AVPAO: 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.
AVPAO
Largest movements
- Current investments +€48,000
new in 2025: €48,000
- Cash -€15,397
down €15,397 (-41.4%), from €37,221 to €21,824
mainly Current investments (-€48,000) and Investment in fixed assets (net) (-€13,490)
- Receivables within one year -€14,381
down €14,381 (-31.3%), from €45,993 to €31,611
of which Trade receivables: -€13,658
- Tangible fixed assets +€7,378
up €7,378 (+113.0%), from €6,528 to €13,906
- Reserves +€22,000
up €22,000 (+68.8%), from €32,000 to €54,000
- Trade debts +€9,414
up €9,414 (+251.0%), from €3,750 to €13,164
- Other debts -€7,160
down €7,160 (-54.6%), from €13,104 to €5,944
- Short-term financial debts +€4,095
new in 2025: €4,095
- Tax, wage and social debts -€1,878
down €1,878 (-6.2%), from €30,285 to €28,407
of which Taxes: -€1,358
- Gross operating margin +€20,385
up €20,385 (+20.4%), from €99,829 to €120,215
- Staff costs +€16,685
up €16,685 (+25.5%), from €65,396 to €82,081
- Taxes -€8,636
down €8,636 (-64.1%), from €13,478 to €4,842
- Other operating charges +€5,157
new in 2025: €5,157
- Depreciation -€2,062
down €2,062 (-25.2%), from €8,174 to €6,112
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 | €89,842 | €115,525 | +€25,684 | +28.6% |
| Fixed assets | 21/28 | €6,628 | €14,006 | +€7,378 | +111.3% |
| Tangible fixed assets | 22/27 | €6,528 | €13,906 | +€7,378 | +113.0% |
| Furniture and vehicles | 24 | €6,528 | €13,906 | +€7,378 | +113.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €83,213 | €101,519 | +€18,306 | +22.0% |
| Amounts receivable within one year | 40/41 | €45,993 | €31,611 | -€14,381 | -31.3% |
| Trade receivables | 40 | €32,964 | €19,306 | -€13,658 | -41.4% |
| Other amounts receivable | 41 | €13,029 | €12,305 | -€723 | -5.6% |
| Current investments | 50/53 | - | €48,000 | +€48,000 | |
| Cash at bank and in hand | 54/58 | €37,221 | €21,824 | -€15,397 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €84 | +€84 | |
| Total equity and liabilities | 10/49 | €89,842 | €115,525 | +€25,684 | +28.6% |
| Equity | 10/15 | €42,703 | €63,916 | +€21,213 | +49.7% |
| Contributions | 10/11 | €20,900 | €20,900 | = | 0.0% |
| Contributions outside capital | 11 | €20,900 | €20,900 | = | 0.0% |
| Share premium | 1100/10 | €20,900 | - | -€20,900 | |
| Other | 1109/19 | - | €20,900 | +€20,900 | |
| Reserves | 13 | €32,000 | €54,000 | +€22,000 | +68.8% |
| Distributable reserves | 133 | €32,000 | €54,000 | +€22,000 | +68.8% |
| Profit (loss) carried forward | 14 | -€10,197 | -€10,984 | -€787 | -7.7% |
| Amounts payable | 17/49 | €47,138 | €51,609 | +€4,471 | +9.5% |
| Amounts payable within one year | 42/48 | €47,138 | €51,609 | +€4,471 | +9.5% |
| Financial debts | 43 | - | €4,095 | +€4,095 | |
| Credit institutions | 430/8 | - | €4,095 | +€4,095 | |
| Trade debts | 44 | €3,750 | €13,164 | +€9,414 | +251.0% |
| Suppliers | 440/4 | €3,750 | €13,164 | +€9,414 | +251.0% |
| Taxes, remuneration and social security | 45 | €30,285 | €28,407 | -€1,878 | -6.2% |
| Taxes | 450/3 | €15,888 | €14,530 | -€1,358 | -8.5% |
| Remuneration and social security | 454/9 | €14,397 | €13,876 | -€520 | -3.6% |
| Other amounts payable | 47/48 | €13,104 | €5,944 | -€7,160 | -54.6% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €65,396 | €82,081 | +€16,685 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,174 | €6,112 | -€2,062 | -25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,378 | - | +€1,378 | |
| Other operating charges | 640/8 | - | €5,157 | +€5,157 | |
| Gross operating margin | 9900 | €99,829 | €120,215 | +€20,385 | +20.4% |
| Operating profit (loss) | 9901 | €27,637 | €26,864 | -€773 | -2.8% |
| Financial income | 75/76B | €1 | €7 | +€6 | +481.7% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +481.7% |
| Financial charges | 65/66B | €67 | €816 | +€749 | +1111.7% |
| Recurring financial charges | 65 | €67 | €816 | +€749 | +1111.7% |
| Profit (loss) for the period before taxes | 9903 | €27,571 | €26,055 | -€1,516 | -5.5% |
| Income taxes | 67/77 | €13,478 | €4,842 | -€8,636 | -64.1% |
| Profit (loss) for the period | 9904 | €14,093 | €21,213 | +€7,120 | +50.5% |
| Transfer to tax-exempt reserves | 689 | €13,000 | - | -€13,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,093 | €21,213 | +€20,120 | +1841.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.