V. ANTOINE: 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.
V. ANTOINE
Largest movements
- Cash -€80,075
down €80,075 (-40.1%), from €199,453 to €119,379
mainly Contributions, distributions and other (-€111,238) and Receivables within one year (-€60,213)
- Receivables within one year +€60,213
up €60,213 (+139%), from €43,240 to €103,453
of which Other amounts receivable: +€96,625
- Reserves -€50,517
down €50,517 (-33.0%), from €152,935 to €102,418
- Other debts +€31,460
up €31,460 (+48.7%), from €64,563 to €96,022
- Gross operating margin +€4,552
up €4,552 (+4.2%), from €109,450 to €114,001
- Financial income -€3,639
down €3,639 (-96.5%), from €3,770 to €132
- Staff costs +€1,420
up €1,420 (+4.2%), from €33,841 to €35,261
- Depreciation +€1,372
up €1,372 (+185%), from €743 to €2,115
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 | €250,648 | €230,354 | -€20,294 | -8.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €5,023 | €5,055 | +€32 | +0.6% |
| Tangible fixed assets | 22/27 | €5,023 | €5,055 | +€32 | +0.6% |
| Furniture and vehicles | 24 | €2,236 | €3,251 | +€1,015 | +45.4% |
| Leasing and similar rights | 25 | €2,787 | €1,804 | -€984 | -35.3% |
| Current assets | 29/58 | €245,625 | €225,299 | -€20,326 | -8.3% |
| Amounts receivable within one year | 40/41 | €43,240 | €103,453 | +€60,213 | +139% |
| Trade receivables | 40 | €38,626 | €2,214 | -€36,412 | -94.3% |
| Other amounts receivable | 41 | €4,614 | €101,239 | +€96,625 | +2,094% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €199,453 | €119,379 | -€80,075 | -40.1% |
| Deferred charges and accrued income | 490/1 | €2,932 | €2,467 | -€465 | -15.8% |
| Total equity and liabilities | 10/49 | €250,648 | €230,354 | -€20,294 | -8.1% |
| Equity | 10/15 | €158,935 | €108,418 | -€50,517 | -31.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €152,935 | €102,418 | -€50,517 | -33.0% |
| Distributable reserves | 133 | €152,935 | €102,418 | -€50,517 | -33.0% |
| Amounts payable | 17/49 | €91,712 | €121,936 | +€30,223 | +33.0% |
| Amounts payable after more than one year | 17 | €1,864 | €870 | -€994 | -53.3% |
| Financial debts | 170/4 | €1,864 | €870 | -€994 | -53.3% |
| Amounts payable within one year | 42/48 | €89,848 | €121,066 | +€31,218 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €936 | €994 | +€58 | +6.2% |
| Trade debts | 44 | €1,062 | €850 | -€212 | -19.9% |
| Suppliers | 440/4 | €1,062 | €850 | -€212 | -19.9% |
| Taxes, remuneration and social security | 45 | €23,287 | €23,199 | -€88 | -0.4% |
| Taxes | 450/3 | €11,895 | €11,477 | -€419 | -3.5% |
| Remuneration and social security | 454/9 | €11,392 | €11,722 | +€330 | +2.9% |
| Other amounts payable | 47/48 | €64,563 | €96,022 | +€31,460 | +48.7% |
| Remuneration, social security and pensions | 62 | €33,841 | €35,261 | +€1,420 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €743 | €2,115 | +€1,372 | +185% |
| Other operating charges | 640/8 | €387 | €665 | +€277 | +71.6% |
| Gross operating margin | 9900 | €109,450 | €114,001 | +€4,552 | +4.2% |
| Operating profit (loss) | 9901 | €74,478 | €75,960 | +€1,482 | +2.0% |
| Financial income | 75/76B | €3,770 | €132 | -€3,639 | -96.5% |
| Recurring financial income | 75 | €3,770 | €132 | -€3,639 | -96.5% |
| Financial charges | 65/66B | €551 | €610 | +€60 | +10.8% |
| Recurring financial charges | 65 | €551 | €610 | +€60 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €77,697 | €75,481 | -€2,216 | -2.9% |
| Income taxes | 67/77 | €15,054 | €14,761 | -€293 | -1.9% |
| Profit (loss) for the period | 9904 | €62,643 | €60,720 | -€1,923 | -3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €62,643 | €60,720 | -€1,923 | -3.1% |
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 15 October 2026 via checked.be.