AVR: 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.
What changed
AVR
NACE 28.300, Manufacture of machinery and equipment not elsewhere classified
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €5.7m-€4.2m
Equity
€44.6m
2024 · €43.1m+€1.4m
Cash
€957,757
2024 · €857,943+€99,815
Balance sheet total
€77.7m
2024 · €64.9m+€12.9m
Largest movements
Assets
- Stocks and contracts +€17.4m
up €17.4m (+39.0%), from €44.5m to €61.9m
- Receivables within one year -€5.9m
down €5.9m (-45.3%), from €13.0m to €7.1m
of which Other amounts receivable: -€3.8m
Equity and liabilities
- Short-term financial debts +€11.5m
up €11.5m, from €0 to €11.5m
- Trade debts +€2.2m
up €2.2m (+22.3%), from €9.9m to €12.1m
- Other debts -€1.7m
down €1.7m (-98.9%), from €1.7m to €19,561
- Reserves +€1.5m
up €1.5m (+3.5%), from €42.9m to €44.3m
of which Distributable reserves: +€2.5m
- Debts after one year -€991,616
down €991,616 (-24.1%), from €4.1m to €3.1m
Income statement
- Goods and materials +€11.6m
up €11.6m (+19.1%), from €61.1m to €72.7m
of which Purchases: +€28.6m
- Turnover +€7.2m
up €7.2m (+7.5%), from €97.0m to €104.2m
- Services and other goods +€4.6m
up €4.6m (+32.0%), from €14.2m to €18.8m
- Staff costs +€3.1m
up €3.1m (+18.3%), from €16.8m to €19.9m
- Write-downs +€2.5m
up €2.5m, from -€1.9m to €675,925
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.
Result 2024
€5.7m
Turnover
+€7.2m
Other operating income
+€863,656
Goods and materials
-€11.6m
Services and other goods
-€4.6m
Staff costs
-€3.1m
Depreciation
-€1.9m
Write-downs
-€2.5m
Other operating charges
+€391,944
Other operating items
+€10.7m
Financial income
+€91,791
Financial charges
+€145,088
Taxes
+€119,578
Result 2025
€1.5m
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.
From operations
-€7.0m
Investment
-€3.9m
Financing
+€11.0m
Cash 2024
€857,943
From operations (derived)
-€7.0m
Net result for the year
+€1.5m
Depreciation
+€2.8m
Receivables after one year
-€39,310
Stocks and contracts
-€17.4m
Receivables within one year
+€5.9m
Deferred charges and accrued income
-€166,587
Trade debts
+€2.2m
Tax, wage and social debts
+€430,331
Advances received
-€913,310
Other debts
-€1.7m
Accrued charges and deferred income
+€391,802
Investment (derived)
-€3.9m
Investment in fixed assets (net)
-€3.9m
Financing
+€11.0m
Debts after one year
-€991,616
Current portion of long-term debt
+€433,978
Short-term financial debts
+€11.5m
Contributions, distributions and other
-€33,041
Cash 2025
€957,757
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,861,887 | €77,715,078 | +€12.9m | +19.8% |
| Fixed assets | 21/28 | €6,341,749 | €7,392,639 | +€1.1m | +16.6% |
| Intangible fixed assets | 21 | €311,095 | €1,006,175 | +€695,080 | +223.4% |
| Tangible fixed assets | 22/27 | €3,826,654 | €4,182,464 | +€355,810 | +9.3% |
| Land and buildings | 22 | €92,631 | €260,085 | +€167,454 | +180.8% |
| Plant, machinery and equipment | 23 | €453,506 | €1,037,194 | +€583,688 | +128.7% |
| Furniture and vehicles | 24 | €696,127 | €728,942 | +€32,815 | +4.7% |
| Leasing and similar rights | 25 | €2,481,283 | €2,064,500 | -€416,782 | -16.8% |
| Other tangible fixed assets | 26 | €103,107 | €91,742 | -€11,365 | -11.0% |
| Financial fixed assets | 28 | €2,204,000 | €2,204,000 | = | 0.0% |
| Affiliated companies | 280/1 | €2,204,000 | €2,204,000 | = | 0.0% |
| Participating interests | 280 | €2,204,000 | €2,204,000 | = | 0.0% |
| Current assets | 29/58 | €58,520,138 | €70,322,439 | +€11.8m | +20.2% |
| Amounts receivable after more than one year | 29 | - | €39,310 | +€39,310 | |
| Other amounts receivable | 291 | - | €39,310 | +€39,310 | |
| Stocks and contracts in progress | 3 | €44,501,942 | €61,878,973 | +€17.4m | +39.0% |
| Stocks | 30/36 | €44,501,942 | €61,878,973 | +€17.4m | +39.0% |
| Raw materials and consumables | 30/31 | €25,800,652 | €32,813,129 | +€7.0m | +27.2% |
| Work in progress | 32 | €6,345,061 | €6,082,408 | -€262,653 | -4.1% |
| Finished goods | 33 | €9,546,597 | €16,912,089 | +€7.4m | +77.2% |
| Goods purchased for resale | 34 | €2,809,631 | €6,071,347 | +€3.3m | +116.1% |
| Amounts receivable within one year | 40/41 | €12,972,774 | €7,092,333 | -€5.9m | -45.3% |
| Trade receivables | 40 | €6,697,067 | €4,658,381 | -€2.0m | -30.4% |
| Other amounts receivable | 41 | €6,275,707 | €2,433,952 | -€3.8m | -61.2% |
| Cash at bank and in hand | 54/58 | €857,943 | €957,757 | +€99,815 | +11.6% |
| Deferred charges and accrued income | 490/1 | €187,479 | €354,066 | +€166,587 | +88.9% |
| Total equity and liabilities | 10/49 | €64,861,887 | €77,715,078 | +€12.9m | +19.8% |
