A.E.C.: what changed
A.E.C.
Largest movements
- Receivables after one year -€96,357
down €96,357 (-85.2%), from €113,141 to €16,784
- Cash +€75,074
up €75,074 (+22.8%), from €329,452 to €404,526
mainly Other debts (+€118,503) and Receivables after one year (+€96,357)
- Receivables within one year -€40,418
down €40,418 (-45.8%), from €88,247 to €47,829
of which Trade receivables: -€57,981
- Deferred charges and accrued income -€34,955
down €34,955 (-99.9%), from €35,000 to €45
- Reserves -€187,294
down €187,294 (-37.5%), from €499,736 to €312,442
- Other debts +€118,503
up €118,503 (+232%), from €50,992 to €169,495
- Trade debts -€21,778
down €21,778 (-94.2%), from €23,119 to €1,341
- Staff costs -€19,143
down €19,143, from €19,053 to -€91
- Other operating charges -€13,362
down €13,362 (-89.2%), from €14,988 to €1,626
- Gross operating margin -€11,524
down €11,524 (-16.4%), from €70,326 to €58,802
- Taxes +€7,129
up €7,129 (+70.7%), from €10,081 to €17,210
- Financial income -€2,274
down €2,274 (-66.6%), from €3,412 to €1,139
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €705,547 | €615,483 | -€90,063 | -12.8% |
| Fixed assets | 21/28 | €139,707 | €146,299 | +€6,593 | +4.7% |
| Tangible fixed assets | 22/27 | €139,707 | €145,049 | +€5,343 | +3.8% |
| Land and buildings | 22 | €130,127 | €137,180 | +€7,053 | +5.4% |
| Plant, machinery and equipment | 23 | €1,103 | €848 | -€255 | -23.1% |
| Furniture and vehicles | 24 | €1,572 | €1,386 | -€186 | -11.8% |
| Other tangible fixed assets | 26 | €6,905 | €5,635 | -€1,270 | -18.4% |
| Financial fixed assets | 28 | - | €1,250 | +€1,250 | |
| Current assets | 29/58 | €565,840 | €469,184 | -€96,656 | -17.1% |
| Amounts receivable after more than one year | 29 | €113,141 | €16,784 | -€96,357 | -85.2% |
| Other amounts receivable | 291 | €113,141 | €16,784 | -€96,357 | -85.2% |
| Amounts receivable within one year | 40/41 | €88,247 | €47,829 | -€40,418 | -45.8% |
| Trade receivables | 40 | €73,654 | €15,673 | -€57,981 | -78.7% |
| Other amounts receivable | 41 | €14,593 | €32,155 | +€17,563 | +120% |
| Cash at bank and in hand | 54/58 | €329,452 | €404,526 | +€75,074 | +22.8% |
| Deferred charges and accrued income | 490/1 | €35,000 | €45 | -€34,955 | -99.9% |
| Total equity and liabilities | 10/49 | €705,547 | €615,483 | -€90,063 | -12.8% |
| Equity | 10/15 | €610,150 | €422,856 | -€187,294 | -30.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €499,736 | €312,442 | -€187,294 | -37.5% |
| Distributable reserves | 133 | €499,736 | €312,442 | -€187,294 | -37.5% |
| Profit (loss) carried forward | 14 | €91,814 | €91,814 | = | 0.0% |
| Amounts payable | 17/49 | €95,397 | €192,627 | +€97,230 | +102% |
| Amounts payable within one year | 42/48 | €95,397 | €192,227 | +€96,831 | +102% |
| Trade debts | 44 | €23,119 | €1,341 | -€21,778 | -94.2% |
| Suppliers | 440/4 | €23,119 | €1,341 | -€21,778 | -94.2% |
| Taxes, remuneration and social security | 45 | €21,286 | €21,391 | +€105 | +0.5% |
| Taxes | 450/3 | €21,286 | €21,391 | +€105 | +0.5% |
| Other amounts payable | 47/48 | €50,992 | €169,495 | +€118,503 | +232% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €19,053 | -€91 | -€19,143 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,914 | €8,960 | +€2,046 | +29.6% |
| Other operating charges | 640/8 | €14,988 | €1,626 | -€13,362 | -89.2% |
| Gross operating margin | 9900 | €70,326 | €58,802 | -€11,524 | -16.4% |
| Operating profit (loss) | 9901 | €29,371 | €48,307 | +€18,936 | +64.5% |
| Financial income | 75/76B | €3,412 | €1,139 | -€2,274 | -66.6% |
| Recurring financial income | 75 | €3,412 | €1,139 | -€2,274 | -66.6% |
| Financial charges | 65/66B | €333 | €282 | -€51 | -15.4% |
| Recurring financial charges | 65 | €333 | €282 | -€51 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €32,450 | €49,163 | +€16,714 | +51.5% |
| Income taxes | 67/77 | €10,081 | €17,210 | +€7,129 | +70.7% |
| Profit (loss) for the period | 9904 | €22,369 | €31,954 | +€9,585 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,369 | €31,954 | +€9,585 | +42.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.