AEFO Studio: 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.
AEFO Studio
Largest movements
- Tangible fixed assets +€531,681
up €531,681 (+225.9%), from €235,375 to €767,056
of which Land and buildings: +€521,661
- Receivables within one year -€41,693
down €41,693 (-67.7%), from €61,565 to €19,872
of which Trade receivables: -€34,964
- Cash +€15,797
up €15,797 (+46.8%), from €33,741 to €49,537
mainly Debts after one year (+€545,709) and Depreciation (+€89,266)
- Debts after one year +€545,709
up €545,709 (+293.4%), from €186,013 to €731,722
- Reserves -€80,204
no longer reported in 2025 (was €80,204)
- Current portion of long-term debt +€26,923
up €26,923 (+347.4%), from €7,750 to €34,674
- Other debts +€22,558
new in 2025: €22,558
- Depreciation +€75,345
up €75,345 (+541.2%), from €13,921 to €89,266
- Staff costs +€58,744
up €58,744 (+71.9%), from €81,664 to €140,408
- Taxes -€23,893
down €23,893, from €22,239 to -€1,654
- Financial charges +€18,324
up €18,324 (+244.6%), from €7,492 to €25,816
of which Financial charges: +€16,713
- Other operating charges +€7,962
up €7,962 (+311.1%), from €2,559 to €10,522
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 | €335,817 | €844,021 | +€508,204 | +151.3% |
| Fixed assets | 21/28 | €235,375 | €767,056 | +€531,681 | +225.9% |
| Tangible fixed assets | 22/27 | €235,375 | €767,056 | +€531,681 | +225.9% |
| Land and buildings | 22 | €213,275 | €734,936 | +€521,661 | +244.6% |
| Plant, machinery and equipment | 23 | €1,151 | €2,059 | +€908 | +78.9% |
| Furniture and vehicles | 24 | €12,497 | €9,769 | -€2,729 | -21.8% |
| Other tangible fixed assets | 26 | €8,452 | €7,292 | -€1,159 | -13.7% |
| Assets under construction and advance payments | 27 | - | €13,000 | +€13,000 | |
| Current assets | 29/58 | €100,442 | €76,965 | -€23,477 | -23.4% |
| Amounts receivable within one year | 40/41 | €61,565 | €19,872 | -€41,693 | -67.7% |
| Trade receivables | 40 | €54,797 | €19,833 | -€34,964 | -63.8% |
| Other amounts receivable | 41 | €6,768 | €39 | -€6,729 | -99.4% |
| Cash at bank and in hand | 54/58 | €33,741 | €49,537 | +€15,797 | +46.8% |
| Deferred charges and accrued income | 490/1 | €5,137 | €7,555 | +€2,419 | +47.1% |
| Total equity and liabilities | 10/49 | €335,817 | €844,021 | +€508,204 | +151.3% |
| Equity | 10/15 | €82,704 | -€2,945 | -€85,649 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €80,204 | - | -€80,204 | |
| Distributable reserves | 133 | €80,204 | - | -€80,204 | |
| Profit (loss) carried forward | 14 | - | -€5,445 | -€5,445 | |
| Amounts payable | 17/49 | €253,113 | €846,966 | +€593,853 | +234.6% |
| Amounts payable after more than one year | 17 | €186,013 | €731,722 | +€545,709 | +293.4% |
| Financial debts | 170/4 | €186,013 | €731,722 | +€545,709 | +293.4% |
| Amounts payable within one year | 42/48 | €67,100 | €115,244 | +€48,143 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €7,750 | €34,674 | +€26,923 | +347.4% |
| Trade debts | 44 | €16,811 | €11,727 | -€5,083 | -30.2% |
| Suppliers | 440/4 | €16,811 | €11,727 | -€5,083 | -30.2% |
| Taxes, remuneration and social security | 45 | €42,540 | €46,285 | +€3,746 | +8.8% |
| Taxes | 450/3 | €24,442 | €24,452 | +€10 | 0.0% |
| Remuneration and social security | 454/9 | €18,097 | €21,833 | +€3,736 | +20.6% |
| Other amounts payable | 47/48 | - | €22,558 | +€22,558 | |
| Remuneration, social security and pensions | 62 | €81,664 | €140,408 | +€58,744 | +71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,921 | €89,266 | +€75,345 | +541.2% |
| Other operating charges | 640/8 | €2,559 | €10,522 | +€7,962 | +311.1% |
| Gross operating margin | 9900 | €176,210 | €178,708 | +€2,497 | +1.4% |
| Operating profit (loss) | 9901 | €78,067 | -€61,488 | -€139,554 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +776.5% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +776.5% |
| Financial charges | 65/66B | €7,492 | €25,816 | +€18,324 | +244.6% |
| Recurring financial charges | 65 | €7,492 | €24,205 | +€16,713 | +223.1% |
| Non-recurring financial charges | 66B | - | €1,611 | +€1,611 | |
| Profit (loss) for the period before taxes | 9903 | €70,575 | -€87,302 | -€157,877 | |
| Income taxes | 67/77 | €22,239 | -€1,654 | -€23,893 | |
| Profit (loss) for the period | 9904 | €48,336 | -€85,649 | -€133,984 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,336 | -€85,649 | -€133,984 |
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 12 October 2026 via checked.be.