AEA MAX: 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.
AEA MAX
Largest movements
- Receivables within one year +€201,974
up €201,974 (+79.6%), from €253,762 to €455,736
of which Trade receivables: +€195,508
- Cash +€7,460
up €7,460 (+146%), from €5,122 to €12,582
mainly Trade debts (+€164,602) and Net result for the year (+€33,378)
- Trade debts +€164,602
up €164,602 (+119%), from €138,250 to €302,851
- Reserves +€33,378
up €33,378 (+31.8%), from €105,033 to €138,411
- Other debts +€8,216
up €8,216 (+104%), from €7,887 to €16,103
- Staff costs -€136,791
down €136,791 (-57.0%), from €240,144 to €103,353
- Gross operating margin -€101,583
down €101,583 (-32.2%), from €315,296 to €213,712
- Other operating charges +€29,071
up €29,071 (+131%), from €22,231 to €51,302
- Financial charges -€5,751
down €5,751 (-38.8%), from €14,828 to €9,078
of which Non-recurring financial charges: -€5,141
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 | €276,010 | €480,702 | +€204,692 | +74.2% |
| Fixed assets | 21/28 | €10,035 | €6,520 | -€3,514 | -35.0% |
| Tangible fixed assets | 22/27 | €10,035 | €6,520 | -€3,514 | -35.0% |
| Land and buildings | 22 | €1,177 | €745 | -€432 | -36.7% |
| Plant, machinery and equipment | 23 | €3,365 | €2,000 | -€1,365 | -40.6% |
| Furniture and vehicles | 24 | €5,493 | €3,775 | -€1,718 | -31.3% |
| Current assets | 29/58 | €265,975 | €474,182 | +€208,207 | +78.3% |
| Amounts receivable within one year | 40/41 | €253,762 | €455,736 | +€201,974 | +79.6% |
| Trade receivables | 40 | €235,943 | €431,451 | +€195,508 | +82.9% |
| Other amounts receivable | 41 | €17,818 | €24,284 | +€6,466 | +36.3% |
| Cash at bank and in hand | 54/58 | €5,122 | €12,582 | +€7,460 | +146% |
| Deferred charges and accrued income | 490/1 | €7,092 | €5,864 | -€1,228 | -17.3% |
| Total equity and liabilities | 10/49 | €276,010 | €480,702 | +€204,692 | +74.2% |
| Equity | 10/15 | €108,033 | €141,411 | +€33,378 | +30.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €105,033 | €138,411 | +€33,378 | +31.8% |
| Distributable reserves | 133 | €105,033 | €138,411 | +€33,378 | +31.8% |
| Amounts payable | 17/49 | €167,977 | €339,291 | +€171,314 | +102% |
| Amounts payable within one year | 42/48 | €167,977 | €339,291 | +€171,314 | +102% |
| Trade debts | 44 | €138,250 | €302,851 | +€164,602 | +119% |
| Suppliers | 440/4 | €138,250 | €302,851 | +€164,602 | +119% |
| Taxes, remuneration and social security | 45 | €21,840 | €20,336 | -€1,504 | -6.9% |
| Taxes | 450/3 | €9,786 | €20,336 | +€10,550 | +108% |
| Remuneration and social security | 454/9 | €12,054 | €0 | -€12,054 | -100% |
| Other amounts payable | 47/48 | €7,887 | €16,103 | +€8,216 | +104% |
| Remuneration, social security and pensions | 62 | €240,144 | €103,353 | -€136,791 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,272 | €5,464 | +€192 | +3.6% |
| Other operating charges | 640/8 | €22,231 | €51,302 | +€29,071 | +131% |
| Gross operating margin | 9900 | €315,296 | €213,712 | -€101,583 | -32.2% |
| Operating profit (loss) | 9901 | €47,649 | €53,594 | +€5,945 | +12.5% |
| Financial income | 75/76B | €176 | €57 | -€119 | -67.7% |
| Recurring financial income | 75 | €176 | €57 | -€119 | -67.7% |
| Financial charges | 65/66B | €14,828 | €9,078 | -€5,751 | -38.8% |
| Recurring financial charges | 65 | €9,687 | €9,078 | -€609 | -6.3% |
| Non-recurring financial charges | 66B | €5,141 | - | -€5,141 | |
| Profit (loss) for the period before taxes | 9903 | €32,997 | €44,573 | +€11,576 | +35.1% |
| Income taxes | 67/77 | €8,721 | €11,195 | +€2,474 | +28.4% |
| Profit (loss) for the period | 9904 | €24,276 | €33,378 | +€9,102 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,276 | €33,378 | +€9,102 | +37.5% |
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.