AERBO: 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.
AERBO
Largest movements
- Cash +€45,115
up €45,115 (+11.0%), from €410,216 to €455,332
mainly Other debts (+€168,018) and Net result for the year (+€38,792)
- Tangible fixed assets -€28,882
down €28,882 (-36.3%), from €79,630 to €50,748
of which Furniture and vehicles: -€28,720
- Receivables within one year +€28,713
up €28,713 (+107.2%), from €26,776 to €55,489
of which Other amounts receivable: +€17,940
- Other debts +€168,018
up €168,018 (+145.9%), from €115,173 to €283,190
- Reserves -€129,058
down €129,058 (-47.6%), from €271,206 to €142,148
of which Distributable reserves: -€129,058
- Gross operating margin -€12,348
down €12,348 (-11.0%), from €112,476 to €100,128
- Financial charges +€9,247
up €9,247 (+200.4%), from €4,614 to €13,861
- Depreciation -€5,292
down €5,292 (-15.5%), from €34,174 to €28,882
- Taxes +€1,206
up €1,206 (+6.4%), from €18,965 to €20,171
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 | €519,657 | €564,923 | +€45,266 | +8.7% |
| Fixed assets | 21/28 | €79,630 | €50,748 | -€28,882 | -36.3% |
| Tangible fixed assets | 22/27 | €79,630 | €50,748 | -€28,882 | -36.3% |
| Plant, machinery and equipment | 23 | €1,296 | €1,133 | -€163 | -12.6% |
| Furniture and vehicles | 24 | €78,335 | €49,615 | -€28,720 | -36.7% |
| Current assets | 29/58 | €440,027 | €514,175 | +€74,148 | +16.9% |
| Amounts receivable within one year | 40/41 | €26,776 | €55,489 | +€28,713 | +107.2% |
| Trade receivables | 40 | €20,044 | €30,817 | +€10,773 | +53.7% |
| Other amounts receivable | 41 | €6,732 | €24,671 | +€17,940 | +266.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €410,216 | €455,332 | +€45,115 | +11.0% |
| Deferred charges and accrued income | 490/1 | €3,034 | €3,354 | +€320 | +10.5% |
| Total equity and liabilities | 10/49 | €519,657 | €564,923 | +€45,266 | +8.7% |
| Equity | 10/15 | €394,529 | €266,263 | -€128,266 | -32.5% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €271,206 | €142,148 | -€129,058 | -47.6% |
| Non-distributable reserves | 130/1 | €1,811 | €1,811 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,811 | €1,811 | = | 0.0% |
| Distributable reserves | 133 | €269,395 | €140,337 | -€129,058 | -47.9% |
| Profit (loss) carried forward | 14 | €53,323 | €54,115 | +€792 | +1.5% |
| Amounts payable | 17/49 | €125,128 | €298,660 | +€173,532 | +138.7% |
| Amounts payable within one year | 42/48 | €125,128 | €298,660 | +€173,532 | +138.7% |
| Financial debts | 43 | €10 | €697 | +€687 | +6873.4% |
| Other loans | 439 | €10 | €697 | +€687 | +6873.4% |
| Trade debts | 44 | €2,736 | €5,861 | +€3,125 | +114.2% |
| Suppliers | 440/4 | €2,736 | €5,861 | +€3,125 | +114.2% |
| Taxes, remuneration and social security | 45 | €7,209 | €8,912 | +€1,703 | +23.6% |
| Taxes | 450/3 | €7,209 | €8,912 | +€1,703 | +23.6% |
| Other amounts payable | 47/48 | €115,173 | €283,190 | +€168,018 | +145.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,174 | €28,882 | -€5,292 | -15.5% |
| Other operating charges | 640/8 | €1,015 | €967 | -€48 | -4.8% |
| Non-recurring operating charges | 66A | €2,498 | €0 | -€2,498 | -100.0% |
| Gross operating margin | 9900 | €112,476 | €100,128 | -€12,348 | -11.0% |
| Operating profit (loss) | 9901 | €74,789 | €70,279 | -€4,510 | -6.0% |
| Financial income | 75/76B | €2,087 | €2,545 | +€458 | +21.9% |
| Recurring financial income | 75 | €2,087 | €2,545 | +€458 | +21.9% |
| Financial charges | 65/66B | €4,614 | €13,861 | +€9,247 | +200.4% |
| Recurring financial charges | 65 | €4,614 | €13,861 | +€9,247 | +200.4% |
| Profit (loss) for the period before taxes | 9903 | €72,263 | €58,963 | -€13,300 | -18.4% |
| Income taxes | 67/77 | €18,965 | €20,171 | +€1,206 | +6.4% |
| Profit (loss) for the period | 9904 | €53,298 | €38,792 | -€14,506 | -27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,298 | €38,792 | -€14,506 | -27.2% |
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 4 October 2026 via checked.be.