L'AVENIR: 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.
L'AVENIR
Largest movements
- Stocks and contracts -€327,154
down €327,154 (-17.3%), from €1.9m to €1.6m
- Cash +€198,844
up €198,844 (+54.1%), from €367,548 to €566,392
mainly Stocks and contracts (+€327,154) and Receivables within one year (+€178,967)
- Receivables within one year -€178,967
down €178,967 (-64.4%), from €277,976 to €99,009
of which Trade receivables: -€209,146
- Trade debts -€347,633
down €347,633 (-37.0%), from €938,737 to €591,105
- Tax, wage and social debts -€121,538
down €121,538 (-77.4%), from €157,122 to €35,584
of which Taxes: -€115,147
- Reserves +€111,900
up €111,900 (+17.3%), from €646,459 to €758,359
of which Distributable reserves: +€111,900
- Other debts +€49,563
up €49,563 (+34.9%), from €141,955 to €191,518
- Gross operating margin -€152,152
down €152,152 (-23.5%), from €648,227 to €496,075
- Taxes -€44,874
down €44,874 (-48.6%), from €92,397 to €47,522
- Provisions -€13,000
new in 2025: -€13,000
- Other operating charges +€9,383
up €9,383 (+101%), from €9,262 to €18,645
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 | €2,642,316 | €2,319,066 | -€323,250 | -12.2% |
| Fixed assets | 21/28 | €106,613 | €90,640 | -€15,973 | -15.0% |
| Tangible fixed assets | 22/27 | €102,550 | €83,337 | -€19,214 | -18.7% |
| Land and buildings | 22 | €87,761 | €71,607 | -€16,154 | -18.4% |
| Plant, machinery and equipment | 23 | €14,789 | €11,729 | -€3,060 | -20.7% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €4,063 | €7,304 | +€3,241 | +79.8% |
| Current assets | 29/58 | €2,535,703 | €2,228,426 | -€307,277 | -12.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €1,890,179 | €1,563,025 | -€327,154 | -17.3% |
| Stocks | 30/36 | €1,890,179 | €1,563,025 | -€327,154 | -17.3% |
| Amounts receivable within one year | 40/41 | €277,976 | €99,009 | -€178,967 | -64.4% |
| Trade receivables | 40 | €277,976 | €68,830 | -€209,146 | -75.2% |
| Other amounts receivable | 41 | €0 | €30,179 | +€30,179 | |
| Cash at bank and in hand | 54/58 | €367,548 | €566,392 | +€198,844 | +54.1% |
| Total equity and liabilities | 10/49 | €2,642,316 | €2,319,066 | -€323,250 | -12.2% |
| Equity | 10/15 | €1,311,959 | €1,423,859 | +€111,900 | +8.5% |
| Contributions | 10/11 | €665,500 | €665,500 | = | 0.0% |
| Capital | 10 | €665,500 | €665,500 | = | 0.0% |
| Issued capital | 100 | €665,500 | €665,500 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €646,459 | €758,359 | +€111,900 | +17.3% |
| Non-distributable reserves | 130/1 | €66,550 | €66,550 | = | 0.0% |
| Legal reserve | 130 | €66,550 | €66,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €569,909 | €681,809 | +€111,900 | +19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €90,000 | €77,000 | -€13,000 | -14.4% |
| Provisions for liabilities and charges | 160/5 | €90,000 | €77,000 | -€13,000 | -14.4% |
| Major repairs and maintenance | 162 | €90,000 | €77,000 | -€13,000 | -14.4% |
| Amounts payable | 17/49 | €1,240,357 | €818,206 | -€422,150 | -34.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,240,357 | €818,206 | -€422,150 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €2,543 | €0 | -€2,543 | -100% |
| Trade debts | 44 | €938,737 | €591,105 | -€347,633 | -37.0% |
| Suppliers | 440/4 | €938,737 | €591,105 | -€347,633 | -37.0% |
| Taxes, remuneration and social security | 45 | €157,122 | €35,584 | -€121,538 | -77.4% |
| Taxes | 450/3 | €118,150 | €3,003 | -€115,147 | -97.5% |
| Remuneration and social security | 454/9 | €38,972 | €32,581 | -€6,391 | -16.4% |
| Other amounts payable | 47/48 | €141,955 | €191,518 | +€49,563 | +34.9% |
| Non-recurring operating income | 76A | - | €3,939 | +€3,939 | |
| Remuneration, social security and pensions | 62 | €240,257 | €239,582 | -€675 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,699 | €19,214 | -€485 | -2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€13,000 | -€13,000 | |
| Other operating charges | 640/8 | €9,262 | €18,645 | +€9,383 | +101% |
| Gross operating margin | 9900 | €648,227 | €496,075 | -€152,152 | -23.5% |
| Operating profit (loss) | 9901 | €379,010 | €231,635 | -€147,375 | -38.9% |
| Financial income | 75/76B | €607 | €1,311 | +€704 | +116% |
| Recurring financial income | 75 | €607 | €1,311 | +€704 | +116% |
| Financial charges | 65/66B | €13,440 | €13,523 | +€83 | +0.6% |
| Recurring financial charges | 65 | €13,440 | €13,523 | +€83 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €366,177 | €219,422 | -€146,754 | -40.1% |
| Income taxes | 67/77 | €92,397 | €47,522 | -€44,874 | -48.6% |
| Profit (loss) for the period | 9904 | €273,780 | €171,900 | -€101,880 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €273,780 | €171,900 | -€101,880 | -37.2% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.