AEP DISTRIBUTION: 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.
AEP DISTRIBUTION
Largest movements
- Tangible fixed assets +€163,011
up €163,011 (+67.5%), from €241,371 to €404,382
of which Land and buildings: +€173,286
- Cash -€43,405
down €43,405 (-41.9%), from €103,597 to €60,192
mainly Contributions, distributions and other (-€205,000) and Investment in fixed assets (net) (-€190,000)
- Other debts +€101,440
up €101,440 (+5882.4%), from €1,724 to €103,164
- Profit (loss) carried forward +€20,519
up €20,519 (+19.7%), from €104,074 to €124,593
- Reserves -€20,200
down €20,200 (-8.6%), from €233,850 to €213,650
of which Distributable reserves: -€20,200
- Tax, wage and social debts +€18,657
up €18,657 (+379.3%), from €4,919 to €23,576
- Financial income +€108,155
up €108,155 (+150.0%), from €72,104 to €180,258
- Gross operating margin +€22,789
up €22,789 (+36.7%), from €62,140 to €84,929
- Taxes +€13,738
up €13,738 (+92.1%), from €14,919 to €28,657
- Depreciation +€3,824
up €3,824 (+16.5%), from €23,165 to €26,989
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 | €525,101 | €644,706 | +€119,605 | +22.8% |
| Fixed assets | 21/28 | €418,276 | €581,286 | +€163,011 | +39.0% |
| Tangible fixed assets | 22/27 | €241,371 | €404,382 | +€163,011 | +67.5% |
| Land and buildings | 22 | €208,823 | €382,109 | +€173,286 | +83.0% |
| Furniture and vehicles | 24 | €9,269 | €3,743 | -€5,526 | -59.6% |
| Other tangible fixed assets | 26 | €23,278 | €18,529 | -€4,749 | -20.4% |
| Financial fixed assets | 28 | €176,905 | €176,905 | = | 0.0% |
| Current assets | 29/58 | €106,825 | €63,420 | -€43,405 | -40.6% |
| Amounts receivable within one year | 40/41 | €2,708 | €2,708 | = | 0.0% |
| Other amounts receivable | 41 | €2,708 | €2,708 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €103,597 | €60,192 | -€43,405 | -41.9% |
| Deferred charges and accrued income | 490/1 | €520 | €520 | = | 0.0% |
| Total equity and liabilities | 10/49 | €525,101 | €644,706 | +€119,605 | +22.8% |
| Equity | 10/15 | €517,646 | €517,966 | +€319 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €117,723 | €117,723 | = | 0.0% |
| Reserves | 13 | €233,850 | €213,650 | -€20,200 | -8.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €227,650 | €207,450 | -€20,200 | -8.9% |
| Profit (loss) carried forward | 14 | €104,074 | €124,593 | +€20,519 | +19.7% |
| Amounts payable | 17/49 | €7,455 | €126,740 | +€119,286 | +1600.1% |
| Amounts payable within one year | 42/48 | €7,455 | €126,740 | +€119,286 | +1600.1% |
| Trade debts | 44 | €811 | €0 | -€811 | -100.0% |
| Suppliers | 440/4 | €811 | €0 | -€811 | -100.0% |
| Taxes, remuneration and social security | 45 | €4,919 | €23,576 | +€18,657 | +379.3% |
| Taxes | 450/3 | €4,919 | €23,576 | +€18,657 | +379.3% |
| Other amounts payable | 47/48 | €1,724 | €103,164 | +€101,440 | +5882.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,165 | €26,989 | +€3,824 | +16.5% |
| Other operating charges | 640/8 | €4,030 | €4,149 | +€119 | +3.0% |
| Gross operating margin | 9900 | €62,140 | €84,929 | +€22,789 | +36.7% |
| Operating profit (loss) | 9901 | €34,944 | €53,790 | +€18,846 | +53.9% |
| Financial income | 75/76B | €72,104 | €180,258 | +€108,155 | +150.0% |
| Recurring financial income | 75 | €72,104 | €180,258 | +€108,155 | +150.0% |
| Financial charges | 65/66B | €71 | €72 | +€2 | +2.1% |
| Recurring financial charges | 65 | €71 | €72 | +€2 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €106,977 | €233,976 | +€126,999 | +118.7% |
| Income taxes | 67/77 | €14,919 | €28,657 | +€13,738 | +92.1% |
| Profit (loss) for the period | 9904 | €92,058 | €205,319 | +€113,261 | +123.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,058 | €205,319 | +€113,261 | +123.0% |
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 30 September 2026 via checked.be.