AEF-INVEST: 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.
AEF-INVEST
Largest movements
- Financial fixed assets +€290,049
up €290,049 (+143%), from €202,790 to €492,839
- Receivables within one year +€207,674
up €207,674 (+16.0%), from €1.3m to €1.5m
of which Trade receivables: +€331,394
- Stocks and contracts -€162,303
down €162,303 (-17.9%), from €905,309 to €743,006
- Cash -€52,125
down €52,125 (-63.3%), from €82,402 to €30,277
mainly Short-term financial debts (-€343,160) and Investment in fixed assets (net) (-€300,652)
- Short-term financial debts -€343,160
down €343,160 (-30.0%), from €1.1m to €802,500
- Other debts +€324,423
up €324,423 (+118%), from €275,297 to €599,719
- Debts after one year +€261,200
up €261,200 (+39.9%), from €655,400 to €916,600
of which Financial debts: +€261,200
- Reserves +€128,303
up €128,303 (+24.9%), from €515,621 to €643,924
of which Distributable reserves: +€128,303
- Tax, wage and social debts -€77,082
down €77,082 (-75.5%), from €102,163 to €25,081
of which Taxes: -€77,082
- Write-downs -€513,558
no longer reported in 2025 (was €513,558)
- Other operating charges -€34,247
down €34,247 (-73.3%), from €46,729 to €12,482
- Taxes +€12,830
new in 2025: €12,830
- Financial income -€10,695
down €10,695 (-27.5%), from €38,932 to €28,238
- Gross operating margin +€3,717
up €3,717 (+1.5%), from €250,938 to €254,655
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 | €3,011,762 | €3,280,972 | +€269,210 | +8.9% |
| Fixed assets | 21/28 | €721,160 | €999,113 | +€277,953 | +38.5% |
| Tangible fixed assets | 22/27 | €518,370 | €506,274 | -€12,096 | -2.3% |
| Land and buildings | 22 | €518,370 | €506,274 | -€12,096 | -2.3% |
| Financial fixed assets | 28 | €202,790 | €492,839 | +€290,049 | +143% |
| Current assets | 29/58 | €2,290,602 | €2,281,859 | -€8,743 | -0.4% |
| Stocks and contracts in progress | 3 | €905,309 | €743,006 | -€162,303 | -17.9% |
| Stocks | 30/36 | €905,309 | €743,006 | -€162,303 | -17.9% |
| Amounts receivable within one year | 40/41 | €1,298,497 | €1,506,171 | +€207,674 | +16.0% |
| Trade receivables | 40 | €26,804 | €358,198 | +€331,394 | +1,236% |
| Other amounts receivable | 41 | €1,271,694 | €1,147,973 | -€123,720 | -9.7% |
| Cash at bank and in hand | 54/58 | €82,402 | €30,277 | -€52,125 | -63.3% |
| Deferred charges and accrued income | 490/1 | €4,394 | €2,405 | -€1,989 | -45.3% |
| Total equity and liabilities | 10/49 | €3,011,762 | €3,280,972 | +€269,210 | +8.9% |
| Equity | 10/15 | €792,687 | €920,990 | +€128,303 | +16.2% |
| Contributions | 10/11 | €237,900 | €237,900 | = | 0.0% |
| Capital | 10 | €237,900 | €237,900 | = | 0.0% |
| Issued capital | 100 | €237,900 | €237,900 | = | 0.0% |
| Reserves | 13 | €515,621 | €643,924 | +€128,303 | +24.9% |
| Non-distributable reserves | 130/1 | €23,790 | €23,790 | = | 0.0% |
| Legal reserve | 130 | €23,790 | €23,790 | = | 0.0% |
| Distributable reserves | 133 | €491,831 | €620,134 | +€128,303 | +26.1% |
| Profit (loss) carried forward | 14 | €39,166 | €39,166 | = | 0.0% |
| Amounts payable | 17/49 | €2,219,075 | €2,359,982 | +€140,907 | +6.3% |
| Amounts payable after more than one year | 17 | €655,400 | €916,600 | +€261,200 | +39.9% |
| Financial debts | 170/4 | €651,400 | €912,600 | +€261,200 | +40.1% |
| Other amounts payable | 178/9 | €4,000 | €4,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,563,675 | €1,443,382 | -€120,293 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €16,943 | €16,082 | -€861 | -5.1% |
| Financial debts | 43 | €1,145,660 | €802,500 | -€343,160 | -30.0% |
| Credit institutions | 430/8 | €1,145,660 | €802,500 | -€343,160 | -30.0% |
| Trade debts | 44 | €23,612 | - | -€23,612 | |
| Suppliers | 440/4 | €23,612 | - | -€23,612 | |
| Taxes, remuneration and social security | 45 | €102,163 | €25,081 | -€77,082 | -75.5% |
| Taxes | 450/3 | €101,238 | €24,155 | -€77,082 | -76.1% |
| Remuneration and social security | 454/9 | €925 | €925 | = | 0.0% |
| Other amounts payable | 47/48 | €275,297 | €599,719 | +€324,423 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,116 | €22,699 | -€417 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €513,558 | - | -€513,558 | |
| Other operating charges | 640/8 | €46,729 | €12,482 | -€34,247 | -73.3% |
| Non-recurring operating charges | 66A | €63,193 | - | -€63,193 | |
| Gross operating margin | 9900 | €250,938 | €254,655 | +€3,717 | +1.5% |
| Operating profit (loss) | 9901 | -€395,659 | €219,474 | +€615,133 | |
| Financial income | 75/76B | €38,932 | €28,238 | -€10,695 | -27.5% |
| Recurring financial income | 75 | €38,932 | €28,238 | -€10,695 | -27.5% |
| Financial charges | 65/66B | €106,572 | €106,578 | +€6 | 0.0% |
| Recurring financial charges | 65 | €106,572 | €106,578 | +€6 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€463,299 | €141,133 | +€604,432 | |
| Income taxes | 67/77 | - | €12,830 | +€12,830 | |
| Profit (loss) for the period | 9904 | -€463,299 | €128,303 | +€591,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€463,299 | €128,303 | +€591,602 |
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 28 October 2026 via checked.be.