Aqwatt: 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.
Aqwatt
Largest movements
- Tangible fixed assets +€312,597
up €312,597 (+470%), from €66,467 to €379,065
of which Land and buildings: +€299,009
- Cash -€75,891
down €75,891 (-37.6%), from €201,901 to €126,010
mainly Investment in fixed assets (net) (-€342,045) and Contributions, distributions and other (-€60,000)
- Receivables within one year +€36,666
up €36,666 (+35.8%), from €102,412 to €139,078
of which Other amounts receivable: +€67,312
- Current investments +€13,342
new in 2025: €13,342
- Other debts +€300,294
up €300,294 (+2,289%), from €13,119 to €313,413
- Gross operating margin -€78,096
down €78,096 (-41.8%), from €186,676 to €108,580
- Taxes -€28,390
down €28,390 (-75.1%), from €37,802 to €9,412
- Depreciation +€16,688
up €16,688 (+131%), from €12,760 to €29,448
- Financial charges +€10,586
up €10,586 (+1,045%), from €1,014 to €11,600
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 | €371,095 | €659,707 | +€288,613 | +77.8% |
| Fixed assets | 21/28 | €66,467 | €379,065 | +€312,597 | +470% |
| Tangible fixed assets | 22/27 | €66,467 | €379,065 | +€312,597 | +470% |
| Land and buildings | 22 | - | €299,009 | +€299,009 | |
| Plant, machinery and equipment | 23 | €17,486 | €32,646 | +€15,161 | +86.7% |
| Furniture and vehicles | 24 | €47,318 | €46,680 | -€638 | -1.3% |
| Other tangible fixed assets | 26 | €1,664 | €729 | -€935 | -56.2% |
| Current assets | 29/58 | €304,627 | €280,643 | -€23,985 | -7.9% |
| Amounts receivable within one year | 40/41 | €102,412 | €139,078 | +€36,666 | +35.8% |
| Trade receivables | 40 | €102,055 | €71,410 | -€30,645 | -30.0% |
| Other amounts receivable | 41 | €357 | €67,669 | +€67,312 | +18,853% |
| Current investments | 50/53 | - | €13,342 | +€13,342 | |
| Cash at bank and in hand | 54/58 | €201,901 | €126,010 | -€75,891 | -37.6% |
| Deferred charges and accrued income | 490/1 | €314 | €2,212 | +€1,898 | +604% |
| Total equity and liabilities | 10/49 | €371,095 | €659,707 | +€288,613 | +77.8% |
| Equity | 10/15 | €323,301 | €320,856 | -€2,445 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €304,701 | €302,256 | -€2,445 | -0.8% |
| Tax-exempt reserves | 132 | €8,149 | €8,149 | = | 0.0% |
| Distributable reserves | 133 | €296,551 | €294,106 | -€2,445 | -0.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €47,794 | €338,852 | +€291,058 | +609% |
| Amounts payable after more than one year | 17 | €9,049 | €5,276 | -€3,772 | -41.7% |
| Financial debts | 170/4 | €9,049 | €5,276 | -€3,772 | -41.7% |
| Amounts payable within one year | 42/48 | €38,745 | €333,575 | +€294,830 | +761% |
| Current portion of amounts payable after more than one year | 42 | €3,620 | €3,772 | +€152 | +4.2% |
| Financial debts | 43 | - | €225 | +€225 | |
| Credit institutions | 430/8 | - | €225 | +€225 | |
| Trade debts | 44 | €17,542 | €16,166 | -€1,376 | -7.8% |
| Suppliers | 440/4 | €17,542 | €16,166 | -€1,376 | -7.8% |
| Taxes, remuneration and social security | 45 | €4,464 | €0 | -€4,464 | -100% |
| Taxes | 450/3 | €4,464 | €0 | -€4,464 | -100% |
| Other amounts payable | 47/48 | €13,119 | €313,413 | +€300,294 | +2,289% |
| Non-recurring operating income | 76A | €9,914 | €19,550 | +€9,636 | +97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,760 | €29,448 | +€16,688 | +131% |
| Other operating charges | 640/8 | €2,064 | €647 | -€1,417 | -68.7% |
| Gross operating margin | 9900 | €186,676 | €108,580 | -€78,096 | -41.8% |
| Operating profit (loss) | 9901 | €171,852 | €78,486 | -€93,366 | -54.3% |
| Financial income | 75/76B | €0 | €81 | +€81 | +115,886% |
| Recurring financial income | 75 | €0 | €81 | +€81 | +115,886% |
| Financial charges | 65/66B | €1,014 | €11,600 | +€10,586 | +1,045% |
| Recurring financial charges | 65 | €1,014 | €11,600 | +€10,586 | +1,045% |
| Profit (loss) for the period before taxes | 9903 | €170,839 | €66,967 | -€103,872 | -60.8% |
| Income taxes | 67/77 | €37,802 | €9,412 | -€28,390 | -75.1% |
| Profit (loss) for the period | 9904 | €133,036 | €57,555 | -€75,481 | -56.7% |
| Profit (loss) for the period to be appropriated | 9905 | €133,036 | €57,555 | -€75,481 | -56.7% |
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 21 October 2026 via checked.be.