A. AERTS: 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.
A. AERTS
Largest movements
- Receivables within one year -€163,376
down €163,376 (-56.9%), from €287,025 to €123,649
of which Other amounts receivable: -€144,166
- Cash -€16,437
down €16,437 (-76.2%), from €21,562 to €5,125
mainly Provisions (-€107,000) and Net result for the year (-€72,861)
- Stocks and contracts -€8,620
down €8,620 (-82.7%), from €10,420 to €1,800
- Provisions -€107,000
down €107,000 (-100.0%), from €107,000 to €0
- Reserves -€72,861
down €72,861 (-26.6%), from €274,173 to €201,313
of which Distributable reserves: -€48,399
- Trade debts -€9,145
down €9,145 (-55.0%), from €16,617 to €7,472
- Gross operating margin -€223,375
down €223,375, from €193,661 to -€29,714
- Provisions -€214,000
down €214,000, from €107,000 to -€107,000
- Financial charges +€124,054
up €124,054 (+2121.4%), from €5,848 to €129,902
of which Non-recurring financial charges: +€105,000
- Depreciation +€11,748
up €11,748 (+78.5%), from €14,963 to €26,711
- Financial income +€4,378
up €4,378 (+46.5%), from €9,422 to €13,801
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 | €452,933 | €264,279 | -€188,655 | -41.7% |
| Fixed assets | 21/28 | €124,180 | €121,018 | -€3,162 | -2.5% |
| Tangible fixed assets | 22/27 | €123,180 | €120,018 | -€3,162 | -2.6% |
| Land and buildings | 22 | €51,904 | €43,863 | -€8,041 | -15.5% |
| Plant, machinery and equipment | 23 | €4,102 | €5,121 | +€1,019 | +24.9% |
| Furniture and vehicles | 24 | €67,174 | €71,034 | +€3,860 | +5.7% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €328,754 | €143,261 | -€185,493 | -56.4% |
| Stocks and contracts in progress | 3 | €10,420 | €1,800 | -€8,620 | -82.7% |
| Stocks | 30/36 | €10,420 | €1,800 | -€8,620 | -82.7% |
| Amounts receivable within one year | 40/41 | €287,025 | €123,649 | -€163,376 | -56.9% |
| Trade receivables | 40 | €23,579 | €4,368 | -€19,211 | -81.5% |
| Other amounts receivable | 41 | €263,446 | €119,280 | -€144,166 | -54.7% |
| Cash at bank and in hand | 54/58 | €21,562 | €5,125 | -€16,437 | -76.2% |
| Deferred charges and accrued income | 490/1 | €9,747 | €12,688 | +€2,941 | +30.2% |
| Total equity and liabilities | 10/49 | €452,933 | €264,279 | -€188,655 | -41.7% |
| Equity | 10/15 | €294,005 | €221,144 | -€72,861 | -24.8% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €274,173 | €201,313 | -€72,861 | -26.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €41,962 | €17,500 | -€24,462 | -58.3% |
| Distributable reserves | 133 | €232,212 | €183,813 | -€48,399 | -20.8% |
| Provisions and deferred taxes | 16 | €107,000 | €0 | -€107,000 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €107,000 | €0 | -€107,000 | -100.0% |
| Other liabilities and charges | 164/5 | €107,000 | €0 | -€107,000 | -100.0% |
| Amounts payable | 17/49 | €51,929 | €43,135 | -€8,794 | -16.9% |
| Amounts payable after more than one year | 17 | €16,658 | €16,701 | +€43 | +0.3% |
| Financial debts | 170/4 | €16,658 | €16,701 | +€43 | +0.3% |
| Amounts payable within one year | 42/48 | €35,270 | €26,434 | -€8,836 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €10,370 | €12,320 | +€1,950 | +18.8% |
| Trade debts | 44 | €16,617 | €7,472 | -€9,145 | -55.0% |
| Suppliers | 440/4 | €16,617 | €7,472 | -€9,145 | -55.0% |
| Taxes, remuneration and social security | 45 | €8,283 | €6,642 | -€1,641 | -19.8% |
| Taxes | 450/3 | €8,283 | €6,642 | -€1,641 | -19.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €194,700 | €0 | -€194,700 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,963 | €26,711 | +€11,748 | +78.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €107,000 | -€107,000 | -€214,000 | |
| Other operating charges | 640/8 | €4,338 | €979 | -€3,359 | -77.4% |
| Non-recurring operating charges | 66A | €11,003 | €0 | -€11,003 | -100.0% |
| Gross operating margin | 9900 | €193,661 | -€29,714 | -€223,375 | |
| Operating profit (loss) | 9901 | €56,357 | €49,596 | -€6,761 | -12.0% |
| Financial income | 75/76B | €9,422 | €13,801 | +€4,378 | +46.5% |
| Recurring financial income | 75 | €9,422 | €13,801 | +€4,378 | +46.5% |
| Financial charges | 65/66B | €5,848 | €129,902 | +€124,054 | +2121.4% |
| Recurring financial charges | 65 | €5,848 | €24,902 | +€19,054 | +325.8% |
| Non-recurring financial charges | 66B | €0 | €105,000 | +€105,000 | |
| Profit (loss) for the period before taxes | 9903 | €59,932 | -€66,505 | -€126,437 | |
| Income taxes | 67/77 | €8,786 | €6,356 | -€2,431 | -27.7% |
| Profit (loss) for the period | 9904 | €51,146 | -€72,861 | -€124,007 | |
| Transfer from tax-exempt reserves | 789 | - | €24,462 | +€24,462 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,146 | -€48,399 | -€99,545 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.