AQUARES: 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.
AQUARES
Largest movements
- Stocks and contracts -€6,386
down €6,386 (-4.7%), from €134,569 to €128,183
- Tangible fixed assets -€6,018
down €6,018 (-25.0%), from €24,072 to €18,054
- Receivables within one year +€5,007
up €5,007 (+109%), from €4,574 to €9,581
- Financial fixed assets -€3,550
down €3,550 (-48.3%), from €7,350 to €3,800
- Short-term financial debts +€57,884
new in 2025: €57,884
- Trade debts -€40,034
down €40,034 (-73.7%), from €54,348 to €14,314
of which Bills of exchange payable: -€43,697
- Other debts -€29,254
down €29,254 (-28.3%), from €103,548 to €74,294
- Profit (loss) carried forward +€14,400
up €14,400 (+19.8%), from -€72,851 to -€58,451
- Current portion of long-term debt -€11,287
no longer reported in 2025 (was €11,287)
- Gross operating margin +€20,679
up €20,679 (+227%), from €9,118 to €29,797
- Financial charges -€4,551
down €4,551 (-45.1%), from €10,087 to €5,536
- Taxes +€476
up €476 (+110%), from €434 to €910
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
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 | €173,315 | €162,368 | -€10,947 | -6.3% |
| Fixed assets | 21/28 | €31,422 | €21,854 | -€9,568 | -30.5% |
| Tangible fixed assets | 22/27 | €24,072 | €18,054 | -€6,018 | -25.0% |
| Furniture and vehicles | 24 | €24,072 | €18,054 | -€6,018 | -25.0% |
| Financial fixed assets | 28 | €7,350 | €3,800 | -€3,550 | -48.3% |
| Current assets | 29/58 | €141,893 | €140,514 | -€1,379 | -1.0% |
| Stocks and contracts in progress | 3 | €134,569 | €128,183 | -€6,386 | -4.7% |
| Stocks | 30/36 | €134,569 | €128,183 | -€6,386 | -4.7% |
| Amounts receivable within one year | 40/41 | €4,574 | €9,581 | +€5,007 | +109% |
| Trade receivables | 40 | €4,574 | €9,581 | +€5,007 | +109% |
| Deferred charges and accrued income | 490/1 | €2,750 | €2,750 | = | 0.0% |
| Total equity and liabilities | 10/49 | €173,315 | €162,368 | -€10,947 | -6.3% |
| Equity | 10/15 | -€9,489 | €4,910 | +€14,400 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | - | -€61,500 | |
| Issued capital | 100 | €61,500 | - | -€61,500 | |
| Reserves | 13 | €1,861 | €1,861 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,662 | €1,662 | = | 0.0% |
| Legal reserve | 130 | €1,662 | - | -€1,662 | |
| Reserves not available under the articles | 1311 | - | €1,662 | +€1,662 | |
| Tax-exempt reserves | 132 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,851 | -€58,451 | +€14,400 | +19.8% |
| Amounts payable | 17/49 | €182,805 | €157,457 | -€25,347 | -13.9% |
| Amounts payable after more than one year | 17 | €9,457 | €9,457 | = | 0.0% |
| Financial debts | 170/4 | €9,457 | €9,457 | = | 0.0% |
| Amounts payable within one year | 42/48 | €173,347 | €148,000 | -€25,347 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €11,287 | - | -€11,287 | |
| Financial debts | 43 | - | €57,884 | +€57,884 | |
| Credit institutions | 430/8 | - | €57,884 | +€57,884 | |
| Trade debts | 44 | €54,348 | €14,314 | -€40,034 | -73.7% |
| Suppliers | 440/4 | €10,652 | €14,314 | +€3,663 | +34.4% |
| Bills of exchange payable | 441 | €43,697 | - | -€43,697 | |
| Taxes, remuneration and social security | 45 | €4,165 | €1,508 | -€2,656 | -63.8% |
| Taxes | 450/3 | €4,083 | €1,508 | -€2,575 | -63.1% |
| Remuneration and social security | 454/9 | €81 | - | -€81 | |
| Other amounts payable | 47/48 | €103,548 | €74,294 | -€29,254 | -28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,019 | €6,018 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,912 | €2,933 | +€21 | +0.7% |
| Gross operating margin | 9900 | €9,118 | €29,797 | +€20,679 | +227% |
| Operating profit (loss) | 9901 | €188 | €20,845 | +€20,658 | +11,016% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €10,087 | €5,536 | -€4,551 | -45.1% |
| Recurring financial charges | 65 | €10,087 | €5,536 | -€4,551 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | -€9,885 | €15,309 | +€25,194 | |
| Income taxes | 67/77 | €434 | €910 | +€476 | +110% |
| Profit (loss) for the period | 9904 | -€10,319 | €14,400 | +€24,718 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,319 | €14,400 | +€24,718 |
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 14 October 2026 via checked.be.