186.1%), from €141,653 to €405,256
- Other debts +€102,634
up €102,634 (+106.5%), from €96,364 to €198,997
- Current portion of long-term debt +€81,448
up €81,448 (+97.9%), from €83,162 to €164,610
- Trade debts -€44,420
down €44,420 (-8.3%), from €538,349 to €493,929
- Profit (loss) carried forward +€24,457
up €24,457 (+5.8%), from €423,318 to €447,775
- Gross operating margin -€35,280
down €35,280 (-2.1%), from €1.6m to €1.6m
- Financial income +€28,432
up €28,432 (+14897.6%), from €191 to €28,623
- Depreciation +€20,444
up €20,444 (+44.3%), from €46,131 to €66,576
- Staff costs -€17,778
down €17,778 (-1.2%), from €1.5m to €1.5m
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 | €1,793,444 | €2,224,295 | +€430,851 | +24.0% |
| Fixed assets | 21/28 | €19,407 | €394,673 | +€375,266 | +1933.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €19,407 | €394,673 | +€375,266 | +1933.7% |
| Plant, machinery and equipment | 23 | €14,361 | €302,082 | +€287,722 | +2003.5% |
| Furniture and vehicles | 24 | €4,033 | €8,519 | +€4,486 | +111.2% |
| Leasing and similar rights | 25 | - | €83,207 | +€83,207 | |
| Other tangible fixed assets | 26 | €1,013 | €864 | -€149 | -14.7% |
| Current assets | 29/58 | €1,774,037 | €1,829,622 | +€55,585 | +3.1% |
| Amounts receivable within one year | 40/41 | €936,430 | €1,117,152 | +€180,723 | +19.3% |
| Trade receivables | 40 | €505,393 | €543,262 | +€37,869 | +7.5% |
| Other amounts receivable | 41 | €431,037 | €573,891 | +€142,853 | +33.1% |
| Cash at bank and in hand | 54/58 | €449,672 | €553,444 | +€103,772 | +23.1% |
| Deferred charges and accrued income | 490/1 | €387,936 | €159,026 | -€228,909 | -59.0% |
| Total equity and liabilities | 10/49 | €1,793,444 | €2,224,295 | +€430,851 | +24.0% |
| Equity | 10/15 | €580,027 | €604,485 | +€24,457 | +4.2% |
| Contributions | 10/11 | €123,175 | €123,175 | = | 0.0% |
| Reserves | 13 | €33,534 | €33,534 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €33,534 | €33,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | €423,318 | €447,775 | +€24,457 | +5.8% |
| Amounts payable | 17/49 | €1,213,416 | €1,619,810 | +€406,394 | +33.5% |
| Amounts payable after more than one year | 17 | €141,653 | €405,256 | +€263,602 | +186.1% |
| Financial debts | 170/4 | €141,653 | €405,256 | +€263,602 | +186.1% |
| Amounts payable within one year | 42/48 | €1,068,241 | €1,211,145 | +€142,905 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €83,162 | €164,610 | +€81,448 | +97.9% |
| Financial debts | 43 | €127,827 | €132,758 | +€4,931 | +3.9% |
| Credit institutions | 430/8 | €127,827 | €132,758 | +€4,931 | +3.9% |
| Trade debts | 44 | €538,349 | €493,929 | -€44,420 | -8.3% |
| Suppliers | 440/4 | €538,349 | €493,929 | -€44,420 | -8.3% |
| Advances received on contracts in progress | 46 | €3,436 | €0 | -€3,436 | -100.0% |
| Taxes, remuneration and social security | 45 | €219,103 | €220,851 | +€1,748 | +0.8% |
| Taxes | 450/3 | €19,509 | €12,010 | -€7,499 | -38.4% |
| Remuneration and social security | 454/9 | €199,594 | €208,842 | +€9,247 | +4.6% |
| Other amounts payable | 47/48 | €96,364 | €198,997 | +€102,634 | +106.5% |
| Accrued charges and deferred income | 492/3 | €3,522 | €3,409 | -€113 | -3.2% |
| Non-recurring operating income | 76A | €2,134 | €88 | -€2,046 | -95.9% |
| Remuneration, social security and pensions | 62 | €1,517,469 | €1,499,691 | -€17,778 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,131 | €66,576 | +€20,444 | +44.3% |
| Other operating charges | 640/8 | €8,064 | €5,048 | -€3,016 | -37.4% |
| Gross operating margin | 9900 | €1,649,152 | €1,613,872 | -€35,280 | -2.1% |
| Operating profit (loss) | 9901 | €77,488 | €42,558 | -€34,930 | -45.1% |
| Financial income | 75/76B | €191 | €28,623 | +€28,432 | +14897.6% |
| Recurring financial income | 75 | €191 | €28,623 | +€28,432 | +14897.6% |
| Financial charges | 65/66B | €19,611 | €28,022 | +€8,411 | +42.9% |
| Recurring financial charges | 65 | €19,611 | €28,022 | +€8,411 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €58,068 | €43,159 | -€14,909 | -25.7% |
| Income taxes | 67/77 | €25,202 | €18,701 | -€6,501 | -25.8% |
| Profit (loss) for the period | 9904 | €32,866 | €24,457 | -€8,408 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,866 | €24,457 | -€8,408 | -25.6% |
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 7 October 2026 via checked.be.