A.A. GROUP: 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.
What changed
A.A. GROUP
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€582,207
2024 · -€101,624+€683,831
Equity
€1.9m
2024 · €989,293+€935,207
Cash
€25,679
2024 · €10,852+€14,826
Balance sheet total
€4.3m
2024 · €3.2m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€1.4m
up €1.4m (+60.4%), from €2.3m to €3.7m
of which Land and buildings: +€1.4m
- Receivables within one year -€495,150
down €495,150 (-58.4%), from €847,284 to €352,134
of which Trade receivables: -€615,824
- Current investments +€200,000
new in 2025: €200,000
Equity and liabilities
- Reserves +€674,703
up €674,703 (+67.7%), from €997,328 to €1.7m
of which Tax-exempt reserves: +€674,703
- Revaluation surpluses +€353,000
new in 2025: €353,000
- Short-term financial debts -€350,000
down €350,000 (-56.6%), from €618,000 to €268,000
of which Other loans: -€200,000
- Debts after one year +€344,570
up €344,570 (+30.5%), from €1.1m to €1.5m
- Provisions +€220,004
up €220,004 (+58.9%), from €373,218 to €593,222
Income statement
- Gross operating margin +€977,031
up €977,031 (+2953.0%), from €33,087 to €1.0m
- Depreciation +€25,658
up €25,658 (+23.4%), from €109,418 to €135,076
- Other operating charges +€19,141
up €19,141 (+139.0%), from €13,774 to €32,915
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.
Result 2024
-€101,624
Gross operating margin
+€977,031
Depreciation
-€25,658
Other operating charges
-€19,141
Financial income
-€1,168
Financial charges
-€4,217
Taxes
-€618
Deferred taxes and other
-€242,397
Result 2025
€582,207
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.
From operations
+€1.4m
Investment
-€1.7m
Financing
+€348,692
Cash 2024
€10,852
From operations (derived)
+€1.4m
Net result for the year
+€582,207
Depreciation
+€135,076
Receivables within one year
+€495,150
Smaller working-capital items
-€1,626
Provisions
+€220,004
Trade debts
-€4,840
Other debts
-€32,190
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.5m
Current investments
-€200,000
Financing
+€348,692
Debts after one year
+€344,570
Current portion of long-term debt
+€1,122
Short-term financial debts
-€350,000
Contributions, distributions and other
+€353,000
Cash 2025
€25,679
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,209,061 | €4,323,201 | +€1.1m | +34.7% |
| Fixed assets | 21/28 | €2,349,450 | €3,742,019 | +€1.4m | +59.3% |
| Tangible fixed assets | 22/27 | €2,307,389 | €3,699,959 | +€1.4m | +60.4% |
| Land and buildings | 22 | €2,263,114 | €3,666,634 | +€1.4m | +62.0% |
| Plant, machinery and equipment | 23 | €18,398 | €16,403 | -€1,995 | -10.8% |
| Furniture and vehicles | 24 | €25,878 | €16,922 | -€8,956 | -34.6% |
| Financial fixed assets | 28 | €42,060 | €42,060 | = | 0.0% |
| Current assets | 29/58 | €859,612 | €581,182 | -€278,429 | -32.4% |
| Amounts receivable within one year | 40/41 | €847,284 | €352,134 | -€495,150 | -58.4% |
| Trade receivables | 40 | €615,994 | €169 | -€615,824 | -100.0% |
| Other amounts receivable | 41 | €231,290 | €351,965 | +€120,674 | +52.2% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €10,852 | €25,679 | +€14,826 | +136.6% |
| Deferred charges and accrued income | 490/1 | €1,475 | €3,370 | +€1,894 | +128.4% |
| Total equity and liabilities | 10/49 | €3,209,061 | €4,323,201 | +€1.1m | +34.7% |
| Equity | 10/15 | €989,293 | €1,924,500 | +€935,207 | +94.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | - | €353,000 | +€353,000 | |
| Reserves | 13 | €997,328 | €1,672,031 | +€674,703 | +67.7% |
| Tax-exempt reserves | 132 | €885,381 | €1,560,084 | +€674,703 | +76.2% |
| Distributable reserves | 133 | €111,947 | €111,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,035 | -€162,531 | -€92,496 | -132.1% |
| Provisions and deferred taxes | 16 | €373,218 | €593,222 | +€220,004 | +58.9% |
| Deferred taxes | 168 | €373,218 | €593,222 | +€220,004 | +58.9% |
| Amounts payable | 17/49 | €1,846,550 | €1,805,480 | -€41,070 | -2.2% |
| Amounts payable after more than one year | 17 | €1,129,439 | €1,474,009 | +€344,570 | +30.5% |
| Financial debts | 170/4 | €1,129,439 | €1,474,009 | +€344,570 | +30.5% |
| Amounts payable within one year | 42/48 | €717,111 | €330,892 | -€386,220 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €54,308 | €55,430 | +€1,122 | +2.1% |
| Financial debts | 43 | €618,000 | €268,000 | -€350,000 | -56.6% |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Other loans | 439 | €468,000 | €268,000 | -€200,000 | -42.7% |
| Trade debts | 44 | €7,884 | €3,044 | -€4,840 | -61.4% |
| Suppliers | 440/4 | €7,884 | €3,044 | -€4,840 | -61.4% |
| Taxes, remuneration and social security | 45 | €4,055 | €3,744 | -€312 | -7.7% |
| Taxes | 450/3 | €4,055 | €3,744 | -€312 | -7.7% |
| Other amounts payable | 47/48 | €32,864 | €674 | -€32,190 | -97.9% |
| Accrued charges and deferred income | 492/3 | - | €579 | +€579 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,418 | €135,076 | +€25,658 | +23.4% |
| Other operating charges | 640/8 | €13,774 | €32,915 | +€19,141 | +139.0% |
| Gross operating margin | 9900 | €33,087 | €1,010,117 | +€977,031 | +2953.0% |
| Operating profit (loss) | 9901 | -€90,106 | €842,126 | +€932,231 | |
| Financial income | 75/76B | €3,173 | €2,005 | -€1,168 | -36.8% |
| Recurring financial income | 75 | €3,173 | €2,005 | -€1,168 | -36.8% |
| Financial charges | 65/66B | €36,837 | €41,054 | +€4,217 | +11.4% |
| Recurring financial charges | 65 | €36,837 | €41,054 | +€4,217 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | -€123,769 | €803,077 | +€926,846 | |
| Transfer from deferred taxes | 780 | €22,393 | €28,658 | +€6,264 | +28.0% |
| Transfer to deferred taxes | 680 | - | €248,661 | +€248,661 | |
| Income taxes | 67/77 | €249 | €867 | +€618 | +247.9% |
| Profit (loss) for the period | 9904 | -€101,624 | €582,207 | +€683,831 | |
| Transfer from tax-exempt reserves | 789 | €52,444 | €71,281 | +€18,838 | +35.9% |
| Transfer to tax-exempt reserves | 689 | - | €745,984 | +€745,984 | |
| Profit (loss) for the period to be appropriated | 9905 | -€49,181 | -€92,496 | -€43,315 | -88.1% |
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 10 October 2026 via checked.be.