AQUADUC: 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.
AQUADUC
Largest movements
- Receivables within one year +€204,305
up €204,305 (+19,789%), from €1,032 to €205,337
of which Trade receivables: +€204,683
- Cash -€111,324
down €111,324 (-79.5%), from €139,990 to €28,666
mainly Receivables within one year (-€204,305) and Investment in fixed assets (net) (-€27,022)
- Tangible fixed assets +€23,889
new in 2025: €23,889
- Reserves +€100,630
up €100,630 (+171%), from €58,789 to €159,418
- Tax, wage and social debts +€30,976
up €30,976 (+141%), from €22,016 to €52,992
- Other debts -€13,058
down €13,058 (-28.9%), from €45,187 to €32,128
- Gross operating margin +€64,184
up €64,184 (+78.9%), from €81,316 to €145,500
- Taxes +€18,917
up €18,917 (+85.9%), from €22,016 to €40,934
- Depreciation +€3,133
new in 2025: €3,133
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 | €141,593 | €258,802 | +€117,209 | +82.8% |
| Fixed assets | 21/28 | - | €23,889 | +€23,889 | |
| Tangible fixed assets | 22/27 | - | €23,889 | +€23,889 | |
| Furniture and vehicles | 24 | - | €23,889 | +€23,889 | |
| Current assets | 29/58 | €141,593 | €234,913 | +€93,320 | +65.9% |
| Amounts receivable within one year | 40/41 | €1,032 | €205,337 | +€204,305 | +19,789% |
| Trade receivables | 40 | €138 | €204,822 | +€204,683 | +147,925% |
| Other amounts receivable | 41 | €894 | €515 | -€379 | -42.4% |
| Cash at bank and in hand | 54/58 | €139,990 | €28,666 | -€111,324 | -79.5% |
| Deferred charges and accrued income | 490/1 | €570 | €910 | +€340 | +59.6% |
| Total equity and liabilities | 10/49 | €141,593 | €258,802 | +€117,209 | +82.8% |
| Equity | 10/15 | €63,789 | €164,418 | +€100,630 | +158% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €58,789 | €159,418 | +€100,630 | +171% |
| Distributable reserves | 133 | €58,789 | €159,418 | +€100,630 | +171% |
| Amounts payable | 17/49 | €77,804 | €94,384 | +€16,580 | +21.3% |
| Amounts payable within one year | 42/48 | €77,804 | €94,384 | +€16,580 | +21.3% |
| Trade debts | 44 | €10,601 | €9,264 | -€1,338 | -12.6% |
| Suppliers | 440/4 | €10,601 | €9,264 | -€1,338 | -12.6% |
| Taxes, remuneration and social security | 45 | €22,016 | €52,992 | +€30,976 | +141% |
| Taxes | 450/3 | €22,016 | €52,992 | +€30,976 | +141% |
| Other amounts payable | 47/48 | €45,187 | €32,128 | -€13,058 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,133 | +€3,133 | |
| Other operating charges | 640/8 | €388 | €654 | +€265 | +68.4% |
| Gross operating margin | 9900 | €81,316 | €145,500 | +€64,184 | +78.9% |
| Operating profit (loss) | 9901 | €80,927 | €141,713 | +€60,786 | +75.1% |
| Financial charges | 65/66B | €123 | €150 | +€28 | +22.5% |
| Recurring financial charges | 65 | €123 | €150 | +€28 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €80,805 | €141,563 | +€60,759 | +75.2% |
| Income taxes | 67/77 | €22,016 | €40,934 | +€18,917 | +85.9% |
| Profit (loss) for the period | 9904 | €58,789 | €100,630 | +€41,841 | +71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,789 | €100,630 | +€41,841 | +71.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.