AQM: 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.
AQM
Largest movements
- Cash -€3,615
down €3,615 (-12.8%), from €28,186 to €24,571
mainly Investment in fixed assets (net) (-€3,831) and Receivables within one year (-€921)
- Tangible fixed assets +€3,329
up €3,329 (+17.2%), from €19,301 to €22,630
of which Land and buildings: +€4,991
- Receivables within one year +€921
new in 2025: €921
- Reserves +€1,038
up €1,038 (+5.5%), from €18,788 to €19,826
- Trade debts -€849
no longer reported in 2025 (was €849)
- Financial income +€3,071
new in 2025: €3,071
- Gross operating margin +€1,674
up €1,674 (+63.6%), from -€2,631 to -€957
- Depreciation +€99
up €99 (+24.6%), from €403 to €502
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 | €58,287 | €58,922 | +€636 | +1.1% |
| Fixed assets | 21/28 | €30,101 | €33,430 | +€3,329 | +11.1% |
| Tangible fixed assets | 22/27 | €19,301 | €22,630 | +€3,329 | +17.2% |
| Land and buildings | 22 | €12,684 | €17,675 | +€4,991 | +39.3% |
| Assets under construction and advance payments | 27 | €6,617 | €4,956 | -€1,661 | -25.1% |
| Financial fixed assets | 28 | €10,800 | €10,800 | = | 0.0% |
| Current assets | 29/58 | €28,186 | €25,492 | -€2,694 | -9.6% |
| Amounts receivable within one year | 40/41 | - | €921 | +€921 | |
| Other amounts receivable | 41 | - | €921 | +€921 | |
| Cash at bank and in hand | 54/58 | €28,186 | €24,571 | -€3,615 | -12.8% |
| Total equity and liabilities | 10/49 | €58,287 | €58,922 | +€636 | +1.1% |
| Equity | 10/15 | €37,388 | €38,426 | +€1,038 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,788 | €19,826 | +€1,038 | +5.5% |
| Distributable reserves | 133 | €18,788 | €19,826 | +€1,038 | +5.5% |
| Amounts payable | 17/49 | €20,899 | €20,496 | -€403 | -1.9% |
| Amounts payable within one year | 42/48 | €20,886 | €20,479 | -€407 | -1.9% |
| Trade debts | 44 | €849 | - | -€849 | |
| Suppliers | 440/4 | €849 | - | -€849 | |
| Other amounts payable | 47/48 | €20,037 | €20,479 | +€442 | +2.2% |
| Accrued charges and deferred income | 492/3 | €13 | €17 | +€4 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403 | €502 | +€99 | +24.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€2,631 | -€957 | +€1,674 | +63.6% |
| Operating profit (loss) | 9901 | -€3,421 | -€1,859 | +€1,562 | +45.7% |
| Financial income | 75/76B | - | €3,071 | +€3,071 | |
| Recurring financial income | 75 | - | €3,071 | +€3,071 | |
| Financial charges | 65/66B | €183 | €174 | -€9 | -4.8% |
| Recurring financial charges | 65 | €183 | €174 | -€9 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,604 | €1,038 | +€4,642 | |
| Profit (loss) for the period | 9904 | -€3,604 | €1,038 | +€4,642 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,604 | €1,038 | +€4,642 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.