AE VALVES: 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
AE VALVES
NACE 28.140, Manufacture of machinery and equipment not elsewhere classified
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6.1m
2024 · -€2.7m-€3.4m
Equity
€4.7m
2024 · €10.8m-€6.1m
Cash
€17,460
2024 · €15,051+€2,409
Balance sheet total
€28.7m
2024 · €33.3m-€4.6m
Largest movements
Assets
- Receivables within one year -€12.1m
down €12.1m (-57.0%), from €21.2m to €9.1m
of which Trade receivables: -€12.0m
- Stocks and contracts +€7.8m
up €7.8m (+118.5%), from €6.6m to €14.3m
Equity and liabilities
- Profit (loss) carried forward -€6.1m
down €6.1m (-58.4%), from €10.4m to €4.3m
- Other debts +€3.5m
up €3.5m (+32.1%), from €10.8m to €14.2m
- Provisions -€2.2m
down €2.2m (-75.0%), from €2.9m to €718,003
- Trade debts +€477,226
up €477,226 (+6.9%), from €6.9m to €7.4m
of which Bills of exchange payable: +€1.4m
Income statement
- Turnover -€20.5m
down €20.5m (-42.3%), from €48.5m to €28.0m
- Goods and materials +€5.9m
up €5.9m (+26.2%), from €22.7m to €28.7m
of which Purchases: +€4.3m
- Provisions -€3.6m
down €3.6m, from €1.5m to -€2.2m
- Financial charges -€2.2m
down €2.2m (-78.5%), from €2.8m to €608,773
- Services and other goods -€1.6m
down €1.6m (-20.3%), from €7.8m to €6.3m
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
-€2.7m
Turnover
-€20.5m
Other operating income
+€1.4m
Goods and materials
-€5.9m
Services and other goods
+€1.6m
Staff costs
+€39,641
Depreciation
-€182,573
Write-downs
-€477,913
Provisions
+€3.6m
Other operating charges
-€1.0m
Other operating items
+€17.1m
Financial income
-€1.2m
Financial charges
+€2.2m
Taxes
-€1,218
Result 2025
-€6.1m
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.
From operations
+€558,254
Investment
-€540,850
Financing
-€14,994
Cash 2024
€15,051
From operations (derived)
+€558,254
Net result for the year
-€6.1m
Depreciation
+€812,877
Stocks and contracts
-€7.8m
Receivables within one year
+€12.1m
Smaller working-capital items
-€26,474
Provisions
-€2.2m
Trade debts
+€477,226
Tax, wage and social debts
-€287,500
Other debts
+€3.5m
Investment (derived)
-€540,850
Investment in fixed assets (net)
-€540,850
Financing
-€14,994
Contributions, distributions and other
-€14,994
Cash 2025
€17,460
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,302,082 | €28,696,806 | -€4.6m | -13.8% |
| Fixed assets | 21/28 | €5,363,349 | €5,091,322 | -€272,027 | -5.1% |
| Intangible fixed assets | 21 | €28,501 | €61,625 | +€33,124 | +116.2% |
| Tangible fixed assets | 22/27 | €4,992,037 | €4,698,084 | -€293,953 | -5.9% |
| Land and buildings | 22 | €3,608,116 | €3,583,608 | -€24,508 | -0.7% |
| Plant, machinery and equipment | 23 | €1,017,441 | €1,102,076 | +€84,635 | +8.3% |
| Furniture and vehicles | 24 | €42,440 | €12,400 | -€30,040 | -70.8% |
| Assets under construction and advance payments | 27 | €324,040 | €0 | -€324,040 | -100.0% |
| Financial fixed assets | 28 | €342,811 | €331,613 | -€11,198 | -3.3% |
| Other financial fixed assets | 284/8 | €342,811 | €331,613 | -€11,198 | -3.3% |
| Amounts receivable and cash guarantees | 285/8 | €342,811 | €331,613 | -€11,198 | -3.3% |
| Current assets | 29/58 | €27,938,733 | €23,605,484 | -€4.3m | -15.5% |
| Stocks and contracts in progress | 3 | €6,555,768 | €14,324,782 | +€7.8m | +118.5% |
| Stocks | 30/36 | €6,555,768 | €14,324,782 | +€7.8m | +118.5% |
| Work in progress | 32 | - | €6,117,152 | +€6.1m | |
| Finished goods | 33 | €592,431 | €2,325,916 | +€1.7m | +292.6% |
| Goods purchased for resale | 34 | €5,963,336 | €5,881,714 | -€81,622 | -1.4% |
| Amounts receivable within one year | 40/41 | €21,245,422 | €9,128,026 | -€12.1m | -57.0% |
| Trade receivables | 40 | €20,887,644 | €8,882,438 | -€12.0m | -57.5% |
| Other amounts receivable | 41 | €357,778 | €245,588 | -€112,190 | -31.4% |
| Cash at bank and in hand | 54/58 | €15,051 | €17,460 | +€2,409 | +16.0% |
