AEGIR PROJECTS: 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.
AEGIR PROJECTS
Largest movements
- Receivables within one year -€36,397
down €36,397 (-28.3%), from €128,663 to €92,266
of which Trade receivables: -€31,811
- Tangible fixed assets -€29,159
down €29,159 (-21.8%), from €133,744 to €104,585
of which Furniture and vehicles: -€33,086
- Intangible fixed assets -€6,800
down €6,800 (-14.4%), from €47,246 to €40,446
- Debts after one year -€60,682
down €60,682 (-64.6%), from €93,909 to €33,227
- Trade debts -€44,365
down €44,365 (-53.7%), from €82,542 to €38,177
- Reserves +€20,093
up €20,093 (+48.0%), from €41,851 to €61,943
- Profit (loss) carried forward +€12,630
up €12,630, from -€12,630 to €0
- Tax, wage and social debts -€4,269
down €4,269 (-32.3%), from €13,212 to €8,943
of which Taxes: -€3,830
- Staff costs +€81,241
up €81,241 (+393.6%), from €20,639 to €101,880
- Write-downs -€33,044
down €33,044 (-100.0%), from €33,044 to €0
- Gross operating margin +€27,523
up €27,523 (+15.1%), from €181,867 to €209,390
- Taxes +€12,347
up €12,347 (+1897.3%), from €651 to €12,998
- Other operating charges -€5,202
down €5,202 (-50.3%), from €10,338 to €5,136
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €314,918 | €239,008 | -€75,910 | -24.1% |
| Fixed assets | 21/28 | €180,990 | €145,031 | -€35,959 | -19.9% |
| Intangible fixed assets | 21 | €47,246 | €40,446 | -€6,800 | -14.4% |
| Tangible fixed assets | 22/27 | €133,744 | €104,585 | -€29,159 | -21.8% |
| Plant, machinery and equipment | 23 | €4,523 | €5,200 | +€677 | +15.0% |
| Furniture and vehicles | 24 | €129,221 | €96,135 | -€33,086 | -25.6% |
| Other tangible fixed assets | 26 | - | €3,250 | +€3,250 | |
| Current assets | 29/58 | €133,928 | €93,977 | -€39,951 | -29.8% |
| Amounts receivable within one year | 40/41 | €128,663 | €92,266 | -€36,397 | -28.3% |
| Trade receivables | 40 | €96,728 | €64,917 | -€31,811 | -32.9% |
| Other amounts receivable | 41 | €31,935 | €27,349 | -€4,586 | -14.4% |
| Current investments | 50/53 | €1,500 | €0 | -€1,500 | -100.0% |
| Deferred charges and accrued income | 490/1 | €3,764 | €1,711 | -€2,054 | -54.6% |
| Total equity and liabilities | 10/49 | €314,918 | €239,008 | -€75,910 | -24.1% |
| Equity | 10/15 | €44,220 | €76,943 | +€32,723 | +74.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €41,851 | €61,943 | +€20,093 | +48.0% |
| Distributable reserves | 133 | €41,851 | €61,943 | +€20,093 | +48.0% |
| Profit (loss) carried forward | 14 | -€12,630 | €0 | +€12,630 | |
| Amounts payable | 17/49 | €270,698 | €162,065 | -€108,633 | -40.1% |
| Amounts payable after more than one year | 17 | €93,909 | €33,227 | -€60,682 | -64.6% |
| Financial debts | 170/4 | €93,909 | €33,227 | -€60,682 | -64.6% |
| Amounts payable within one year | 42/48 | €174,600 | €128,537 | -€46,063 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €58,792 | €60,682 | +€1,890 | +3.2% |
| Financial debts | 43 | €20,054 | €20,735 | +€681 | +3.4% |
| Credit institutions | 430/8 | €20,054 | €10,735 | -€9,319 | -46.5% |
| Other loans | 439 | €0 | €10,000 | +€10,000 | |
| Trade debts | 44 | €82,542 | €38,177 | -€44,365 | -53.7% |
| Suppliers | 440/4 | €82,542 | €38,177 | -€44,365 | -53.7% |
| Taxes, remuneration and social security | 45 | €13,212 | €8,943 | -€4,269 | -32.3% |
| Taxes | 450/3 | €7,992 | €4,161 | -€3,830 | -47.9% |
| Remuneration and social security | 454/9 | €5,220 | €4,782 | -€438 | -8.4% |
| Accrued charges and deferred income | 492/3 | €2,189 | €300 | -€1,889 | -86.3% |
| Non-recurring operating income | 76A | €32,116 | €0 | -€32,116 | -100.0% |
| Remuneration, social security and pensions | 62 | €20,639 | €101,880 | +€81,241 | +393.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,850 | €44,709 | -€141 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,044 | €0 | -€33,044 | -100.0% |
| Other operating charges | 640/8 | €10,338 | €5,136 | -€5,202 | -50.3% |
| Gross operating margin | 9900 | €181,867 | €209,390 | +€27,523 | +15.1% |
| Operating profit (loss) | 9901 | €72,996 | €57,664 | -€15,331 | -21.0% |
| Financial income | 75/76B | €154 | €723 | +€569 | +368.4% |
| Recurring financial income | 75 | €154 | €723 | +€569 | +368.4% |
| Financial charges | 65/66B | €15,155 | €12,667 | -€2,489 | -16.4% |
| Recurring financial charges | 65 | €15,155 | €12,667 | -€2,489 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €57,995 | €45,721 | -€12,274 | -21.2% |
| Income taxes | 67/77 | €651 | €12,998 | +€12,347 | +1897.3% |
| Profit (loss) for the period | 9904 | €57,344 | €32,723 | -€24,621 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,344 | €32,723 | -€24,621 | -42.9% |
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 10 October 2026 via checked.be.