AER - X: 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.
AER - X
Largest movements
- Cash +€79,363
up €79,363 (+250.2%), from €31,716 to €111,078
mainly Net result for the year (+€81,025) and Tax, wage and social debts (+€5,917)
- Tangible fixed assets +€7,206
new in 2025: €7,206
- Receivables within one year +€5,035
up €5,035 (+37.7%), from €13,361 to €18,396
of which Other amounts receivable: +€10,257
- Reserves +€81,025
up €81,025 (+362.5%), from €22,349 to €103,374
of which Distributable reserves: +€81,025
- Tax, wage and social debts +€5,917
up €5,917 (+47.9%), from €12,364 to €18,281
of which Taxes: +€8,077
- Trade debts +€4,663
up €4,663 (+44240.8%), from €11 to €4,674
- Financial income +€120,250
new in 2025: €120,250
- Gross operating margin -€60,056
down €60,056, from €30,570 to -€29,486
- Depreciation +€1,032
new in 2025: €1,032
- Taxes +€581
up €581 (+7.7%), from €7,521 to €8,102
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 | €63,827 | €155,431 | +€91,605 | +143.5% |
| Fixed assets | 21/28 | €18,750 | €25,956 | +€7,206 | +38.4% |
| Tangible fixed assets | 22/27 | - | €7,206 | +€7,206 | |
| Furniture and vehicles | 24 | - | €7,206 | +€7,206 | |
| Financial fixed assets | 28 | €18,750 | €18,750 | = | 0.0% |
| Current assets | 29/58 | €45,077 | €129,475 | +€84,398 | +187.2% |
| Amounts receivable within one year | 40/41 | €13,361 | €18,396 | +€5,035 | +37.7% |
| Trade receivables | 40 | €12,800 | €7,579 | -€5,221 | -40.8% |
| Other amounts receivable | 41 | €561 | €10,818 | +€10,257 | +1828.2% |
| Cash at bank and in hand | 54/58 | €31,716 | €111,078 | +€79,363 | +250.2% |
| Total equity and liabilities | 10/49 | €63,827 | €155,431 | +€91,605 | +143.5% |
| Equity | 10/15 | €46,838 | €127,030 | +€80,192 | +171.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €22,349 | €103,374 | +€81,025 | +362.5% |
| Non-distributable reserves | 130/1 | €200 | €200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €200 | €200 | = | 0.0% |
| Distributable reserves | 133 | €22,149 | €103,174 | +€81,025 | +365.8% |
| Profit (loss) carried forward | 14 | €22,489 | €21,656 | -€833 | -3.7% |
| Amounts payable | 17/49 | €16,988 | €28,401 | +€11,413 | +67.2% |
| Amounts payable after more than one year | 17 | €4,614 | €4,614 | = | 0.0% |
| Financial debts | 170/4 | €4,614 | €4,614 | = | 0.0% |
| Amounts payable within one year | 42/48 | €12,375 | €23,788 | +€11,413 | +92.2% |
| Trade debts | 44 | €11 | €4,674 | +€4,663 | +44240.8% |
| Suppliers | 440/4 | €11 | €4,674 | +€4,663 | +44240.8% |
| Taxes, remuneration and social security | 45 | €12,364 | €18,281 | +€5,917 | +47.9% |
| Taxes | 450/3 | €10,204 | €18,281 | +€8,077 | +79.2% |
| Remuneration and social security | 454/9 | €2,160 | - | -€2,160 | |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,032 | +€1,032 | |
| Other operating charges | 640/8 | - | €240 | +€240 | |
| Gross operating margin | 9900 | €30,570 | -€29,486 | -€60,056 | |
| Operating profit (loss) | 9901 | €30,570 | -€30,757 | -€61,327 | |
| Financial income | 75/76B | - | €120,250 | +€120,250 | |
| Recurring financial income | 75 | - | €120,250 | +€120,250 | |
| Financial charges | 65/66B | €169 | €365 | +€196 | +115.6% |
| Recurring financial charges | 65 | €169 | €365 | +€196 | +115.6% |
| Profit (loss) for the period before taxes | 9903 | €30,400 | €89,127 | +€58,727 | +193.2% |
| Income taxes | 67/77 | €7,521 | €8,102 | +€581 | +7.7% |
| Profit (loss) for the period | 9904 | €22,879 | €81,025 | +€58,146 | +254.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,879 | €81,025 | +€58,146 | +254.1% |
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 3 October 2026 via checked.be.