Aesthetic & Management Excellence: 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.
Aesthetic & Management Excellence
Largest movements
- Receivables within one year +€140,585
up €140,585 (+150%), from €93,756 to €234,341
of which Trade receivables: +€140,256
- Cash -€18,227
down €18,227 (-47.8%), from €38,130 to €19,903
mainly Receivables within one year (-€140,585) and Tax, wage and social debts (-€26,149)
- Receivables after one year -€15,500
down €15,500 (-24.8%), from €62,500 to €47,000
- Stocks and contracts -€14,607
down €14,607 (-20.0%), from €73,107 to €58,500
- Trade debts +€99,909
up €99,909 (+523%), from €19,106 to €119,016
- Tax, wage and social debts -€26,149
down €26,149 (-63.6%), from €41,114 to €14,965
- Advances received +€25,970
up €25,970 (+32.8%), from €79,255 to €105,225
- Debts after one year -€12,381
down €12,381 (-36.0%), from €34,406 to €22,025
- Gross operating margin -€61,745
down €61,745 (-78.5%), from €78,679 to €16,935
- Write-downs -€24,094
no longer reported in 2025 (was €24,094)
- Taxes -€7,851
down €7,851 (-76.1%), from €10,312 to €2,462
- Financial charges +€3,359
up €3,359 (+293%), from €1,145 to €4,505
- Other operating charges -€1,951
down €1,951 (-57.7%), from €3,383 to €1,432
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 | €280,753 | €371,459 | +€90,706 | +32.3% |
| Fixed assets | 21/28 | €12,166 | €8,705 | -€3,461 | -28.4% |
| Tangible fixed assets | 22/27 | €12,166 | €8,705 | -€3,461 | -28.4% |
| Plant, machinery and equipment | 23 | €630 | €467 | -€163 | -25.8% |
| Furniture and vehicles | 24 | €11,536 | €8,238 | -€3,298 | -28.6% |
| Current assets | 29/58 | €268,587 | €362,754 | +€94,167 | +35.1% |
| Amounts receivable after more than one year | 29 | €62,500 | €47,000 | -€15,500 | -24.8% |
| Other amounts receivable | 291 | €62,500 | €47,000 | -€15,500 | -24.8% |
| Stocks and contracts in progress | 3 | €73,107 | €58,500 | -€14,607 | -20.0% |
| Stocks | 30/36 | €73,107 | €58,500 | -€14,607 | -20.0% |
| Amounts receivable within one year | 40/41 | €93,756 | €234,341 | +€140,585 | +150% |
| Trade receivables | 40 | €93,756 | €234,012 | +€140,256 | +150% |
| Other amounts receivable | 41 | - | €329 | +€329 | |
| Cash at bank and in hand | 54/58 | €38,130 | €19,903 | -€18,227 | -47.8% |
| Deferred charges and accrued income | 490/1 | €1,094 | €3,010 | +€1,916 | +175% |
| Total equity and liabilities | 10/49 | €280,753 | €371,459 | +€90,706 | +32.3% |
| Equity | 10/15 | €93,815 | €96,985 | +€3,170 | +3.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €57,822 | €57,822 | = | 0.0% |
| Distributable reserves | 133 | €57,822 | €57,822 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,993 | €38,163 | +€3,170 | +9.1% |
| Amounts payable | 17/49 | €186,938 | €274,474 | +€87,536 | +46.8% |
| Amounts payable after more than one year | 17 | €34,406 | €22,025 | -€12,381 | -36.0% |
| Financial debts | 170/4 | €34,406 | €22,025 | -€12,381 | -36.0% |
| Amounts payable within one year | 42/48 | €152,531 | €252,448 | +€99,917 | +65.5% |
| Current portion of amounts payable after more than one year | 42 | €11,792 | €12,381 | +€589 | +5.0% |
| Trade debts | 44 | €19,106 | €119,016 | +€99,909 | +523% |
| Suppliers | 440/4 | €19,106 | €119,016 | +€99,909 | +523% |
| Advances received on contracts in progress | 46 | €79,255 | €105,225 | +€25,970 | +32.8% |
| Taxes, remuneration and social security | 45 | €41,114 | €14,965 | -€26,149 | -63.6% |
| Taxes | 450/3 | €41,114 | €14,965 | -€26,149 | -63.6% |
| Other amounts payable | 47/48 | €1,264 | €862 | -€403 | -31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,013 | €6,449 | +€1,436 | +28.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €24,094 | - | -€24,094 | |
| Other operating charges | 640/8 | €3,383 | €1,432 | -€1,951 | -57.7% |
| Gross operating margin | 9900 | €78,679 | €16,935 | -€61,745 | -78.5% |
| Operating profit (loss) | 9901 | €46,190 | €9,053 | -€37,137 | -80.4% |
| Financial income | 75/76B | €1,094 | €1,916 | +€823 | +75.2% |
| Recurring financial income | 75 | €1,094 | €1,916 | +€823 | +75.2% |
| Financial charges | 65/66B | €1,145 | €4,505 | +€3,359 | +293% |
| Recurring financial charges | 65 | €1,145 | €4,505 | +€3,359 | +293% |
| Profit (loss) for the period before taxes | 9903 | €46,138 | €6,465 | -€39,673 | -86.0% |
| Income taxes | 67/77 | €10,312 | €2,462 | -€7,851 | -76.1% |
| Profit (loss) for the period | 9904 | €35,826 | €4,003 | -€31,823 | -88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,826 | €4,003 | -€31,823 | -88.8% |
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 26 October 2026 via checked.be.