AAS+: 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.
AAS+
Largest movements
- Cash -€108,741
down €108,741 (-54.0%), from €201,425 to €92,684
mainly Investment in fixed assets (net) (-€75,323) and Net result for the year (-€50,237)
- Receivables within one year +€49,859
up €49,859 (+145%), from €34,363 to €84,221
of which Trade receivables: +€47,091
- Tangible fixed assets +€20,649
up €20,649 (+11.4%), from €180,671 to €201,320
of which Plant, machinery and equipment: +€20,436
- Stocks and contracts -€9,451
down €9,451 (-80.6%), from €11,721 to €2,269
- Profit (loss) carried forward -€50,237
down €50,237, from €14,659 to -€35,577
- Staff costs +€25,876
up €25,876 (+13.0%), from €198,319 to €224,194
- Depreciation +€13,534
up €13,534 (+32.9%), from €41,141 to €54,674
- Gross operating margin -€11,433
down €11,433 (-4.7%), from €241,544 to €230,111
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 | €463,990 | €412,118 | -€51,871 | -11.2% |
| Fixed assets | 21/28 | €185,821 | €206,470 | +€20,649 | +11.1% |
| Tangible fixed assets | 22/27 | €180,671 | €201,320 | +€20,649 | +11.4% |
| Land and buildings | 22 | €77,501 | €78,100 | +€599 | +0.8% |
| Plant, machinery and equipment | 23 | €99,817 | €120,254 | +€20,436 | +20.5% |
| Furniture and vehicles | 24 | €3,353 | €2,966 | -€387 | -11.5% |
| Financial fixed assets | 28 | €5,150 | €5,150 | = | 0.0% |
| Current assets | 29/58 | €278,168 | €205,648 | -€72,520 | -26.1% |
| Stocks and contracts in progress | 3 | €11,721 | €2,269 | -€9,451 | -80.6% |
| Stocks | 30/36 | €11,721 | €2,269 | -€9,451 | -80.6% |
| Amounts receivable within one year | 40/41 | €34,363 | €84,221 | +€49,859 | +145% |
| Trade receivables | 40 | €32,022 | €79,113 | +€47,091 | +147% |
| Other amounts receivable | 41 | €2,341 | €5,109 | +€2,767 | +118% |
| Cash at bank and in hand | 54/58 | €201,425 | €92,684 | -€108,741 | -54.0% |
| Deferred charges and accrued income | 490/1 | €30,660 | €26,473 | -€4,187 | -13.7% |
| Total equity and liabilities | 10/49 | €463,990 | €412,118 | -€51,871 | -11.2% |
| Equity | 10/15 | €14,659 | -€35,577 | -€50,237 | |
| Profit (loss) carried forward | 14 | €14,659 | -€35,577 | -€50,237 | |
| Amounts payable | 17/49 | €449,330 | €447,696 | -€1,635 | -0.4% |
| Amounts payable within one year | 42/48 | €449,330 | €447,696 | -€1,635 | -0.4% |
| Trade debts | 44 | €29,303 | €53,576 | +€24,273 | +82.8% |
| Suppliers | 440/4 | €29,303 | €53,576 | +€24,273 | +82.8% |
| Taxes, remuneration and social security | 45 | €26,682 | €33,873 | +€7,191 | +27.0% |
| Taxes | 450/3 | €3,915 | €4,943 | +€1,028 | +26.2% |
| Remuneration and social security | 454/9 | €22,767 | €28,930 | +€6,164 | +27.1% |
| Remuneration, social security and pensions | 62 | €198,319 | €224,194 | +€25,876 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,141 | €54,674 | +€13,534 | +32.9% |
| Other operating charges | 640/8 | €225 | €225 | = | 0.0% |
| Gross operating margin | 9900 | €241,544 | €230,111 | -€11,433 | -4.7% |
| Operating profit (loss) | 9901 | €1,860 | -€48,983 | -€50,842 | |
| Financial income | 75/76B | €101 | - | -€101 | |
| Recurring financial income | 75 | €101 | - | -€101 | |
| Financial charges | 65/66B | €1,109 | €1,254 | +€145 | +13.1% |
| Recurring financial charges | 65 | €1,109 | €1,254 | +€145 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €852 | -€50,237 | -€51,088 | |
| Profit (loss) for the period | 9904 | €852 | -€50,237 | -€51,088 | |
| Profit (loss) for the period to be appropriated | 9905 | €852 | -€50,237 | -€51,088 |
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.