AQUALIS: what changed
Two fiscal 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
AQUALIS
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€109,218
2024 · €148,867-€39,649
Equity
€10.9m
2024 · €10.9m-€3,951
Cash
€731,531
2024 · €859,340-€127,809
Balance sheet total
€11.9m
2024 · €12.4m-€461,933
Largest movements
Assets
- Tangible fixed assets -€718,031
down €718,031 (-10.2%), from €7.0m to €6.3m
of which Land and buildings: -€776,385
- Current investments +€500,000
up €500,000 (+149040.2%), from €335 to €500,335
- Receivables after one year -€233,833
down €233,833 (-57.0%), from €409,942 to €176,109
- Receivables within one year +€188,096
up €188,096 (+5.2%), from €3.6m to €3.8m
of which Other amounts receivable: +€160,601
- Cash -€127,809
down €127,809 (-14.9%), from €859,340 to €731,531
mainly Current investments (-€500,000) and Investment in fixed assets (net) (-€370,122)
Equity and liabilities
- Investment grants -€350,404
down €350,404 (-18.1%), from €1.9m to €1.6m
- Profit (loss) carried forward +€346,453
up €346,453 (+6.2%), from -€5.6m to -€5.3m
- Debts after one year -€281,525
down €281,525 (-34.8%), from €809,845 to €528,319
Income statement
- Purchases and services -€50,052
down €50,052 (-14.3%), from €349,810 to €299,757
- Provisions +€43,636
no longer reported in 2025 (was -€43,636)
- Gross operating margin +€34,702
up €34,702 (+3.1%), from €1.1m to €1.1m
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
€148,867
Gross operating margin
+€34,702
Staff costs
-€11,314
Depreciation
-€11,365
Provisions
-€43,636
Other operating charges
+€87
Other operating items
-€13,861
Financial income
-€6,348
Financial charges
+€11,204
Taxes
+€882
Result 2025
€109,218
Cash bridge derived
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
+€1.2m
Investment
-€870,122
Financing
-€477,678
Cash 2024
€859,340
From operations (derived)
+€1.2m
Net result for the year
+€109,218
Depreciation
+€1.2m
Receivables after one year
+€233,833
Smaller working-capital items
+€717
Receivables within one year
-€188,096
Deferred charges and accrued income
-€13,085
Trade debts
-€77,892
Other debts
-€11,871
Accrued charges and deferred income
-€3,394
Investment (derived)
-€870,122
Investment in fixed assets (net)
-€370,122
Current investments
-€500,000
Financing
-€477,678
Debts after one year
-€281,525
Current portion of long-term debt
-€82,984
Contributions, distributions and other
-€113,169
Cash 2025
€731,531
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,350,942 | €11,889,010 | -€461,933 | -3.7% |
| Fixed assets | 21/28 | €7,373,685 | €6,573,246 | -€800,439 | -10.9% |
| Intangible fixed assets | 21 | €350,236 | €267,828 | -€82,409 | -23.5% |
| Tangible fixed assets | 22/27 | €7,014,821 | €6,296,790 | -€718,031 | -10.2% |
| Land and buildings | 22 | €4,684,537 | €3,908,152 | -€776,385 | -16.6% |
| Plant, machinery and equipment | 23 | €1,897,324 | €2,326,887 | +€429,563 | +22.6% |
| Furniture and vehicles | 24 | €10,196 | €59,952 | +€49,756 | +488.0% |
| Assets under construction and advance payments | 27 | €422,765 | €1,800 | -€420,965 | -99.6% |
| Financial fixed assets | 28 | €8,628 | €8,628 | = | 0.0% |
| Current assets | 29/58 | €4,977,257 | €5,315,763 | +€338,507 | +6.8% |
| Amounts receivable after more than one year | 29 | €409,942 | €176,109 | -€233,833 | -57.0% |
| Other amounts receivable | 291 | €409,942 | €176,109 | -€233,833 | -57.0% |
| Stocks and contracts in progress | 3 | €106,506 | €105,474 | -€1,032 | -1.0% |
