AQUALE: 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.
AQUALE
Largest movements
- Current investments +€125,000
up €125,000 (+290%), from €43,050 to €168,050
- Receivables within one year +€88,674
up €88,674 (+35.3%), from €251,202 to €339,876
of which Trade receivables: +€78,011
- Cash -€49,124
down €49,124 (-12.0%), from €408,739 to €359,616
mainly Contributions, distributions and other (-€387,149) and Current investments (-€125,000)
- Deferred charges and accrued income -€13,463
down €13,463 (-32.4%), from €41,527 to €28,064
- Tangible fixed assets -€11,622
down €11,622 (-9.5%), from €122,959 to €111,338
of which Plant, machinery and equipment: -€8,157
- Other debts +€368,137
up €368,137 (+1,588%), from €23,180 to €391,317
- Profit (loss) carried forward -€255,582
down €255,582 (-48.3%), from €528,716 to €273,134
- Trade debts -€93,909
down €93,909 (-48.3%), from €194,573 to €100,664
- Accrued charges and deferred income +€55,798
up €55,798 (+895%), from €6,233 to €62,031
- Current portion of long-term debt +€35,066
new in 2025: €35,066
- Gross operating margin +€111,027
up €111,027 (+17.7%), from €626,464 to €737,491
- Staff costs +€34,904
up €34,904 (+7.5%), from €467,006 to €501,910
- Other operating charges +€16,212
up €16,212 (+210%), from €7,712 to €23,924
- Depreciation +€10,937
up €10,937 (+46.0%), from €23,749 to €34,686
- Taxes +€10,911
up €10,911 (+28.0%), from €38,919 to €49,830
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 | €876,258 | €1,016,024 | +€139,766 | +16.0% |
| Fixed assets | 21/28 | €131,739 | €120,417 | -€11,322 | -8.6% |
| Tangible fixed assets | 22/27 | €122,959 | €111,338 | -€11,622 | -9.5% |
| Plant, machinery and equipment | 23 | €81,297 | €73,140 | -€8,157 | -10.0% |
| Furniture and vehicles | 24 | €41,662 | €38,197 | -€3,465 | -8.3% |
| Financial fixed assets | 28 | €8,780 | €9,080 | +€300 | +3.4% |
| Current assets | 29/58 | €744,519 | €895,607 | +€151,088 | +20.3% |
| Amounts receivable within one year | 40/41 | €251,202 | €339,876 | +€88,674 | +35.3% |
| Trade receivables | 40 | €251,143 | €329,154 | +€78,011 | +31.1% |
| Other amounts receivable | 41 | €59 | €10,722 | +€10,663 | +18,055% |
| Current investments | 50/53 | €43,050 | €168,050 | +€125,000 | +290% |
| Cash at bank and in hand | 54/58 | €408,739 | €359,616 | -€49,124 | -12.0% |
| Deferred charges and accrued income | 490/1 | €41,527 | €28,064 | -€13,463 | -32.4% |
| Total equity and liabilities | 10/49 | €876,258 | €1,016,024 | +€139,766 | +16.0% |
| Equity | 10/15 | €626,038 | €368,306 | -€257,732 | -41.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €73,739 | €73,739 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €71,739 | €71,739 | = | 0.0% |
| Profit (loss) carried forward | 14 | €528,716 | €273,134 | -€255,582 | -48.3% |
| Investment grants | 15 | €3,582 | €1,433 | -€2,149 | -60.0% |
| Provisions and deferred taxes | 16 | €1,764 | €706 | -€1,059 | -60.0% |
| Deferred taxes | 168 | €1,764 | €706 | -€1,059 | -60.0% |
| Amounts payable | 17/49 | €248,455 | €647,012 | +€398,557 | +160% |
| Amounts payable within one year | 42/48 | €242,222 | €584,980 | +€342,758 | +142% |
| Current portion of amounts payable after more than one year | 42 | - | €35,066 | +€35,066 | |
| Trade debts | 44 | €194,573 | €100,664 | -€93,909 | -48.3% |
| Suppliers | 440/4 | €194,573 | €100,664 | -€93,909 | -48.3% |
| Taxes, remuneration and social security | 45 | €24,469 | €57,934 | +€33,465 | +137% |
| Taxes | 450/3 | - | €4,849 | +€4,849 | |
| Remuneration and social security | 454/9 | €24,469 | €53,084 | +€28,615 | +117% |
| Other amounts payable | 47/48 | €23,180 | €391,317 | +€368,137 | +1,588% |
| Accrued charges and deferred income | 492/3 | €6,233 | €62,031 | +€55,798 | +895% |
| Remuneration, social security and pensions | 62 | €467,006 | €501,910 | +€34,904 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,749 | €34,686 | +€10,937 | +46.0% |
| Other operating charges | 640/8 | €7,712 | €23,924 | +€16,212 | +210% |
| Gross operating margin | 9900 | €626,464 | €737,491 | +€111,027 | +17.7% |
| Operating profit (loss) | 9901 | €127,997 | €176,972 | +€48,975 | +38.3% |
| Financial income | 75/76B | €10,853 | €3,082 | -€7,772 | -71.6% |
| Recurring financial income | 75 | €10,853 | €3,082 | -€7,772 | -71.6% |
| Financial charges | 65/66B | €2,510 | €1,865 | -€645 | -25.7% |
| Recurring financial charges | 65 | €2,510 | €1,865 | -€645 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €136,341 | €178,189 | +€41,848 | +30.7% |
| Transfer from deferred taxes | 780 | €1,059 | €1,059 | -€0 | 0.0% |
| Income taxes | 67/77 | €38,919 | €49,830 | +€10,911 | +28.0% |
| Profit (loss) for the period | 9904 | €98,480 | €129,418 | +€30,937 | +31.4% |
| Transfer from tax-exempt reserves | 789 | €21,000 | - | -€21,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €119,480 | €129,418 | +€9,937 | +8.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.