AQUA - CLARO: what changed
AQUA - CLARO
Largest movements
- Intangible fixed assets +€218,750
new in 2025: €218,750
- Cash +€55,369
up €55,369 (+480%), from €11,539 to €66,908
mainly Debts after one year (+€144,195) and Tax, wage and social debts (+€74,131)
- Tangible fixed assets +€46,185
up €46,185 (+52.2%), from €88,557 to €134,742
of which Land and buildings: +€60,657
- Receivables within one year +€34,687
up €34,687 (+10.4%), from €334,402 to €369,090
of which Trade receivables: +€35,428
- Stocks and contracts -€17,036
down €17,036 (-4.3%), from €395,632 to €378,596
- Debts after one year +€144,195
up €144,195 (+1,140%), from €12,649 to €156,844
- Tax, wage and social debts +€74,131
up €74,131 (+80.0%), from €92,607 to €166,738
of which Remuneration and social security: +€39,582
- Profit (loss) carried forward +€60,889
up €60,889 (+18.0%), from €337,897 to €398,786
- Current portion of long-term debt +€49,806
up €49,806 (+79.6%), from €62,593 to €112,400
- Gross operating margin +€196,366
up €196,366 (+34.8%), from €564,441 to €760,808
- Staff costs +€114,920
up €114,920 (+22.7%), from €506,273 to €621,194
- Depreciation +€29,876
up €29,876 (+140%), from €21,289 to €51,164
- Taxes +€18,718
up €18,718 (+4,054%), from €462 to €19,179
- Financial charges +€9,261
up €9,261 (+175%), from €5,279 to €14,540
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €885,920 | €1,224,126 | +€338,206 | +38.2% |
| Fixed assets | 21/28 | €144,347 | €409,532 | +€265,185 | +184% |
| Intangible fixed assets | 21 | - | €218,750 | +€218,750 | |
| Tangible fixed assets | 22/27 | €88,557 | €134,742 | +€46,185 | +52.2% |
| Land and buildings | 22 | €49,267 | €109,924 | +€60,657 | +123% |
| Plant, machinery and equipment | 23 | €810 | €540 | -€270 | -33.3% |
| Furniture and vehicles | 24 | €38,480 | €24,277 | -€14,202 | -36.9% |
| Financial fixed assets | 28 | €55,791 | €56,041 | +€250 | +0.4% |
| Current assets | 29/58 | €741,573 | €814,594 | +€73,021 | +9.8% |
| Stocks and contracts in progress | 3 | €395,632 | €378,596 | -€17,036 | -4.3% |
| Stocks | 30/36 | €395,632 | €378,596 | -€17,036 | -4.3% |
| Amounts receivable within one year | 40/41 | €334,402 | €369,090 | +€34,687 | +10.4% |
| Trade receivables | 40 | €139,814 | €175,241 | +€35,428 | +25.3% |
| Other amounts receivable | 41 | €194,588 | €193,848 | -€740 | -0.4% |
| Cash at bank and in hand | 54/58 | €11,539 | €66,908 | +€55,369 | +480% |
| Total equity and liabilities | 10/49 | €885,920 | €1,224,126 | +€338,206 | +38.2% |
| Equity | 10/15 | €476,147 | €537,036 | +€60,889 | +12.8% |
| Contributions | 10/11 | €125,682 | €125,682 | = | 0.0% |
| Capital | 10 | €125,682 | €125,682 | = | 0.0% |
| Issued capital | 100 | €125,682 | €125,682 | = | 0.0% |
| Reserves | 13 | €12,568 | €12,568 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,568 | €12,568 | = | 0.0% |
| Legal reserve | 130 | €12,568 | €12,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | €337,897 | €398,786 | +€60,889 | +18.0% |
| Amounts payable | 17/49 | €409,773 | €687,090 | +€277,317 | +67.7% |
| Amounts payable after more than one year | 17 | €12,649 | €156,844 | +€144,195 | +1,140% |
| Financial debts | 170/4 | €12,649 | €156,844 | +€144,195 | +1,140% |
| Amounts payable within one year | 42/48 | €397,124 | €530,246 | +€133,122 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €62,593 | €112,400 | +€49,806 | +79.6% |
| Trade debts | 44 | €131,667 | €142,815 | +€11,149 | +8.5% |
| Suppliers | 440/4 | €131,667 | €142,815 | +€11,149 | +8.5% |
| Taxes, remuneration and social security | 45 | €92,607 | €166,738 | +€74,131 | +80.0% |
| Taxes | 450/3 | €6,413 | €40,962 | +€34,549 | +539% |
| Remuneration and social security | 454/9 | €86,194 | €125,776 | +€39,582 | +45.9% |
| Other amounts payable | 47/48 | €110,257 | €108,293 | -€1,964 | -1.8% |
| Remuneration, social security and pensions | 62 | €506,273 | €621,194 | +€114,920 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,289 | €51,164 | +€29,876 | +140% |
| Other operating charges | 640/8 | €6,371 | €8,768 | +€2,397 | +37.6% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €564,441 | €760,808 | +€196,366 | +34.8% |
| Operating profit (loss) | 9901 | €30,508 | €79,681 | +€49,173 | +161% |
| Financial income | 75/76B | €5,793 | €2,348 | -€3,445 | -59.5% |
| Recurring financial income | 75 | €5,793 | €2,348 | -€3,445 | -59.5% |
| Financial charges | 65/66B | €5,279 | €14,540 | +€9,261 | +175% |
| Recurring financial charges | 65 | €5,279 | €14,540 | +€9,261 | +175% |
| Profit (loss) for the period before taxes | 9903 | €31,023 | €67,489 | +€36,467 | +118% |
| Income taxes | 67/77 | €462 | €19,179 | +€18,718 | +4,054% |
| Profit (loss) for the period | 9904 | €30,561 | €48,310 | +€17,749 | +58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €30,561 | €48,310 | +€17,749 | +58.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.