AVIGAUF: 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.
AVIGAUF
Largest movements
- Cash -€17,624
down €17,624 (-11.9%), from €148,075 to €130,451
mainly Contributions, distributions and other (-€88,770) and Investment in fixed assets (net) (-€64,281)
- Receivables within one year -€8,497
down €8,497 (-29.1%), from €29,185 to €20,688
of which Other amounts receivable: -€6,199
- Tangible fixed assets +€3,973
up €3,973 (+2.0%), from €201,547 to €205,520
of which Land and buildings: +€22,316
- Deferred charges and accrued income -€3,911
down €3,911 (-52.6%), from €7,442 to €3,531
- Reserves -€82,170
down €82,170 (-30.4%), from €270,567 to €188,397
of which Distributable reserves: -€81,097
- Other debts +€30,870
up €30,870 (+53.3%), from €57,900 to €88,770
- Debts after one year +€22,977
up €22,977 (+77.5%), from €29,643 to €52,620
- Gross operating margin +€10,754
up €10,754 (+14.9%), from €72,184 to €82,938
- Depreciation +€6,429
up €6,429 (+11.9%), from €53,878 to €60,307
- Taxes +€872
up €872 (+25.7%), from €3,391 to €4,263
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.
Cash bridge derived
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 | €386,248 | €360,190 | -€26,059 | -6.7% |
| Fixed assets | 21/28 | €201,547 | €205,520 | +€3,973 | +2.0% |
| Tangible fixed assets | 22/27 | €201,547 | €205,520 | +€3,973 | +2.0% |
| Land and buildings | 22 | €175,631 | €197,947 | +€22,316 | +12.7% |
| Plant, machinery and equipment | 23 | €933 | €668 | -€265 | -28.4% |
| Furniture and vehicles | 24 | €24,982 | €6,905 | -€18,078 | -72.4% |
| Current assets | 29/58 | €184,702 | €154,670 | -€30,032 | -16.3% |
| Amounts receivable within one year | 40/41 | €29,185 | €20,688 | -€8,497 | -29.1% |
| Trade receivables | 40 | €22,987 | €20,688 | -€2,299 | -10.0% |
| Other amounts receivable | 41 | €6,199 | €0 | -€6,199 | -100.0% |
| Cash at bank and in hand | 54/58 | €148,075 | €130,451 | -€17,624 | -11.9% |
| Deferred charges and accrued income | 490/1 | €7,442 | €3,531 | -€3,911 | -52.6% |
| Total equity and liabilities | 10/49 | €386,248 | €360,190 | -€26,059 | -6.7% |
| Equity | 10/15 | €287,209 | €205,039 | -€82,170 | -28.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €270,567 | €188,397 | -€82,170 | -30.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,328 | €5,255 | -€1,073 | -17.0% |
| Distributable reserves | 133 | €262,239 | €181,142 | -€81,097 | -30.9% |
| Profit (loss) carried forward | 14 | -€3,358 | -€3,358 | = | 0.0% |
| Amounts payable | 17/49 | €99,040 | €155,151 | +€56,112 | +56.7% |
| Amounts payable after more than one year | 17 | €29,643 | €52,620 | +€22,977 | +77.5% |
| Other amounts payable | 178/9 | €29,643 | €52,620 | +€22,977 | +77.5% |
| Amounts payable within one year | 42/48 | €68,704 | €101,734 | +€33,030 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,114 | €876 | -€238 | -21.4% |
| Suppliers | 440/4 | €1,114 | €876 | -€238 | -21.4% |
| Taxes, remuneration and social security | 45 | €9,690 | €12,088 | +€2,398 | +24.7% |
| Taxes | 450/3 | €9,690 | €12,088 | +€2,398 | +24.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €57,900 | €88,770 | +€30,870 | +53.3% |
| Accrued charges and deferred income | 492/3 | €693 | €798 | +€105 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,878 | €60,307 | +€6,429 | +11.9% |
| Other operating charges | 640/8 | €8,688 | €8,795 | +€107 | +1.2% |
| Gross operating margin | 9900 | €72,184 | €82,938 | +€10,754 | +14.9% |
| Operating profit (loss) | 9901 | €9,617 | €13,836 | +€4,218 | +43.9% |
| Financial income | 75/76B | €490 | €499 | +€9 | +1.8% |
| Recurring financial income | 75 | €490 | €499 | +€9 | +1.8% |
| Financial charges | 65/66B | €3,532 | €3,472 | -€60 | -1.7% |
| Recurring financial charges | 65 | €3,532 | €3,472 | -€60 | -1.7% |
| Profit (loss) for the period before taxes | 9903 | €6,575 | €10,862 | +€4,287 | +65.2% |
| Income taxes | 67/77 | €3,391 | €4,263 | +€872 | +25.7% |
| Profit (loss) for the period | 9904 | €3,185 | €6,600 | +€3,415 | +107.2% |
| Transfer from tax-exempt reserves | 789 | €1,073 | €1,073 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,257 | €7,673 | +€3,415 | +80.2% |
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 12 October 2026 via checked.be.