AQX: 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.
AQX
Largest movements
- Cash +€19,472
up €19,472 (+562.8%), from €3,460 to €22,932
mainly Net result for the year (+€17,434) and Stocks and contracts (+€7,700)
- Receivables within one year +€8,947
up €8,947 (+40.7%), from €21,996 to €30,943
of which Trade receivables: +€9,836
- Stocks and contracts -€7,700
down €7,700 (-61.6%), from €12,500 to €4,800
of which Contracts in progress: -€10,000
- Reserves +€17,400
up €17,400 (+142.8%), from €12,184 to €29,584
- Tax, wage and social debts +€1,972
up €1,972 (+43.0%), from €4,588 to €6,560
- Trade debts +€1,261
up €1,261 (+14.6%), from €8,650 to €9,911
- Gross operating margin +€6,906
up €6,906 (+39.7%), from €17,411 to €24,317
- Taxes +€1,991
up €1,991 (+43.6%), from €4,569 to €6,560
- Financial income +€333
new in 2025: €333
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 | €37,956 | €58,675 | +€20,720 | +54.6% |
| Current assets | 29/58 | €37,956 | €58,675 | +€20,720 | +54.6% |
| Stocks and contracts in progress | 3 | €12,500 | €4,800 | -€7,700 | -61.6% |
| Stocks | 30/36 | €2,500 | €4,800 | +€2,300 | +92.0% |
| Contracts in progress | 37 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €21,996 | €30,943 | +€8,947 | +40.7% |
| Trade receivables | 40 | €21,108 | €30,943 | +€9,836 | +46.6% |
| Other amounts receivable | 41 | €888 | - | -€888 | |
| Cash at bank and in hand | 54/58 | €3,460 | €22,932 | +€19,472 | +562.8% |
| Total equity and liabilities | 10/49 | €37,956 | €58,675 | +€20,720 | +54.6% |
| Equity | 10/15 | €24,260 | €41,694 | +€17,434 | +71.9% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €12,184 | €29,584 | +€17,400 | +142.8% |
| Distributable reserves | 133 | €12,184 | €29,584 | +€17,400 | +142.8% |
| Profit (loss) carried forward | 14 | €76 | €110 | +€34 | +45.4% |
| Amounts payable | 17/49 | €13,696 | €16,981 | +€3,285 | +24.0% |
| Amounts payable within one year | 42/48 | €13,696 | €16,981 | +€3,285 | +24.0% |
| Trade debts | 44 | €8,650 | €9,911 | +€1,261 | +14.6% |
| Suppliers | 440/4 | €8,650 | €9,911 | +€1,261 | +14.6% |
| Taxes, remuneration and social security | 45 | €4,588 | €6,560 | +€1,972 | +43.0% |
| Taxes | 450/3 | €4,588 | €6,560 | +€1,972 | +43.0% |
| Other amounts payable | 47/48 | €458 | €510 | +€53 | +11.5% |
| Other operating charges | 640/8 | €599 | €615 | +€16 | +2.7% |
| Gross operating margin | 9900 | €17,411 | €24,317 | +€6,906 | +39.7% |
| Operating profit (loss) | 9901 | €16,812 | €23,702 | +€6,889 | +41.0% |
| Financial income | 75/76B | - | €333 | +€333 | |
| Recurring financial income | 75 | - | €333 | +€333 | |
| Financial charges | 65/66B | €59 | €40 | -€19 | -31.7% |
| Recurring financial charges | 65 | €59 | €40 | -€19 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €16,753 | €23,994 | +€7,241 | +43.2% |
| Income taxes | 67/77 | €4,569 | €6,560 | +€1,991 | +43.6% |
| Profit (loss) for the period | 9904 | €12,184 | €17,434 | +€5,250 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,184 | €17,434 | +€5,250 | +43.1% |
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 7 October 2026 via checked.be.