HET ANKER: 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
HET ANKER
NACE 11.050, Manufacture of beer
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€519,228
2024 · €103,006+€416,222
Equity
€4.4m
2024 · €4.1m+€315,440
Cash
€275,841
2024 · €1.3m-€1.1m
Balance sheet total
€19.2m
2024 · €22.5m-€3.3m
Largest movements
Assets
- Tangible fixed assets -€1.7m
down €1.7m (-12.7%), from €13.7m to €12.0m
of which Plant, machinery and equipment: -€1.1m
- Cash -€1.1m
down €1.1m (-79.4%), from €1.3m to €275,841
mainly Short-term financial debts (-€1.2m) and Trade debts (-€930,114)
- Receivables within one year -€491,544
down €491,544 (-18.4%), from €2.7m to €2.2m
of which Trade receivables: -€334,432
- Stocks and contracts +€316,788
up €316,788 (+12.0%), from €2.6m to €3.0m
Equity and liabilities
- Short-term financial debts -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Trade debts -€930,114
down €930,114 (-65.3%), from €1.4m to €493,359
- Debts after one year -€902,218
down €902,218 (-9.1%), from €9.9m to €9.0m
of which Financial debts: -€2.2m
- Profit (loss) carried forward +€502,015
up €502,015, from -€502,015 to €0
- Tax, wage and social debts -€323,915
down €323,915 (-28.6%), from €1.1m to €809,525
of which Remuneration and social security: -€352,931
Income statement
- Staff costs -€645,572
down €645,572 (-9.0%), from €7.2m to €6.6m
- Depreciation -€435,809
down €435,809 (-16.0%), from €2.7m to €2.3m
- Turnover -€401,247
down €401,247 (-2.1%), from €19.2m to €18.8m
- Services and other goods -€358,115
down €358,115 (-6.9%), from €5.2m to €4.8m
- Write-downs -€274,708
down €274,708, from €54,571 to -€220,137
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
€103,006
Turnover
-€401,247
Other operating income
-€111,961
Goods and materials
+€64,512
Services and other goods
+€358,115
Staff costs
+€645,572
Depreciation
+€435,809
Write-downs
+€274,708
Provisions
-€23,660
Other operating charges
-€234,577
Other operating items
-€682,890
Financial income
-€34,280
Financial charges
+€218,097
Taxes
-€21,092
Deferred taxes and other
-€70,885
Result 2025
€519,228
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.9m
Investment
-€432,913
Financing
-€2.6m
Cash 2024
€1.3m
From operations (derived)
+€1.9m
Net result for the year
+€519,228
Depreciation
+€2.3m
Receivables after one year
+€171,000
Stocks and contracts
-€316,788
Receivables within one year
+€491,544
Deferred charges and accrued income
+€10,683
Provisions
+€18,167
Trade debts
-€930,114
Tax, wage and social debts
-€323,915
Other debts
+€6,589
Accrued charges and deferred income
-€645
Investment (derived)
-€432,913
Investment in fixed assets (net)
-€432,913
Financing
-€2.6m
Debts after one year
-€902,218
Current portion of long-term debt
-€215,936
Short-term financial debts
-€1.2m
Contributions, distributions and other
-€203,789
Cash 2025
€275,841
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,494,363 | €19,212,990 | -€3.3m | -14.6% |
| Fixed assets | 21/28 | €14,083,499 | €12,222,173 | -€1.9m | -13.2% |
| Intangible fixed assets | 21 | €243,409 | €191,091 | -€52,318 | -21.5% |
| Tangible fixed assets | 22/27 | €13,728,145 | €11,989,408 | -€1.7m | -12.7% |
| Land and buildings | 22 | €6,250,096 | €5,704,191 | -€545,905 | -8.7% |
| Plant, machinery and equipment | 23 | €6,844,801 | €5,766,599 | -€1.1m | -15.8% |
| Furniture and vehicles | 24 | €346,830 | €318,716 | -€28,114 | -8.1% |
| Leasing and similar rights | 25 | €266,204 | €166,870 | -€99,334 | -37.3% |
| Other tangible fixed assets | 26 | €20,213 | €33,032 | +€12,819 | +63.4% |
