Ay Capital: 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.
Ay Capital
Largest movements
- Receivables within one year +€150,874
up €150,874 (+113%), from €133,980 to €284,853
of which Other amounts receivable: +€156,856
- Cash -€39,413
down €39,413 (-42.0%), from €93,926 to €54,513
mainly Receivables within one year (-€150,874) and Trade debts (-€3,875)
- Reserves +€92,944
up €92,944 (+47.3%), from €196,458 to €289,403
- Tax, wage and social debts +€12,848
up €12,848 (+34.8%), from €36,869 to €49,718
of which Taxes: +€12,848
- Other debts +€9,680
new in 2025: €9,680
- Trade debts -€3,875
down €3,875 (-55.5%), from €6,978 to €3,103
- Financial income -€90,233
down €90,233 (-90.0%), from €100,272 to €10,039
- Gross operating margin +€56,927
up €56,927 (+105%), from €54,163 to €111,090
- Taxes +€14,242
up €14,242 (+113%), from €12,573 to €26,814
- Financial charges -€1,586
down €1,586 (-85.1%), from €1,865 to €279
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 | €243,306 | €355,303 | +€111,997 | +46.0% |
| Fixed assets | 21/28 | €15,400 | €15,400 | = | 0.0% |
| Tangible fixed assets | 22/27 | €12,700 | €12,700 | = | 0.0% |
| Other tangible fixed assets | 26 | €12,700 | €12,700 | = | 0.0% |
| Financial fixed assets | 28 | €2,700 | €2,700 | = | 0.0% |
| Current assets | 29/58 | €227,906 | €339,903 | +€111,997 | +49.1% |
| Amounts receivable within one year | 40/41 | €133,980 | €284,853 | +€150,874 | +113% |
| Trade receivables | 40 | €24,022 | €18,040 | -€5,982 | -24.9% |
| Other amounts receivable | 41 | €109,957 | €266,813 | +€156,856 | +143% |
| Cash at bank and in hand | 54/58 | €93,926 | €54,513 | -€39,413 | -42.0% |
| Deferred charges and accrued income | 490/1 | - | €537 | +€537 | |
| Total equity and liabilities | 10/49 | €243,306 | €355,303 | +€111,997 | +46.0% |
| Equity | 10/15 | €199,458 | €292,403 | +€92,944 | +46.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €196,458 | €289,403 | +€92,944 | +47.3% |
| Distributable reserves | 133 | €196,458 | €289,403 | +€92,944 | +47.3% |
| Amounts payable | 17/49 | €43,847 | €62,900 | +€19,052 | +43.5% |
| Amounts payable within one year | 42/48 | €43,847 | €62,500 | +€18,653 | +42.5% |
| Trade debts | 44 | €6,978 | €3,103 | -€3,875 | -55.5% |
| Suppliers | 440/4 | €6,978 | €3,103 | -€3,875 | -55.5% |
| Taxes, remuneration and social security | 45 | €36,869 | €49,718 | +€12,848 | +34.8% |
| Taxes | 450/3 | €34,869 | €47,718 | +€12,848 | +36.8% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €9,680 | +€9,680 | |
| Accrued charges and deferred income | 492/3 | - | €399 | +€399 | |
| Other operating charges | 640/8 | €1,358 | €1,091 | -€267 | -19.6% |
| Gross operating margin | 9900 | €54,163 | €111,090 | +€56,927 | +105% |
| Operating profit (loss) | 9901 | €52,805 | €109,999 | +€57,194 | +108% |
| Financial income | 75/76B | €100,272 | €10,039 | -€90,233 | -90.0% |
| Recurring financial income | 75 | €100,272 | €10,039 | -€90,233 | -90.0% |
| Financial charges | 65/66B | €1,865 | €279 | -€1,586 | -85.1% |
| Recurring financial charges | 65 | €1,865 | €279 | -€1,586 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | €151,212 | €119,759 | -€31,453 | -20.8% |
| Income taxes | 67/77 | €12,573 | €26,814 | +€14,242 | +113% |
| Profit (loss) for the period | 9904 | €138,640 | €92,944 | -€45,695 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,640 | €92,944 | -€45,695 | -33.0% |
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 16 October 2026 via checked.be.