AAQUA: 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.
What changed
AAQUA
NACE 36.000, Water collection, treatment and supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €665,041+€390,420
Equity
€4.3m
2024 · €4.2m+€55,461
Cash
€222,229
2024 · €1.0m-€805,942
Balance sheet total
€10.9m
2024 · €10.8m+€147,024
Largest movements
Assets
- Cash -€805,942
down €805,942 (-78.4%), from €1.0m to €222,229
mainly Contributions, distributions and other (-€1.0m) and Investment in fixed assets (net) (-€850,024)
- Receivables within one year +€696,445
up €696,445 (+26.0%), from €2.7m to €3.4m
of which Trade receivables: +€1.7m
- Tangible fixed assets +€191,122
up €191,122 (+9.7%), from €2.0m to €2.2m
of which Other tangible fixed assets: +€312,495
Equity and liabilities
- Trade debts +€458,223
up €458,223 (+74.7%), from €613,402 to €1.1m
- Advances received -€251,352
down €251,352 (-4.8%), from €5.2m to €5.0m
- Debts after one year -€135,839
down €135,839 (-100%), from €135,839 to €0
Income statement
- Gross operating margin +€980,618
up €980,618 (+28.7%), from €3.4m to €4.4m
- Staff costs +€339,971
up €339,971 (+16.2%), from €2.1m to €2.4m
- Depreciation +€164,094
up €164,094 (+33.0%), from €496,943 to €661,037
- Taxes +€93,195
up €93,195 (+44.4%), from €209,746 to €302,941
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.
Result 2024
€665,041
Gross operating margin
+€980,618
Staff costs
-€339,971
Depreciation
-€164,094
Other operating charges
-€4,948
Other operating items
-€493
Financial income
+€28,497
Financial charges
+€174
Taxes
-€93,195
Deferred taxes and other
-€16,169
Result 2025
€1.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.2m
Investment
-€850,024
Financing
-€1.2m
Cash 2024
€1.0m
From operations (derived)
+€1.2m
Net result for the year
+€1.1m
Depreciation
+€661,037
Stocks and contracts
-€49,794
Receivables within one year
-€696,445
Deferred charges and accrued income
-€17,740
Trade debts
+€458,223
Tax, wage and social debts
+€86,991
Advances received
-€251,352
Investment (derived)
-€850,024
Investment in fixed assets (net)
-€850,024
Financing
-€1.2m
Debts after one year
-€135,839
Current portion of long-term debt
-€66,461
Contributions, distributions and other
-€1.0m
Cash 2025
€222,229
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,788,656 | €10,935,679 | +€147,024 | +1.4% |
| Fixed assets | 21/28 | €1,972,382 | €2,161,368 | +€188,987 | +9.6% |
| Intangible fixed assets | 21 | €2,262 | €127 | -€2,136 | -94.4% |
| Tangible fixed assets | 22/27 | €1,970,100 | €2,161,222 | +€191,122 | +9.7% |
| Land and buildings | 22 | €826,271 | €702,156 | -€124,115 | -15.0% |
| Plant, machinery and equipment | 23 | €693,708 | €619,707 | -€74,001 | -10.7% |
| Furniture and vehicles | 24 | €380,651 | €457,394 | +€76,744 | +20.2% |
| Other tangible fixed assets | 26 | €69,470 | €381,965 | +€312,495 | +450% |
| Financial fixed assets | 28 | €20 | €20 | = | 0.0% |
| Current assets | 29/58 | €8,816,274 | €8,774,311 | -€41,963 | -0.5% |
| Stocks and contracts in progress | 3 | €5,028,811 | €5,078,606 | +€49,794 | +1.0% |
| Stocks | 30/36 | €788,236 | €725,263 | -€62,973 | -8.0% |
| Contracts in progress | 37 | €4,240,575 | €4,353,343 | +€112,767 | +2.7% |
| Amounts receivable within one year | 40/41 | €2,675,258 | €3,371,703 | +€696,445 | +26.0% |
| Trade receivables | 40 | €1,373,996 | €3,086,561 | +€1.7m | +125% |
| Other amounts receivable | 41 | €1,301,263 | €285,142 | -€1.0m | -78.1% |
| Cash at bank and in hand | 54/58 | €1,028,171 | €222,229 | -€805,942 | -78.4% |
| Deferred charges and accrued income | 490/1 | €84,033 | €101,773 | +€17,740 | +21.1% |
| Total equity and liabilities | 10/49 | €10,788,656 | €10,935,679 | +€147,024 | +1.4% |
| Equity | 10/15 | €4,196,911 | €4,252,372 | +€55,461 | +1.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €4,134,411 | €4,189,872 | +€55,461 | +1.3% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €4,053,161 | €4,108,622 | +€55,461 | +1.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €6,591,745 | €6,683,307 | +€91,562 | +1.4% |
| Amounts payable after more than one year | 17 | €135,839 | €0 | -€135,839 | -100% |
| Financial debts | 170/4 | €135,839 | €0 | -€135,839 | -100% |
| Amounts payable within one year | 42/48 | €6,455,906 | €6,683,307 | +€227,401 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €202,300 | €135,839 | -€66,461 | -32.9% |
| Trade debts | 44 | €613,402 | €1,071,625 | +€458,223 | +74.7% |
| Suppliers | 440/4 | €613,402 | €1,071,625 | +€458,223 | +74.7% |
| Advances received on contracts in progress | 46 | €5,249,046 | €4,997,694 | -€251,352 | -4.8% |
| Taxes, remuneration and social security | 45 | €391,159 | €478,150 | +€86,991 | +22.2% |
| Taxes | 450/3 | €2,550 | €7,499 | +€4,948 | +194% |
| Remuneration and social security | 454/9 | €388,608 | €470,651 | +€82,043 | +21.1% |
| Remuneration, social security and pensions | 62 | €2,099,270 | €2,439,240 | +€339,971 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €496,943 | €661,037 | +€164,094 | +33.0% |
| Other operating charges | 640/8 | €34,967 | €39,916 | +€4,948 | +14.2% |
| Non-recurring operating charges | 66A | €0 | €493 | +€493 | |
| Gross operating margin | 9900 | €3,422,551 | €4,403,170 | +€980,618 | +28.7% |
| Operating profit (loss) | 9901 | €791,371 | €1,262,484 | +€471,112 | +59.5% |
| Financial income | 75/76B | €71,486 | €99,983 | +€28,497 | +39.9% |
| Recurring financial income | 75 | €71,486 | €99,983 | +€28,497 | +39.9% |
| Financial charges | 65/66B | €4,238 | €4,064 | -€174 | -4.1% |
| Recurring financial charges | 65 | €4,238 | €4,064 | -€174 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €858,618 | €1,358,403 | +€499,784 | +58.2% |
| Transfer from deferred taxes | 780 | €16,169 | €0 | -€16,169 | -100% |
| Income taxes | 67/77 | €209,746 | €302,941 | +€93,195 | +44.4% |
| Profit (loss) for the period | 9904 | €665,041 | €1,055,461 | +€390,420 | +58.7% |
| Transfer from tax-exempt reserves | 789 | €477,907 | €0 | -€477,907 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,142,949 | €1,055,461 | -€87,488 | -7.7% |
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 14 October 2026 via checked.be.