AOUAD: 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.
AOUAD
Largest movements
- Receivables within one year -€99,993
down €99,993 (-91.0%), from €109,829 to €9,836
of which Trade receivables: -€103,580
- Tangible fixed assets +€63,752
up €63,752 (+45.6%), from €139,926 to €203,678
of which Other tangible fixed assets: +€41,453
- Stocks and contracts -€19,758
down €19,758 (-34.9%), from €56,538 to €36,780
- Cash -€8,470
down €8,470 (-25.4%), from €33,329 to €24,858
mainly Investment in fixed assets (net) (-€96,759) and Net result for the year (-€77,471)
- Intangible fixed assets -€6,500
down €6,500 (-25.0%), from €26,000 to €19,500
- Trade debts +€93,780
up €93,780 (+88.3%), from €106,252 to €200,032
- Profit (loss) carried forward -€77,471
down €77,471 (-25.3%), from -€306,695 to -€384,166
- Debts after one year -€37,641
down €37,641 (-60.4%), from €62,337 to €24,696
- Tax, wage and social debts -€35,386
down €35,386 (-8.8%), from €401,007 to €365,621
of which Remuneration and social security: -€104,842
- Other debts -€10,784
down €10,784 (-32.2%), from €33,534 to €22,750
- Staff costs -€41,969
down €41,969 (-6.3%), from €667,439 to €625,471
- Other operating charges +€26,510
up €26,510 (+180.0%), from €14,730 to €41,240
- Gross operating margin -€18,146
down €18,146 (-2.7%), from €660,607 to €642,461
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 | €384,850 | €309,167 | -€75,684 | -19.7% |
| Fixed assets | 21/28 | €176,204 | €231,726 | +€55,521 | +31.5% |
| Intangible fixed assets | 21 | €26,000 | €19,500 | -€6,500 | -25.0% |
| Tangible fixed assets | 22/27 | €139,926 | €203,678 | +€63,752 | +45.6% |
| Land and buildings | 22 | €88,162 | €90,552 | +€2,390 | +2.7% |
| Plant, machinery and equipment | 23 | - | €2,581 | +€2,581 | |
| Furniture and vehicles | 24 | €28,462 | €45,790 | +€17,328 | +60.9% |
| Other tangible fixed assets | 26 | €23,303 | €64,756 | +€41,453 | +177.9% |
| Financial fixed assets | 28 | €10,278 | €8,547 | -€1,731 | -16.8% |
| Current assets | 29/58 | €208,646 | €77,441 | -€131,205 | -62.9% |
| Stocks and contracts in progress | 3 | €56,538 | €36,780 | -€19,758 | -34.9% |
| Stocks | 30/36 | €56,538 | €36,780 | -€19,758 | -34.9% |
| Amounts receivable within one year | 40/41 | €109,829 | €9,836 | -€99,993 | -91.0% |
| Trade receivables | 40 | €108,030 | €4,450 | -€103,580 | -95.9% |
| Other amounts receivable | 41 | €1,799 | €5,386 | +€3,587 | +199.3% |
| Cash at bank and in hand | 54/58 | €33,329 | €24,858 | -€8,470 | -25.4% |
| Deferred charges and accrued income | 490/1 | €8,951 | €5,967 | -€2,984 | -33.3% |
| Total equity and liabilities | 10/49 | €384,850 | €309,167 | -€75,684 | -19.7% |
| Equity | 10/15 | -€271,235 | -€348,706 | -€77,471 | -28.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€306,695 | -€384,166 | -€77,471 | -25.3% |
| Amounts payable | 17/49 | €656,085 | €657,872 | +€1,787 | +0.3% |
| Amounts payable after more than one year | 17 | €62,337 | €24,696 | -€37,641 | -60.4% |
| Financial debts | 170/4 | €62,337 | €24,696 | -€37,641 | -60.4% |
| Amounts payable within one year | 42/48 | €593,748 | €633,176 | +€39,428 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €52,955 | €44,772 | -€8,183 | -15.5% |
| Trade debts | 44 | €106,252 | €200,032 | +€93,780 | +88.3% |
| Suppliers | 440/4 | €106,252 | €200,032 | +€93,780 | +88.3% |
| Taxes, remuneration and social security | 45 | €401,007 | €365,621 | -€35,386 | -8.8% |
| Taxes | 450/3 | €147,431 | €216,888 | +€69,457 | +47.1% |
| Remuneration and social security | 454/9 | €253,576 | €148,733 | -€104,842 | -41.3% |
| Other amounts payable | 47/48 | €33,534 | €22,750 | -€10,784 | -32.2% |
| Remuneration, social security and pensions | 62 | €667,439 | €625,471 | -€41,969 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,063 | €41,238 | +€6,175 | +17.6% |
| Other operating charges | 640/8 | €14,730 | €41,240 | +€26,510 | +180.0% |
| Gross operating margin | 9900 | €660,607 | €642,461 | -€18,146 | -2.7% |
| Operating profit (loss) | 9901 | -€56,625 | -€65,487 | -€8,862 | -15.7% |
| Financial income | 75/76B | €31 | €16 | -€14 | -46.4% |
| Recurring financial income | 75 | €31 | €16 | -€14 | -46.4% |
| Financial charges | 65/66B | €5,671 | €11,859 | +€6,189 | +109.1% |
| Recurring financial charges | 65 | €5,671 | €11,859 | +€6,189 | +109.1% |
| Profit (loss) for the period before taxes | 9903 | -€62,265 | -€77,330 | -€15,065 | -24.2% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€62,405 | -€77,471 | -€15,066 | -24.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,405 | -€77,471 | -€15,066 | -24.1% |
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 12 October 2026 via checked.be.