AQUALEX: 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.
What changed
AQUALEX
NACE 36.000, Water collection, treatment and supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€576,668
2024 · €532,468+€44,200
Equity
€4.4m
2024 · €3.9m+€530,308
Cash
€1.8m
2024 · €1.2m+€548,025
Balance sheet total
€28.8m
2024 · €23.1m+€5.7m
Largest movements
Assets
- Intangible fixed assets +€3.9m
up €3.9m (+80.9%), from €4.8m to €8.7m
- Tangible fixed assets +€1.8m
up €1.8m (+25.4%), from €7.2m to €9.0m
of which Plant, machinery and equipment: +€1.8m
- Receivables after one year -€997,070
down €997,070 (-46.8%), from €2.1m to €1.1m
- Cash +€548,025
up €548,025 (+44.1%), from €1.2m to €1.8m
mainly Debts after one year (+€3.9m) and Depreciation (+€2.9m)
- Stocks and contracts +€399,279
up €399,279 (+13.5%), from €3.0m to €3.4m
of which Stocks: +€415,505
Equity and liabilities
- Debts after one year +€3.9m
up €3.9m (+38.1%), from €10.1m to €14.0m
- Reserves +€576,668
up €576,668 (+15.6%), from €3.7m to €4.3m
of which Distributable reserves: +€576,668
- Other debts +€544,699
up €544,699 (+25.5%), from €2.1m to €2.7m
- Tax, wage and social debts +€481,180
up €481,180 (+33.2%), from €1.5m to €1.9m
of which Remuneration and social security: +€292,055
Income statement
- Turnover +€1.1m
up €1.1m (+6.3%), from €17.9m to €19.0m
- Staff costs +€781,696
up €781,696 (+13.5%), from €5.8m to €6.6m
- Services and other goods +€666,673
up €666,673 (+13.0%), from €5.1m to €5.8m
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.
Result 2024
€532,468
Turnover
+€1.1m
Other operating income
+€160,527
Goods and materials
+€165,579
Services and other goods
-€666,673
Staff costs
-€781,696
Depreciation
-€65,855
Write-downs
+€27,383
Provisions
+€800
Other operating charges
-€19,713
Other operating items
+€251,558
Financial income
+€10,033
Financial charges
-€116,884
Taxes
-€53,206
Result 2025
€576,668
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€5.2m
Investment
-€8.6m
Financing
+€4.0m
Cash 2024
€1.2m
From operations (derived)
+€5.2m
Net result for the year
+€576,668
Depreciation
+€2.9m
Receivables after one year
+€997,070
Stocks and contracts
-€399,279
Receivables within one year
+€133,875
Deferred charges and accrued income
-€92,526
Provisions
+€1,100
Trade debts
+€116,684
Tax, wage and social debts
+€481,180
Advances received
-€78,461
Other debts
+€544,699
Accrued charges and deferred income
+€22,845
Investment (derived)
-€8.6m
Investment in fixed assets (net)
-€8.6m
Financing
+€4.0m
Debts after one year
+€3.9m
Current portion of long-term debt
+€185,070
Short-term financial debts
-€229
Contributions, distributions and other
-€46,361
Cash 2025
€1.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,134,788 | €28,801,944 | +€5.7m | +24.5% |
| Fixed assets | 21/28 | €13,527,497 | €19,285,768 | +€5.8m | +42.6% |
| Intangible fixed assets | 21 | €4,790,065 | €8,663,608 | +€3.9m | +80.9% |
| Tangible fixed assets | 22/27 | €7,153,877 | €8,967,981 | +€1.8m | +25.4% |
| Land and buildings | 22 | €210,975 | €203,711 | -€7,265 | -3.4% |
| Plant, machinery and equipment | 23 | €5,030,325 | €6,825,208 | +€1.8m | +35.7% |
| Furniture and vehicles | 24 | €1,031,045 | €1,118,010 | +€86,965 | +8.4% |
| Leasing and similar rights | 25 | €47,479 | €0 | -€47,479 | -100% |
| Other tangible fixed assets | 26 | €834,053 | €821,053 | -€13,000 | -1.6% |
| Financial fixed assets | 28 | €1,583,555 | €1,654,179 | +€70,624 | +4.5% |
| Affiliated companies | 280/1 | €363,501 | €306,751 | -€56,750 | -15.6% |
| Participating interests | 280 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable | 281 | €263,501 | €206,751 | -€56,750 | -21.5% |
| Other financial fixed assets | 284/8 | €1,220,055 | €1,347,428 | +€127,374 | +10.4% |
| Amounts receivable and cash guarantees | 285/8 | €1,220,055 | €1,347,428 | +€127,374 | +10.4% |
| Current assets | 29/58 | €9,607,291 | €9,516,176 | -€91,115 | -0.9% |
| Amounts receivable after more than one year | 29 | €2,129,136 | €1,132,066 | -€997,070 | -46.8% |
| Other amounts receivable | 291 | €2,129,136 | €1,132,066 | -€997,070 | -46.8% |
| Stocks and contracts in progress | 3 | €2,962,550 | €3,361,829 | +€399,279 | +13.5% |
| Stocks | 30/36 | €2,946,324 | €3,361,829 | +€415,505 | +14.1% |
| Goods purchased for resale | 34 | €2,946,324 | €3,361,829 | +€415,505 | +14.1% |
| Contracts in progress | 37 | €16,226 | €0 | -€16,226 | -100% |
| Amounts receivable within one year | 40/41 | €3,045,492 | €2,911,616 | -€133,875 | -4.4% |
| Trade receivables | 40 | €2,754,065 | €2,653,583 | -€100,482 | -3.6% |
| Other amounts receivable | 41 | €291,426 | €258,033 | -€33,393 | -11.5% |
| Cash at bank and in hand | 54/58 | €1,243,192 | €1,791,217 | +€548,025 | +44.1% |
