Aelterman: 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.
Aelterman
Largest movements
- Cash -€43,025
down €43,025 (-59.5%), from €72,298 to €29,273
mainly Investment in fixed assets (net) (-€53,421) and Receivables within one year (-€31,294)
- Receivables within one year +€31,294
up €31,294 (+4289.6%), from €730 to €32,023
of which Other amounts receivable: +€31,886
- Tangible fixed assets +€16,740
up €16,740 (+4.3%), from €389,735 to €406,475
of which Land and buildings: +€28,227
- Reserves +€28,909
up €28,909 (+16.1%), from €179,890 to €208,799
of which Distributable reserves: +€28,909
- Other debts -€20,934
down €20,934 (-77.6%), from €26,974 to €6,039
- Tax, wage and social debts -€10,680
down €10,680 (-67.9%), from €15,731 to €5,051
- Debts after one year +€5,787
up €5,787 (+3.2%), from €182,132 to €187,919
- Trade debts +€5,397
up €5,397, from €0 to €5,397
- Taxes +€6,726
up €6,726 (+176.0%), from €3,822 to €10,548
- Depreciation +€1,316
up €1,316 (+3.7%), from €35,365 to €36,681
- Other operating charges +€980
up €980 (+16.8%), from €5,847 to €6,827
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 | €464,397 | €469,530 | +€5,133 | +1.1% |
| Fixed assets | 21/28 | €391,235 | €407,975 | +€16,740 | +4.3% |
| Tangible fixed assets | 22/27 | €389,735 | €406,475 | +€16,740 | +4.3% |
| Land and buildings | 22 | €359,979 | €388,206 | +€28,227 | +7.8% |
| Furniture and vehicles | 24 | €29,756 | €18,269 | -€11,487 | -38.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €73,162 | €61,555 | -€11,607 | -15.9% |
| Amounts receivable within one year | 40/41 | €730 | €32,023 | +€31,294 | +4289.6% |
| Trade receivables | 40 | €592 | €0 | -€592 | -100.0% |
| Other amounts receivable | 41 | €138 | €32,023 | +€31,886 | +23155.9% |
| Cash at bank and in hand | 54/58 | €72,298 | €29,273 | -€43,025 | -59.5% |
| Deferred charges and accrued income | 490/1 | €135 | €259 | +€124 | +92.3% |
| Total equity and liabilities | 10/49 | €464,397 | €469,530 | +€5,133 | +1.1% |
| Equity | 10/15 | €198,482 | €227,391 | +€28,909 | +14.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €179,890 | €208,799 | +€28,909 | +16.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €179,890 | €208,799 | +€28,909 | +16.1% |
| Amounts payable | 17/49 | €265,915 | €242,139 | -€23,776 | -8.9% |
| Amounts payable after more than one year | 17 | €182,132 | €187,919 | +€5,787 | +3.2% |
| Financial debts | 170/4 | €182,132 | €187,919 | +€5,787 | +3.2% |
| Amounts payable within one year | 42/48 | €83,783 | €54,220 | -€29,563 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €41,078 | €37,733 | -€3,345 | -8.1% |
| Trade debts | 44 | €0 | €5,397 | +€5,397 | |
| Suppliers | 440/4 | €0 | €5,397 | +€5,397 | |
| Taxes, remuneration and social security | 45 | €15,731 | €5,051 | -€10,680 | -67.9% |
| Taxes | 450/3 | €15,731 | €5,051 | -€10,680 | -67.9% |
| Other amounts payable | 47/48 | €26,974 | €6,039 | -€20,934 | -77.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,365 | €36,681 | +€1,316 | +3.7% |
| Other operating charges | 640/8 | €5,847 | €6,827 | +€980 | +16.8% |
| Gross operating margin | 9900 | €90,279 | €90,437 | +€158 | +0.2% |
| Operating profit (loss) | 9901 | €49,067 | €46,929 | -€2,138 | -4.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -73.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -73.3% |
| Financial charges | 65/66B | €7,023 | €7,473 | +€449 | +6.4% |
| Recurring financial charges | 65 | €7,023 | €7,473 | +€449 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €42,044 | €39,457 | -€2,587 | -6.2% |
| Income taxes | 67/77 | €3,822 | €10,548 | +€6,726 | +176.0% |
| Profit (loss) for the period | 9904 | €38,222 | €28,909 | -€9,313 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,222 | €28,909 | -€9,313 | -24.4% |
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.