AVROY 38: 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.
AVROY 38
Largest movements
- Cash -€2.7m
down €2.7m (-86.2%), from €3.1m to €426,066
mainly Accrued charges and deferred income (-€4.0m) and Trade debts (-€876,049)
- Receivables within one year -€273,464
down €273,464 (-6.4%), from €4.2m to €4.0m
of which Trade receivables: -€213,941
- Accrued charges and deferred income -€4.0m
down €4.0m (-72.2%), from €5.5m to €1.5m
- Profit (loss) carried forward +€1.9m
up €1.9m (+386%), from €491,561 to €2.4m
- Trade debts -€876,049
down €876,049 (-83.0%), from €1.1m to €178,856
- Gross operating margin -€1.6m
down €1.6m (-39.0%), from €4.2m to €2.6m
- Taxes -€513,691
down €513,691 (-43.9%), from €1.2m to €657,720
- Financial income -€359,634
no longer reported in 2025 (was €359,634)
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 | €7,340,556 | €4,401,307 | -€2.9m | -40.0% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €7,340,556 | €4,401,307 | -€2.9m | -40.0% |
| Amounts receivable within one year | 40/41 | €4,248,704 | €3,975,241 | -€273,464 | -6.4% |
| Trade receivables | 40 | €300,000 | €86,059 | -€213,941 | -71.3% |
| Other amounts receivable | 41 | €3,948,704 | €3,889,182 | -€59,522 | -1.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,091,851 | €426,066 | -€2.7m | -86.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,340,556 | €4,401,307 | -€2.9m | -40.0% |
| Equity | 10/15 | €711,561 | €2,610,611 | +€1.9m | +267% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €491,561 | €2,390,611 | +€1.9m | +386% |
| Amounts payable | 17/49 | €6,628,995 | €1,790,696 | -€4.8m | -73.0% |
| Amounts payable within one year | 42/48 | €1,128,027 | €259,697 | -€868,330 | -77.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,054,905 | €178,856 | -€876,049 | -83.0% |
| Suppliers | 440/4 | €1,054,905 | €178,856 | -€876,049 | -83.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €73,122 | €80,842 | +€7,720 | +10.6% |
| Taxes | 450/3 | €73,122 | €80,842 | +€7,720 | +10.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,500,968 | €1,530,998 | -€4.0m | -72.2% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Other operating charges | 640/8 | €1,453 | €1,329 | -€124 | -8.5% |
| Gross operating margin | 9900 | €4,191,820 | €2,558,780 | -€1.6m | -39.0% |
| Operating profit (loss) | 9901 | €4,190,367 | €2,557,451 | -€1.6m | -39.0% |
| Financial income | 75/76B | €359,634 | - | -€359,634 | |
| Recurring financial income | 75 | €359,634 | - | -€359,634 | |
| Financial charges | 65/66B | €1,439 | €681 | -€758 | -52.7% |
| Recurring financial charges | 65 | €1,439 | €681 | -€758 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €4,548,562 | €2,556,770 | -€2.0m | -43.8% |
| Income taxes | 67/77 | €1,171,411 | €657,720 | -€513,691 | -43.9% |
| Profit (loss) for the period | 9904 | €3,377,151 | €1,899,050 | -€1.5m | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,377,151 | €1,899,050 | -€1.5m | -43.8% |
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 16 October 2026 via checked.be.