ANSA: 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.
ANSA
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+16.0%), from €8.0m to €9.3m
of which Assets under construction and advance payments: +€733,964
- Current investments -€1.0m
down €1.0m (-23.2%), from €4.5m to €3.5m
- Financial fixed assets +€335,262
up €335,262 (+14.9%), from €2.3m to €2.6m
- Receivables within one year -€308,079
down €308,079 (-67.1%), from €459,438 to €151,359
of which Trade receivables: -€317,457
- Cash +€264,481
up €264,481 (+38.8%), from €681,860 to €946,341
mainly Current investments (+€1.0m) and Net result for the year (+€560,237)
- Profit (loss) carried forward +€281,154
up €281,154 (+8.3%), from €3.4m to €3.7m
- Reserves +€279,083
up €279,083 (+6.6%), from €4.2m to €4.5m
of which Tax-exempt reserves: +€264,286
- Trade debts -€221,646
down €221,646 (-98.1%), from €226,021 to €4,375
- Gross operating margin -€4.5m
down €4.5m (-90.4%), from €4.9m to €473,278
- Financial income +€265,444
up €265,444 (+96.2%), from €276,030 to €541,474
of which Non-recurring financial income: +€292,993
- Other operating charges -€54,987
down €54,987 (-54.5%), from €100,828 to €45,840
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 | €18,880,243 | €19,364,280 | +€484,037 | +2.6% |
| Fixed assets | 21/28 | €10,271,040 | €11,886,635 | +€1.6m | +15.7% |
| Tangible fixed assets | 22/27 | €8,021,040 | €9,301,373 | +€1.3m | +16.0% |
| Land and buildings | 22 | €7,279,176 | €7,827,702 | +€548,527 | +7.5% |
| Furniture and vehicles | 24 | €6,459 | €4,301 | -€2,158 | -33.4% |
| Assets under construction and advance payments | 27 | €735,405 | €1,469,370 | +€733,964 | +99.8% |
| Financial fixed assets | 28 | €2,250,000 | €2,585,262 | +€335,262 | +14.9% |
| Current assets | 29/58 | €8,609,203 | €7,477,645 | -€1.1m | -13.1% |
| Amounts receivable after more than one year | 29 | €2,855,000 | €2,855,000 | = | 0.0% |
| Other amounts receivable | 291 | €2,855,000 | €2,855,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €459,438 | €151,359 | -€308,079 | -67.1% |
| Trade receivables | 40 | €402,215 | €84,758 | -€317,457 | -78.9% |
| Other amounts receivable | 41 | €57,223 | €66,601 | +€9,378 | +16.4% |
| Current investments | 50/53 | €4,521,006 | €3,471,771 | -€1.0m | -23.2% |
| Cash at bank and in hand | 54/58 | €681,860 | €946,341 | +€264,481 | +38.8% |
| Deferred charges and accrued income | 490/1 | €91,898 | €53,173 | -€38,725 | -42.1% |
| Total equity and liabilities | 10/49 | €18,880,243 | €19,364,280 | +€484,037 | +2.6% |
| Equity | 10/15 | €13,820,305 | €14,380,542 | +€560,237 | +4.1% |
| Contributions | 10/11 | €6,200,911 | €6,200,911 | = | 0.0% |
| Capital | 10 | €6,200,561 | €6,200,561 | = | 0.0% |
| Issued capital | 100 | €6,200,561 | €6,200,561 | = | 0.0% |
| Contributions outside capital | 11 | €351 | €351 | = | 0.0% |
| Share premium | 1100/10 | €351 | €351 | = | 0.0% |
| Reserves | 13 | €4,223,891 | €4,502,974 | +€279,083 | +6.6% |
| Non-distributable reserves | 130/1 | €553,057 | €567,854 | +€14,798 | +2.7% |
| Legal reserve | 130 | €553,057 | €567,854 | +€14,798 | +2.7% |
| Tax-exempt reserves | 132 | €3,504,565 | €3,768,851 | +€264,286 | +7.5% |
| Distributable reserves | 133 | €166,270 | €166,270 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,395,502 | €3,676,656 | +€281,154 | +8.3% |
| Provisions and deferred taxes | 16 | €1,168,188 | €1,157,182 | -€11,007 | -0.9% |
| Deferred taxes | 168 | €1,168,188 | €1,157,182 | -€11,007 | -0.9% |
| Amounts payable | 17/49 | €3,891,750 | €3,826,556 | -€65,194 | -1.7% |
| Amounts payable after more than one year | 17 | €660,954 | €660,954 | = | 0.0% |
| Financial debts | 170/4 | €660,954 | €660,954 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,952,045 | €2,886,672 | -€65,373 | -2.2% |
| Financial debts | 43 | €1,867 | €1,625 | -€242 | -13.0% |
| Credit institutions | 430/8 | €1,867 | €1,625 | -€242 | -13.0% |
| Trade debts | 44 | €226,021 | €4,375 | -€221,646 | -98.1% |
| Suppliers | 440/4 | €226,021 | €4,375 | -€221,646 | -98.1% |
| Taxes, remuneration and social security | 45 | €14,952 | €64,675 | +€49,723 | +333% |
| Taxes | 450/3 | €14,952 | €64,675 | +€49,723 | +333% |
| Other amounts payable | 47/48 | €2,709,204 | €2,815,997 | +€106,793 | +3.9% |
| Accrued charges and deferred income | 492/3 | €278,751 | €278,930 | +€179 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,108 | €215,405 | +€23,297 | +12.1% |
| Other operating charges | 640/8 | €100,828 | €45,840 | -€54,987 | -54.5% |
| Non-recurring operating charges | 66A | €1,236 | €885 | -€351 | -28.4% |
| Gross operating margin | 9900 | €4,949,406 | €473,278 | -€4.5m | -90.4% |
| Operating profit (loss) | 9901 | €4,655,235 | €211,147 | -€4.4m | -95.5% |
| Financial income | 75/76B | €276,030 | €541,474 | +€265,444 | +96.2% |
| Recurring financial income | 75 | €276,030 | €248,481 | -€27,549 | -10.0% |
| Non-recurring financial income | 76B | - | €292,993 | +€292,993 | |
| Financial charges | 65/66B | €219,644 | €202,560 | -€17,084 | -7.8% |
| Recurring financial charges | 65 | €219,644 | €202,560 | -€17,084 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | €4,711,621 | €550,061 | -€4.2m | -88.3% |
| Transfer from deferred taxes | 780 | €4,094 | €11,007 | +€6,913 | +169% |
| Transfer to deferred taxes | 680 | €1,126,771 | €0 | -€1.1m | -100% |
| Income taxes | 67/77 | €857 | €831 | -€27 | -3.1% |
| Profit (loss) for the period | 9904 | €3,588,087 | €560,237 | -€3.0m | -84.4% |
| Transfer from tax-exempt reserves | 789 | €12,282 | €28,708 | +€16,425 | +134% |
| Transfer to tax-exempt reserves | 689 | €3,380,313 | €292,993 | -€3.1m | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €220,057 | €295,952 | +€75,895 | +34.5% |
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 26 October 2026 via checked.be.