AERCO: 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.
AERCO
Largest movements
- Receivables within one year -€63,622
down €63,622 (-98.6%), from €64,551 to €929
of which Other amounts receivable: -€49,629
- Tangible fixed assets -€46,678
down €46,678 (-1.7%), from €2.7m to €2.6m
of which Assets under construction and advance payments: -€177,784
- Debts after one year -€141,677
down €141,677 (-7.0%), from €2.0m to €1.9m
- Reserves +€45,920
up €45,920 (+23.6%), from €194,962 to €240,882
of which Distributable reserves: +€45,920
- Other debts +€34,474
up €34,474 (+10.9%), from €316,829 to €351,303
- Trade debts -€31,073
down €31,073 (-99.6%), from €31,191 to €118
- Gross operating margin +€51,177
up €51,177 (+26.7%), from €191,522 to €242,699
- Depreciation +€12,300
up €12,300 (+10.4%), from €118,100 to €130,400
- Other operating charges -€11,478
down €11,478 (-39.6%), from €28,971 to €17,493
- Taxes +€9,071
new in 2025: €9,071
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 | €2,765,450 | €2,674,743 | -€90,707 | -3.3% |
| Fixed assets | 21/28 | €2,684,813 | €2,638,135 | -€46,678 | -1.7% |
| Tangible fixed assets | 22/27 | €2,684,813 | €2,638,135 | -€46,678 | -1.7% |
| Land and buildings | 22 | €2,503,944 | €2,635,494 | +€131,550 | +5.3% |
| Plant, machinery and equipment | 23 | €3,085 | €2,641 | -€444 | -14.4% |
| Assets under construction and advance payments | 27 | €177,784 | - | -€177,784 | |
| Current assets | 29/58 | €80,638 | €36,609 | -€44,029 | -54.6% |
| Amounts receivable within one year | 40/41 | €64,551 | €929 | -€63,622 | -98.6% |
| Trade receivables | 40 | €13,993 | - | -€13,993 | |
| Other amounts receivable | 41 | €50,558 | €929 | -€49,629 | -98.2% |
| Cash at bank and in hand | 54/58 | €10,951 | €30,386 | +€19,435 | +177.5% |
| Deferred charges and accrued income | 490/1 | €5,136 | €5,294 | +€158 | +3.1% |
| Total equity and liabilities | 10/49 | €2,765,450 | €2,674,743 | -€90,707 | -3.3% |
| Equity | 10/15 | €256,462 | €302,382 | +€45,920 | +17.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €194,962 | €240,882 | +€45,920 | +23.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €188,812 | €234,732 | +€45,920 | +24.3% |
| Amounts payable | 17/49 | €2,508,988 | €2,372,361 | -€136,627 | -5.4% |
| Amounts payable after more than one year | 17 | €2,033,540 | €1,891,863 | -€141,677 | -7.0% |
| Financial debts | 170/4 | €2,033,540 | €1,891,863 | -€141,677 | -7.0% |
| Amounts payable within one year | 42/48 | €472,444 | €480,498 | +€8,054 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €124,287 | €129,077 | +€4,791 | +3.9% |
| Trade debts | 44 | €31,191 | €118 | -€31,073 | -99.6% |
| Suppliers | 440/4 | €31,191 | €118 | -€31,073 | -99.6% |
| Taxes, remuneration and social security | 45 | €137 | - | -€137 | |
| Taxes | 450/3 | €137 | - | -€137 | |
| Other amounts payable | 47/48 | €316,829 | €351,303 | +€34,474 | +10.9% |
| Accrued charges and deferred income | 492/3 | €3,004 | - | -€3,004 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €118,100 | €130,400 | +€12,300 | +10.4% |
| Other operating charges | 640/8 | €28,971 | €17,493 | -€11,478 | -39.6% |
| Gross operating margin | 9900 | €191,522 | €242,699 | +€51,177 | +26.7% |
| Operating profit (loss) | 9901 | €44,451 | €94,806 | +€50,355 | +113.3% |
| Financial charges | 65/66B | €40,055 | €39,815 | -€240 | -0.6% |
| Recurring financial charges | 65 | €40,055 | €39,815 | -€240 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €4,396 | €54,991 | +€50,595 | +1150.9% |
| Income taxes | 67/77 | - | €9,071 | +€9,071 | |
| Profit (loss) for the period | 9904 | €4,396 | €45,920 | +€41,524 | +944.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,396 | €45,920 | +€41,524 | +944.6% |
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.