AQUATEL: 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
AQUATEL
NACE 46.836, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€52,001
2024 · €215,050-€163,049
Equity
€1.3m
2024 · €1.3m+€1,771
Cash
€93,440
2024 · €22,677+€70,763
Balance sheet total
€2.9m
2024 · €2.8m+€146,676
Largest movements
Assets
- Tangible fixed assets +€288,691
up €288,691 (+18.3%), from €1.6m to €1.9m
of which Plant, machinery and equipment: +€286,620
- Stocks and contracts -€219,372
down €219,372 (-45.0%), from €487,118 to €267,745
- Cash +€70,763
up €70,763 (+312.1%), from €22,677 to €93,440
mainly Depreciation (+€382,119) and Stocks and contracts (+€219,372)
Equity and liabilities
- Trade debts +€219,327
up €219,327 (+62.4%), from €351,385 to €570,712
- Debts after one year -€66,739
down €66,739 (-15.9%), from €420,566 to €353,827
Income statement
- Financial income -€152,553
down €152,553 (-99.7%), from €152,963 to €410
- Gross operating margin +€66,914
up €66,914 (+5.6%), from €1.2m to €1.3m
- Staff costs +€60,370
up €60,370 (+8.9%), from €678,476 to €738,846
- Depreciation +€55,449
up €55,449 (+17.0%), from €326,671 to €382,119
- Taxes -€37,395
down €37,395 (-52.3%), from €71,537 to €34,142
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
€215,050
Gross operating margin
+€66,914
Staff costs
-€60,370
Depreciation
-€55,449
Write-downs
-€8,970
Other operating charges
+€7,543
Other operating items
-€480
Financial income
-€152,553
Financial charges
+€3,243
Taxes
+€37,395
Deferred taxes and other
-€322
Result 2025
€52,001
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
+€844,075
Investment
-€668,732
Financing
-€104,580
Cash 2024
€22,677
From operations (derived)
+€844,075
Net result for the year
+€52,001
Depreciation
+€382,119
Stocks and contracts
+€219,372
Receivables within one year
-€6,315
Deferred charges and accrued income
-€2,358
Trade debts
+€219,327
Tax, wage and social debts
+€2,367
Other debts
-€22,365
Accrued charges and deferred income
-€73
Investment (derived)
-€668,732
Investment in fixed assets (net)
-€668,728
Current investments
-€4
Financing
-€104,580
Debts after one year
-€66,739
Current portion of long-term debt
+€12,389
Contributions, distributions and other
-€50,230
Cash 2025
€93,440
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,756,810 | €2,903,486 | +€146,676 | +5.3% |
| Fixed assets | 21/28 | €1,677,970 | €1,964,578 | +€286,609 | +17.1% |
| Intangible fixed assets | 21 | €53,241 | €51,158 | -€2,083 | -3.9% |
| Tangible fixed assets | 22/27 | €1,578,370 | €1,867,061 | +€288,691 | +18.3% |
| Land and buildings | 22 | €414,870 | €425,935 | +€11,065 | +2.7% |
| Plant, machinery and equipment | 23 | €993,856 | €1,280,476 | +€286,620 | +28.8% |
| Furniture and vehicles | 24 | €165,876 | €157,277 | -€8,599 | -5.2% |
| Other tangible fixed assets | 26 | €3,768 | €3,373 | -€395 | -10.5% |
| Financial fixed assets | 28 | €46,359 | €46,359 | = | 0.0% |
| Current assets | 29/58 | €1,078,840 | €938,908 | -€139,933 | -13.0% |
| Stocks and contracts in progress | 3 | €487,118 | €267,745 | -€219,372 | -45.0% |
| Stocks | 30/36 | €487,118 | €267,745 | -€219,372 | -45.0% |
| Amounts receivable within one year | 40/41 | €540,440 | €546,755 | +€6,315 | +1.2% |
| Trade receivables | 40 | €538,205 | €513,051 | -€25,154 | -4.7% |
| Other amounts receivable | 41 | €2,235 | €33,704 | +€31,469 | +1408.0% |
