AERA: 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.
AERA
Largest movements
- Tangible fixed assets -€9,950
down €9,950 (-16.1%), from €61,809 to €51,859
of which Furniture and vehicles: -€6,427
- Cash +€6,117
up €6,117 (+5.5%), from €111,365 to €117,482
mainly Depreciation (+€14,900) and Other debts (+€6,747)
- Other debts +€6,747
up €6,747 (+15.0%), from €45,095 to €51,842
- Trade debts -€6,464
down €6,464 (-47.4%), from €13,624 to €7,161
- Profit (loss) carried forward -€3,859
down €3,859 (-34.9%), from -€11,071 to -€14,930
- Gross operating margin +€51,581
up €51,581 (+154.6%), from €33,370 to €84,951
- Write-downs +€27,556
new in 2025: €27,556
- Financial charges +€2,744
up €2,744 (+94.4%), from €2,905 to €5,650
- Staff costs +€1,957
up €1,957 (+5.8%), from €33,933 to €35,890
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 | €201,929 | €199,046 | -€2,883 | -1.4% |
| Fixed assets | 21/28 | €61,809 | €51,859 | -€9,950 | -16.1% |
| Tangible fixed assets | 22/27 | €61,809 | €51,859 | -€9,950 | -16.1% |
| Plant, machinery and equipment | 23 | €18,548 | €18,133 | -€415 | -2.2% |
| Furniture and vehicles | 24 | €25,639 | €19,212 | -€6,427 | -25.1% |
| Other tangible fixed assets | 26 | €17,623 | €14,514 | -€3,108 | -17.6% |
| Current assets | 29/58 | €140,120 | €147,188 | +€7,067 | +5.0% |
| Amounts receivable within one year | 40/41 | €22,376 | €23,140 | +€763 | +3.4% |
| Trade receivables | 40 | €2,040 | €1,809 | -€231 | -11.3% |
| Other amounts receivable | 41 | €20,336 | €21,331 | +€995 | +4.9% |
| Cash at bank and in hand | 54/58 | €111,365 | €117,482 | +€6,117 | +5.5% |
| Deferred charges and accrued income | 490/1 | €6,379 | €6,566 | +€187 | +2.9% |
| Total equity and liabilities | 10/49 | €201,929 | €199,046 | -€2,883 | -1.4% |
| Equity | 10/15 | €136,167 | €132,307 | -€3,859 | -2.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €141,037 | €141,037 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €10,800 | €10,800 | = | 0.0% |
| Distributable reserves | 133 | €130,237 | €130,237 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,071 | -€14,930 | -€3,859 | -34.9% |
| Amounts payable | 17/49 | €65,762 | €66,739 | +€977 | +1.5% |
| Amounts payable within one year | 42/48 | €65,762 | €66,739 | +€977 | +1.5% |
| Trade debts | 44 | €13,624 | €7,161 | -€6,464 | -47.4% |
| Suppliers | 440/4 | €13,624 | €7,161 | -€6,464 | -47.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,043 | €7,736 | +€693 | +9.8% |
| Remuneration and social security | 454/9 | €7,043 | €7,736 | +€693 | +9.8% |
| Other amounts payable | 47/48 | €45,095 | €51,842 | +€6,747 | +15.0% |
| Remuneration, social security and pensions | 62 | €33,933 | €35,890 | +€1,957 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,680 | €14,900 | +€220 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €27,556 | +€27,556 | |
| Other operating charges | 640/8 | €4,510 | €4,212 | -€299 | -6.6% |
| Gross operating margin | 9900 | €33,370 | €84,951 | +€51,581 | +154.6% |
| Operating profit (loss) | 9901 | -€19,753 | €2,394 | +€22,147 | |
| Financial income | 75/76B | €4 | €0 | -€4 | -100.0% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100.0% |
| Financial charges | 65/66B | €2,905 | €5,650 | +€2,744 | +94.4% |
| Recurring financial charges | 65 | €2,905 | €5,650 | +€2,744 | +94.4% |
| Profit (loss) for the period before taxes | 9903 | -€22,654 | -€3,256 | +€19,398 | +85.6% |
| Income taxes | 67/77 | €571 | €603 | +€32 | +5.6% |
| Profit (loss) for the period | 9904 | -€23,226 | -€3,859 | +€19,366 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,226 | -€3,859 | +€19,366 | +83.4% |
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 3 October 2026 via checked.be.