AQAB: 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.
AQAB
Largest movements
- Receivables within one year +€3.2m
up €3.2m (+389.5%), from €818,980 to €4.0m
of which Trade receivables: +€3.2m
- Stocks and contracts -€217,303
down €217,303 (-32.7%), from €665,268 to €447,964
- Cash +€58,577
up €58,577 (+26.3%), from €222,782 to €281,360
mainly Trade debts (+€3.0m) and Stocks and contracts (+€217,303)
- Trade debts +€3.0m
up €3.0m (+210.1%), from €1.5m to €4.5m
- Gross operating margin +€22,658
up €22,658 (+27.1%), from €83,469 to €106,127
- Staff costs +€16,446
up €16,446 (+37.4%), from €43,988 to €60,434
- Depreciation +€10,448
up €10,448 (+178.4%), from €5,857 to €16,305
- Taxes -€1,746
down €1,746 (-17.7%), from €9,891 to €8,144
- Other operating charges -€1,101
down €1,101 (-25.1%), from €4,379 to €3,278
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 | €1,762,012 | €4,825,054 | +€3.1m | +173.8% |
| Fixed assets | 21/28 | €47,942 | €79,042 | +€31,100 | +64.9% |
| Tangible fixed assets | 22/27 | €40,685 | €71,784 | +€31,100 | +76.4% |
| Plant, machinery and equipment | 23 | €1,356 | €16,446 | +€15,091 | +1113.1% |
| Furniture and vehicles | 24 | €32,582 | €50,391 | +€17,809 | +54.7% |
| Other tangible fixed assets | 26 | €6,747 | €4,947 | -€1,800 | -26.7% |
| Financial fixed assets | 28 | €7,258 | €7,258 | = | 0.0% |
| Current assets | 29/58 | €1,714,070 | €4,746,012 | +€3.0m | +176.9% |
| Stocks and contracts in progress | 3 | €665,268 | €447,964 | -€217,303 | -32.7% |
| Stocks | 30/36 | €665,268 | €447,964 | -€217,303 | -32.7% |
| Amounts receivable within one year | 40/41 | €818,980 | €4,008,695 | +€3.2m | +389.5% |
| Trade receivables | 40 | €818,980 | €4,008,645 | +€3.2m | +389.5% |
| Other amounts receivable | 41 | - | €50 | +€50 | |
| Cash at bank and in hand | 54/58 | €222,782 | €281,360 | +€58,577 | +26.3% |
| Deferred charges and accrued income | 490/1 | €7,040 | €7,993 | +€953 | +13.5% |
| Total equity and liabilities | 10/49 | €1,762,012 | €4,825,054 | +€3.1m | +173.8% |
| Equity | 10/15 | €230,239 | €243,406 | +€13,167 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,728 | €14,728 | = | 0.0% |
| Distributable reserves | 133 | €14,728 | €14,728 | = | 0.0% |
| Profit (loss) carried forward | 14 | €196,910 | €210,078 | +€13,167 | +6.7% |
| Amounts payable | 17/49 | €1,531,774 | €4,581,648 | +€3.0m | +199.1% |
| Amounts payable within one year | 42/48 | €1,531,774 | €4,581,648 | +€3.0m | +199.1% |
| Trade debts | 44 | €1,450,695 | €4,498,902 | +€3.0m | +210.1% |
| Suppliers | 440/4 | €1,450,695 | €4,498,902 | +€3.0m | +210.1% |
| Taxes, remuneration and social security | 45 | €26,313 | €22,915 | -€3,398 | -12.9% |
| Taxes | 450/3 | €20,504 | €17,098 | -€3,406 | -16.6% |
| Remuneration and social security | 454/9 | €5,809 | €5,817 | +€8 | +0.1% |
| Other amounts payable | 47/48 | €54,766 | €59,832 | +€5,066 | +9.3% |
| Non-recurring operating income | 76A | - | €246,846 | +€246,846 | |
| Remuneration, social security and pensions | 62 | €43,988 | €60,434 | +€16,446 | +37.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,857 | €16,305 | +€10,448 | +178.4% |
| Other operating charges | 640/8 | €4,379 | €3,278 | -€1,101 | -25.1% |
| Gross operating margin | 9900 | €83,469 | €106,127 | +€22,658 | +27.1% |
| Operating profit (loss) | 9901 | €29,245 | €26,110 | -€3,135 | -10.7% |
| Financial income | 75/76B | €487 | €429 | -€57 | -11.8% |
| Recurring financial income | 75 | €487 | €429 | -€57 | -11.8% |
| Financial charges | 65/66B | €4,705 | €5,227 | +€522 | +11.1% |
| Recurring financial charges | 65 | €4,705 | €5,227 | +€522 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €25,026 | €21,312 | -€3,714 | -14.8% |
| Income taxes | 67/77 | €9,891 | €8,144 | -€1,746 | -17.7% |
| Profit (loss) for the period | 9904 | €15,135 | €13,167 | -€1,968 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,135 | €13,167 | -€1,968 | -13.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.