AE+D: what changed
Two fiscal 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.
AE+D
Largest movements
- Current investments -€776,421
down €776,421 (-77.6%), from €1.0m to €223,579
- Stocks and contracts -€114,654
down €114,654 (-63.2%), from €181,338 to €66,685
of which Contracts in progress: -€105,929
- Receivables within one year +€70,148
up €70,148 (+26.9%), from €260,717 to €330,866
of which Trade receivables: +€61,858
- Other debts -€668,720
down €668,720 (-86.1%), from €776,793 to €108,073
- Debts after one year -€86,385
down €86,385 (-5.4%), from €1.6m to €1.5m
- Accrued charges and deferred income -€53,199
down €53,199 (-80.4%), from €66,187 to €12,988
- Trade debts -€39,250
down €39,250 (-83.6%), from €46,928 to €7,678
- Staff costs -€64,992
down €64,992 (-19.0%), from €341,271 to €276,280
- Depreciation +€46,453
up €46,453 (+83.3%), from €55,777 to €102,230
- Gross operating margin -€30,943
down €30,943 (-6.4%), from €483,848 to €452,905
- Financial income -€16,012
down €16,012 (-59.3%), from €26,988 to €10,975
- Taxes -€9,048
down €9,048 (-43.2%), from €20,940 to €11,892
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.
Cash bridge derived
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 | €3,463,319 | €2,634,912 | -€828,407 | -23.9% |
| Fixed assets | 21/28 | €1,798,731 | €1,822,024 | +€23,293 | +1.3% |
| Tangible fixed assets | 22/27 | €1,798,731 | €1,822,024 | +€23,293 | +1.3% |
| Land and buildings | 22 | €1,217,533 | €1,265,571 | +€48,038 | +3.9% |
| Plant, machinery and equipment | 23 | €46,250 | €24,600 | -€21,650 | -46.8% |
| Furniture and vehicles | 24 | €39,957 | €29,300 | -€10,657 | -26.7% |
| Other tangible fixed assets | 26 | - | €7,561 | +€7,561 | |
| Assets under construction and advance payments | 27 | €494,991 | €494,991 | = | 0.0% |
| Current assets | 29/58 | €1,664,589 | €812,888 | -€851,700 | -51.2% |
| Stocks and contracts in progress | 3 | €181,338 | €66,685 | -€114,654 | -63.2% |
| Stocks | 30/36 | €75,409 | €66,685 | -€8,724 | -11.6% |
| Contracts in progress | 37 | €105,929 | - | -€105,929 | |
| Amounts receivable within one year | 40/41 | €260,717 | €330,866 | +€70,148 | +26.9% |
| Trade receivables | 40 | €230,423 | €292,281 | +€61,858 | +26.8% |
| Other amounts receivable | 41 | €30,294 | €38,585 | +€8,290 | +27.4% |
| Current investments | 50/53 | €1,000,000 | €223,579 | -€776,421 | -77.6% |
| Cash at bank and in hand | 54/58 | €222,533 | €191,759 | -€30,774 | -13.8% |
| Total equity and liabilities | 10/49 | €3,463,319 | €2,634,912 | -€828,407 | -23.9% |
| Equity | 10/15 | €861,194 | €890,538 | +€29,344 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €842,594 | €871,938 | +€29,344 | +3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €821,984 | €851,328 | +€29,344 | +3.6% |
| Amounts payable | 17/49 | €2,602,126 | €1,744,374 | -€857,752 | -33.0% |
| Amounts payable after more than one year | 17 | €1,594,376 | €1,507,991 | -€86,385 | -5.4% |
| Financial debts | 170/4 | €1,594,376 | €1,507,991 | -€86,385 | -5.4% |
| Amounts payable within one year | 42/48 | €941,563 | €223,395 | -€718,168 | -76.3% |
| Current portion of amounts payable after more than one year | 42 | €84,525 | €86,384 | +€1,859 | +2.2% |
| Trade debts | 44 | €46,928 | €7,678 | -€39,250 | -83.6% |
| Suppliers | 440/4 | €46,928 | €7,678 | -€39,250 | -83.6% |
| Taxes, remuneration and social security | 45 | €33,318 | €21,260 | -€12,058 | -36.2% |
| Taxes | 450/3 | €24,040 | €12,721 | -€11,318 | -47.1% |
| Remuneration and social security | 454/9 | €9,278 | €8,538 | -€740 | -8.0% |
| Other amounts payable | 47/48 | €776,793 | €108,073 | -€668,720 | -86.1% |
| Accrued charges and deferred income | 492/3 | €66,187 | €12,988 | -€53,199 | -80.4% |
| Remuneration, social security and pensions | 62 | €341,271 | €276,280 | -€64,992 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,777 | €102,230 | +€46,453 | +83.3% |
| Other operating charges | 640/8 | €5,874 | €5,916 | +€42 | +0.7% |
| Gross operating margin | 9900 | €483,848 | €452,905 | -€30,943 | -6.4% |
| Operating profit (loss) | 9901 | €80,926 | €68,480 | -€12,446 | -15.4% |
| Financial income | 75/76B | €26,988 | €10,975 | -€16,012 | -59.3% |
| Recurring financial income | 75 | €26,988 | €10,975 | -€16,012 | -59.3% |
| Financial charges | 65/66B | €39,567 | €38,219 | -€1,349 | -3.4% |
| Recurring financial charges | 65 | €39,567 | €38,219 | -€1,349 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €68,346 | €41,236 | -€27,110 | -39.7% |
| Income taxes | 67/77 | €20,940 | €11,892 | -€9,048 | -43.2% |
| Profit (loss) for the period | 9904 | €47,406 | €29,344 | -€18,062 | -38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,406 | €29,344 | -€18,062 | -38.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.