ANCO: 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.
ANCO
Largest movements
- Stocks and contracts +€166,128
up €166,128 (+17.7%), from €938,522 to €1.1m
- Cash +€32,585
up €32,585 (+61.4%), from €53,042 to €85,626
mainly Net result for the year (+€223,076) and Tax, wage and social debts (+€36,930)
- Deferred charges and accrued income +€13,341
up €13,341 (+62,928%), from €21 to €13,362
- Reserves +€174,655
up €174,655 (+19.4%), from €898,590 to €1.1m
- Tax, wage and social debts +€36,930
up €36,930 (+39.2%), from €94,157 to €131,087
of which Taxes: +€35,289
- Gross operating margin +€71,384
up €71,384 (+22.1%), from €322,510 to €393,894
- Taxes +€18,224
up €18,224 (+21.6%), from €84,209 to €102,433
- Other operating charges +€9,194
up €9,194 (+114%), from €8,098 to €17,292
- Staff costs +€7,969
up €7,969 (+22.9%), from €34,770 to €42,738
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 | €1,042,535 | €1,239,313 | +€196,778 | +18.9% |
| Fixed assets | 21/28 | €17,621 | €13,685 | -€3,936 | -22.3% |
| Tangible fixed assets | 22/27 | €17,171 | €13,235 | -€3,936 | -22.9% |
| Plant, machinery and equipment | 23 | €883 | €2,022 | +€1,139 | +129% |
| Furniture and vehicles | 24 | €9,286 | €4,944 | -€4,342 | -46.8% |
| Other tangible fixed assets | 26 | €7,002 | €6,269 | -€733 | -10.5% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €1,024,914 | €1,225,629 | +€200,714 | +19.6% |
| Stocks and contracts in progress | 3 | €938,522 | €1,104,650 | +€166,128 | +17.7% |
| Stocks | 30/36 | €938,522 | €1,104,650 | +€166,128 | +17.7% |
| Amounts receivable within one year | 40/41 | €33,329 | €21,990 | -€11,339 | -34.0% |
| Trade receivables | 40 | €2,334 | €6,421 | +€4,086 | +175% |
| Other amounts receivable | 41 | €30,995 | €15,570 | -€15,425 | -49.8% |
| Cash at bank and in hand | 54/58 | €53,042 | €85,626 | +€32,585 | +61.4% |
| Deferred charges and accrued income | 490/1 | €21 | €13,362 | +€13,341 | +62,928% |
| Total equity and liabilities | 10/49 | €1,042,535 | €1,239,313 | +€196,778 | +18.9% |
| Equity | 10/15 | €904,790 | €1,079,445 | +€174,655 | +19.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €898,590 | €1,073,245 | +€174,655 | +19.4% |
| Distributable reserves | 133 | €898,590 | €1,073,245 | +€174,655 | +19.4% |
| Amounts payable | 17/49 | €137,745 | €159,868 | +€22,124 | +16.1% |
| Amounts payable within one year | 42/48 | €137,745 | €158,691 | +€20,946 | +15.2% |
| Financial debts | 43 | €2,090 | €4,354 | +€2,264 | +108% |
| Credit institutions | 430/8 | €2,090 | €4,354 | +€2,264 | +108% |
| Trade debts | 44 | €3,845 | €3,250 | -€595 | -15.5% |
| Suppliers | 440/4 | €3,845 | €3,250 | -€595 | -15.5% |
| Advances received on contracts in progress | 46 | €30,000 | €20,000 | -€10,000 | -33.3% |
| Taxes, remuneration and social security | 45 | €94,157 | €131,087 | +€36,930 | +39.2% |
| Taxes | 450/3 | €88,094 | €123,382 | +€35,289 | +40.1% |
| Remuneration and social security | 454/9 | €6,064 | €7,705 | +€1,641 | +27.1% |
| Other amounts payable | 47/48 | €7,653 | - | -€7,653 | |
| Accrued charges and deferred income | 492/3 | - | €1,177 | +€1,177 | |
| Non-recurring operating income | 76A | €808 | - | -€808 | |
| Remuneration, social security and pensions | 62 | €34,770 | €42,738 | +€7,969 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,266 | €6,808 | +€542 | +8.6% |
| Other operating charges | 640/8 | €8,098 | €17,292 | +€9,194 | +114% |
| Gross operating margin | 9900 | €322,510 | €393,894 | +€71,384 | +22.1% |
| Operating profit (loss) | 9901 | €273,376 | €327,055 | +€53,680 | +19.6% |
| Financial income | 75/76B | €8 | €1 | -€7 | -88.1% |
| Recurring financial income | 75 | €8 | €1 | -€7 | -88.1% |
| Financial charges | 65/66B | €2,561 | €1,548 | -€1,014 | -39.6% |
| Recurring financial charges | 65 | €2,561 | €1,548 | -€1,014 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €270,823 | €325,509 | +€54,686 | +20.2% |
| Income taxes | 67/77 | €84,209 | €102,433 | +€18,224 | +21.6% |
| Profit (loss) for the period | 9904 | €186,614 | €223,076 | +€36,462 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €186,614 | €223,076 | +€36,462 | +19.5% |
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 14 October 2026 via checked.be.