| Current investments | 50/53 | €875 | €879 | +€4 | +0.4% |
| Cash at bank and in hand | 54/58 | €22,677 | €93,440 | +€70,763 | +312.1% |
| Deferred charges and accrued income | 490/1 | €27,731 | €30,089 | +€2,358 | +8.5% |
| Total equity and liabilities | 10/49 | €2,756,810 | €2,903,486 | +€146,676 | +5.3% |
| Equity | 10/15 | €1,329,032 | €1,330,803 | +€1,771 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,292,528 | €1,294,530 | +€2,001 | +0.2% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €1,292,528 | €1,294,530 | +€2,001 | +0.2% |
| Profit (loss) carried forward | 14 | €8,581 | €8,581 | = | 0.0% |
| Investment grants | 15 | €7,923 | €7,692 | -€230 | -2.9% |
| Provisions and deferred taxes | 16 | €55,000 | €55,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €55,000 | €55,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €40,000 | €40,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €15,000 | €15,000 | = | 0.0% |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €1,372,778 | €1,517,683 | +€144,905 | +10.6% |
| Amounts payable after more than one year | 17 | €420,566 | €353,827 | -€66,739 | -15.9% |
| Financial debts | 170/4 | €420,566 | €353,827 | -€66,739 | -15.9% |
| Amounts payable within one year | 42/48 | €952,068 | €1,163,785 | +€211,717 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €129,372 | €141,761 | +€12,389 | +9.6% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €351,385 | €570,712 | +€219,327 | +62.4% |
| Suppliers | 440/4 | €351,385 | €570,712 | +€219,327 | +62.4% |
| Taxes, remuneration and social security | 45 | €155,646 | €158,013 | +€2,367 | +1.5% |
| Taxes | 450/3 | €73,380 | €63,323 | -€10,057 | -13.7% |
| Remuneration and social security | 454/9 | €82,266 | €94,690 | +€12,424 | +15.1% |
| Other amounts payable | 47/48 | €65,665 | €43,299 | -€22,365 | -34.1% |
| Accrued charges and deferred income | 492/3 | €145 | €71 | -€73 | -50.7% |
| Non-recurring operating income | 76A | €1,357 | €13,925 | +€12,568 | +925.8% |
| Remuneration, social security and pensions | 62 | €678,476 | €738,846 | +€60,370 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326,671 | €382,119 | +€55,449 | +17.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,116 | €854 | +€8,970 | |
| Other operating charges | 640/8 | €24,788 | €17,246 | -€7,543 | -30.4% |
| Non-recurring operating charges | 66A | €175 | €655 | +€480 | +274.2% |
| Gross operating margin | 9900 | €1,197,470 | €1,264,384 | +€66,914 | +5.6% |
| Operating profit (loss) | 9901 | €175,476 | €124,664 | -€50,812 | -29.0% |
| Financial income | 75/76B | €152,963 | €410 | -€152,553 | -99.7% |
| Recurring financial income | 75 | €152,963 | €410 | -€152,553 | -99.7% |
| Financial charges | 65/66B | €42,174 | €38,931 | -€3,243 | -7.7% |
| Recurring financial charges | 65 | €42,174 | €38,931 | -€3,243 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €286,265 | €86,143 | -€200,122 | -69.9% |
| Transfer from deferred taxes | 780 | €322 | €0 | -€322 | -100.0% |
| Income taxes | 67/77 | €71,537 | €34,142 | -€37,395 | -52.3% |
| Profit (loss) for the period | 9904 | €215,050 | €52,001 | -€163,049 | -75.8% |
| Transfer from tax-exempt reserves | 789 | €1,288 | €0 | -€1,288 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €216,338 | €52,001 | -€164,337 | -76.0% |
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 2 October 2026 via checked.be.