M-AQUATRANS: 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.
M-AQUATRANS
Largest movements
- Tangible fixed assets -€278,373
down €278,373 (-6.9%), from €4.0m to €3.7m
of which Furniture and vehicles: -€387,466
- Receivables within one year +€161,032
up €161,032 (+101%), from €159,367 to €320,399
of which Trade receivables: +€241,312
- Trade debts -€229,859
down €229,859 (-36.0%), from €638,654 to €408,795
- Reserves +€145,484
up €145,484 (+9.9%), from €1.5m to €1.6m
of which Distributable reserves: +€149,145
- Short-term financial debts -€118,609
down €118,609 (-69.7%), from €170,291 to €51,682
- Other debts +€105,161
up €105,161 (+1,642%), from €6,403 to €111,564
- Debts after one year -€83,485
down €83,485 (-6.0%), from €1.4m to €1.3m
- Financial income -€1.6m
down €1.6m (-100.0%), from €1.6m to €549
of which Non-recurring financial income: -€1.6m
- Gross operating margin +€1.2m
up €1.2m (+297%), from €401,495 to €1.6m
- Staff costs +€246,204
up €246,204 (+40.9%), from €602,184 to €848,387
- Taxes -€194,359
down €194,359 (-79.8%), from €243,694 to €49,334
- Financial charges -€38,543
down €38,543 (-31.7%), from €121,765 to €83,221
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 | €4,358,041 | €4,217,205 | -€140,836 | -3.2% |
| Fixed assets | 21/28 | €4,027,560 | €3,749,186 | -€278,373 | -6.9% |
| Tangible fixed assets | 22/27 | €4,027,560 | €3,749,186 | -€278,373 | -6.9% |
| Plant, machinery and equipment | 23 | €375,677 | €484,770 | +€109,093 | +29.0% |
| Furniture and vehicles | 24 | €3,651,883 | €3,264,417 | -€387,466 | -10.6% |
| Current assets | 29/58 | €330,481 | €468,019 | +€137,537 | +41.6% |
| Amounts receivable within one year | 40/41 | €159,367 | €320,399 | +€161,032 | +101% |
| Trade receivables | 40 | €32,781 | €274,093 | +€241,312 | +736% |
| Other amounts receivable | 41 | €126,586 | €46,307 | -€80,279 | -63.4% |
| Cash at bank and in hand | 54/58 | €62,928 | €31,393 | -€31,535 | -50.1% |
| Deferred charges and accrued income | 490/1 | €108,186 | €116,226 | +€8,040 | +7.4% |
| Total equity and liabilities | 10/49 | €4,358,041 | €4,217,205 | -€140,836 | -3.2% |
| Equity | 10/15 | €1,468,583 | €1,614,066 | +€145,484 | +9.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,462,383 | €1,607,866 | +€145,484 | +9.9% |
| Tax-exempt reserves | 132 | €29,294 | €25,633 | -€3,662 | -12.5% |
| Distributable reserves | 133 | €1,433,088 | €1,582,234 | +€149,145 | +10.4% |
| Provisions and deferred taxes | 16 | €182,765 | €208,544 | +€25,779 | +14.1% |
| Provisions for liabilities and charges | 160/5 | €173,000 | €200,000 | +€27,000 | +15.6% |
| Major repairs and maintenance | 162 | €173,000 | €200,000 | +€27,000 | +15.6% |
| Deferred taxes | 168 | €9,765 | €8,544 | -€1,221 | -12.5% |
| Amounts payable | 17/49 | €2,706,693 | €2,394,594 | -€312,099 | -11.5% |
| Amounts payable after more than one year | 17 | €1,387,283 | €1,303,798 | -€83,485 | -6.0% |
| Financial debts | 170/4 | €1,387,283 | €1,303,798 | -€83,485 | -6.0% |
| Amounts payable within one year | 42/48 | €1,319,411 | €1,090,797 | -€228,614 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €416,406 | €349,147 | -€67,259 | -16.2% |
| Financial debts | 43 | €170,291 | €51,682 | -€118,609 | -69.7% |
| Credit institutions | 430/8 | €170,291 | €51,682 | -€118,609 | -69.7% |
| Trade debts | 44 | €638,654 | €408,795 | -€229,859 | -36.0% |
| Suppliers | 440/4 | €638,654 | €408,795 | -€229,859 | -36.0% |
| Taxes, remuneration and social security | 45 | €87,657 | €169,609 | +€81,952 | +93.5% |
| Taxes | 450/3 | €47,802 | €105,453 | +€57,650 | +121% |
| Remuneration and social security | 454/9 | €39,854 | €64,156 | +€24,302 | +61.0% |
| Other amounts payable | 47/48 | €6,403 | €111,564 | +€105,161 | +1,642% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €602,184 | €848,387 | +€246,204 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €419,990 | €434,064 | +€14,075 | +3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €40,000 | €27,000 | -€13,000 | -32.5% |
| Other operating charges | 640/8 | €8,028 | €7,951 | -€78 | -1.0% |
| Non-recurring operating charges | 66A | €22,521 | €0 | -€22,521 | -100% |
| Gross operating margin | 9900 | €401,495 | €1,593,672 | +€1.2m | +297% |
| Operating profit (loss) | 9901 | -€691,228 | €276,270 | +€967,498 | |
| Financial income | 75/76B | €1,574,213 | €549 | -€1.6m | -100.0% |
| Recurring financial income | 75 | €159 | €549 | +€390 | +245% |
| Non-recurring financial income | 76B | €1,574,054 | €0 | -€1.6m | -100% |
| Financial charges | 65/66B | €121,765 | €83,221 | -€38,543 | -31.7% |
| Recurring financial charges | 65 | €121,765 | €83,221 | -€38,543 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €761,221 | €193,597 | -€567,623 | -74.6% |
| Transfer from deferred taxes | 780 | €1,221 | €1,221 | = | 0.0% |
| Income taxes | 67/77 | €243,694 | €49,334 | -€194,359 | -79.8% |
| Profit (loss) for the period | 9904 | €518,747 | €145,484 | -€373,264 | -72.0% |
| Transfer from tax-exempt reserves | 789 | €3,662 | €3,662 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €522,409 | €149,145 | -€373,264 | -71.5% |
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 15 October 2026 via checked.be.