AAROVA: 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.
What changed
AAROVA
NACE 14.210, Manufacture of outerwear
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€139,353
2024 · -€212,418+€73,065
Equity
€2.5m
2024 · €2.6m-€175,106
Cash
€176,116
2024 · €192,974-€16,858
Balance sheet total
€8.0m
2024 · €8.7m-€739,494
Largest movements
Assets
- Tangible fixed assets -€477,516
down €477,516 (-6.8%), from €7.1m to €6.6m
- Receivables within one year -€177,202
down €177,202 (-17.3%), from €1.0m to €846,489
of which Other amounts receivable: -€243,343
Equity and liabilities
- Debts within one year -€281,741
down €281,741 (-8.1%), from €3.5m to €3.2m
- Debts after one year -€254,431
down €254,431 (-13.4%), from €1.9m to €1.7m
- Profit (loss) carried forward -€139,353
down €139,353 (-24.5%), from €568,302 to €428,948
Income statement
- Turnover +€273,857
up €273,857 (+5.1%), from €5.3m to €5.6m
- Services and other goods +€184,149
up €184,149 (+12.8%), from €1.4m to €1.6m
- Depreciation -€63,659
down €63,659 (-8.0%), from €797,483 to €733,824
- Staff costs +€61,593
up €61,593 (+0.6%), from €11.1m to €11.2m
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.
Result 2024
-€212,418
Turnover
+€273,857
Other operating income
-€31,312
Goods and materials
+€43,800
Services and other goods
-€184,149
Staff costs
-€61,593
Depreciation
+€63,659
Write-downs
+€4,532
Other operating charges
+€5,516
Other operating items
-€41,434
Financial income
+€408
Financial charges
-€220
Result 2025
-€139,353
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.
From operations
+€529,009
Investment
-€255,683
Financing
-€290,184
Cash 2024
€192,974
From operations (derived)
+€529,009
Net result for the year
-€139,353
Depreciation
+€733,824
Stocks and contracts
+€14,666
Receivables within one year
+€177,202
Deferred charges and accrued income
+€52,627
Provisions
-€48,747
Debts within one year
-€281,741
Accrued charges and deferred income
+€20,531
Investment (derived)
-€255,683
Investment in fixed assets (net)
-€255,683
Financing
-€290,184
Debts after one year
-€254,431
Contributions, distributions and other
-€35,753
Cash 2025
€176,116
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,694,060 | €7,954,566 | -€739,494 | -8.5% |
| Fixed assets | 21/28 | €7,131,975 | €6,653,834 | -€478,141 | -6.7% |
| Intangible fixed assets | 21 | €16,667 | €16,042 | -€625 | -3.7% |
| Tangible fixed assets | 22/27 | €7,057,350 | €6,579,834 | -€477,516 | -6.8% |
| Land and buildings | 22 | €5,570,319 | €5,407,014 | -€163,305 | -2.9% |
| Plant, machinery and equipment | 23 | €571,657 | €477,726 | -€93,931 | -16.4% |
| Furniture and vehicles | 24 | €915,373 | €695,094 | -€220,280 | -24.1% |
| Financial fixed assets | 28 | €57,959 | €57,959 | = | 0.0% |
| Other financial fixed assets | 284/8 | €57,959 | €57,959 | = | 0.0% |
| Shares | 284 | €31,614 | €31,614 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €26,345 | €26,345 | = | 0.0% |
| Current assets | 29/58 | €1,562,085 | €1,300,732 | -€261,353 | -16.7% |
| Stocks and contracts in progress | 3 | €146,788 | €132,122 | -€14,666 | -10.0% |
| Stocks | 30/36 | €146,788 | €132,122 | -€14,666 | -10.0% |
| Raw materials and consumables | 30/31 | €93,291 | €85,250 | -€8,041 | -8.6% |
| Work in progress | 32 | €18,127 | €25,483 | +€7,357 | +40.6% |
| Finished goods | 33 | €35,371 | €21,389 | -€13,982 | -39.5% |
| Amounts receivable within one year | 40/41 | €1,023,691 | €846,489 | -€177,202 | -17.3% |
| Trade receivables | 40 | €700,768 | €766,909 | +€66,141 | +9.4% |
| Other amounts receivable | 41 | €322,923 | €79,580 | -€243,343 | -75.4% |
| Cash at bank and in hand | 54/58 | €192,974 | €176,116 | -€16,858 | -8.7% |
| Deferred charges and accrued income | 490/1 | €198,631 | €146,004 | -€52,627 | -26.5% |
