AEBELE: 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.
AEBELE
Largest movements
- Stocks and contracts +€167,571
up €167,571 (+45.0%), from €372,117 to €539,689
of which Contracts in progress: +€210,317
- Receivables within one year -€125,452
down €125,452 (-41.8%), from €300,016 to €174,564
of which Trade receivables: -€125,831
- Cash -€73,032
down €73,032 (-69.5%), from €105,043 to €32,011
mainly Stocks and contracts (-€167,571) and Net result for the year (-€86,843)
- Current investments +€18,169
up €18,169 (+80.7%), from €22,527 to €40,696
- Tangible fixed assets -€12,666
down €12,666 (-38.0%), from €33,303 to €20,637
of which Other tangible fixed assets: -€7,406
- Profit (loss) carried forward -€86,843
down €86,843, from €84,845 to -€1,998
- Short-term financial debts +€50,000
up €50,000 (+25.0%), from €200,000 to €250,000
- Trade debts +€23,809
up €23,809 (+24.8%), from €96,095 to €119,904
- Tax, wage and social debts -€10,800
down €10,800 (-15.3%), from €70,664 to €59,864
of which Taxes: -€11,040
- Gross operating margin -€43,849
down €43,849 (-23.0%), from €190,341 to €146,493
- Staff costs +€21,035
up €21,035 (+12.2%), from €172,718 to €193,753
- Financial charges +€6,814
up €6,814 (+37.6%), from €18,137 to €24,952
- Financial income +€2,223
up €2,223 (+214.8%), from €1,035 to €3,258
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 | €861,848 | €838,014 | -€23,834 | -2.8% |
| Fixed assets | 21/28 | €33,303 | €20,637 | -€12,666 | -38.0% |
| Tangible fixed assets | 22/27 | €33,303 | €20,637 | -€12,666 | -38.0% |
| Plant, machinery and equipment | 23 | €4,399 | €2,179 | -€2,220 | -50.5% |
| Furniture and vehicles | 24 | €6,147 | €3,108 | -€3,040 | -49.4% |
| Other tangible fixed assets | 26 | €22,756 | €15,351 | -€7,406 | -32.5% |
| Current assets | 29/58 | €828,545 | €817,377 | -€11,168 | -1.3% |
| Stocks and contracts in progress | 3 | €372,117 | €539,689 | +€167,571 | +45.0% |
| Stocks | 30/36 | €363,778 | €321,032 | -€42,746 | -11.8% |
| Contracts in progress | 37 | €8,340 | €218,657 | +€210,317 | +2521.9% |
| Amounts receivable within one year | 40/41 | €300,016 | €174,564 | -€125,452 | -41.8% |
| Trade receivables | 40 | €249,809 | €123,978 | -€125,831 | -50.4% |
| Other amounts receivable | 41 | €50,207 | €50,587 | +€380 | +0.8% |
| Current investments | 50/53 | €22,527 | €40,696 | +€18,169 | +80.7% |
| Cash at bank and in hand | 54/58 | €105,043 | €32,011 | -€73,032 | -69.5% |
| Deferred charges and accrued income | 490/1 | €28,841 | €30,417 | +€1,576 | +5.5% |
| Total equity and liabilities | 10/49 | €861,848 | €838,014 | -€23,834 | -2.8% |
| Equity | 10/15 | €495,089 | €408,246 | -€86,843 | -17.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €397,844 | €397,844 | = | 0.0% |
| Distributable reserves | 133 | €397,844 | €397,844 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,845 | -€1,998 | -€86,843 | |
| Amounts payable | 17/49 | €366,759 | €429,768 | +€63,009 | +17.2% |
| Amounts payable within one year | 42/48 | €366,759 | €429,768 | +€63,009 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Credit institutions | 430/8 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Trade debts | 44 | €96,095 | €119,904 | +€23,809 | +24.8% |
| Suppliers | 440/4 | €96,095 | €119,904 | +€23,809 | +24.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €70,664 | €59,864 | -€10,800 | -15.3% |
| Taxes | 450/3 | €43,980 | €32,940 | -€11,040 | -25.1% |
| Remuneration and social security | 454/9 | €26,684 | €26,924 | +€240 | +0.9% |
| Remuneration, social security and pensions | 62 | €172,718 | €193,753 | +€21,035 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,433 | €14,011 | -€1,422 | -9.2% |
| Other operating charges | 640/8 | €4,267 | €3,325 | -€942 | -22.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €190,341 | €146,493 | -€43,849 | -23.0% |
| Operating profit (loss) | 9901 | -€2,076 | -€64,596 | -€62,520 | -3011.5% |
| Financial income | 75/76B | €1,035 | €3,258 | +€2,223 | +214.8% |
| Recurring financial income | 75 | €1,035 | €3,258 | +€2,223 | +214.8% |
| Financial charges | 65/66B | €18,137 | €24,952 | +€6,814 | +37.6% |
| Recurring financial charges | 65 | €18,137 | €24,952 | +€6,814 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | -€19,178 | -€86,289 | -€67,111 | -349.9% |
| Income taxes | 67/77 | €1,191 | €554 | -€637 | -53.5% |
| Profit (loss) for the period | 9904 | -€20,369 | -€86,843 | -€66,473 | -326.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,369 | -€86,843 | -€66,473 | -326.3% |
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.