| Equity | 10/15 | €43,112,791 | €44,559,827 | +€1.4m | +3.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €42,864,847 | €44,344,924 | +€1.5m | +3.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,017,394 | €0 | -€1.0m | -100.0% |
| Distributable reserves | 133 | €41,841,304 | €44,338,774 | +€2.5m | +6.0% |
| Investment grants | 15 | €186,444 | €153,403 | -€33,041 | -17.7% |
| Amounts payable | 17/49 | €21,749,095 | €33,155,251 | +€11.4m | +52.4% |
| Amounts payable after more than one year | 17 | €4,120,406 | €3,128,790 | -€991,616 | -24.1% |
| Financial debts | 170/4 | €4,120,406 | €3,128,790 | -€991,616 | -24.1% |
| Leasing and similar obligations | 172 | €2,287,835 | €1,848,072 | -€439,763 | -19.2% |
| Credit institutions | 173 | €1,832,571 | €1,280,718 | -€551,853 | -30.1% |
| Amounts payable within one year | 42/48 | €17,616,414 | €29,622,383 | +€12.0m | +68.2% |
| Current portion of amounts payable after more than one year | 42 | €2,199,802 | €2,633,780 | +€433,978 | +19.7% |
| Financial debts | 43 | €0 | €11,545,631 | +€11.5m | |
| Credit institutions | 430/8 | €0 | €11,545,631 | +€11.5m | |
| Trade debts | 44 | €9,878,389 | €12,076,693 | +€2.2m | +22.3% |
| Suppliers | 440/4 | €9,878,389 | €12,076,693 | +€2.2m | +22.3% |
| Advances received on contracts in progress | 46 | €1,147,659 | €234,349 | -€913,310 | -79.6% |
| Taxes, remuneration and social security | 45 | €2,682,038 | €3,112,370 | +€430,331 | +16.0% |
| Taxes | 450/3 | €378,930 | €453,740 | +€74,810 | +19.7% |
| Remuneration and social security | 454/9 | €2,303,108 | €2,658,629 | +€355,521 | +15.4% |
| Other amounts payable | 47/48 | €1,708,526 | €19,561 | -€1.7m | -98.9% |
| Accrued charges and deferred income | 492/3 | €12,276 | €404,078 | +€391,802 | +3191.6% |
| Operating income | 70/76A | €98,119,614 | €116,907,731 | +€18.8m | +19.1% |
| Turnover | 70 | €96,985,678 | €104,213,171 | +€7.2m | +7.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,655,625 | €6,930,607 | +€8.6m | |
| Own construction capitalised | 72 | - | €2,111,190 | +€2.1m | |
| Other operating income | 74 | €2,789,108 | €3,652,764 | +€863,656 | +31.0% |
| Non-recurring operating income | 76A | €452 | €0 | -€452 | -100.0% |
| Operating charges | 60/66A | €91,725,968 | €115,043,829 | +€23.3m | +25.4% |
| Goods for resale, raw materials and consumables | 60 | €61,058,189 | €72,706,206 | +€11.6m | +19.1% |
| Purchases | 600/8 | €55,217,535 | €83,795,659 | +€28.6m | +51.8% |
| Change in stocks: decrease (increase) | 609 | €5,840,654 | -€11,089,453 | -€16.9m | |
| Services and other goods | 61 | €14,216,758 | €18,772,548 | +€4.6m | +32.0% |
| Remuneration, social security and pensions | 62 | €16,807,706 | €19,884,079 | +€3.1m | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €921,610 | €2,819,285 | +€1.9m | +205.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,851,609 | €675,925 | +€2.5m | |
| Other operating charges | 640/8 | €573,315 | €181,371 | -€391,944 | -68.4% |
| Non-recurring operating charges | 66A | - | €4,415 | +€4,415 | |
| Operating profit (loss) | 9901 | €6,393,646 | €1,863,903 | -€4.5m | -70.8% |
| Financial income | 75/76B | €156,766 | €248,557 | +€91,791 | +58.6% |
| Recurring financial income | 75 | €156,766 | €248,557 | +€91,791 | +58.6% |
| Income from financial fixed assets | 750 | €11,353 | €3,760 | -€7,594 | -66.9% |
| Income from current assets | 751 | €71,432 | €42,172 | -€29,260 | -41.0% |
| Other financial income | 752/9 | €73,980 | €202,624 | +€128,644 | +173.9% |
| Financial charges | 65/66B | €815,649 | €670,561 | -€145,088 | -17.8% |
| Recurring financial charges | 65 | €815,649 | €670,561 | -€145,088 | -17.8% |
| Debt charges | 650 | €694,389 | €570,719 | -€123,670 | -17.8% |
| Other financial charges | 652/9 | €121,260 | €99,841 | -€21,419 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €5,734,763 | €1,441,899 | -€4.3m | -74.9% |
| Income taxes | 67/77 | €81,400 | -€38,178 | -€119,578 | |
| Taxes | 670/3 | €81,406 | €1,131 | -€80,275 | -98.6% |
| Tax adjustments and reversals of tax provisions | 77 | €6 | €39,310 | +€39,303 | +631885.9% |
| Profit (loss) for the period | 9904 | €5,653,363 | €1,480,077 | -€4.2m | -73.8% |
| Transfer from tax-exempt reserves | 789 | - | €1,017,394 | +€1.0m | |
| Transfer to tax-exempt reserves | 689 | €1,017,394 | €0 | -€1.0m | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,635,969 | €2,497,471 | -€2.1m | -46.1% |
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 11 October 2026 via checked.be.