Ex-Aqua: 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.
Ex-Aqua
Largest movements
- Cash +€71,616
up €71,616 (+38.2%), from €187,465 to €259,081
mainly Net result for the year (+€70,683) and Other debts (+€67,000)
- Other debts +€67,000
new in 2025: €67,000
- Reserves +€3,683
up €3,683 (+1.5%), from €248,854 to €252,537
- Gross operating margin +€6,660
up €6,660 (+8.1%), from €82,672 to €89,332
- Taxes +€1,448
up €1,448 (+8.8%), from €16,549 to €17,997
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 | €263,034 | €335,331 | +€72,297 | +27.5% |
| Fixed assets | 21/28 | €31,551 | €32,799 | +€1,248 | +4.0% |
| Tangible fixed assets | 22/27 | €1,563 | €2,811 | +€1,248 | +79.8% |
| Furniture and vehicles | 24 | €1,563 | €2,811 | +€1,248 | +79.8% |
| Financial fixed assets | 28 | €29,988 | €29,988 | = | 0.0% |
| Current assets | 29/58 | €231,482 | €302,532 | +€71,050 | +30.7% |
| Amounts receivable within one year | 40/41 | €44,018 | €43,451 | -€567 | -1.3% |
| Trade receivables | 40 | €16,335 | €18,150 | +€1,815 | +11.1% |
| Other amounts receivable | 41 | €27,683 | €25,301 | -€2,382 | -8.6% |
| Cash at bank and in hand | 54/58 | €187,465 | €259,081 | +€71,616 | +38.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €263,034 | €335,331 | +€72,297 | +27.5% |
| Equity | 10/15 | €253,854 | €257,537 | +€3,683 | +1.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €248,854 | €252,537 | +€3,683 | +1.5% |
| Distributable reserves | 133 | €248,854 | €252,537 | +€3,683 | +1.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €9,180 | €77,794 | +€68,614 | +747.5% |
| Amounts payable within one year | 42/48 | €9,180 | €77,794 | +€68,614 | +747.5% |
| Trade debts | 44 | €1,181 | €1,177 | -€5 | -0.4% |
| Suppliers | 440/4 | €1,181 | €1,177 | -€5 | -0.4% |
| Taxes, remuneration and social security | 45 | €7,998 | €9,618 | +€1,619 | +20.2% |
| Taxes | 450/3 | €7,998 | €9,618 | +€1,619 | +20.2% |
| Other amounts payable | 47/48 | - | €67,000 | +€67,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191 | €817 | +€625 | +327.1% |
| Other operating charges | 640/8 | €896 | €920 | +€24 | +2.7% |
| Gross operating margin | 9900 | €82,672 | €89,332 | +€6,660 | +8.1% |
| Operating profit (loss) | 9901 | €81,585 | €87,595 | +€6,010 | +7.4% |
| Financial income | 75/76B | €1,419 | €1,342 | -€77 | -5.5% |
| Recurring financial income | 75 | €1,419 | €1,342 | -€77 | -5.5% |
| Financial charges | 65/66B | €219 | €258 | +€38 | +17.5% |
| Recurring financial charges | 65 | €219 | €258 | +€38 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €82,785 | €88,680 | +€5,894 | +7.1% |
| Income taxes | 67/77 | €16,549 | €17,997 | +€1,448 | +8.8% |
| Profit (loss) for the period | 9904 | €66,237 | €70,683 | +€4,446 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €66,237 | €70,683 | +€4,446 | +6.7% |
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 8 October 2026 via checked.be.