AE&S: 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.
AE&S
Largest movements
- Current investments +€72,261
up €72,261 (+174%), from €41,445 to €113,706
- Cash -€44,478
down €44,478 (-53.7%), from €82,761 to €38,283
mainly Current investments (-€72,261) and Tax, wage and social debts (-€15,803)
- Tangible fixed assets -€12,245
down €12,245 (-29.7%), from €41,254 to €29,008
of which Furniture and vehicles: -€11,734
- Receivables within one year +€3,940
up €3,940 (+31.8%), from €12,390 to €16,330
of which Other amounts receivable: +€7,251
- Reserves +€50,000
up €50,000 (+47.2%), from €106,000 to €156,000
- Tax, wage and social debts -€15,803
down €15,803 (-66.6%), from €23,738 to €7,935
- Debts after one year -€10,694
down €10,694 (-44.2%), from €24,206 to €13,512
- Trade debts -€4,100
down €4,100 (-57.3%), from €7,151 to €3,051
- Financial income +€3,276
up €3,276 (+7,304%), from €45 to €3,321
- Other operating charges +€2,540
up €2,540 (+568%), from €447 to €2,987
- Gross operating margin -€2,420
down €2,420 (-2.8%), from €84,979 to €82,559
- Taxes -€859
down €859 (-4.3%), from €19,831 to €18,972
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 | €179,439 | €197,777 | +€18,337 | +10.2% |
| Fixed assets | 21/28 | €41,254 | €29,008 | -€12,245 | -29.7% |
| Tangible fixed assets | 22/27 | €41,254 | €29,008 | -€12,245 | -29.7% |
| Furniture and vehicles | 24 | €37,163 | €25,429 | -€11,734 | -31.6% |
| Other tangible fixed assets | 26 | €4,090 | €3,579 | -€511 | -12.5% |
| Current assets | 29/58 | €138,186 | €168,768 | +€30,583 | +22.1% |
| Amounts receivable within one year | 40/41 | €12,390 | €16,330 | +€3,940 | +31.8% |
| Trade receivables | 40 | €12,390 | €9,079 | -€3,311 | -26.7% |
| Other amounts receivable | 41 | - | €7,251 | +€7,251 | |
| Current investments | 50/53 | €41,445 | €113,706 | +€72,261 | +174% |
| Cash at bank and in hand | 54/58 | €82,761 | €38,283 | -€44,478 | -53.7% |
| Deferred charges and accrued income | 490/1 | €1,590 | €450 | -€1,141 | -71.7% |
| Total equity and liabilities | 10/49 | €179,439 | €197,777 | +€18,337 | +10.2% |
| Equity | 10/15 | €107,809 | €158,434 | +€50,625 | +47.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €106,000 | €156,000 | +€50,000 | +47.2% |
| Distributable reserves | 133 | €106,000 | €156,000 | +€50,000 | +47.2% |
| Profit (loss) carried forward | 14 | €809 | €1,434 | +€625 | +77.3% |
| Amounts payable | 17/49 | €71,631 | €39,343 | -€32,288 | -45.1% |
| Amounts payable after more than one year | 17 | €24,206 | €13,512 | -€10,694 | -44.2% |
| Financial debts | 170/4 | €24,206 | €13,512 | -€10,694 | -44.2% |
| Amounts payable within one year | 42/48 | €47,425 | €25,831 | -€21,594 | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €10,593 | €10,694 | +€101 | +1.0% |
| Trade debts | 44 | €7,151 | €3,051 | -€4,100 | -57.3% |
| Suppliers | 440/4 | €7,151 | €3,051 | -€4,100 | -57.3% |
| Taxes, remuneration and social security | 45 | €23,738 | €7,935 | -€15,803 | -66.6% |
| Taxes | 450/3 | €23,738 | €7,935 | -€15,803 | -66.6% |
| Other amounts payable | 47/48 | €5,943 | €4,150 | -€1,793 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,245 | €12,245 | = | 0.0% |
| Other operating charges | 640/8 | €447 | €2,987 | +€2,540 | +568% |
| Gross operating margin | 9900 | €84,979 | €82,559 | -€2,420 | -2.8% |
| Operating profit (loss) | 9901 | €72,286 | €67,326 | -€4,960 | -6.9% |
| Financial income | 75/76B | €45 | €3,321 | +€3,276 | +7,304% |
| Recurring financial income | 75 | €45 | €3,321 | +€3,276 | +7,304% |
| Financial charges | 65/66B | €1,342 | €1,050 | -€292 | -21.8% |
| Recurring financial charges | 65 | €1,342 | €1,050 | -€292 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €70,989 | €69,597 | -€1,392 | -2.0% |
| Income taxes | 67/77 | €19,831 | €18,972 | -€859 | -4.3% |
| Profit (loss) for the period | 9904 | €51,158 | €50,625 | -€533 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,158 | €50,625 | -€533 | -1.0% |
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 29 October 2026 via checked.be.