AQUFIN: 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.
AQUFIN
Largest movements
- Intangible fixed assets +€149,836
new in 2025: €149,836
- Tangible fixed assets +€41,225
up €41,225 (+77.4%), from €53,287 to €94,512
of which Plant, machinery and equipment: +€41,914
- Receivables within one year -€25,426
down €25,426 (-83.9%), from €30,306 to €4,880
of which Trade receivables: -€25,426
- Cash +€6,257
up €6,257 (+8.5%), from €73,772 to €80,029
mainly Other debts (+€85,082) and Net result for the year (+€81,710)
- Other debts +€85,082
new in 2025: €85,082
- Reserves +€81,710
up €81,710 (+112.3%), from €72,784 to €154,494
of which Distributable reserves: +€81,710
- Debts after one year -€10,197
down €10,197 (-27.7%), from €36,797 to €26,600
- Tax, wage and social debts +€8,907
up €8,907 (+27.8%), from €32,005 to €40,912
- Trade debts +€6,042
up €6,042 (+650.4%), from €929 to €6,972
- Gross operating margin +€17,208
up €17,208 (+16.4%), from €104,826 to €122,034
- Other operating charges -€6,120
down €6,120 (-74.7%), from €8,191 to €2,071
- Taxes +€5,290
up €5,290 (+27.5%), from €19,261 to €24,551
- Depreciation +€3,952
up €3,952 (+45.7%), from €8,651 to €12,603
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €157,366 | €329,258 | +€171,892 | +109.2% |
| Fixed assets | 21/28 | €53,287 | €244,348 | +€191,061 | +358.5% |
| Intangible fixed assets | 21 | - | €149,836 | +€149,836 | |
| Tangible fixed assets | 22/27 | €53,287 | €94,512 | +€41,225 | +77.4% |
| Plant, machinery and equipment | 23 | €2,635 | €44,548 | +€41,914 | +1590.7% |
| Furniture and vehicles | 24 | €765 | €11,699 | +€10,934 | +1428.5% |
| Leasing and similar rights | 25 | €49,887 | €38,265 | -€11,622 | -23.3% |
| Current assets | 29/58 | €104,078 | €84,909 | -€19,169 | -18.4% |
| Amounts receivable within one year | 40/41 | €30,306 | €4,880 | -€25,426 | -83.9% |
| Trade receivables | 40 | €30,250 | €4,824 | -€25,426 | -84.1% |
| Other amounts receivable | 41 | €56 | €56 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,772 | €80,029 | +€6,257 | +8.5% |
| Total equity and liabilities | 10/49 | €157,366 | €329,258 | +€171,892 | +109.2% |
| Equity | 10/15 | €77,784 | €159,494 | +€81,710 | +105.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €72,784 | €154,494 | +€81,710 | +112.3% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €72,284 | €153,994 | +€81,710 | +113.0% |
| Amounts payable | 17/49 | €79,581 | €169,763 | +€90,182 | +113.3% |
| Amounts payable after more than one year | 17 | €36,797 | €26,600 | -€10,197 | -27.7% |
| Financial debts | 170/4 | €36,797 | €26,600 | -€10,197 | -27.7% |
| Amounts payable within one year | 42/48 | €42,784 | €143,163 | +€100,379 | +234.6% |
| Current portion of amounts payable after more than one year | 42 | €9,850 | €10,197 | +€347 | +3.5% |
| Trade debts | 44 | €929 | €6,972 | +€6,042 | +650.4% |
| Suppliers | 440/4 | €929 | €6,972 | +€6,042 | +650.4% |
| Taxes, remuneration and social security | 45 | €32,005 | €40,912 | +€8,907 | +27.8% |
| Taxes | 450/3 | €32,005 | €40,912 | +€8,907 | +27.8% |
| Other amounts payable | 47/48 | - | €85,082 | +€85,082 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,651 | €12,603 | +€3,952 | +45.7% |
| Other operating charges | 640/8 | €8,191 | €2,071 | -€6,120 | -74.7% |
| Gross operating margin | 9900 | €104,826 | €122,034 | +€17,208 | +16.4% |
| Operating profit (loss) | 9901 | €87,984 | €107,360 | +€19,377 | +22.0% |
| Financial income | 75/76B | €107 | €576 | +€469 | +436.7% |
| Recurring financial income | 75 | €107 | €576 | +€469 | +436.7% |
| Financial charges | 65/66B | €1,468 | €1,675 | +€207 | +14.1% |
| Recurring financial charges | 65 | €1,468 | €1,675 | +€207 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €86,624 | €106,261 | +€19,638 | +22.7% |
| Income taxes | 67/77 | €19,261 | €24,551 | +€5,290 | +27.5% |
| Profit (loss) for the period | 9904 | €67,362 | €81,710 | +€14,348 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,362 | €81,710 | +€14,348 | +21.3% |
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 4 October 2026 via checked.be.