| Stocks | 30/36 | €106,506 | €105,474 | -€1,032 | -1.0% |
| Amounts receivable within one year | 40/41 | €3,588,316 | €3,776,412 | +€188,096 | +5.2% |
| Trade receivables | 40 | €144,273 | €171,768 | +€27,495 | +19.1% |
| Other amounts receivable | 41 | €3,444,043 | €3,604,644 | +€160,601 | +4.7% |
| Current investments | 50/53 | €335 | €500,335 | +€500,000 | +149040.2% |
| Cash at bank and in hand | 54/58 | €859,340 | €731,531 | -€127,809 | -14.9% |
| Deferred charges and accrued income | 490/1 | €12,818 | €25,903 | +€13,085 | +102.1% |
| Total equity and liabilities | 10/49 | €12,350,942 | €11,889,010 | -€461,933 | -3.7% |
| Equity | 10/15 | €10,916,005 | €10,912,054 | -€3,951 | 0.0% |
| Contributions | 10/11 | €14,549,405 | €14,549,405 | = | 0.0% |
| Reserves | 13 | €49,347 | €49,347 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,347 | €49,347 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,347 | €49,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,615,325 | -€5,268,872 | +€346,453 | +6.2% |
| Investment grants | 15 | €1,932,578 | €1,582,174 | -€350,404 | -18.1% |
| Amounts payable | 17/49 | €1,434,937 | €976,956 | -€457,982 | -31.9% |
| Amounts payable after more than one year | 17 | €809,845 | €528,319 | -€281,525 | -34.8% |
| Financial debts | 170/4 | €809,845 | €528,319 | -€281,525 | -34.8% |
| Amounts payable within one year | 42/48 | €615,052 | €441,990 | -€173,062 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €384,779 | €301,795 | -€82,984 | -21.6% |
| Trade debts | 44 | €181,405 | €103,513 | -€77,892 | -42.9% |
| Suppliers | 440/4 | €181,405 | €103,513 | -€77,892 | -42.9% |
| Taxes, remuneration and social security | 45 | €36,997 | €36,682 | -€315 | -0.9% |
| Taxes | 450/3 | €19,279 | €15,352 | -€3,927 | -20.4% |
| Remuneration and social security | 454/9 | €17,718 | €21,330 | +€3,612 | +20.4% |
| Other amounts payable | 47/48 | €11,871 | - | -€11,871 | |
| Accrued charges and deferred income | 492/3 | €10,041 | €6,647 | -€3,394 | -33.8% |
| Turnover | 70 | €1,382,977 | €1,385,944 | +€2,967 | +0.2% |
| Non-recurring operating income | 76A | €62,706 | €50,507 | -€12,199 | -19.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €349,810 | €299,757 | -€50,052 | -14.3% |
| Remuneration, social security and pensions | 62 | €167,287 | €178,600 | +€11,314 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,159,196 | €1,170,561 | +€11,365 | +1.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€43,636 | - | +€43,636 | |
| Other operating charges | 640/8 | €231 | €144 | -€87 | -37.6% |
| Non-recurring operating charges | 66A | €9,778 | €23,639 | +€13,861 | +141.8% |
| Gross operating margin | 9900 | €1,105,386 | €1,140,088 | +€34,702 | +3.1% |
| Operating profit (loss) | 9901 | -€187,469 | -€232,856 | -€45,387 | -24.2% |
| Financial income | 75/76B | €372,455 | €366,107 | -€6,348 | -1.7% |
| Recurring financial income | 75 | €372,455 | €366,107 | -€6,348 | -1.7% |
| Financial charges | 65/66B | €35,131 | €23,927 | -€11,204 | -31.9% |
| Recurring financial charges | 65 | €35,131 | €23,927 | -€11,204 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €149,856 | €109,324 | -€40,531 | -27.0% |
| Income taxes | 67/77 | €989 | €107 | -€882 | -89.2% |
| Profit (loss) for the period | 9904 | €148,867 | €109,218 | -€39,649 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €148,867 | €109,218 | -€39,649 | -26.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.