D'ANDREA: 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.
D'ANDREA
Largest movements
- Cash -€88,907
down €88,907 (-69.1%), from €128,631 to €39,724
mainly Investment in fixed assets (net) (-€78,054) and Accrued charges and deferred income (-€36,000)
- Tangible fixed assets +€61,297
up €61,297 (+117%), from €52,425 to €113,723
of which Furniture and vehicles: +€67,922
- Receivables within one year +€20,668
up €20,668 (+31.5%), from €65,546 to €86,214
of which Other amounts receivable: +€26,248
- Stocks and contracts -€18,902
down €18,902 (-10.1%), from €187,223 to €168,321
- Accrued charges and deferred income -€36,000
no longer reported in 2025 (was €36,000)
- Trade debts -€22,486
down €22,486 (-97.7%), from €23,005 to €519
- Debts after one year +€17,092
up €17,092 (+140%), from €12,246 to €29,339
- Reserves +€15,843
up €15,843 (+5.3%), from €298,392 to €314,235
- Current portion of long-term debt +€6,240
up €6,240 (+76.4%), from €8,167 to €14,408
- Gross operating margin +€18,233
up €18,233 (+9.3%), from €195,230 to €213,463
- Staff costs +€14,601
up €14,601 (+9.0%), from €161,576 to €176,177
- Financial charges -€2,486
down €2,486 (-47.8%), from €5,203 to €2,717
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 | €434,639 | €409,359 | -€25,280 | -5.8% |
| Fixed assets | 21/28 | €52,425 | €113,723 | +€61,297 | +117% |
| Tangible fixed assets | 22/27 | €52,425 | €113,723 | +€61,297 | +117% |
| Plant, machinery and equipment | 23 | €22,208 | €17,835 | -€4,373 | -19.7% |
| Furniture and vehicles | 24 | €9,064 | €76,987 | +€67,922 | +749% |
| Other tangible fixed assets | 26 | €21,153 | €18,901 | -€2,252 | -10.6% |
| Current assets | 29/58 | €382,214 | €295,636 | -€86,577 | -22.7% |
| Stocks and contracts in progress | 3 | €187,223 | €168,321 | -€18,902 | -10.1% |
| Stocks | 30/36 | €187,223 | €168,321 | -€18,902 | -10.1% |
| Amounts receivable within one year | 40/41 | €65,546 | €86,214 | +€20,668 | +31.5% |
| Trade receivables | 40 | €56,889 | €51,309 | -€5,580 | -9.8% |
| Other amounts receivable | 41 | €8,657 | €34,905 | +€26,248 | +303% |
| Cash at bank and in hand | 54/58 | €128,631 | €39,724 | -€88,907 | -69.1% |
| Deferred charges and accrued income | 490/1 | €813 | €1,378 | +€564 | +69.4% |
| Total equity and liabilities | 10/49 | €434,639 | €409,359 | -€25,280 | -5.8% |
| Equity | 10/15 | €338,392 | €354,235 | +€15,843 | +4.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €298,392 | €314,235 | +€15,843 | +5.3% |
| Distributable reserves | 133 | €298,392 | €314,235 | +€15,843 | +5.3% |
| Amounts payable | 17/49 | €96,247 | €55,124 | -€41,122 | -42.7% |
| Amounts payable after more than one year | 17 | €12,246 | €29,339 | +€17,092 | +140% |
| Financial debts | 170/4 | €12,246 | €29,339 | +€17,092 | +140% |
| Amounts payable within one year | 42/48 | €48,001 | €25,786 | -€22,215 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €8,167 | €14,408 | +€6,240 | +76.4% |
| Trade debts | 44 | €23,005 | €519 | -€22,486 | -97.7% |
| Suppliers | 440/4 | €23,005 | €519 | -€22,486 | -97.7% |
| Taxes, remuneration and social security | 45 | €16,829 | €10,859 | -€5,970 | -35.5% |
| Taxes | 450/3 | €5,204 | €1,383 | -€3,821 | -73.4% |
| Remuneration and social security | 454/9 | €11,625 | €9,476 | -€2,148 | -18.5% |
| Accrued charges and deferred income | 492/3 | €36,000 | - | -€36,000 | |
| Non-recurring operating income | 76A | - | €2,579 | +€2,579 | |
| Remuneration, social security and pensions | 62 | €161,576 | €176,177 | +€14,601 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,716 | €16,757 | +€2,041 | +13.9% |
| Other operating charges | 640/8 | €1,767 | €1,989 | +€222 | +12.6% |
| Gross operating margin | 9900 | €195,230 | €213,463 | +€18,233 | +9.3% |
| Operating profit (loss) | 9901 | €17,171 | €18,540 | +€1,369 | +8.0% |
| Financial income | 75/76B | €1,042 | €1,603 | +€561 | +53.8% |
| Recurring financial income | 75 | €1,042 | €1,603 | +€561 | +53.8% |
| Financial charges | 65/66B | €5,203 | €2,717 | -€2,486 | -47.8% |
| Recurring financial charges | 65 | €5,203 | €2,717 | -€2,486 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | €13,011 | €17,427 | +€4,416 | +33.9% |
| Income taxes | 67/77 | €2,990 | €1,584 | -€1,406 | -47.0% |
| Profit (loss) for the period | 9904 | €10,021 | €15,843 | +€5,822 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €10,021 | €15,843 | +€5,822 | +58.1% |
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 31 October 2026 via checked.be.