AO group: 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.
AO group
Largest movements
- Cash +€23,179
up €23,179 (+88.5%), from €26,196 to €49,375
mainly Provisions (+€20,161) and Net result for the year (+€13,484)
- Receivables within one year +€9,788
up €9,788 (+30.7%), from €31,887 to €41,675
- Tangible fixed assets -€3,709
down €3,709 (-16.9%), from €22,010 to €18,301
- Intangible fixed assets +€3,300
new in 2025: €3,300
- Provisions +€20,161
new in 2025: €20,161
- Other debts +€9,519
up €9,519 (+168%), from €5,674 to €15,194
- Trade debts +€3,063
up €3,063 (+23.2%), from €13,208 to €16,270
- Provisions +€20,161
new in 2025: €20,161
- Gross operating margin +€8,527
up €8,527 (+19.6%), from €43,536 to €52,064
- Taxes -€901
down €901 (-7.9%), from €11,339 to €10,437
- Financial charges +€695
up €695 (+26.5%), from €2,618 to €3,313
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 | €83,778 | €116,073 | +€32,295 | +38.5% |
| Fixed assets | 21/28 | €22,010 | €21,601 | -€409 | -1.9% |
| Intangible fixed assets | 21 | - | €3,300 | +€3,300 | |
| Tangible fixed assets | 22/27 | €22,010 | €18,301 | -€3,709 | -16.9% |
| Plant, machinery and equipment | 23 | €12,251 | €10,432 | -€1,819 | -14.8% |
| Furniture and vehicles | 24 | €177 | €0 | -€177 | -100% |
| Other tangible fixed assets | 26 | €9,582 | €7,869 | -€1,714 | -17.9% |
| Current assets | 29/58 | €61,768 | €94,472 | +€32,705 | +52.9% |
| Amounts receivable within one year | 40/41 | €31,887 | €41,675 | +€9,788 | +30.7% |
| Trade receivables | 40 | €31,887 | €41,675 | +€9,788 | +30.7% |
| Cash at bank and in hand | 54/58 | €26,196 | €49,375 | +€23,179 | +88.5% |
| Deferred charges and accrued income | 490/1 | €3,685 | €3,422 | -€263 | -7.1% |
| Total equity and liabilities | 10/49 | €83,778 | €116,073 | +€32,295 | +38.5% |
| Equity | 10/15 | €49,597 | €50,080 | +€484 | +1.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €35,000 | €35,000 | = | 0.0% |
| Distributable reserves | 133 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,097 | €12,580 | +€484 | +4.0% |
| Provisions and deferred taxes | 16 | - | €20,161 | +€20,161 | |
| Provisions for liabilities and charges | 160/5 | - | €20,161 | +€20,161 | |
| Other liabilities and charges | 164/5 | - | €20,161 | +€20,161 | |
| Amounts payable | 17/49 | €34,181 | €45,831 | +€11,650 | +34.1% |
| Amounts payable within one year | 42/48 | €34,181 | €45,831 | +€11,650 | +34.1% |
| Financial debts | 43 | €160 | €160 | = | 0.0% |
| Other loans | 439 | €160 | €160 | = | 0.0% |
| Trade debts | 44 | €13,208 | €16,270 | +€3,063 | +23.2% |
| Suppliers | 440/4 | €13,208 | €16,270 | +€3,063 | +23.2% |
| Taxes, remuneration and social security | 45 | €15,139 | €14,207 | -€932 | -6.2% |
| Taxes | 450/3 | €15,139 | €14,207 | -€932 | -6.2% |
| Other amounts payable | 47/48 | €5,674 | €15,194 | +€9,519 | +168% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,912 | €3,709 | -€203 | -5.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €20,161 | +€20,161 | |
| Other operating charges | 640/8 | €230 | €638 | +€407 | +177% |
| Non-recurring operating charges | 66A | - | €322 | +€322 | |
| Gross operating margin | 9900 | €43,536 | €52,064 | +€8,527 | +19.6% |
| Operating profit (loss) | 9901 | €39,394 | €27,234 | -€12,160 | -30.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €2,618 | €3,313 | +€695 | +26.5% |
| Recurring financial charges | 65 | €2,618 | €3,313 | +€695 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €36,776 | €23,921 | -€12,855 | -35.0% |
| Income taxes | 67/77 | €11,339 | €10,437 | -€901 | -7.9% |
| Profit (loss) for the period | 9904 | €25,437 | €13,484 | -€11,954 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,437 | €13,484 | -€11,954 | -47.0% |
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 18 October 2026 via checked.be.