| Deferred charges and accrued income | 490/1 | €122,493 | €135,216 | +€12,723 | +10.4% |
| Total equity and liabilities | 10/49 | €33,302,082 | €28,696,806 | -€4.6m | -13.8% |
| Equity | 10/15 | €10,772,782 | €4,693,456 | -€6.1m | -56.4% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,376,187 | €4,311,855 | -€6.1m | -58.4% |
| Investment grants | 15 | €121,595 | €106,601 | -€14,994 | -12.3% |
| Provisions and deferred taxes | 16 | €2,871,161 | €718,003 | -€2.2m | -75.0% |
| Provisions for liabilities and charges | 160/5 | €2,871,161 | €718,003 | -€2.2m | -75.0% |
| Other liabilities and charges | 164/5 | €2,871,161 | €718,003 | -€2.2m | -75.0% |
| Amounts payable | 17/49 | €19,658,139 | €23,285,347 | +€3.6m | +18.5% |
| Amounts payable within one year | 42/48 | €19,644,388 | €23,285,347 | +€3.6m | +18.5% |
| Trade debts | 44 | €6,916,112 | €7,393,338 | +€477,226 | +6.9% |
| Suppliers | 440/4 | €5,325,704 | €4,449,934 | -€875,770 | -16.4% |
| Bills of exchange payable | 441 | €1,590,408 | €2,943,404 | +€1.4m | +85.1% |
| Advances received on contracts in progress | 46 | €179,031 | €179,031 | +€0 | 0.0% |
| Taxes, remuneration and social security | 45 | €1,787,210 | €1,499,710 | -€287,500 | -16.1% |
| Remuneration and social security | 454/9 | €1,787,210 | €1,499,710 | -€287,500 | -16.1% |
| Other amounts payable | 47/48 | €10,762,035 | €14,213,268 | +€3.5m | +32.1% |
| Accrued charges and deferred income | 492/3 | €13,751 | €0 | -€13,751 | -100.0% |
| Operating income | 70/76A | €39,389,234 | €37,364,263 | -€2.0m | -5.1% |
| Turnover | 70 | €48,512,283 | €27,976,950 | -€20.5m | -42.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€9,224,747 | €7,850,637 | +€17.1m | |
| Other operating income | 74 | €101,698 | €1,536,676 | +€1.4m | +1411.0% |
| Operating charges | 60/66A | €40,787,382 | €43,188,139 | +€2.4m | +5.9% |
| Goods for resale, raw materials and consumables | 60 | €22,706,113 | €28,651,003 | +€5.9m | +26.2% |
| Purchases | 600/8 | €24,853,995 | €29,120,770 | +€4.3m | +17.2% |
| Change in stocks: decrease (increase) | 609 | -€2,147,882 | -€469,767 | +€1.7m | +78.1% |
| Services and other goods | 61 | €7,845,274 | €6,253,536 | -€1.6m | -20.3% |
| Remuneration, social security and pensions | 62 | €7,992,840 | €7,953,199 | -€39,641 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €630,304 | €812,877 | +€182,573 | +29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €73,476 | €551,389 | +€477,913 | +650.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,453,380 | -€2,153,158 | -€3.6m | |
| Other operating charges | 640/8 | €85,994 | €1,119,293 | +€1.0m | +1201.6% |
| Operating profit (loss) | 9901 | -€1,398,148 | -€5,823,876 | -€4.4m | -316.5% |
| Financial income | 75/76B | €1,580,371 | €373,623 | -€1.2m | -76.4% |
| Recurring financial income | 75 | €1,578,007 | €373,623 | -€1.2m | -76.3% |
| Income from current assets | 751 | €1,160,102 | €134,181 | -€1.0m | -88.4% |
| Other financial income | 752/9 | €417,905 | €239,442 | -€178,463 | -42.7% |
| Non-recurring financial income | 76B | €2,364 | - | -€2,364 | |
| Financial charges | 65/66B | €2,838,022 | €608,773 | -€2.2m | -78.5% |
| Recurring financial charges | 65 | €2,838,022 | €608,773 | -€2.2m | -78.5% |
| Debt charges | 650 | €1,365,026 | €317,299 | -€1.0m | -76.8% |
| Other financial charges | 652/9 | €1,472,996 | €291,474 | -€1.2m | -80.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,655,798 | -€6,059,026 | -€3.4m | -128.1% |
| Income taxes | 67/77 | €4,088 | €5,306 | +€1,218 | +29.8% |
| Taxes | 670/3 | €4,088 | €5,306 | +€1,218 | +29.8% |
| Profit (loss) for the period | 9904 | -€2,659,886 | -€6,064,332 | -€3.4m | -128.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,659,886 | -€6,064,332 | -€3.4m | -128.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.