AARTCO: 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.
AARTCO
Largest movements
- Tangible fixed assets -€766,435
down €766,435 (-6.4%), from €11.9m to €11.2m
of which Land and buildings: -€708,629
- Cash -€428,688
down €428,688 (-34.6%), from €1.2m to €811,000
mainly Other debts (-€1.1m) and Debts after one year (-€403,512)
- Receivables within one year -€295,288
down €295,288 (-29.0%), from €1.0m to €722,662
of which Other amounts receivable: -€354,841
- Intangible fixed assets -€199,735
down €199,735 (-33.3%), from €599,206 to €399,470
- Other debts -€1.1m
down €1.1m (-31.4%), from €3.4m to €2.3m
- Debts after one year -€403,512
down €403,512 (-10.2%), from €4.0m to €3.6m
of which Financial debts: -€403,512
- Depreciation -€206,812
down €206,812 (-28.1%), from €736,572 to €529,759
- Taxes -€172,512
down €172,512 (-99.8%), from €172,844 to €332
- Gross operating margin -€120,049
down €120,049 (-8.0%), from €1.5m to €1.4m
- Write-downs -€69,152
new in 2025: -€69,152
- Financial income +€15,557
up €15,557 (+2.4%), from €646,920 to €662,477
of which Financial income: +€78,224
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 | €17,419,259 | €15,709,368 | -€1.7m | -9.8% |
| Fixed assets | 21/28 | €15,096,709 | €14,130,039 | -€966,670 | -6.4% |
| Intangible fixed assets | 21 | €599,206 | €399,470 | -€199,735 | -33.3% |
| Tangible fixed assets | 22/27 | €11,930,390 | €11,163,954 | -€766,435 | -6.4% |
| Land and buildings | 22 | €11,721,831 | €11,013,202 | -€708,629 | -6.0% |
| Plant, machinery and equipment | 23 | €88,578 | €69,535 | -€19,042 | -21.5% |
| Furniture and vehicles | 24 | €119,981 | €81,217 | -€38,764 | -32.3% |
| Financial fixed assets | 28 | €2,567,114 | €2,566,614 | -€500 | 0.0% |
| Current assets | 29/58 | €2,322,550 | €1,579,329 | -€743,220 | -32.0% |
| Amounts receivable within one year | 40/41 | €1,017,950 | €722,662 | -€295,288 | -29.0% |
| Trade receivables | 40 | €27,145 | €86,698 | +€59,553 | +219.4% |
| Other amounts receivable | 41 | €990,805 | €635,964 | -€354,841 | -35.8% |
| Cash at bank and in hand | 54/58 | €1,239,688 | €811,000 | -€428,688 | -34.6% |
| Deferred charges and accrued income | 490/1 | €64,912 | €45,667 | -€19,245 | -29.6% |
| Total equity and liabilities | 10/49 | €17,419,259 | €15,709,368 | -€1.7m | -9.8% |
| Equity | 10/15 | €9,118,114 | €8,966,476 | -€151,638 | -1.7% |
| Contributions | 10/11 | €61,950 | €61,950 | = | 0.0% |
| Reserves | 13 | €9,056,164 | €8,904,526 | -€151,638 | -1.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €547,651 | €517,139 | -€30,512 | -5.6% |
| Distributable reserves | 133 | €8,508,513 | €8,387,386 | -€121,126 | -1.4% |
| Provisions and deferred taxes | 16 | €168,999 | €158,828 | -€10,171 | -6.0% |
| Deferred taxes | 168 | €168,999 | €158,828 | -€10,171 | -6.0% |
| Amounts payable | 17/49 | €8,132,145 | €6,584,064 | -€1.5m | -19.0% |
| Amounts payable after more than one year | 17 | €3,964,514 | €3,561,002 | -€403,512 | -10.2% |
| Financial debts | 170/4 | €3,964,470 | €3,560,958 | -€403,512 | -10.2% |
| Other amounts payable | 178/9 | €44 | €44 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,976,413 | €2,843,117 | -€1.1m | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €402,373 | €403,512 | +€1,140 | +0.3% |
| Trade debts | 44 | €53,121 | €52,859 | -€262 | -0.5% |
| Suppliers | 440/4 | €53,121 | €52,859 | -€262 | -0.5% |
| Taxes, remuneration and social security | 45 | €120,543 | €55,283 | -€65,260 | -54.1% |
| Taxes | 450/3 | €98,012 | €39,763 | -€58,249 | -59.4% |
| Remuneration and social security | 454/9 | €22,530 | €15,520 | -€7,011 | -31.1% |
| Other amounts payable | 47/48 | €3,400,376 | €2,331,463 | -€1.1m | -31.4% |
| Accrued charges and deferred income | 492/3 | €191,218 | €179,945 | -€11,274 | -5.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €102,328 | €116,439 | +€14,111 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €736,572 | €529,759 | -€206,812 | -28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€69,152 | -€69,152 | |
| Other operating charges | 640/8 | €80,734 | €85,603 | +€4,869 | +6.0% |
| Non-recurring operating charges | 66A | €0 | €1,319,485 | +€1.3m | |
| Gross operating margin | 9900 | €1,506,438 | €1,386,389 | -€120,049 | -8.0% |
| Operating profit (loss) | 9901 | €586,804 | -€595,745 | -€1.2m | |
| Financial income | 75/76B | €646,920 | €662,477 | +€15,557 | +2.4% |
| Recurring financial income | 75 | €584,253 | €662,477 | +€78,224 | +13.4% |
| Non-recurring financial income | 76B | €62,667 | €0 | -€62,667 | -100.0% |
| Financial charges | 65/66B | €227,940 | €228,209 | +€269 | +0.1% |
| Recurring financial charges | 65 | €227,940 | €228,209 | +€269 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €1,005,784 | -€161,477 | -€1.2m | |
| Transfer from deferred taxes | 780 | €10,171 | €10,171 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €172,844 | €332 | -€172,512 | -99.8% |
| Profit (loss) for the period | 9904 | €843,111 | -€151,638 | -€994,749 | |
| Transfer from tax-exempt reserves | 789 | €30,512 | €30,512 | +€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €873,623 | -€121,126 | -€994,749 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.