A.E.V.S.: what changed
Two fiscal 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.V.S.
Largest movements
- Tangible fixed assets -€62,724
down €62,724 (-7.3%), from €855,168 to €792,444
of which Land and buildings: -€39,060
- Cash -€42,314
down €42,314 (-66.0%), from €64,136 to €21,821
mainly Current portion of long-term debt (-€47,482) and Debts after one year (-€41,753)
- Receivables within one year +€10,576
up €10,576 (+21.0%), from €50,449 to €61,025
of which Trade receivables: +€20,381
- Stocks and contracts +€10,227
up €10,227 (+296.1%), from €3,454 to €13,681
of which Stocks: +€5,963
- Current portion of long-term debt -€47,482
down €47,482 (-53.2%), from €89,235 to €41,753
- Short-term financial debts +€43,311
new in 2025: €43,311
- Debts after one year -€41,753
down €41,753 (-7.2%), from €580,307 to €538,554
- Accrued charges and deferred income -€25,000
no longer reported in 2025 (was €25,000)
- Trade debts -€13,602
down €13,602 (-28.6%), from €47,587 to €33,985
- Gross operating margin -€13,958
down €13,958 (-12.7%), from €110,182 to €96,224
- Depreciation -€11,068
down €11,068 (-15.0%), from €73,793 to €62,724
- Other operating charges +€7,009
up €7,009 (+118.4%), from €5,920 to €12,929
- Financial income +€3,376
up €3,376 (+271.1%), from €1,245 to €4,622
of which Non-recurring financial income: +€4,170
- Financial charges +€2,949
up €2,949 (+26.4%), from €11,153 to €14,102
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 | €983,549 | €893,888 | -€89,661 | -9.1% |
| Fixed assets | 21/28 | €855,168 | €792,444 | -€62,724 | -7.3% |
| Tangible fixed assets | 22/27 | €855,168 | €792,444 | -€62,724 | -7.3% |
| Land and buildings | 22 | €814,138 | €775,078 | -€39,060 | -4.8% |
| Plant, machinery and equipment | 23 | €8,097 | €5,437 | -€2,659 | -32.8% |
| Furniture and vehicles | 24 | €32,934 | €11,929 | -€21,005 | -63.8% |
| Current assets | 29/58 | €128,381 | €101,444 | -€26,937 | -21.0% |
| Stocks and contracts in progress | 3 | €3,454 | €13,681 | +€10,227 | +296.1% |
| Stocks | 30/36 | €3,454 | €9,417 | +€5,963 | +172.6% |
| Contracts in progress | 37 | - | €4,264 | +€4,264 | |
| Amounts receivable within one year | 40/41 | €50,449 | €61,025 | +€10,576 | +21.0% |
| Trade receivables | 40 | €32,473 | €52,854 | +€20,381 | +62.8% |
| Other amounts receivable | 41 | €17,976 | €8,170 | -€9,805 | -54.5% |
| Cash at bank and in hand | 54/58 | €64,136 | €21,821 | -€42,314 | -66.0% |
| Deferred charges and accrued income | 490/1 | €10,342 | €4,917 | -€5,425 | -52.5% |
| Total equity and liabilities | 10/49 | €983,549 | €893,888 | -€89,661 | -9.1% |
| Equity | 10/15 | €160,424 | €161,446 | +€1,022 | +0.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €139,964 | €140,986 | +€1,022 | +0.7% |
| Distributable reserves | 133 | €139,964 | €140,986 | +€1,022 | +0.7% |
| Amounts payable | 17/49 | €823,125 | €732,442 | -€90,683 | -11.0% |
| Amounts payable after more than one year | 17 | €580,307 | €538,554 | -€41,753 | -7.2% |
| Financial debts | 170/4 | €580,307 | €538,554 | -€41,753 | -7.2% |
| Amounts payable within one year | 42/48 | €217,818 | €193,889 | -€23,929 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €89,235 | €41,753 | -€47,482 | -53.2% |
| Financial debts | 43 | - | €43,311 | +€43,311 | |
| Credit institutions | 430/8 | - | €43,311 | +€43,311 | |
| Trade debts | 44 | €47,587 | €33,985 | -€13,602 | -28.6% |
| Suppliers | 440/4 | €47,587 | €33,985 | -€13,602 | -28.6% |
| Taxes, remuneration and social security | 45 | €5,692 | €10,080 | +€4,388 | +77.1% |
| Taxes | 450/3 | €5,692 | €10,080 | +€4,388 | +77.1% |
| Other amounts payable | 47/48 | €75,304 | €64,760 | -€10,544 | -14.0% |
| Accrued charges and deferred income | 492/3 | €25,000 | - | -€25,000 | |
| Non-recurring operating income | 76A | €10,985 | - | -€10,985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,793 | €62,724 | -€11,068 | -15.0% |
| Other operating charges | 640/8 | €5,920 | €12,929 | +€7,009 | +118.4% |
| Gross operating margin | 9900 | €110,182 | €96,224 | -€13,958 | -12.7% |
| Operating profit (loss) | 9901 | €30,469 | €20,570 | -€9,899 | -32.5% |
| Financial income | 75/76B | €1,245 | €4,622 | +€3,376 | +271.1% |
| Recurring financial income | 75 | €1,245 | €452 | -€793 | -63.7% |
| Non-recurring financial income | 76B | - | €4,170 | +€4,170 | |
| Financial charges | 65/66B | €11,153 | €14,102 | +€2,949 | +26.4% |
| Recurring financial charges | 65 | €11,153 | €14,102 | +€2,949 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €20,562 | €11,090 | -€9,472 | -46.1% |
| Income taxes | 67/77 | €9,616 | €10,068 | +€452 | +4.7% |
| Profit (loss) for the period | 9904 | €10,946 | €1,022 | -€9,924 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,946 | €1,022 | -€9,924 | -90.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.