AADES: 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.
AADES
Largest movements
- Tangible fixed assets +€484,835
up €484,835 (+134%), from €361,739 to €846,574
of which Land and buildings: +€491,575
- Cash -€247,493
down €247,493 (-37.5%), from €660,856 to €413,363
- Debts after one year +€153,564
up €153,564 (+92.7%), from €165,733 to €319,297
- Reserves +€31,249
up €31,249 (+8.6%), from €364,625 to €395,874
of which Distributable reserves: +€31,249
- Current portion of long-term debt +€29,814
up €29,814 (+155%), from €19,212 to €49,026
- Tax, wage and social debts +€24,750
up €24,750 (+90.4%), from €27,374 to €52,123
of which Remuneration and social security: +€18,578
- Gross operating margin +€288,139
up €288,139 (+136%), from €212,539 to €500,678
- Other operating charges +€71,965
up €71,965 (+963%), from €7,477 to €79,442
- Depreciation +€71,430
up €71,430 (+252%), from €28,342 to €99,771
- Staff costs +€59,027
up €59,027 (+89.5%), from €65,988 to €125,015
- Financial charges +€11,530
up €11,530 (+120%), from €9,620 to €21,151
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,033,231 | €1,263,972 | +€230,741 | +22.3% |
| Fixed assets | 21/28 | €361,919 | €846,754 | +€484,835 | +134% |
| Tangible fixed assets | 22/27 | €361,739 | €846,574 | +€484,835 | +134% |
| Land and buildings | 22 | €302,725 | €794,300 | +€491,575 | +162% |
| Plant, machinery and equipment | 23 | €48,268 | €41,165 | -€7,103 | -14.7% |
| Furniture and vehicles | 24 | €10,746 | €11,110 | +€364 | +3.4% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €671,312 | €417,218 | -€254,094 | -37.9% |
| Amounts receivable within one year | 40/41 | €7,812 | - | -€7,812 | |
| Trade receivables | 40 | €5,812 | - | -€5,812 | |
| Other amounts receivable | 41 | €2,000 | - | -€2,000 | |
| Cash at bank and in hand | 54/58 | €660,856 | €413,363 | -€247,493 | -37.5% |
| Deferred charges and accrued income | 490/1 | €2,644 | €3,855 | +€1,211 | +45.8% |
| Total equity and liabilities | 10/49 | €1,033,231 | €1,263,972 | +€230,741 | +22.3% |
| Equity | 10/15 | €692,856 | €724,105 | +€31,249 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €364,625 | €395,874 | +€31,249 | +8.6% |
| Non-distributable reserves | 130/1 | €39,360 | €39,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €39,360 | €39,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €101,040 | €101,040 | = | 0.0% |
| Distributable reserves | 133 | €224,225 | €255,474 | +€31,249 | +13.9% |
| Profit (loss) carried forward | 14 | €309,631 | €309,631 | = | 0.0% |
| Amounts payable | 17/49 | €340,375 | €539,867 | +€199,493 | +58.6% |
| Amounts payable after more than one year | 17 | €165,733 | €319,297 | +€153,564 | +92.7% |
| Financial debts | 170/4 | €165,733 | €319,297 | +€153,564 | +92.7% |
| Amounts payable within one year | 42/48 | €174,641 | €220,570 | +€45,929 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €19,212 | €49,026 | +€29,814 | +155% |
| Trade debts | 44 | €31,446 | €27,512 | -€3,933 | -12.5% |
| Suppliers | 440/4 | €31,446 | €27,512 | -€3,933 | -12.5% |
| Taxes, remuneration and social security | 45 | €27,374 | €52,123 | +€24,750 | +90.4% |
| Taxes | 450/3 | €23,189 | €29,361 | +€6,172 | +26.6% |
| Remuneration and social security | 454/9 | €4,184 | €22,762 | +€18,578 | +444% |
| Other amounts payable | 47/48 | €96,610 | €91,909 | -€4,701 | -4.9% |
| Non-recurring operating income | 76A | - | €2,200 | +€2,200 | |
| Remuneration, social security and pensions | 62 | €65,988 | €125,015 | +€59,027 | +89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,342 | €99,771 | +€71,430 | +252% |
| Other operating charges | 640/8 | €7,477 | €79,442 | +€71,965 | +963% |
| Gross operating margin | 9900 | €212,539 | €500,678 | +€288,139 | +136% |
| Operating profit (loss) | 9901 | €110,732 | €196,450 | +€85,718 | +77.4% |
| Financial income | 75/76B | - | €2,337 | +€2,337 | |
| Recurring financial income | 75 | - | €2,337 | +€2,337 | |
| Financial charges | 65/66B | €9,620 | €21,151 | +€11,530 | +120% |
| Recurring financial charges | 65 | €9,620 | €21,151 | +€11,530 | +120% |
| Profit (loss) for the period before taxes | 9903 | €101,112 | €177,637 | +€76,525 | +75.7% |
| Income taxes | 67/77 | €63,857 | €59,246 | -€4,611 | -7.2% |
| Profit (loss) for the period | 9904 | €37,255 | €118,391 | +€81,136 | +218% |
| Profit (loss) for the period to be appropriated | 9905 | €37,255 | €118,391 | +€81,136 | +218% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.