AY FINANCE: 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 FINANCE
Largest movements
- Tangible fixed assets +€195,569
up €195,569 (+16.8%), from €1.2m to €1.4m
of which Land and buildings: +€228,101
- Cash -€151,998
down €151,998 (-35.3%), from €430,485 to €278,486
mainly Investment in fixed assets (net) (-€421,545) and Trade debts (-€159,856)
- Receivables within one year -€58,267
down €58,267 (-9.3%), from €628,461 to €570,195
of which Trade receivables: -€123,801
- Reserves +€206,301
up €206,301 (+11.7%), from €1.8m to €2.0m
- Trade debts -€159,856
down €159,856 (-99.0%), from €161,431 to €1,575
- Debts after one year -€66,185
down €66,185 (-8.8%), from €748,091 to €681,906
- Gross operating margin -€96,101
down €96,101 (-14.2%), from €678,179 to €582,078
- Depreciation +€90,692
up €90,692 (+67.0%), from €135,285 to €225,977
- Taxes -€58,732
down €58,732 (-34.2%), from €171,896 to €113,163
- Staff costs -€29,601
down €29,601 (-52.1%), from €56,851 to €27,250
- Financial income -€13,068
down €13,068 (-32.1%), from €40,721 to €27,653
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 | €3,026,353 | €3,011,513 | -€14,840 | -0.5% |
| Fixed assets | 21/28 | €1,167,263 | €1,362,832 | +€195,569 | +16.8% |
| Tangible fixed assets | 22/27 | €1,167,263 | €1,362,832 | +€195,569 | +16.8% |
| Land and buildings | 22 | €1,016,256 | €1,244,357 | +€228,101 | +22.4% |
| Plant, machinery and equipment | 23 | €51,182 | €42,677 | -€8,505 | -16.6% |
| Furniture and vehicles | 24 | €22,142 | €13,915 | -€8,227 | -37.2% |
| Other tangible fixed assets | 26 | €77,684 | €61,883 | -€15,800 | -20.3% |
| Current assets | 29/58 | €1,859,090 | €1,648,681 | -€210,409 | -11.3% |
| Amounts receivable within one year | 40/41 | €628,461 | €570,195 | -€58,267 | -9.3% |
| Trade receivables | 40 | €123,801 | - | -€123,801 | |
| Other amounts receivable | 41 | €504,660 | €570,195 | +€65,535 | +13.0% |
| Current investments | 50/53 | €800,000 | €800,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €430,485 | €278,486 | -€151,998 | -35.3% |
| Deferred charges and accrued income | 490/1 | €144 | - | -€144 | |
| Total equity and liabilities | 10/49 | €3,026,353 | €3,011,513 | -€14,840 | -0.5% |
| Equity | 10/15 | €1,764,519 | €1,970,820 | +€206,301 | +11.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €1,762,519 | €1,968,820 | +€206,301 | +11.7% |
| Distributable reserves | 133 | €1,762,519 | €1,968,820 | +€206,301 | +11.7% |
| Amounts payable | 17/49 | €1,261,834 | €1,040,693 | -€221,141 | -17.5% |
| Amounts payable after more than one year | 17 | €748,091 | €681,906 | -€66,185 | -8.8% |
| Financial debts | 170/4 | €748,091 | €681,906 | -€66,185 | -8.8% |
| Amounts payable within one year | 42/48 | €513,743 | €357,287 | -€156,456 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €70,898 | €66,185 | -€4,713 | -6.6% |
| Financial debts | 43 | €3,183 | - | -€3,183 | |
| Credit institutions | 430/8 | €3,183 | - | -€3,183 | |
| Trade debts | 44 | €161,431 | €1,575 | -€159,856 | -99.0% |
| Suppliers | 440/4 | €161,431 | €1,575 | -€159,856 | -99.0% |
| Taxes, remuneration and social security | 45 | €278,232 | €288,694 | +€10,462 | +3.8% |
| Taxes | 450/3 | €272,758 | €281,287 | +€8,530 | +3.1% |
| Remuneration and social security | 454/9 | €5,474 | €7,406 | +€1,933 | +35.3% |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €41,954 | - | -€41,954 | |
| Remuneration, social security and pensions | 62 | €56,851 | €27,250 | -€29,601 | -52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,285 | €225,977 | +€90,692 | +67.0% |
| Other operating charges | 640/8 | €3,205 | €5,400 | +€2,195 | +68.5% |
| Gross operating margin | 9900 | €678,179 | €582,078 | -€96,101 | -14.2% |
| Operating profit (loss) | 9901 | €482,838 | €323,452 | -€159,387 | -33.0% |
| Financial income | 75/76B | €40,721 | €27,653 | -€13,068 | -32.1% |
| Recurring financial income | 75 | €40,721 | €27,653 | -€13,068 | -32.1% |
| Financial charges | 65/66B | €22,672 | €30,807 | +€8,135 | +35.9% |
| Recurring financial charges | 65 | €22,672 | €30,807 | +€8,135 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | €500,887 | €320,297 | -€180,590 | -36.1% |
| Income taxes | 67/77 | €171,896 | €113,163 | -€58,732 | -34.2% |
| Profit (loss) for the period | 9904 | €328,992 | €207,134 | -€121,858 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €328,992 | €207,134 | -€121,858 | -37.0% |
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 27 October 2026 via checked.be.