AAO: 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.
AAO
Largest movements
- Receivables within one year -€4,740
down €4,740 (-80.1%), from €5,921 to €1,181
of which Trade receivables: -€4,740
- Tangible fixed assets -€1,301
down €1,301 (-17.2%), from €7,556 to €6,255
- Financial fixed assets -€900
down €900 (-100%), from €900 to €0
- Deferred charges and accrued income -€453
down €453 (-45.4%), from €999 to €546
- Intangible fixed assets -€300
down €300 (-53.2%), from €564 to €264
- Other debts -€7,272
down €7,272 (-16.4%), from €44,355 to €37,083
- Profit (loss) carried forward +€5,086
up €5,086 (+6.3%), from -€80,766 to -€75,681
- Tax, wage and social debts -€3,465
down €3,465 (-38.3%), from €9,039 to €5,573
- Current portion of long-term debt -€1,308
down €1,308 (-100%), from €1,308 to €0
- Trade debts -€1,029
down €1,029 (-4.3%), from €23,757 to €22,728
- Gross operating margin -€62,501
down €62,501 (-85.1%), from €73,424 to €10,923
- Financial charges -€1,213
down €1,213 (-41.6%), from €2,912 to €1,699
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 | €16,291 | €8,304 | -€7,988 | -49.0% |
| Fixed assets | 21/28 | €9,020 | €6,519 | -€2,501 | -27.7% |
| Intangible fixed assets | 21 | €564 | €264 | -€300 | -53.2% |
| Tangible fixed assets | 22/27 | €7,556 | €6,255 | -€1,301 | -17.2% |
| Plant, machinery and equipment | 23 | €7,556 | €6,255 | -€1,301 | -17.2% |
| Financial fixed assets | 28 | €900 | €0 | -€900 | -100% |
| Current assets | 29/58 | €7,272 | €1,784 | -€5,487 | -75.5% |
| Amounts receivable within one year | 40/41 | €5,921 | €1,181 | -€4,740 | -80.1% |
| Trade receivables | 40 | €5,921 | €1,181 | -€4,740 | -80.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €352 | €58 | -€294 | -83.6% |
| Deferred charges and accrued income | 490/1 | €999 | €546 | -€453 | -45.4% |
| Total equity and liabilities | 10/49 | €16,291 | €8,304 | -€7,988 | -49.0% |
| Equity | 10/15 | -€62,166 | -€57,081 | +€5,086 | +8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€80,766 | -€75,681 | +€5,086 | +6.3% |
| Amounts payable | 17/49 | €78,458 | €65,384 | -€13,073 | -16.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €78,458 | €65,384 | -€13,073 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €1,308 | €0 | -€1,308 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €23,757 | €22,728 | -€1,029 | -4.3% |
| Suppliers | 440/4 | €23,757 | €22,728 | -€1,029 | -4.3% |
| Taxes, remuneration and social security | 45 | €9,039 | €5,573 | -€3,465 | -38.3% |
| Taxes | 450/3 | €9,039 | €5,573 | -€3,465 | -38.3% |
| Other amounts payable | 47/48 | €44,355 | €37,083 | -€7,272 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,529 | €1,601 | +€72 | +4.7% |
| Other operating charges | 640/8 | €2,183 | €2,398 | +€215 | +9.8% |
| Gross operating margin | 9900 | €73,424 | €10,923 | -€62,501 | -85.1% |
| Operating profit (loss) | 9901 | €69,712 | €6,925 | -€62,787 | -90.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +282% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +282% |
| Financial charges | 65/66B | €2,912 | €1,699 | -€1,213 | -41.6% |
| Recurring financial charges | 65 | €2,912 | €1,699 | -€1,213 | -41.6% |
| Profit (loss) for the period before taxes | 9903 | €66,800 | €5,227 | -€61,574 | -92.2% |
| Income taxes | 67/77 | €174 | €141 | -€33 | -19.2% |
| Profit (loss) for the period | 9904 | €66,626 | €5,086 | -€61,540 | -92.4% |
| Profit (loss) for the period to be appropriated | 9905 | €66,626 | €5,086 | -€61,540 | -92.4% |
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 18 October 2026 via checked.be.