aeco: 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.
What changed
aeco
NACE 72.109, Other research and development on natural sciences
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€572,010
2025 · €857,900-€285,890
Equity
€3.1m
2025 · €2.5m+€572,010
Cash
€133,612
2025 · €240,632-€107,020
Balance sheet total
€12.7m
2025 · €13.4m-€645,853
Largest movements
Assets
- Receivables within one year -€343,849
down €343,849 (-11.6%), from €3.0m to €2.6m
of which Trade receivables: -€408,733
- Tangible fixed assets -€195,159
down €195,159 (-12.6%), from €1.6m to €1.4m
of which Plant, machinery and equipment: -€166,011
Equity and liabilities
- Other debts -€915,985
down €915,985 (-58.2%), from €1.6m to €657,599
- Profit (loss) carried forward +€572,010
up €572,010 (+30.3%), from €1.9m to €2.5m
Income statement
- Financial income -€540,487
down €540,487 (-99.7%), from €542,381 to €1,893
- Gross operating margin +€276,376
up €276,376 (+23.7%), from €1.2m to €1.4m
- Write-downs +€216,896
up €216,896 (+98.9%), from -€219,346 to -€2,449
- Taxes -€109,000
down €109,000 (-37.0%), from €294,252 to €185,252
- Provisions -€60,750
down €60,750 (-96.4%), from -€63,000 to -€123,750
From the 2025 result to the 2026 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 2025
€857,900
Gross operating margin
+€276,376
Staff costs
+€37,747
Depreciation
+€31,191
Write-downs
-€216,896
Provisions
+€60,750
Other operating charges
+€4,665
Financial income
-€540,487
Financial charges
-€48,234
Taxes
+€109,000
Result 2026
€572,010
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€44,369
Investment
-€12,652
Financing
-€50,000
Cash 2025
€240,632
From operations (derived)
-€44,369
Net result for the year
+€572,010
Depreciation
+€210,849
Stocks and contracts
+€975
Receivables within one year
+€343,849
Deferred charges and accrued income
-€4,189
Provisions
-€123,750
Trade debts
-€38,588
Tax, wage and social debts
-€89,540
Other debts
-€915,985
Investment (derived)
-€12,652
Investment in fixed assets (net)
-€12,652
Financing
-€50,000
Short-term financial debts
-€50,000
Cash 2026
€133,612
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,351,393 | €12,705,539 | -€645,853 | -4.8% |
| Fixed assets | 21/28 | €10,069,984 | €9,871,787 | -€198,197 | -2.0% |
| Intangible fixed assets | 21 | €15,932 | €12,837 | -€3,095 | -19.4% |
| Tangible fixed assets | 22/27 | €1,550,020 | €1,354,861 | -€195,159 | -12.6% |
| Plant, machinery and equipment | 23 | €1,436,778 | €1,270,768 | -€166,011 | -11.6% |
| Furniture and vehicles | 24 | €113,242 | €84,093 | -€29,148 | -25.7% |
| Financial fixed assets | 28 | €8,504,031 | €8,504,088 | +€57 | 0.0% |
| Current assets | 29/58 | €3,281,409 | €2,833,753 | -€447,656 | -13.6% |
| Stocks and contracts in progress | 3 | €10,010 | €9,035 | -€975 | -9.7% |
| Stocks | 30/36 | €10,010 | €9,035 | -€975 | -9.7% |
| Amounts receivable within one year | 40/41 | €2,966,140 | €2,622,290 | -€343,849 | -11.6% |
| Trade receivables | 40 | €679,768 | €271,036 | -€408,733 | -60.1% |
| Other amounts receivable | 41 | €2,286,371 | €2,351,255 | +€64,883 | +2.8% |
| Cash at bank and in hand | 54/58 | €240,632 | €133,612 | -€107,020 | -44.5% |
| Deferred charges and accrued income | 490/1 | €64,627 | €68,816 | +€4,189 | +6.5% |
| Total equity and liabilities | 10/49 | €13,351,393 | €12,705,539 | -€645,853 | -4.8% |
| Equity | 10/15 | €2,511,771 | €3,083,781 | +€572,010 | +22.8% |
| Contributions | 10/11 | €416,320 | €416,320 | = | 0.0% |
| Capital | 10 | €416,320 | €416,320 | = | 0.0% |
| Issued capital | 100 | €416,320 | €416,320 | = | 0.0% |
| Reserves | 13 | €208,160 | €208,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €208,160 | €208,160 | = | 0.0% |
| Legal reserve | 130 | €208,160 | €208,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,887,291 | €2,459,301 | +€572,010 | +30.3% |
| Provisions and deferred taxes | 16 | €254,250 | €130,500 | -€123,750 | -48.7% |
| Provisions for liabilities and charges | 160/5 | €254,250 | €130,500 | -€123,750 | -48.7% |
| Other liabilities and charges | 164/5 | €254,250 | €130,500 | -€123,750 | -48.7% |
| Amounts payable | 17/49 | €10,585,372 | €9,491,258 | -€1.1m | -10.3% |
| Amounts payable after more than one year | 17 | €8,500,000 | €8,500,000 | = | 0.0% |
| Financial debts | 170/4 | €8,500,000 | €8,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,085,372 | €991,258 | -€1.1m | -52.5% |
| Financial debts | 43 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Other loans | 439 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Trade debts | 44 | €102,367 | €63,778 | -€38,588 | -37.7% |
| Suppliers | 440/4 | €102,367 | €63,778 | -€38,588 | -37.7% |
| Taxes, remuneration and social security | 45 | €159,421 | €69,881 | -€89,540 | -56.2% |
| Taxes | 450/3 | €122,949 | €37,364 | -€85,585 | -69.6% |
| Remuneration and social security | 454/9 | €36,472 | €32,517 | -€3,955 | -10.8% |
| Other amounts payable | 47/48 | €1,573,584 | €657,599 | -€915,985 | -58.2% |
| Non-recurring operating income | 76A | - | €135,621 | +€135,621 | |
| Remuneration, social security and pensions | 62 | €301,757 | €264,010 | -€37,747 | -12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242,040 | €210,849 | -€31,191 | -12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€219,346 | -€2,449 | +€216,896 | +98.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€63,000 | -€123,750 | -€60,750 | -96.4% |
| Other operating charges | 640/8 | €22,225 | €17,560 | -€4,665 | -21.0% |
| Gross operating margin | 9900 | €1,164,983 | €1,441,359 | +€276,376 | +23.7% |
| Operating profit (loss) | 9901 | €881,308 | €1,075,140 | +€193,832 | +22.0% |
| Financial income | 75/76B | €542,381 | €1,893 | -€540,487 | -99.7% |
| Recurring financial income | 75 | €542,381 | €1,893 | -€540,487 | -99.7% |
| Financial charges | 65/66B | €271,537 | €319,771 | +€48,234 | +17.8% |
| Recurring financial charges | 65 | €271,537 | €319,771 | +€48,234 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €1,152,152 | €757,262 | -€394,890 | -34.3% |
| Income taxes | 67/77 | €294,252 | €185,252 | -€109,000 | -37.0% |
| Profit (loss) for the period | 9904 | €857,900 | €572,010 | -€285,890 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €857,900 | €572,010 | -€285,890 | -33.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.