AAA+ MANAGEMENT: 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.
AAA+ MANAGEMENT
Largest movements
- Tangible fixed assets -€32,601
down €32,601 (-27.5%), from €118,759 to €86,159
of which Land and buildings: -€70,622
- Cash +€25,145
up €25,145 (+386%), from €6,507 to €31,652
mainly Net result for the year (+€85,508) and Depreciation (+€46,817)
- Receivables within one year -€18,859
down €18,859 (-18.9%), from €99,949 to €81,090
of which Trade receivables: -€16,124
- Intangible fixed assets -€13,180
down €13,180 (-20.1%), from €65,488 to €52,308
- Reserves -€65,492
down €65,492 (-26.4%), from €248,352 to €182,860
- Tax, wage and social debts +€41,753
up €41,753 (+1,054%), from €3,960 to €45,713
- Other debts -€17,795
down €17,795 (-10.5%), from €168,795 to €151,000
- Gross operating margin +€135,901
up €135,901 (+405%), from €33,594 to €169,496
- Taxes +€31,240
up €31,240 (+1,032%), from €3,028 to €34,268
- Depreciation +€17,082
up €17,082 (+57.4%), from €29,735 to €46,817
- Financial charges +€6,464
up €6,464 (+1,592%), from €406 to €6,870
of which Non-recurring financial charges: +€5,971
- Financial income -€3,471
down €3,471 (-40.6%), from €8,556 to €5,084
of which Financial income: -€3,471
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 | €446,228 | €405,036 | -€41,191 | -9.2% |
| Fixed assets | 21/28 | €185,373 | €139,592 | -€45,781 | -24.7% |
| Intangible fixed assets | 21 | €65,488 | €52,308 | -€13,180 | -20.1% |
| Tangible fixed assets | 22/27 | €118,759 | €86,159 | -€32,601 | -27.5% |
| Land and buildings | 22 | €72,796 | €2,174 | -€70,622 | -97.0% |
| Furniture and vehicles | 24 | €34,980 | €22,277 | -€12,703 | -36.3% |
| Other tangible fixed assets | 26 | €10,984 | €61,707 | +€50,724 | +462% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €260,855 | €265,445 | +€4,590 | +1.8% |
| Amounts receivable within one year | 40/41 | €99,949 | €81,090 | -€18,859 | -18.9% |
| Trade receivables | 40 | €56,125 | €40,001 | -€16,124 | -28.7% |
| Other amounts receivable | 41 | €43,824 | €41,089 | -€2,735 | -6.2% |
| Current investments | 50/53 | €152,968 | €150,131 | -€2,837 | -1.9% |
| Cash at bank and in hand | 54/58 | €6,507 | €31,652 | +€25,145 | +386% |
| Deferred charges and accrued income | 490/1 | €1,431 | €2,571 | +€1,140 | +79.7% |
| Total equity and liabilities | 10/49 | €446,228 | €405,036 | -€41,191 | -9.2% |
| Equity | 10/15 | €266,952 | €201,460 | -€65,492 | -24.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €248,352 | €182,860 | -€65,492 | -26.4% |
| Distributable reserves | 133 | €248,352 | €182,860 | -€65,492 | -26.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,275 | €203,576 | +€24,301 | +13.6% |
| Amounts payable within one year | 42/48 | €179,275 | €203,576 | +€24,301 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €5,074 | €5,053 | -€21 | -0.4% |
| Trade debts | 44 | €1,446 | €1,810 | +€364 | +25.2% |
| Suppliers | 440/4 | €1,446 | €1,810 | +€364 | +25.2% |
| Taxes, remuneration and social security | 45 | €3,960 | €45,713 | +€41,753 | +1,054% |
| Taxes | 450/3 | €3,960 | €45,713 | +€41,753 | +1,054% |
| Other amounts payable | 47/48 | €168,795 | €151,000 | -€17,795 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,735 | €46,817 | +€17,082 | +57.4% |
| Other operating charges | 640/8 | €1,280 | €1,117 | -€163 | -12.7% |
| Gross operating margin | 9900 | €33,594 | €169,496 | +€135,901 | +405% |
| Operating profit (loss) | 9901 | €2,579 | €121,561 | +€118,982 | +4,614% |
| Financial income | 75/76B | €8,556 | €5,084 | -€3,471 | -40.6% |
| Recurring financial income | 75 | €8,556 | €5,084 | -€3,471 | -40.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €406 | €6,870 | +€6,464 | +1,592% |
| Recurring financial charges | 65 | €406 | €899 | +€493 | +121% |
| Non-recurring financial charges | 66B | - | €5,971 | +€5,971 | |
| Profit (loss) for the period before taxes | 9903 | €10,728 | €119,776 | +€109,047 | +1,016% |
| Income taxes | 67/77 | €3,028 | €34,268 | +€31,240 | +1,032% |
| Profit (loss) for the period | 9904 | €7,701 | €85,508 | +€77,807 | +1,010% |
| Profit (loss) for the period to be appropriated | 9905 | €7,701 | €85,508 | +€77,807 | +1,010% |
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 15 October 2026 via checked.be.