| Deferred charges and accrued income | 490/1 | €226,921 | €319,447 | +€92,526 | +40.8% |
| Total equity and liabilities | 10/49 | €23,134,788 | €28,801,944 | +€5.7m | +24.5% |
| Equity | 10/15 | €3,870,707 | €4,401,014 | +€530,308 | +13.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €3,694,513 | €4,271,181 | +€576,668 | +15.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €3,688,363 | €4,265,031 | +€576,668 | +15.6% |
| Investment grants | 15 | €114,694 | €68,333 | -€46,361 | -40.4% |
| Provisions and deferred taxes | 16 | €17,900 | €19,000 | +€1,100 | +6.1% |
| Provisions for liabilities and charges | 160/5 | €17,900 | €19,000 | +€1,100 | +6.1% |
| Other liabilities and charges | 164/5 | €17,900 | €19,000 | +€1,100 | +6.1% |
| Amounts payable | 17/49 | €19,246,181 | €24,381,930 | +€5.1m | +26.7% |
| Amounts payable after more than one year | 17 | €10,144,629 | €14,008,588 | +€3.9m | +38.1% |
| Financial debts | 170/4 | €10,144,629 | €14,008,588 | +€3.9m | +38.1% |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Credit institutions | 173 | €10,144,629 | €14,008,588 | +€3.9m | +38.1% |
| Amounts payable within one year | 42/48 | €9,035,826 | €10,284,770 | +€1.2m | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €2,214,224 | €2,399,294 | +€185,070 | +8.4% |
| Financial debts | 43 | €218,256 | €218,027 | -€229 | -0.1% |
| Credit institutions | 430/8 | €218,256 | €218,027 | -€229 | -0.1% |
| Trade debts | 44 | €2,565,138 | €2,681,822 | +€116,684 | +4.5% |
| Suppliers | 440/4 | €2,565,138 | €2,681,822 | +€116,684 | +4.5% |
| Advances received on contracts in progress | 46 | €450,204 | €371,743 | -€78,461 | -17.4% |
| Taxes, remuneration and social security | 45 | €1,450,215 | €1,931,395 | +€481,180 | +33.2% |
| Taxes | 450/3 | €391,739 | €580,865 | +€189,126 | +48.3% |
| Remuneration and social security | 454/9 | €1,058,476 | €1,350,531 | +€292,055 | +27.6% |
| Other amounts payable | 47/48 | €2,137,789 | €2,682,488 | +€544,699 | +25.5% |
| Accrued charges and deferred income | 492/3 | €65,726 | €88,571 | +€22,845 | +34.8% |
| Operating income | 70/76A | €18,896,341 | €20,494,842 | +€1.6m | +8.5% |
| Turnover | 70 | €17,910,061 | €19,042,408 | +€1.1m | +6.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €13,661 | -€16,226 | -€29,887 | |
| Own construction capitalised | 72 | €701,961 | €1,020,418 | +€318,457 | +45.4% |
| Other operating income | 74 | €255,073 | €415,601 | +€160,527 | +62.9% |
| Non-recurring operating income | 76A | €15,585 | €32,641 | +€17,057 | +109% |
| Operating charges | 60/66A | €17,964,097 | €19,358,341 | +€1.4m | +7.8% |
| Goods for resale, raw materials and consumables | 60 | €4,192,587 | €4,027,009 | -€165,579 | -3.9% |
| Purchases | 600/8 | €4,481,045 | €4,442,514 | -€38,532 | -0.9% |
| Change in stocks: decrease (increase) | 609 | -€288,458 | -€415,505 | -€127,047 | -44.0% |
| Services and other goods | 61 | €5,117,179 | €5,783,852 | +€666,673 | +13.0% |
| Remuneration, social security and pensions | 62 | €5,772,818 | €6,554,514 | +€781,696 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,789,869 | €2,855,724 | +€65,855 | +2.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €47,920 | €20,537 | -€27,383 | -57.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,900 | €1,100 | -€800 | -42.1% |
| Other operating charges | 640/8 | €30,475 | €50,188 | +€19,713 | +64.7% |
| Non-recurring operating charges | 66A | €11,348 | €65,417 | +€54,069 | +476% |
| Operating profit (loss) | 9901 | €932,244 | €1,136,502 | +€204,258 | +21.9% |
| Financial income | 75/76B | €26,013 | €36,046 | +€10,033 | +38.6% |
| Recurring financial income | 75 | €26,013 | €36,046 | +€10,033 | +38.6% |
| Income from financial fixed assets | 750 | - | €11,772 | +€11,772 | |
| Income from current assets | 751 | €24,229 | €20,747 | -€3,482 | -14.4% |
| Other financial income | 752/9 | €1,784 | €3,527 | +€1,743 | +97.7% |
| Financial charges | 65/66B | €420,345 | €537,229 | +€116,884 | +27.8% |
| Recurring financial charges | 65 | €420,345 | €537,229 | +€116,884 | +27.8% |
| Debt charges | 650 | €404,481 | €523,572 | +€119,092 | +29.4% |
| Other financial charges | 652/9 | €15,864 | €13,657 | -€2,207 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €537,912 | €635,319 | +€97,406 | +18.1% |
| Income taxes | 67/77 | €5,444 | €58,650 | +€53,206 | +977% |
| Taxes | 670/3 | €5,444 | €58,650 | +€53,206 | +977% |
| Profit (loss) for the period | 9904 | €532,468 | €576,668 | +€44,200 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €532,468 | €576,668 | +€44,200 | +8.3% |
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 20 October 2026 via checked.be.