| Total equity and liabilities | 10/49 | €8,694,060 | €7,954,566 | -€739,494 | -8.5% |
| Equity | 10/15 | €2,649,644 | €2,474,538 | -€175,106 | -6.6% |
| Contributions | 10/11 | €521,840 | €521,840 | = | 0.0% |
| Capital | 10 | €521,840 | €521,840 | = | 0.0% |
| Reserves | 13 | €1,254,302 | €1,254,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | €568,302 | €428,948 | -€139,353 | -24.5% |
| Investment grants | 15 | €305,200 | €269,447 | -€35,753 | -11.7% |
| Provisions and deferred taxes | 16 | €617,011 | €568,264 | -€48,747 | -7.9% |
| Provisions for liabilities and charges | 160/5 | €617,011 | €568,264 | -€48,747 | -7.9% |
| Major repairs and maintenance | 162 | €617,011 | €568,264 | -€48,747 | -7.9% |
| Amounts payable | 17/49 | €5,427,404 | €4,911,764 | -€515,640 | -9.5% |
| Amounts payable after more than one year | 17 | €1,904,544 | €1,650,114 | -€254,431 | -13.4% |
| Financial debts | 170/4 | €1,904,544 | €1,650,114 | -€254,431 | -13.4% |
| Credit institutions | 173 | €1,904,544 | €1,650,114 | -€254,431 | -13.4% |
| Amounts payable within one year | 42/48 | €3,497,467 | €3,215,726 | -€281,741 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €254,431 | €254,431 | = | 0.0% |
| Financial debts | 43 | €853,155 | €801,348 | -€51,807 | -6.1% |
| Credit institutions | 430/8 | €853,155 | €801,348 | -€51,807 | -6.1% |
| Trade debts | 44 | €453,144 | €316,936 | -€136,208 | -30.1% |
| Suppliers | 440/4 | €453,144 | €316,936 | -€136,208 | -30.1% |
| Taxes, remuneration and social security | 45 | €1,745,772 | €1,788,211 | +€42,439 | +2.4% |
| Taxes | 450/3 | €232,087 | €106,503 | -€125,584 | -54.1% |
| Remuneration and social security | 454/9 | €1,513,685 | €1,681,708 | +€168,023 | +11.1% |
| Accrued charges and deferred income | 492/3 | €25,394 | €45,925 | +€20,531 | +80.9% |
| Operating income | 70/76A | €13,682,692 | €13,835,056 | +€152,364 | +1.1% |
| Turnover | 70 | €5,347,759 | €5,621,617 | +€273,857 | +5.1% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €15,937 | -€6,625 | -€22,562 | |
| Other operating income | 74 | €336,990 | €305,678 | -€31,312 | -9.3% |
| Non-recurring operating income | 76A | €20,888 | €76,009 | +€55,121 | +263.9% |
| Operating charges | 60/66A | €13,815,845 | €13,895,333 | +€79,487 | +0.6% |
| Goods for resale, raw materials and consumables | 60 | €419,922 | €376,122 | -€43,800 | -10.4% |
| Purchases | 600/8 | €433,868 | €368,082 | -€65,787 | -15.2% |
| Change in stocks: decrease (increase) | 609 | -€13,946 | €8,041 | +€21,987 | |
| Services and other goods | 61 | €1,437,003 | €1,621,152 | +€184,149 | +12.8% |
| Remuneration, social security and pensions | 62 | €11,131,312 | €11,192,906 | +€61,593 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797,483 | €733,824 | -€63,659 | -8.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,532 | - | -€4,532 | |
| Other operating charges | 640/8 | €25,593 | €20,077 | -€5,516 | -21.6% |
| Operating profit (loss) | 9901 | -€133,154 | -€60,277 | +€72,877 | +54.7% |
| Financial income | 75/76B | €156 | €564 | +€408 | +261.2% |
| Recurring financial income | 75 | €156 | €564 | +€408 | +261.2% |
| Other financial income | 752/9 | €156 | €564 | +€408 | +261.2% |
| Financial charges | 65/66B | €79,421 | €79,640 | +€220 | +0.3% |
| Recurring financial charges | 65 | €79,421 | €79,640 | +€220 | +0.3% |
| Debt charges | 650 | €72,947 | €73,440 | +€493 | +0.7% |
| Other financial charges | 652/9 | €6,473 | €6,200 | -€273 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | -€212,418 | -€139,353 | +€73,065 | +34.4% |
| Profit (loss) for the period | 9904 | -€212,418 | -€139,353 | +€73,065 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€212,418 | -€139,353 | +€73,065 | +34.4% |
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 6 October 2026 via checked.be.