Ay Holding: 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 Holding
Largest movements
- Cash +€44,662
up €44,662 (+109.9%), from €40,641 to €85,303
mainly Net result for the year (+€23,498) and Receivables within one year (+€8,221)
- Receivables within one year -€8,221
down €8,221 (-15.9%), from €51,546 to €43,325
of which Trade receivables: -€25,367
- Reserves +€23,498
up €23,498 (+29.9%), from €78,651 to €102,149
- Tax, wage and social debts +€4,670
up €4,670 (+25.1%), from €18,570 to €23,240
- Short-term financial debts +€4,500
new in 2025: €4,500
- Trade debts +€3,606
up €3,606 (+1604.5%), from €225 to €3,831
- Gross operating margin -€24,618
down €24,618 (-31.2%), from €78,881 to €54,262
- Financial charges -€24,545
down €24,545 (-66.9%), from €36,683 to €12,138
of which Non-recurring financial charges: -€30,230
- Taxes +€5,848
up €5,848 (+67.3%), from €8,689 to €14,537
- Financial income +€2,073
new in 2025: €2,073
- Staff costs +€1,075
up €1,075 (+593.1%), from €181 to €1,256
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 | €100,835 | €137,110 | +€36,275 | +36.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €7,111 | €5,825 | -€1,286 | -18.1% |
| Tangible fixed assets | 22/27 | €7,111 | €5,825 | -€1,286 | -18.1% |
| Plant, machinery and equipment | 23 | €3,933 | €2,403 | -€1,530 | -38.9% |
| Furniture and vehicles | 24 | €3,178 | €3,422 | +€244 | +7.7% |
| Current assets | 29/58 | €93,724 | €131,285 | +€37,561 | +40.1% |
| Amounts receivable within one year | 40/41 | €51,546 | €43,325 | -€8,221 | -15.9% |
| Trade receivables | 40 | €25,367 | - | -€25,367 | |
| Other amounts receivable | 41 | €26,179 | €43,325 | +€17,146 | +65.5% |
| Cash at bank and in hand | 54/58 | €40,641 | €85,303 | +€44,662 | +109.9% |
| Deferred charges and accrued income | 490/1 | €1,537 | €2,657 | +€1,120 | +72.9% |
| Total equity and liabilities | 10/49 | €100,835 | €137,110 | +€36,275 | +36.0% |
| Equity | 10/15 | €80,651 | €104,149 | +€23,498 | +29.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €78,651 | €102,149 | +€23,498 | +29.9% |
| Distributable reserves | 133 | €78,651 | €102,149 | +€23,498 | +29.9% |
| Amounts payable | 17/49 | €20,184 | €32,961 | +€12,777 | +63.3% |
| Amounts payable after more than one year | 17 | €1,390 | €1,390 | = | 0.0% |
| Financial debts | 170/4 | €1,390 | €1,390 | = | 0.0% |
| Amounts payable within one year | 42/48 | €18,795 | €31,571 | +€12,777 | +68.0% |
| Financial debts | 43 | - | €4,500 | +€4,500 | |
| Credit institutions | 430/8 | - | €4,500 | +€4,500 | |
| Trade debts | 44 | €225 | €3,831 | +€3,606 | +1604.5% |
| Suppliers | 440/4 | €225 | €3,831 | +€3,606 | +1604.5% |
| Taxes, remuneration and social security | 45 | €18,570 | €23,240 | +€4,670 | +25.1% |
| Taxes | 450/3 | €18,570 | €23,240 | +€4,670 | +25.1% |
| Non-recurring operating income | 76A | €30,503 | - | -€30,503 | |
| Remuneration, social security and pensions | 62 | €181 | €1,256 | +€1,075 | +593.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,642 | €3,285 | +€644 | +24.4% |
| Other operating charges | 640/8 | €2,056 | €1,622 | -€434 | -21.1% |
| Gross operating margin | 9900 | €78,881 | €54,262 | -€24,618 | -31.2% |
| Operating profit (loss) | 9901 | €74,002 | €48,099 | -€25,902 | -35.0% |
| Financial income | 75/76B | - | €2,073 | +€2,073 | |
| Recurring financial income | 75 | - | €2,073 | +€2,073 | |
| Financial charges | 65/66B | €36,683 | €12,138 | -€24,545 | -66.9% |
| Recurring financial charges | 65 | €6,453 | €12,138 | +€5,685 | +88.1% |
| Non-recurring financial charges | 66B | €30,230 | - | -€30,230 | |
| Profit (loss) for the period before taxes | 9903 | €37,319 | €38,035 | +€716 | +1.9% |
| Income taxes | 67/77 | €8,689 | €14,537 | +€5,848 | +67.3% |
| Profit (loss) for the period | 9904 | €28,630 | €23,498 | -€5,132 | -17.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,630 | €23,498 | -€5,132 | -17.9% |
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 11 October 2026 via checked.be.