AERO: what changed
Two financial 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.
AERO
Largest movements
- Cash +€40,092
up €40,092 (+80.3%), from €49,922 to €90,015
mainly Depreciation (+€61,595) and Debts after one year (+€48,213)
- Stocks and contracts +€36,828
up €36,828 (+99.2%), from €37,126 to €73,954
of which Stocks: +€36,828
- Reserves +€58,098
up €58,098 (+645.9%), from €8,996 to €67,094
- Debts after one year +€48,213
up €48,213 (+4.1%), from €1.2m to €1.2m
of which Advances received on contracts in progress: +€38,907
- Other debts -€32,986
down €32,986 (-51.5%), from €63,993 to €31,007
- Gross operating margin +€95,504
up €95,504 (+151.6%), from €62,996 to €158,500
- Financial charges +€36,387
up €36,387 (+215.2%), from €16,911 to €53,299
- Depreciation -€5,307
down €5,307 (-7.9%), from €66,902 to €61,595
- Taxes -€4,348
down €4,348 (-87.0%), from €5,000 to €652
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 | €1,612,156 | €1,688,473 | +€76,317 | +4.7% |
| Fixed assets | 21/28 | €1,495,994 | €1,500,707 | +€4,713 | +0.3% |
| Tangible fixed assets | 22/27 | €1,495,994 | €1,500,707 | +€4,713 | +0.3% |
| Land and buildings | 22 | €1,474,822 | €1,486,761 | +€11,939 | +0.8% |
| Plant, machinery and equipment | 23 | €10,631 | €7,901 | -€2,730 | -25.7% |
| Furniture and vehicles | 24 | €10,541 | €6,046 | -€4,496 | -42.6% |
| Current assets | 29/58 | €116,162 | €187,766 | +€71,604 | +61.6% |
| Stocks and contracts in progress | 3 | €37,126 | €73,954 | +€36,828 | +99.2% |
| Stocks | 30/36 | €37,126 | €73,954 | +€36,828 | +99.2% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €14,463 | €23,797 | +€9,334 | +64.5% |
| Trade receivables | 40 | €14,165 | €7,710 | -€6,455 | -45.6% |
| Other amounts receivable | 41 | €298 | €16,087 | +€15,788 | +5292.6% |
| Cash at bank and in hand | 54/58 | €49,922 | €90,015 | +€40,092 | +80.3% |
| Deferred charges and accrued income | 490/1 | €14,650 | €0 | -€14,650 | -100.0% |
| Total equity and liabilities | 10/49 | €1,612,156 | €1,688,473 | +€76,317 | +4.7% |
| Equity | 10/15 | €297,755 | €342,094 | +€44,338 | +14.9% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Reserves | 13 | €8,996 | €67,094 | +€58,098 | +645.9% |
| Distributable reserves | 133 | €8,996 | €67,094 | +€58,098 | +645.9% |
| Profit (loss) carried forward | 14 | €13,760 | €0 | -€13,760 | -100.0% |
| Amounts payable | 17/49 | €1,314,401 | €1,346,379 | +€31,979 | +2.4% |
| Amounts payable after more than one year | 17 | €1,177,319 | €1,225,532 | +€48,213 | +4.1% |
| Financial debts | 170/4 | €879,369 | €902,597 | +€23,227 | +2.6% |
| Trade debts | 175 | €245,508 | €231,587 | -€13,922 | -5.7% |
| Advances received on contracts in progress | 176 | €52,441 | €91,349 | +€38,907 | +74.2% |
| Amounts payable within one year | 42/48 | €137,082 | €120,847 | -€16,234 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €61,511 | €74,083 | +€12,572 | +20.4% |
| Financial debts | 43 | €1,692 | €0 | -€1,692 | -100.0% |
| Credit institutions | 430/8 | €1,692 | €0 | -€1,692 | -100.0% |
| Trade debts | 44 | €1,466 | €6,902 | +€5,436 | +370.8% |
| Suppliers | 440/4 | €1,466 | €6,902 | +€5,436 | +370.8% |
| Taxes, remuneration and social security | 45 | €8,420 | €8,856 | +€436 | +5.2% |
| Taxes | 450/3 | €8,420 | €4,077 | -€4,343 | -51.6% |
| Remuneration and social security | 454/9 | €0 | €4,779 | +€4,779 | |
| Other amounts payable | 47/48 | €63,993 | €31,007 | -€32,986 | -51.5% |
| Non-recurring operating income | 76A | - | €94,787 | +€94,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,902 | €61,595 | -€5,307 | -7.9% |
| Other operating charges | 640/8 | €3,647 | €3,003 | -€644 | -17.7% |
| Gross operating margin | 9900 | €62,996 | €158,500 | +€95,504 | +151.6% |
| Operating profit (loss) | 9901 | -€7,552 | €93,902 | +€101,455 | |
| Financial income | 75/76B | €4,493 | €4,386 | -€108 | -2.4% |
| Recurring financial income | 75 | €4,493 | €4,386 | -€108 | -2.4% |
| Financial charges | 65/66B | €16,911 | €53,299 | +€36,387 | +215.2% |
| Recurring financial charges | 65 | €16,911 | €53,299 | +€36,387 | +215.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,970 | €44,990 | +€64,960 | |
| Income taxes | 67/77 | €5,000 | €652 | -€4,348 | -87.0% |
| Profit (loss) for the period | 9904 | -€24,970 | €44,338 | +€69,308 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,970 | €44,338 | +€69,308 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.