| Financial fixed assets | 28 | €111,945 | €41,673 | -€70,272 | -62.8% |
| Affiliated companies | 280/1 | €3 | €3 | = | 0.0% |
| Participating interests | 280 | €3 | €3 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €70,522 | €0 | -€70,522 | -100% |
| Participating interests | 282 | €70,522 | €0 | -€70,522 | -100% |
| Other financial fixed assets | 284/8 | €41,420 | €41,670 | +€250 | +0.6% |
| Shares | 284 | €27,000 | €27,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €14,420 | €14,670 | +€250 | +1.7% |
| Current assets | 29/58 | €8,410,864 | €6,990,817 | -€1.4m | -16.9% |
| Amounts receivable after more than one year | 29 | €1,563,490 | €1,392,490 | -€171,000 | -10.9% |
| Other amounts receivable | 291 | €1,563,490 | €1,392,490 | -€171,000 | -10.9% |
| Stocks and contracts in progress | 3 | €2,646,768 | €2,963,556 | +€316,788 | +12.0% |
| Stocks | 30/36 | €2,646,768 | €2,963,556 | +€316,788 | +12.0% |
| Raw materials and consumables | 30/31 | €1,215,499 | €1,487,274 | +€271,774 | +22.4% |
| Work in progress | 32 | €618,955 | €660,153 | +€41,198 | +6.7% |
| Finished goods | 33 | €739,906 | €748,406 | +€8,500 | +1.1% |
| Goods purchased for resale | 34 | - | €14,875 | +€14,875 | |
| Property held for sale | 35 | €22,780 | €13,002 | -€9,778 | -42.9% |
| Advance payments | 36 | €49,628 | €39,847 | -€9,781 | -19.7% |
| Amounts receivable within one year | 40/41 | €2,668,684 | €2,177,140 | -€491,544 | -18.4% |
| Trade receivables | 40 | €2,385,671 | €2,051,239 | -€334,432 | -14.0% |
| Other amounts receivable | 41 | €283,013 | €125,901 | -€157,112 | -55.5% |
| Cash at bank and in hand | 54/58 | €1,339,449 | €275,841 | -€1.1m | -79.4% |
| Deferred charges and accrued income | 490/1 | €192,473 | €181,790 | -€10,683 | -5.6% |
| Total equity and liabilities | 10/49 | €22,494,363 | €19,212,990 | -€3.3m | -14.6% |
| Equity | 10/15 | €4,071,620 | €4,387,059 | +€315,440 | +7.7% |
| Contributions | 10/11 | €3,357,442 | €3,357,442 | = | 0.0% |
| Capital | 10 | €3,357,442 | €3,357,442 | = | 0.0% |
| Issued capital | 100 | €3,357,442 | €3,357,442 | = | 0.0% |
| Reserves | 13 | €1,094,616 | €931,829 | -€162,787 | -14.9% |
| Non-distributable reserves | 130/1 | €335,743 | €335,743 | = | 0.0% |
| Legal reserve | 130 | €335,743 | €335,743 | = | 0.0% |
| Tax-exempt reserves | 132 | €265,615 | €254,947 | -€10,668 | -4.0% |
| Distributable reserves | 133 | €493,257 | €341,139 | -€152,118 | -30.8% |
| Profit (loss) carried forward | 14 | -€502,015 | €0 | +€502,015 | |
| Investment grants | 15 | €121,578 | €97,789 | -€23,789 | -19.6% |
| Provisions and deferred taxes | 16 | €54,934 | €73,101 | +€18,167 | +33.1% |
| Provisions for liabilities and charges | 160/5 | - | €23,660 | +€23,660 | |
| Major repairs and maintenance | 162 | - | €23,660 | +€23,660 | |
| Deferred taxes | 168 | €54,934 | €49,441 | -€5,493 | -10.0% |
| Amounts payable | 17/49 | €18,367,809 | €14,752,830 | -€3.6m | -19.7% |
| Amounts payable after more than one year | 17 | €9,879,916 | €8,977,697 | -€902,218 | -9.1% |
| Financial debts | 170/4 | €9,879,916 | €7,727,697 | -€2.2m | -21.8% |
| Subordinated loans | 170 | €1,047,062 | €643,200 | -€403,862 | -38.6% |
| Leasing and similar obligations | 172 | €233,364 | €112,535 | -€120,829 | -51.8% |
| Credit institutions | 173 | €8,539,489 | €6,971,962 | -€1.6m | -18.4% |
| Other loans | 174 | €60,000 | €0 | -€60,000 | -100% |
| Other amounts payable | 178/9 | €0 | €1,250,000 | +€1.3m | |
| Amounts payable within one year | 42/48 | €8,449,531 | €5,737,415 | -€2.7m | -32.1% |
