AVROY 44: 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.
AVROY 44
Largest movements
- Current investments -€429,078
down €429,078 (-4.1%), from €10.6m to €10.1m
- Tangible fixed assets +€415,703
up €415,703 (+16.9%), from €2.5m to €2.9m
of which Assets under construction and advance payments: +€580,986
- Cash +€177,258
up €177,258 (+299.0%), from €59,283 to €236,540
mainly Current investments (+€429,078) and Accrued charges and deferred income (+€174,559)
- Accrued charges and deferred income +€174,559
up €174,559 (+216.1%), from €80,793 to €255,352
- Turnover -€652,420
no longer reported in 2025 (was €652,420)
- Financial charges +€180,660
up €180,660, from -€138,363 to €42,297
- Financial income -€93,185
down €93,185 (-27.4%), from €339,708 to €246,523
- Gross operating margin +€79,416
up €79,416 (+35.2%), from €225,713 to €305,129
- Purchases and services -€30,756
down €30,756 (-5.2%), from €591,594 to €560,838
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 | €13,349,267 | €13,485,025 | +€135,758 | +1.0% |
| Fixed assets | 21/28 | €2,642,589 | €3,058,293 | +€415,703 | +15.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €2,456,639 | €2,872,343 | +€415,703 | +16.9% |
| Land and buildings | 22 | €2,103,152 | €1,989,768 | -€113,383 | -5.4% |
| Plant, machinery and equipment | 23 | €288,037 | €249,852 | -€38,186 | -13.3% |
| Other tangible fixed assets | 26 | €65,450 | €51,737 | -€13,713 | -21.0% |
| Assets under construction and advance payments | 27 | - | €580,986 | +€580,986 | |
| Financial fixed assets | 28 | €185,950 | €185,950 | = | 0.0% |
| Current assets | 29/58 | €10,706,678 | €10,426,732 | -€279,946 | -2.6% |
| Amounts receivable within one year | 40/41 | €59,234 | €34,360 | -€24,874 | -42.0% |
| Trade receivables | 40 | €41,976 | €18 | -€41,958 | -100.0% |
| Other amounts receivable | 41 | €17,258 | €34,342 | +€17,084 | +99.0% |
| Current investments | 50/53 | €10,575,921 | €10,146,843 | -€429,078 | -4.1% |
| Cash at bank and in hand | 54/58 | €59,283 | €236,540 | +€177,258 | +299.0% |
| Deferred charges and accrued income | 490/1 | €12,240 | €8,989 | -€3,251 | -26.6% |
| Total equity and liabilities | 10/49 | €13,349,267 | €13,485,025 | +€135,758 | +1.0% |
| Equity | 10/15 | €12,077,942 | €12,114,458 | +€36,516 | +0.3% |
| Contributions | 10/11 | €6,720,405 | €6,720,405 | = | 0.0% |
| Capital | 10 | €6,720,405 | €6,720,405 | = | 0.0% |
| Reserves | 13 | €4,115,033 | €4,115,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,242,505 | €1,279,021 | +€36,516 | +2.9% |
| Provisions and deferred taxes | 16 | €1,030,300 | €1,030,300 | = | 0.0% |
| Deferred taxes | 168 | €1,030,300 | €1,030,300 | = | 0.0% |
| Amounts payable | 17/49 | €241,025 | €340,267 | +€99,242 | +41.2% |
| Amounts payable after more than one year | 17 | €1,800 | €1,800 | = | 0.0% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €158,432 | €83,115 | -€75,317 | -47.5% |
| Trade debts | 44 | €128,194 | €47,806 | -€80,388 | -62.7% |
| Suppliers | 440/4 | €128,194 | €47,806 | -€80,388 | -62.7% |
| Taxes, remuneration and social security | 45 | €30,238 | €35,309 | +€5,071 | +16.8% |
| Taxes | 450/3 | €30,238 | €35,309 | +€5,071 | +16.8% |
| Accrued charges and deferred income | 492/3 | €80,793 | €255,352 | +€174,559 | +216.1% |
| Turnover | 70 | €652,420 | - | -€652,420 | |
| Non-recurring operating income | 76A | €530 | €32,227 | +€31,697 | +5977.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €591,594 | €560,838 | -€30,756 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,723 | €165,287 | -€29,436 | -15.1% |
| Other operating charges | 640/8 | €314,279 | €301,854 | -€12,425 | -4.0% |
| Non-recurring operating charges | 66A | €25,043 | €5,698 | -€19,345 | -77.2% |
| Gross operating margin | 9900 | €225,713 | €305,129 | +€79,416 | +35.2% |
| Operating profit (loss) | 9901 | -€308,333 | -€167,710 | +€140,622 | +45.6% |
| Financial income | 75/76B | €339,708 | €246,523 | -€93,185 | -27.4% |
| Recurring financial income | 75 | €339,708 | €246,523 | -€93,185 | -27.4% |
| Financial charges | 65/66B | -€138,363 | €42,297 | +€180,660 | |
| Recurring financial charges | 65 | -€138,363 | €42,297 | +€180,660 | |
| Profit (loss) for the period before taxes | 9903 | €169,739 | €36,516 | -€133,223 | -78.5% |
| Profit (loss) for the period | 9904 | €169,739 | €36,516 | -€133,223 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €169,739 | €36,516 | -€133,223 | -78.5% |
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 1 October 2026 via checked.be.