AQUATHERM BELUX: 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.
AQUATHERM BELUX
Largest movements
- Cash -€402,177
down €402,177 (-45.3%), from €887,000 to €484,823
mainly Contributions, distributions and other (-€1.3m) and Receivables within one year (-€170,987)
- Receivables within one year +€170,987
up €170,987 (+39.7%), from €430,342 to €601,329
of which Trade receivables: +€170,593
- Tangible fixed assets -€105,094
down €105,094 (-7.2%), from €1.5m to €1.3m
of which Land and buildings: -€86,915
- Stocks and contracts +€44,414
up €44,414 (+6.6%), from €669,209 to €713,623
- Profit (loss) carried forward -€557,174
down €557,174 (-58.3%), from €955,835 to €398,661
- Other debts +€320,000
up €320,000 (+139%), from €230,000 to €550,000
- Trade debts +€62,681
up €62,681 (+58.3%), from €107,454 to €170,136
- Reserves -€56,662
down €56,662 (-5.7%), from €990,596 to €933,934
of which Tax-exempt reserves: -€56,662
- Debts after one year -€41,861
down €41,861 (-15.9%), from €263,803 to €221,942
- Gross operating margin +€505,611
up €505,611 (+55.1%), from €917,945 to €1.4m
- Financial income +€36,816
up €36,816 (+81.5%), from €45,155 to €81,971
- Staff costs +€14,334
up €14,334 (+2.4%), from €590,153 to €604,487
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 | €3,439,919 | €3,148,176 | -€291,742 | -8.5% |
| Fixed assets | 21/28 | €1,451,051 | €1,345,956 | -€105,094 | -7.2% |
| Tangible fixed assets | 22/27 | €1,451,051 | €1,345,956 | -€105,094 | -7.2% |
| Land and buildings | 22 | €1,394,570 | €1,307,654 | -€86,915 | -6.2% |
| Plant, machinery and equipment | 23 | €4,700 | €0 | -€4,700 | -100% |
| Furniture and vehicles | 24 | €51,781 | €38,302 | -€13,479 | -26.0% |
| Current assets | 29/58 | €1,988,868 | €1,802,220 | -€186,648 | -9.4% |
| Stocks and contracts in progress | 3 | €669,209 | €713,623 | +€44,414 | +6.6% |
| Stocks | 30/36 | €669,209 | €713,623 | +€44,414 | +6.6% |
| Amounts receivable within one year | 40/41 | €430,342 | €601,329 | +€170,987 | +39.7% |
| Trade receivables | 40 | €430,295 | €600,888 | +€170,593 | +39.6% |
| Other amounts receivable | 41 | €47 | €441 | +€394 | +839% |
| Cash at bank and in hand | 54/58 | €887,000 | €484,823 | -€402,177 | -45.3% |
| Deferred charges and accrued income | 490/1 | €2,317 | €2,444 | +€127 | +5.5% |
| Total equity and liabilities | 10/49 | €3,439,919 | €3,148,176 | -€291,742 | -8.5% |
| Equity | 10/15 | €2,446,432 | €1,832,596 | -€613,836 | -25.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €990,596 | €933,934 | -€56,662 | -5.7% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €910,596 | €853,934 | -€56,662 | -6.2% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €955,835 | €398,661 | -€557,174 | -58.3% |
| Provisions and deferred taxes | 16 | €284,782 | €265,895 | -€18,887 | -6.6% |
| Deferred taxes | 168 | €284,782 | €265,895 | -€18,887 | -6.6% |
| Amounts payable | 17/49 | €708,705 | €1,049,686 | +€340,981 | +48.1% |
| Amounts payable after more than one year | 17 | €263,803 | €221,942 | -€41,861 | -15.9% |
| Financial debts | 170/4 | €263,803 | €221,942 | -€41,861 | -15.9% |
| Amounts payable within one year | 42/48 | €444,902 | €827,744 | +€382,843 | +86.1% |
| Current portion of amounts payable after more than one year | 42 | €41,289 | €41,861 | +€573 | +1.4% |
| Trade debts | 44 | €107,454 | €170,136 | +€62,681 | +58.3% |
| Suppliers | 440/4 | €107,454 | €170,136 | +€62,681 | +58.3% |
| Taxes, remuneration and social security | 45 | €66,159 | €65,747 | -€412 | -0.6% |
| Taxes | 450/3 | €13,103 | €14,843 | +€1,741 | +13.3% |
| Remuneration and social security | 454/9 | €53,057 | €50,904 | -€2,153 | -4.1% |
| Other amounts payable | 47/48 | €230,000 | €550,000 | +€320,000 | +139% |
| Non-recurring operating income | 76A | €6,162 | €1,347 | -€4,814 | -78.1% |
| Remuneration, social security and pensions | 62 | €590,153 | €604,487 | +€14,334 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,197 | €106,002 | -€5,195 | -4.7% |
| Other operating charges | 640/8 | €23,411 | €22,299 | -€1,112 | -4.7% |
| Gross operating margin | 9900 | €917,945 | €1,423,555 | +€505,611 | +55.1% |
| Operating profit (loss) | 9901 | €193,183 | €690,766 | +€497,583 | +258% |
| Financial income | 75/76B | €45,155 | €81,971 | +€36,816 | +81.5% |
| Recurring financial income | 75 | €45,155 | €81,971 | +€36,816 | +81.5% |
| Financial charges | 65/66B | €2,875 | €7,286 | +€4,411 | +153% |
| Recurring financial charges | 65 | €2,875 | €7,286 | +€4,411 | +153% |
| Profit (loss) for the period before taxes | 9903 | €235,463 | €765,451 | +€529,988 | +225% |
| Transfer from deferred taxes | 780 | €20,408 | €18,887 | -€1,520 | -7.4% |
| Income taxes | 67/77 | €84,687 | €78,174 | -€6,512 | -7.7% |
| Profit (loss) for the period | 9904 | €171,184 | €706,164 | +€534,980 | +313% |
| Transfer from tax-exempt reserves | 789 | €61,223 | €56,662 | -€4,561 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €232,406 | €762,826 | +€530,419 | +228% |
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 29 October 2026 via checked.be.