AEF Construct: 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.
AEF Construct
Largest movements
- Stocks and contracts +€2.9m
up €2.9m (+88.7%), from €3.2m to €6.1m
- Receivables within one year +€772,420
up €772,420 (+1703.0%), from €45,355 to €817,776
of which Other amounts receivable: +€513,456
- Cash -€218,060
down €218,060 (-86.6%), from €251,750 to €33,690
mainly Stocks and contracts (-€2.9m) and Receivables within one year (-€772,420)
- Advances received +€1.4m
up €1.4m (+121.0%), from €1.2m to €2.6m
- Short-term financial debts +€846,000
up €846,000 (+39.0%), from €2.2m to €3.0m
- Contributions +€720,123
up €720,123 (+14402.5%), from €5,000 to €725,123
- Trade debts +€308,174
up €308,174 (+244.9%), from €125,825 to €434,000
- Debts after one year +€179,248
up €179,248 (+484.1%), from €37,031 to €216,279
- Gross operating margin +€110,632
up €110,632, from -€27,249 to €83,383
- Financial charges -€43,587
down €43,587 (-48.9%), from €89,216 to €45,629
- Staff costs +€18,303
new in 2025: €18,303
- Other operating charges +€11,455
up €11,455 (+39.6%), from €28,900 to €40,356
- Financial income +€7,289
up €7,289 (+46016.9%), from €16 to €7,305
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 | €3,526,579 | €6,939,887 | +€3.4m | +96.8% |
| Fixed assets | 21/28 | €3,037 | €380 | -€2,657 | -87.5% |
| Tangible fixed assets | 22/27 | €3,037 | €380 | -€2,657 | -87.5% |
| Furniture and vehicles | 24 | €655 | €380 | -€276 | -42.1% |
| Leasing and similar rights | 25 | €2,381 | - | -€2,381 | |
| Current assets | 29/58 | €3,523,542 | €6,939,507 | +€3.4m | +96.9% |
| Stocks and contracts in progress | 3 | €3,223,254 | €6,080,905 | +€2.9m | +88.7% |
| Stocks | 30/36 | €3,223,254 | €6,080,905 | +€2.9m | +88.7% |
| Amounts receivable within one year | 40/41 | €45,355 | €817,776 | +€772,420 | +1703.0% |
| Trade receivables | 40 | €29,539 | €288,504 | +€258,964 | +876.7% |
| Other amounts receivable | 41 | €15,816 | €529,272 | +€513,456 | +3246.5% |
| Cash at bank and in hand | 54/58 | €251,750 | €33,690 | -€218,060 | -86.6% |
| Deferred charges and accrued income | 490/1 | €3,183 | €7,137 | +€3,954 | +124.2% |
| Total equity and liabilities | 10/49 | €3,526,579 | €6,939,887 | +€3.4m | +96.8% |
| Equity | 10/15 | -€409,484 | €294,381 | +€703,865 | |
| Contributions | 10/11 | €5,000 | €725,123 | +€720,123 | +14402.5% |
| Profit (loss) carried forward | 14 | -€414,484 | -€430,741 | -€16,257 | -3.9% |
| Amounts payable | 17/49 | €3,936,063 | €6,645,505 | +€2.7m | +68.8% |
| Amounts payable after more than one year | 17 | €37,031 | €216,279 | +€179,248 | +484.1% |
| Financial debts | 170/4 | €37,031 | €216,279 | +€179,248 | +484.1% |
| Amounts payable within one year | 42/48 | €3,899,032 | €6,429,227 | +€2.5m | +64.9% |
| Current portion of amounts payable after more than one year | 42 | €20,654 | €20,752 | +€98 | +0.5% |
| Financial debts | 43 | €2,169,000 | €3,015,000 | +€846,000 | +39.0% |
| Credit institutions | 430/8 | €2,169,000 | €3,015,000 | +€846,000 | +39.0% |
| Trade debts | 44 | €125,825 | €434,000 | +€308,174 | +244.9% |
| Suppliers | 440/4 | €125,825 | €434,000 | +€308,174 | +244.9% |
| Advances received on contracts in progress | 46 | €1,159,633 | €2,563,043 | +€1.4m | +121.0% |
| Taxes, remuneration and social security | 45 | €2,144 | €117,796 | +€115,652 | +5394.5% |
| Taxes | 450/3 | €140 | €115,160 | +€115,020 | +82439.9% |
| Remuneration and social security | 454/9 | €2,004 | €2,636 | +€632 | +31.5% |
| Other amounts payable | 47/48 | €421,777 | €278,636 | -€143,140 | -33.9% |
| Remuneration, social security and pensions | 62 | - | €18,303 | +€18,303 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,547 | €2,657 | -€1,890 | -41.6% |
| Other operating charges | 640/8 | €28,900 | €40,356 | +€11,455 | +39.6% |
| Gross operating margin | 9900 | -€27,249 | €83,383 | +€110,632 | |
| Operating profit (loss) | 9901 | -€60,697 | €22,067 | +€82,764 | |
| Financial income | 75/76B | €16 | €7,305 | +€7,289 | +46016.9% |
| Recurring financial income | 75 | €16 | €7,305 | +€7,289 | +46016.9% |
| Financial charges | 65/66B | €89,216 | €45,629 | -€43,587 | -48.9% |
| Recurring financial charges | 65 | €89,216 | €45,629 | -€43,587 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | -€149,897 | -€16,257 | +€133,640 | +89.2% |
| Income taxes | 67/77 | €140 | - | -€140 | |
| Profit (loss) for the period | 9904 | -€150,036 | -€16,257 | +€133,779 | +89.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€150,036 | -€16,257 | +€133,779 | +89.2% |
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 28 September 2026 via checked.be.