AES: 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.
AES
Largest movements
- Receivables within one year +€38,262
up €38,262 (+50.0%), from €76,583 to €114,845
of which Trade receivables: +€37,198
- Cash -€11,492
down €11,492 (-59.5%), from €19,306 to €7,814
mainly Receivables within one year (-€38,262) and Accrued charges and deferred income (-€1,358)
- Reserves +€10,625
up €10,625 (+34.1%), from €31,120 to €41,745
- Trade debts +€10,085
up €10,085 (+20.7%), from €48,700 to €58,784
- Tax, wage and social debts +€8,051
up €8,051 (+107.6%), from €7,484 to €15,534
of which Taxes: +€5,599
- Accrued charges and deferred income -€1,358
down €1,358 (-80.5%), from €1,687 to €329
- Gross operating margin +€10,089
up €10,089 (+74.5%), from €13,550 to €23,639
- Staff costs +€6,404
up €6,404, from €0 to €6,404
- Taxes +€1,390
up €1,390 (+33.0%), from €4,206 to €5,596
- Depreciation +€294
up €294 (+2350.0%), from €12 to €306
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €98,991 | €126,447 | +€27,456 | +27.7% |
| Fixed assets | 21/28 | €1,518 | €1,212 | -€306 | -20.2% |
| Intangible fixed assets | 21 | €1,518 | €1,212 | -€306 | -20.2% |
| Current assets | 29/58 | €97,474 | €125,236 | +€27,762 | +28.5% |
| Amounts receivable within one year | 40/41 | €76,583 | €114,845 | +€38,262 | +50.0% |
| Trade receivables | 40 | €71,159 | €108,357 | +€37,198 | +52.3% |
| Other amounts receivable | 41 | €5,424 | €6,487 | +€1,063 | +19.6% |
| Cash at bank and in hand | 54/58 | €19,306 | €7,814 | -€11,492 | -59.5% |
| Deferred charges and accrued income | 490/1 | €1,585 | €2,577 | +€993 | +62.7% |
| Total equity and liabilities | 10/49 | €98,991 | €126,447 | +€27,456 | +27.7% |
| Equity | 10/15 | €41,121 | €51,800 | +€10,679 | +26.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €31,120 | €41,745 | +€10,625 | +34.1% |
| Distributable reserves | 133 | €31,120 | €41,745 | +€10,625 | +34.1% |
| Profit (loss) carried forward | 14 | €1 | €55 | +€54 | +3872.7% |
| Amounts payable | 17/49 | €57,870 | €74,647 | +€16,777 | +29.0% |
| Amounts payable within one year | 42/48 | €56,183 | €74,319 | +€18,136 | +32.3% |
| Trade debts | 44 | €48,700 | €58,784 | +€10,085 | +20.7% |
| Suppliers | 440/4 | €48,700 | €58,784 | +€10,085 | +20.7% |
| Taxes, remuneration and social security | 45 | €7,484 | €15,534 | +€8,051 | +107.6% |
| Taxes | 450/3 | €7,484 | €13,083 | +€5,599 | +74.8% |
| Remuneration and social security | 454/9 | €0 | €2,451 | +€2,451 | |
| Accrued charges and deferred income | 492/3 | €1,687 | €329 | -€1,358 | -80.5% |
| Remuneration, social security and pensions | 62 | €0 | €6,404 | +€6,404 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12 | €306 | +€294 | +2350.0% |
| Other operating charges | 640/8 | €763 | €595 | -€168 | -22.0% |
| Gross operating margin | 9900 | €13,550 | €23,639 | +€10,089 | +74.5% |
| Operating profit (loss) | 9901 | €12,775 | €16,333 | +€3,559 | +27.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -83.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -83.3% |
| Financial charges | 65/66B | €49 | €58 | +€9 | +18.6% |
| Recurring financial charges | 65 | €49 | €58 | +€9 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €12,725 | €16,275 | +€3,550 | +27.9% |
| Income taxes | 67/77 | €4,206 | €5,596 | +€1,390 | +33.0% |
| Profit (loss) for the period | 9904 | €8,519 | €10,679 | +€2,160 | +25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,519 | €10,679 | +€2,160 | +25.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.