ANTONSEN: 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.
ANTONSEN
Largest movements
- Stocks and contracts -€82,316
down €82,316 (-25.5%), from €323,413 to €241,097
- Tangible fixed assets -€34,860
down €34,860 (-14.9%), from €233,801 to €198,941
of which Plant, machinery and equipment: -€21,346
- Receivables within one year +€21,679
up €21,679 (+33.3%), from €65,011 to €86,690
of which Other amounts receivable: +€22,631
- Cash +€17,095
up €17,095 (+6.8%), from €250,332 to €267,427
mainly Debts after one year (+€94,991) and Stocks and contracts (+€82,316)
- Trade debts -€103,504
down €103,504 (-99.0%), from €104,565 to €1,060
- Debts after one year +€94,991
up €94,991 (+499%), from €19,035 to €114,026
- Other debts -€70,000
down €70,000 (-70.0%), from €100,000 to €30,000
- Gross operating margin -€45,035
down €45,035 (-10.6%), from €423,771 to €378,736
- Financial charges +€6,035
up €6,035 (+152%), from €3,962 to €9,997
- Staff costs +€5,746
up €5,746 (+2.1%), from €268,771 to €274,517
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 | €874,724 | €798,981 | -€75,743 | -8.7% |
| Fixed assets | 21/28 | €233,883 | €199,023 | -€34,860 | -14.9% |
| Tangible fixed assets | 22/27 | €233,801 | €198,941 | -€34,860 | -14.9% |
| Plant, machinery and equipment | 23 | €199,282 | €177,936 | -€21,346 | -10.7% |
| Furniture and vehicles | 24 | €9,658 | €2,567 | -€7,091 | -73.4% |
| Leasing and similar rights | 25 | €23,751 | €18,438 | -€5,314 | -22.4% |
| Other tangible fixed assets | 26 | €1,109 | - | -€1,109 | |
| Financial fixed assets | 28 | €82 | €82 | = | 0.0% |
| Current assets | 29/58 | €640,841 | €599,958 | -€40,883 | -6.4% |
| Stocks and contracts in progress | 3 | €323,413 | €241,097 | -€82,316 | -25.5% |
| Stocks | 30/36 | €323,413 | €241,097 | -€82,316 | -25.5% |
| Amounts receivable within one year | 40/41 | €65,011 | €86,690 | +€21,679 | +33.3% |
| Trade receivables | 40 | €59,398 | €58,446 | -€952 | -1.6% |
| Other amounts receivable | 41 | €5,613 | €28,244 | +€22,631 | +403% |
| Cash at bank and in hand | 54/58 | €250,332 | €267,427 | +€17,095 | +6.8% |
| Deferred charges and accrued income | 490/1 | €2,086 | €4,744 | +€2,658 | +127% |
| Total equity and liabilities | 10/49 | €874,724 | €798,981 | -€75,743 | -8.7% |
| Equity | 10/15 | €617,615 | €612,687 | -€4,927 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,161 | €1,161 | = | 0.0% |
| Reserves | 13 | €597,854 | €592,926 | -€4,927 | -0.8% |
| Non-distributable reserves | 130/1 | €8,122 | €8,122 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,122 | €8,122 | = | 0.0% |
| Distributable reserves | 133 | €589,732 | €584,805 | -€4,927 | -0.8% |
| Amounts payable | 17/49 | €257,109 | €186,293 | -€70,816 | -27.5% |
| Amounts payable after more than one year | 17 | €19,035 | €114,026 | +€94,991 | +499% |
| Financial debts | 170/4 | €19,035 | €114,026 | +€94,991 | +499% |
| Amounts payable within one year | 42/48 | €238,074 | €72,267 | -€165,807 | -69.6% |
| Current portion of amounts payable after more than one year | 42 | €4,813 | €5,009 | +€196 | +4.1% |
| Trade debts | 44 | €104,565 | €1,060 | -€103,504 | -99.0% |
| Suppliers | 440/4 | €104,565 | €1,060 | -€103,504 | -99.0% |
| Taxes, remuneration and social security | 45 | €28,696 | €36,198 | +€7,502 | +26.1% |
| Taxes | 450/3 | €6,462 | €13,606 | +€7,144 | +111% |
| Remuneration and social security | 454/9 | €22,234 | €22,592 | +€358 | +1.6% |
| Other amounts payable | 47/48 | €100,000 | €30,000 | -€70,000 | -70.0% |
| Non-recurring operating income | 76A | - | €63,308 | +€63,308 | |
| Remuneration, social security and pensions | 62 | €268,771 | €274,517 | +€5,746 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,598 | €36,382 | +€2,785 | +8.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,265 | +€1,265 | |
| Other operating charges | 640/8 | €2,388 | €2,338 | -€50 | -2.1% |
| Gross operating margin | 9900 | €423,771 | €378,736 | -€45,035 | -10.6% |
| Operating profit (loss) | 9901 | €119,015 | €64,234 | -€54,780 | -46.0% |
| Financial income | 75/76B | €4,271 | €3,350 | -€920 | -21.6% |
| Recurring financial income | 75 | €4,071 | €3,350 | -€720 | -17.7% |
| Non-recurring financial income | 76B | €200 | - | -€200 | |
| Financial charges | 65/66B | €3,962 | €9,997 | +€6,035 | +152% |
| Recurring financial charges | 65 | €3,962 | €9,997 | +€6,035 | +152% |
| Profit (loss) for the period before taxes | 9903 | €119,324 | €57,588 | -€61,736 | -51.7% |
| Income taxes | 67/77 | €4,653 | €7,515 | +€2,862 | +61.5% |
| Profit (loss) for the period | 9904 | €114,670 | €50,073 | -€64,598 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €114,670 | €50,073 | -€64,598 | -56.3% |
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 25 October 2026 via checked.be.