A.E.C.O.: 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.
A.E.C.O.
Largest movements
- Cash +€68,449
up €68,449 (+351%), from €19,524 to €87,974
mainly Net result for the year (+€55,527) and Receivables within one year (+€13,095)
- Receivables within one year -€13,095
down €13,095 (-65.7%), from €19,933 to €6,838
of which Trade receivables: -€18,669
- Reserves +€55,622
up €55,622 (+335%), from €16,600 to €72,222
- Trade debts -€10,120
down €10,120 (-79.6%), from €12,721 to €2,601
- Tax, wage and social debts +€9,724
up €9,724 (+232%), from €4,183 to €13,907
- Other debts -€1,772
down €1,772 (-100%), from €1,772 to €0
- Short-term financial debts +€1,539
up €1,539 (+1,276%), from €121 to €1,660
- Gross operating margin +€48,838
up €48,838 (+233%), from €21,005 to €69,842
- Taxes +€9,724
up €9,724 (+232%), from €4,183 to €13,907
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 | €40,491 | €95,474 | +€54,983 | +136% |
| Fixed assets | 21/28 | €1,034 | €663 | -€372 | -35.9% |
| Tangible fixed assets | 22/27 | €1,034 | €663 | -€372 | -35.9% |
| Furniture and vehicles | 24 | €1,034 | €663 | -€372 | -35.9% |
| Current assets | 29/58 | €39,457 | €94,811 | +€55,354 | +140% |
| Amounts receivable within one year | 40/41 | €19,933 | €6,838 | -€13,095 | -65.7% |
| Trade receivables | 40 | €19,320 | €652 | -€18,669 | -96.6% |
| Other amounts receivable | 41 | €612 | €6,186 | +€5,574 | +910% |
| Cash at bank and in hand | 54/58 | €19,524 | €87,974 | +€68,449 | +351% |
| Total equity and liabilities | 10/49 | €40,491 | €95,474 | +€54,983 | +136% |
| Equity | 10/15 | €21,695 | €77,222 | +€55,527 | +256% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,600 | €72,222 | +€55,622 | +335% |
| Distributable reserves | 133 | €16,600 | €72,222 | +€55,622 | +335% |
| Profit (loss) carried forward | 14 | €95 | €0 | -€95 | -100% |
| Amounts payable | 17/49 | €18,797 | €18,252 | -€545 | -2.9% |
| Amounts payable within one year | 42/48 | €18,797 | €18,168 | -€629 | -3.3% |
| Financial debts | 43 | €121 | €1,660 | +€1,539 | +1,276% |
| Credit institutions | 430/8 | €121 | €1,660 | +€1,539 | +1,276% |
| Trade debts | 44 | €12,721 | €2,601 | -€10,120 | -79.6% |
| Suppliers | 440/4 | €12,721 | €2,601 | -€10,120 | -79.6% |
| Taxes, remuneration and social security | 45 | €4,183 | €13,907 | +€9,724 | +232% |
| Taxes | 450/3 | €4,183 | €13,907 | +€9,724 | +232% |
| Other amounts payable | 47/48 | €1,772 | €0 | -€1,772 | -100% |
| Accrued charges and deferred income | 492/3 | - | €84 | +€84 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81 | €372 | +€291 | +360% |
| Gross operating margin | 9900 | €21,005 | €69,842 | +€48,838 | +233% |
| Operating profit (loss) | 9901 | €20,924 | €69,471 | +€48,547 | +232% |
| Financial income | 75/76B | €4 | €273 | +€268 | +6,170% |
| Recurring financial income | 75 | €4 | €273 | +€268 | +6,170% |
| Financial charges | 65/66B | €50 | €309 | +€259 | +514% |
| Recurring financial charges | 65 | €50 | €309 | +€259 | +514% |
| Profit (loss) for the period before taxes | 9903 | €20,878 | €69,434 | +€48,556 | +233% |
| Income taxes | 67/77 | €4,183 | €13,907 | +€9,724 | +232% |
| Profit (loss) for the period | 9904 | €16,695 | €55,527 | +€38,833 | +233% |
| Profit (loss) for the period to be appropriated | 9905 | €16,695 | €55,527 | +€38,833 | +233% |
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 17 October 2026 via checked.be.