AQUADVICE: 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.
AQUADVICE
Largest movements
- Cash +€129,492
up €129,492 (+133%), from €97,212 to €226,704
mainly Other debts (+€285,779) and Net result for the year (+€141,047)
- Receivables within one year -€77,216
down €77,216 (-72.9%), from €105,950 to €28,734
of which Trade receivables: -€44,128
- Tangible fixed assets -€51,588
down €51,588 (-9.4%), from €549,658 to €498,070
of which Land and buildings: -€38,880
- Current investments +€45,989
up €45,989 (+73.4%), from €62,682 to €108,671
- Other debts +€285,779
up €285,779 (+267%), from €107,104 to €392,883
- Reserves -€134,352
down €134,352 (-30.9%), from €435,128 to €300,776
of which Distributable reserves: -€131,671
- Profit (loss) carried forward -€100,000
down €100,000 (-62.8%), from €159,297 to €59,297
- Debts after one year -€22,607
down €22,607 (-63.0%), from €35,862 to €13,255
- Tax, wage and social debts +€12,928
up €12,928 (+1,067%), from €1,212 to €14,140
- Gross operating margin +€67,049
up €67,049 (+38.6%), from €173,588 to €240,637
- Taxes +€12,353
up €12,353 (+70.3%), from €17,565 to €29,918
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 | €817,633 | €863,114 | +€45,482 | +5.6% |
| Fixed assets | 21/28 | €549,663 | €498,075 | -€51,588 | -9.4% |
| Tangible fixed assets | 22/27 | €549,658 | €498,070 | -€51,588 | -9.4% |
| Land and buildings | 22 | €497,458 | €458,578 | -€38,880 | -7.8% |
| Plant, machinery and equipment | 23 | €9,999 | €5,231 | -€4,767 | -47.7% |
| Furniture and vehicles | 24 | €42,201 | €34,260 | -€7,941 | -18.8% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €267,970 | €365,040 | +€97,070 | +36.2% |
| Amounts receivable within one year | 40/41 | €105,950 | €28,734 | -€77,216 | -72.9% |
| Trade receivables | 40 | €70,427 | €26,299 | -€44,128 | -62.7% |
| Other amounts receivable | 41 | €35,523 | €2,435 | -€33,088 | -93.1% |
| Current investments | 50/53 | €62,682 | €108,671 | +€45,989 | +73.4% |
| Cash at bank and in hand | 54/58 | €97,212 | €226,704 | +€129,492 | +133% |
| Deferred charges and accrued income | 490/1 | €2,127 | €931 | -€1,196 | -56.2% |
| Total equity and liabilities | 10/49 | €817,633 | €863,114 | +€45,482 | +5.6% |
| Equity | 10/15 | €636,649 | €402,297 | -€234,352 | -36.8% |
| Contributions | 10/11 | €42,224 | €42,224 | = | 0.0% |
| Reserves | 13 | €435,128 | €300,776 | -€134,352 | -30.9% |
| Tax-exempt reserves | 132 | €29,491 | €26,810 | -€2,681 | -9.1% |
| Distributable reserves | 133 | €405,637 | €273,966 | -€131,671 | -32.5% |
| Profit (loss) carried forward | 14 | €159,297 | €59,297 | -€100,000 | -62.8% |
| Provisions and deferred taxes | 16 | €9,830 | €8,937 | -€894 | -9.1% |
| Deferred taxes | 168 | €9,830 | €8,937 | -€894 | -9.1% |
| Amounts payable | 17/49 | €171,153 | €451,880 | +€280,727 | +164% |
| Amounts payable after more than one year | 17 | €35,862 | €13,255 | -€22,607 | -63.0% |
| Financial debts | 170/4 | €35,862 | €13,255 | -€22,607 | -63.0% |
| Amounts payable within one year | 42/48 | €134,967 | €435,576 | +€300,609 | +223% |
| Current portion of amounts payable after more than one year | 42 | €22,437 | €22,607 | +€170 | +0.8% |
| Trade debts | 44 | €4,214 | €5,946 | +€1,732 | +41.1% |
| Suppliers | 440/4 | €4,214 | €5,946 | +€1,732 | +41.1% |
| Taxes, remuneration and social security | 45 | €1,212 | €14,140 | +€12,928 | +1,067% |
| Taxes | 450/3 | €1,212 | €14,140 | +€12,928 | +1,067% |
| Other amounts payable | 47/48 | €107,104 | €392,883 | +€285,779 | +267% |
| Accrued charges and deferred income | 492/3 | €325 | €3,050 | +€2,725 | +839% |
| Non-recurring operating income | 76A | €5,339 | - | -€5,339 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,417 | €56,308 | +€892 | +1.6% |
| Other operating charges | 640/8 | €9,654 | €11,327 | +€1,673 | +17.3% |
| Gross operating margin | 9900 | €173,588 | €240,637 | +€67,049 | +38.6% |
| Operating profit (loss) | 9901 | €108,517 | €173,001 | +€64,484 | +59.4% |
| Financial income | 75/76B | €98 | €1,094 | +€996 | +1,018% |
| Recurring financial income | 75 | €98 | €1,094 | +€996 | +1,018% |
| Financial charges | 65/66B | €5,002 | €4,024 | -€978 | -19.6% |
| Recurring financial charges | 65 | €5,002 | €4,024 | -€978 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €103,613 | €170,071 | +€66,458 | +64.1% |
| Transfer from deferred taxes | 780 | €894 | €894 | = | 0.0% |
| Income taxes | 67/77 | €17,565 | €29,918 | +€12,353 | +70.3% |
| Profit (loss) for the period | 9904 | €86,941 | €141,047 | +€54,106 | +62.2% |
| Transfer from tax-exempt reserves | 789 | €2,681 | €2,681 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €89,622 | €143,728 | +€54,106 | +60.4% |
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 24 October 2026 via checked.be.