AQUADUCT: 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.
AQUADUCT
Largest movements
- Tangible fixed assets -€36,795
down €36,795 (-7.4%), from €494,703 to €457,908
of which Land and buildings: -€35,547
- Debts after one year -€47,736
down €47,736 (-11.2%), from €426,287 to €378,551
- Profit (loss) carried forward +€6,613
up €6,613 (+6.3%), from -€104,333 to -€97,720
- Gross operating margin +€2,504
up €2,504 (+5.0%), from €50,539 to €53,043
- Other operating charges -€1,694
down €1,694 (-40.6%), from €4,174 to €2,479
- Taxes -€1,303
no longer reported in 2025 (was €1,303)
- Depreciation +€1,033
up €1,033 (+2.8%), from €37,032 to €38,065
- Financial charges -€603
down €603 (-9.9%), from €6,089 to €5,486
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €564,209 | €522,428 | -€41,781 | -7.4% |
| Fixed assets | 21/28 | €494,703 | €457,908 | -€36,795 | -7.4% |
| Tangible fixed assets | 22/27 | €494,703 | €457,908 | -€36,795 | -7.4% |
| Land and buildings | 22 | €491,922 | €456,375 | -€35,547 | -7.2% |
| Plant, machinery and equipment | 23 | €2,388 | €1,405 | -€983 | -41.2% |
| Furniture and vehicles | 24 | €393 | €127 | -€265 | -67.5% |
| Current assets | 29/58 | €69,506 | €64,521 | -€4,986 | -7.2% |
| Amounts receivable within one year | 40/41 | €43,120 | €43,225 | +€105 | +0.2% |
| Trade receivables | 40 | €43,120 | €43,225 | +€105 | +0.2% |
| Deferred charges and accrued income | 490/1 | €26,386 | €21,296 | -€5,090 | -19.3% |
| Total equity and liabilities | 10/49 | €564,209 | €522,428 | -€41,781 | -7.4% |
| Equity | 10/15 | -€89,333 | -€82,720 | +€6,613 | +7.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,333 | -€97,720 | +€6,613 | +6.3% |
| Amounts payable | 17/49 | €653,542 | €605,148 | -€48,394 | -7.4% |
| Amounts payable after more than one year | 17 | €426,287 | €378,551 | -€47,736 | -11.2% |
| Financial debts | 170/4 | €426,287 | €378,551 | -€47,736 | -11.2% |
| Amounts payable within one year | 42/48 | €227,256 | €226,597 | -€658 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €47,736 | €47,736 | = | 0.0% |
| Financial debts | 43 | €770 | €2,214 | +€1,444 | +187.6% |
| Credit institutions | 430/8 | €770 | €2,214 | +€1,444 | +187.6% |
| Trade debts | 44 | €4,780 | €532 | -€4,248 | -88.9% |
| Suppliers | 440/4 | €4,780 | €532 | -€4,248 | -88.9% |
| Taxes, remuneration and social security | 45 | €3,076 | €5,350 | +€2,274 | +73.9% |
| Taxes | 450/3 | €3,076 | €5,350 | +€2,274 | +73.9% |
| Other amounts payable | 47/48 | €170,894 | €170,766 | -€128 | -0.1% |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,032 | €38,065 | +€1,033 | +2.8% |
| Other operating charges | 640/8 | €4,174 | €2,479 | -€1,694 | -40.6% |
| Gross operating margin | 9900 | €50,539 | €53,043 | +€2,504 | +5.0% |
| Operating profit (loss) | 9901 | €8,946 | €12,099 | +€3,153 | +35.2% |
| Financial charges | 65/66B | €6,089 | €5,486 | -€603 | -9.9% |
| Recurring financial charges | 65 | €6,089 | €5,486 | -€603 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €2,857 | €6,613 | +€3,756 | +131.4% |
| Income taxes | 67/77 | €1,303 | - | -€1,303 | |
| Profit (loss) for the period | 9904 | €1,554 | €6,613 | +€5,059 | +325.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,554 | €6,613 | +€5,059 | +325.6% |
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.