AKA-BEL: 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.
AKA-BEL
Largest movements
- Current investments +€10.4m
up €10.4m (+83.2%), from €12.5m to €22.9m
- Tangible fixed assets -€2.4m
down €2.4m (-20.9%), from €11.3m to €9.0m
of which Other tangible fixed assets: -€2.3m
- Intangible fixed assets -€405,690
down €405,690 (-40.6%), from €1.0m to €594,310
- Profit (loss) carried forward +€7.0m
up €7.0m (+52.8%), from -€13.2m to -€6.2m
- Trade debts +€571,240
up €571,240 (+1,572%), from €36,333 to €607,574
- Financial charges -€7.5m
down €7.5m, from €14,782 to -€7.5m
- Gross operating margin -€742,951
down €742,951, from €334,325 to -€408,627
- Depreciation +€500,247
up €500,247 (+203%), from €245,892 to €746,139
- Financial income -€48,909
down €48,909 (-7.7%), from €632,814 to €583,905
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 | €25,899,903 | €33,468,006 | +€7.6m | +29.2% |
| Fixed assets | 21/28 | €12,355,430 | €9,579,085 | -€2.8m | -22.5% |
| Intangible fixed assets | 21 | €1,000,000 | €594,310 | -€405,690 | -40.6% |
| Tangible fixed assets | 22/27 | €11,349,068 | €8,978,413 | -€2.4m | -20.9% |
| Land and buildings | 22 | €7,848,884 | €7,746,672 | -€102,212 | -1.3% |
| Other tangible fixed assets | 26 | €3,500,184 | €1,231,741 | -€2.3m | -64.8% |
| Financial fixed assets | 28 | €6,362 | €6,362 | = | 0.0% |
| Current assets | 29/58 | €13,544,473 | €23,888,921 | +€10.3m | +76.4% |
| Amounts receivable within one year | 40/41 | €369,036 | €310,216 | -€58,820 | -15.9% |
| Trade receivables | 40 | €200,144 | - | -€200,144 | |
| Other amounts receivable | 41 | €168,892 | €310,216 | +€141,324 | +83.7% |
| Current investments | 50/53 | €12,492,475 | €22,891,426 | +€10.4m | +83.2% |
| Cash at bank and in hand | 54/58 | €632,968 | €596,314 | -€36,654 | -5.8% |
| Deferred charges and accrued income | 490/1 | €49,994 | €90,965 | +€40,971 | +82.0% |
| Total equity and liabilities | 10/49 | €25,899,903 | €33,468,006 | +€7.6m | +29.2% |
| Equity | 10/15 | €24,523,562 | €31,437,936 | +€6.9m | +28.2% |
| Contributions | 10/11 | €35,487,919 | €35,487,919 | = | 0.0% |
| Capital | 10 | €35,487,919 | €35,487,919 | = | 0.0% |
| Issued capital | 100 | €35,487,919 | €35,487,919 | = | 0.0% |
| Reserves | 13 | €2,230,271 | €2,183,466 | -€46,805 | -2.1% |
| Non-distributable reserves | 130/1 | €1,426,000 | €1,426,000 | = | 0.0% |
| Legal reserve | 130 | €1,426,000 | €1,426,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €804,271 | €757,466 | -€46,805 | -5.8% |
| Profit (loss) carried forward | 14 | -€13,194,627 | -€6,233,449 | +€7.0m | +52.8% |
| Provisions and deferred taxes | 16 | €337,832 | €318,172 | -€19,660 | -5.8% |
| Deferred taxes | 168 | €337,832 | €318,172 | -€19,660 | -5.8% |
| Amounts payable | 17/49 | €1,038,509 | €1,711,899 | +€673,391 | +64.8% |
| Amounts payable after more than one year | 17 | €1,002,175 | €1,104,325 | +€102,150 | +10.2% |
| Financial debts | 170/4 | €1,002,175 | €1,104,325 | +€102,150 | +10.2% |
| Amounts payable within one year | 42/48 | €36,333 | €607,574 | +€571,240 | +1,572% |
| Trade debts | 44 | €36,333 | €607,574 | +€571,240 | +1,572% |
| Suppliers | 440/4 | €36,333 | €607,574 | +€571,240 | +1,572% |
| Non-recurring operating income | 76A | €20,160 | - | -€20,160 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,892 | €746,139 | +€500,247 | +203% |
| Other operating charges | 640/8 | €28,525 | €32,122 | +€3,598 | +12.6% |
| Gross operating margin | 9900 | €334,325 | -€408,627 | -€742,951 | |
| Operating profit (loss) | 9901 | €59,907 | -€1,186,888 | -€1.2m | |
| Financial income | 75/76B | €632,814 | €583,905 | -€48,909 | -7.7% |
| Recurring financial income | 75 | €632,814 | €583,905 | -€48,909 | -7.7% |
| Financial charges | 65/66B | €14,782 | -€7,499,714 | -€7.5m | |
| Recurring financial charges | 65 | €14,782 | -€7,499,714 | -€7.5m | |
| Profit (loss) for the period before taxes | 9903 | €677,939 | €6,896,731 | +€6.2m | +917% |
| Transfer from deferred taxes | 780 | €19,660 | €19,660 | = | 0.0% |
| Income taxes | 67/77 | - | €2,018 | +€2,018 | |
| Profit (loss) for the period | 9904 | €697,600 | €6,914,374 | +€6.2m | +891% |
| Transfer from tax-exempt reserves | 789 | €46,805 | €46,805 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €744,405 | €6,961,178 | +€6.2m | +835% |
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 13 October 2026 via checked.be.