AYCO: 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.
AYCO
Largest movements
- Receivables within one year +€44,659
up €44,659 (+49.2%), from €90,684 to €135,343
of which Trade receivables: +€41,383
- Tangible fixed assets +€14,416
up €14,416 (+27.5%), from €52,476 to €66,891
- Cash -€2,749
down €2,749 (-14.6%), from €18,870 to €16,121
mainly Receivables within one year (-€44,659) and Investment in fixed assets (net) (-€22,453)
- Tax, wage and social debts +€34,945
up €34,945 (+106.7%), from €32,736 to €67,680
of which Remuneration and social security: +€21,952
- Reserves +€31,936
up €31,936 (+63.7%), from €50,130 to €82,067
of which Distributable reserves: +€31,936
- Trade debts -€8,277
down €8,277 (-94.1%), from €8,798 to €521
- Gross operating margin +€76,374
up €76,374 (+32.1%), from €238,229 to €314,603
- Staff costs +€40,753
up €40,753 (+19.2%), from €212,672 to €253,425
- Taxes +€10,891
up €10,891 (+146.1%), from €7,453 to €18,345
- Depreciation +€6,250
up €6,250 (+349.8%), from €1,787 to €8,038
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 | €167,656 | €226,014 | +€58,358 | +34.8% |
| Fixed assets | 21/28 | €58,102 | €72,517 | +€14,416 | +24.8% |
| Tangible fixed assets | 22/27 | €52,476 | €66,891 | +€14,416 | +27.5% |
| Plant, machinery and equipment | 23 | €3,597 | €7,421 | +€3,824 | +106.3% |
| Furniture and vehicles | 24 | €15,339 | €21,968 | +€6,630 | +43.2% |
| Other tangible fixed assets | 26 | €33,540 | €37,502 | +€3,962 | +11.8% |
| Financial fixed assets | 28 | €5,626 | €5,626 | = | 0.0% |
| Current assets | 29/58 | €109,554 | €153,497 | +€43,943 | +40.1% |
| Amounts receivable within one year | 40/41 | €90,684 | €135,343 | +€44,659 | +49.2% |
| Trade receivables | 40 | €80,191 | €121,575 | +€41,383 | +51.6% |
| Other amounts receivable | 41 | €10,492 | €13,768 | +€3,276 | +31.2% |
| Cash at bank and in hand | 54/58 | €18,870 | €16,121 | -€2,749 | -14.6% |
| Deferred charges and accrued income | 490/1 | - | €2,033 | +€2,033 | |
| Total equity and liabilities | 10/49 | €167,656 | €226,014 | +€58,358 | +34.8% |
| Equity | 10/15 | €125,414 | €157,350 | +€31,936 | +25.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €50,130 | €82,067 | +€31,936 | +63.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €48,270 | €80,207 | +€31,936 | +66.2% |
| Profit (loss) carried forward | 14 | €56,683 | €56,683 | = | 0.0% |
| Amounts payable | 17/49 | €42,242 | €68,664 | +€26,422 | +62.5% |
| Amounts payable within one year | 42/48 | €42,242 | €68,664 | +€26,422 | +62.5% |
| Financial debts | 43 | €708 | €463 | -€245 | -34.6% |
| Credit institutions | 430/8 | €708 | €463 | -€245 | -34.6% |
| Trade debts | 44 | €8,798 | €521 | -€8,277 | -94.1% |
| Suppliers | 440/4 | €8,798 | €521 | -€8,277 | -94.1% |
| Taxes, remuneration and social security | 45 | €32,736 | €67,680 | +€34,945 | +106.7% |
| Taxes | 450/3 | €5,793 | €18,785 | +€12,992 | +224.3% |
| Remuneration and social security | 454/9 | €26,943 | €48,895 | +€21,952 | +81.5% |
| Remuneration, social security and pensions | 62 | €212,672 | €253,425 | +€40,753 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,787 | €8,038 | +€6,250 | +349.8% |
| Other operating charges | 640/8 | €949 | €1,265 | +€315 | +33.2% |
| Gross operating margin | 9900 | €238,229 | €314,603 | +€76,374 | +32.1% |
| Operating profit (loss) | 9901 | €22,820 | €51,876 | +€29,055 | +127.3% |
| Financial income | 75/76B | €225 | €1 | -€223 | -99.4% |
| Recurring financial income | 75 | €225 | €1 | -€223 | -99.4% |
| Financial charges | 65/66B | €1,222 | €1,596 | +€374 | +30.6% |
| Recurring financial charges | 65 | €1,222 | €1,596 | +€374 | +30.6% |
| Profit (loss) for the period before taxes | 9903 | €21,823 | €50,281 | +€28,458 | +130.4% |
| Income taxes | 67/77 | €7,453 | €18,345 | +€10,891 | +146.1% |
| Profit (loss) for the period | 9904 | €14,370 | €31,936 | +€17,566 | +122.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,370 | €31,936 | +€17,566 | +122.2% |
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.