| Current portion of amounts payable after more than one year | 42 | €2,290,940 | €2,075,004 | -€215,936 | -9.4% |
| Financial debts | 43 | €1,248,739 | €0 | -€1.2m | -100% |
| Credit institutions | 430/8 | €1,248,739 | €0 | -€1.2m | -100% |
| Trade debts | 44 | €1,423,474 | €493,359 | -€930,114 | -65.3% |
| Suppliers | 440/4 | €1,423,474 | €493,359 | -€930,114 | -65.3% |
| Taxes, remuneration and social security | 45 | €1,133,439 | €809,525 | -€323,915 | -28.6% |
| Taxes | 450/3 | €227,921 | €256,938 | +€29,016 | +12.7% |
| Remuneration and social security | 454/9 | €905,518 | €552,587 | -€352,931 | -39.0% |
| Other amounts payable | 47/48 | €2,352,939 | €2,359,528 | +€6,589 | +0.3% |
| Accrued charges and deferred income | 492/3 | €38,363 | €37,718 | -€645 | -1.7% |
| Operating income | 70/76A | €20,878,349 | €19,525,619 | -€1.4m | -6.5% |
| Turnover | 70 | €19,196,721 | €18,795,473 | -€401,247 | -2.1% |
| Other operating income | 74 | €811,313 | €699,352 | -€111,961 | -13.8% |
| Non-recurring operating income | 76A | €870,316 | €30,794 | -€839,521 | -96.5% |
| Operating charges | 60/66A | €20,339,200 | €18,662,089 | -€1.7m | -8.2% |
| Goods for resale, raw materials and consumables | 60 | €4,859,680 | €4,795,168 | -€64,512 | -1.3% |
| Purchases | 600/8 | €4,386,197 | €5,142,164 | +€755,967 | +17.2% |
| Change in stocks: decrease (increase) | 609 | €473,483 | -€346,996 | -€820,479 | |
| Services and other goods | 61 | €5,157,838 | €4,799,723 | -€358,115 | -6.9% |
| Remuneration, social security and pensions | 62 | €7,201,361 | €6,555,789 | -€645,572 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,730,047 | €2,294,238 | -€435,809 | -16.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €54,571 | -€220,137 | -€274,708 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €23,660 | +€23,660 | |
| Other operating charges | 640/8 | €137,626 | €372,203 | +€234,577 | +170% |
| Non-recurring operating charges | 66A | €198,077 | €41,445 | -€156,632 | -79.1% |
| Operating profit (loss) | 9901 | €539,149 | €863,530 | +€324,381 | +60.2% |
| Financial income | 75/76B | €64,882 | €30,602 | -€34,280 | -52.8% |
| Recurring financial income | 75 | €53,276 | €30,602 | -€22,674 | -42.6% |
| Income from financial fixed assets | 750 | €13,184 | €6,503 | -€6,682 | -50.7% |
| Income from current assets | 751 | €16,258 | €0 | -€16,258 | -100% |
| Other financial income | 752/9 | €23,833 | €24,099 | +€266 | +1.1% |
| Non-recurring financial income | 76B | €11,606 | €0 | -€11,606 | -100% |
| Financial charges | 65/66B | €575,405 | €357,307 | -€218,097 | -37.9% |
| Recurring financial charges | 65 | €569,576 | €286,787 | -€282,789 | -49.6% |
| Debt charges | 650 | €513,735 | €264,106 | -€249,629 | -48.6% |
| Other financial charges | 652/9 | €55,841 | €22,681 | -€33,160 | -59.4% |
| Non-recurring financial charges | 66B | €5,829 | €70,521 | +€64,692 | +1,110% |
| Profit (loss) for the period before taxes | 9903 | €28,626 | €536,825 | +€508,198 | +1,775% |
| Transfer from deferred taxes | 780 | €76,378 | €5,493 | -€70,885 | -92.8% |
| Income taxes | 67/77 | €1,998 | €23,090 | +€21,092 | +1,056% |
| Taxes | 670/3 | €2,779 | €23,090 | +€20,311 | +731% |
| Tax adjustments and reversals of tax provisions | 77 | €781 | €0 | -€781 | -100% |
| Profit (loss) for the period | 9904 | €103,006 | €519,228 | +€416,222 | +404% |
| Transfer from tax-exempt reserves | 789 | €148,329 | €10,668 | -€137,661 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €251,336 | €529,897 | +€278,561 | +111% |
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 13 October 2026 via checked.be.