AAA+ MANAGEMENT: what changed
AAA+ MANAGEMENT
Largest movements
- Tangible fixed assets -€32,601
down €32,601 (-27.5%), from €118,759 to €86,159
of which Land and buildings: -€70,622
- Cash +€25,145
up €25,145 (+386%), from €6,507 to €31,652
mainly Net result for the year (+€85,508) and Depreciation (+€46,817)
- Receivables within one year -€18,859
down €18,859 (-18.9%), from €99,949 to €81,090
of which Trade receivables: -€16,124
- Intangible fixed assets -€13,180
down €13,180 (-20.1%), from €65,488 to €52,308
- Reserves -€65,492
down €65,492 (-26.4%), from €248,352 to €182,860
- Tax, wage and social debts +€41,753
up €41,753 (+1,054%), from €3,960 to €45,713
- Other debts -€17,795
down €17,795 (-10.5%), from €168,795 to €151,000
- Gross operating margin +€135,901
up €135,901 (+405%), from €33,594 to €169,496
- Taxes +€31,240
up €31,240 (+1,032%), from €3,028 to €34,268
- Depreciation +€17,082
up €17,082 (+57.4%), from €29,735 to €46,817
- Financial charges +€6,464
up €6,464 (+1,592%), from €406 to €6,870
of which Non-recurring financial charges: +€5,971
- Financial income -€3,471
down €3,471 (-40.6%), from €8,556 to €5,084
of which Financial income: -€3,471
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €446,228 | €405,036 | -€41,191 | -9.2% |
| Fixed assets | 21/28 | €185,373 | €139,592 | -€45,781 | -24.7% |
| Intangible fixed assets | 21 | €65,488 | €52,308 | -€13,180 | -20.1% |
| Tangible fixed assets | 22/27 | €118,759 | €86,159 | -€32,601 | -27.5% |
| Land and buildings | 22 | €72,796 | €2,174 | -€70,622 | -97.0% |
| Furniture and vehicles | 24 | €34,980 | €22,277 | -€12,703 | -36.3% |
| Other tangible fixed assets | 26 | €10,984 | €61,707 | +€50,724 | +462% |
| Financial fixed assets | 28 | €1,125 | €1,125 | = | 0.0% |
| Current assets | 29/58 | €260,855 | €265,445 | +€4,590 | +1.8% |
| Amounts receivable within one year | 40/41 | €99,949 | €81,090 | -€18,859 | -18.9% |
| Trade receivables | 40 | €56,125 | €40,001 | -€16,124 | -28.7% |
| Other amounts receivable | 41 | €43,824 | €41,089 | -€2,735 | -6.2% |
| Current investments | 50/53 | €152,968 | €150,131 | -€2,837 | -1.9% |
| Cash at bank and in hand | 54/58 | €6,507 | €31,652 | +€25,145 | +386% |
| Deferred charges and accrued income | 490/1 | €1,431 | €2,571 | +€1,140 | +79.7% |
| Total equity and liabilities | 10/49 | €446,228 | €405,036 | -€41,191 | -9.2% |
| Equity | 10/15 | €266,952 | €201,460 | -€65,492 | -24.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €248,352 | €182,860 | -€65,492 | -26.4% |
| Distributable reserves | 133 | €248,352 | €182,860 | -€65,492 | -26.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €179,275 | €203,576 | +€24,301 | +13.6% |
| Amounts payable within one year | 42/48 | €179,275 | €203,576 | +€24,301 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €5,074 | €5,053 | -€21 | -0.4% |
| Trade debts | 44 | €1,446 | €1,810 | +€364 | +25.2% |
| Suppliers | 440/4 | €1,446 | €1,810 | +€364 | +25.2% |
| Taxes, remuneration and social security | 45 | €3,960 | €45,713 | +€41,753 | +1,054% |
| Taxes | 450/3 | €3,960 | €45,713 | +€41,753 | +1,054% |
| Other amounts payable | 47/48 | €168,795 | €151,000 | -€17,795 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,735 | €46,817 | +€17,082 | +57.4% |
| Other operating charges | 640/8 | €1,280 | €1,117 | -€163 | -12.7% |
| Gross operating margin | 9900 | €33,594 | €169,496 | +€135,901 | +405% |
| Operating profit (loss) | 9901 | €2,579 | €121,561 | +€118,982 | +4,614% |
| Financial income | 75/76B | €8,556 | €5,084 | -€3,471 | -40.6% |
| Recurring financial income | 75 | €8,556 | €5,084 | -€3,471 | -40.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €406 | €6,870 | +€6,464 | +1,592% |
| Recurring financial charges | 65 | €406 | €899 | +€493 | +121% |
| Non-recurring financial charges | 66B | - | €5,971 | +€5,971 | |
| Profit (loss) for the period before taxes | 9903 | €10,728 | €119,776 | +€109,047 | +1,016% |
| Income taxes | 67/77 | €3,028 | €34,268 | +€31,240 | +1,032% |
| Profit (loss) for the period | 9904 | €7,701 | €85,508 | +€77,807 | +1,010% |
| Profit (loss) for the period to be appropriated | 9905 | €7,701 | €85,508 | +€77,807 | +1,010% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.