AEROBEL: 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.
AEROBEL
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+171%), from €749,151 to €2.0m
of which Other amounts receivable: +€873,751
- Tangible fixed assets +€995,335
up €995,335 (+160%), from €623,338 to €1.6m
of which Leasing and similar rights: +€1.2m
- Intangible fixed assets +€703,279
up €703,279 (+22.8%), from €3.1m to €3.8m
- Cash -€179,215
down €179,215 (-17.0%), from €1.1m to €877,168
mainly Investment in fixed assets (net) (-€2.7m) and Receivables within one year (-€1.3m)
- Debts after one year +€2.0m
up €2.0m (+939%), from €216,924 to €2.3m
- Accrued charges and deferred income +€1.6m
new in 2025: €1.6m
- Profit (loss) carried forward -€666,189
new in 2025: -€666,189
- Current portion of long-term debt +€548,617
up €548,617 (+444%), from €123,570 to €672,187
- Investment grants -€354,777
down €354,777 (-15.7%), from €2.3m to €1.9m
- Depreciation +€424,226
up €424,226 (+71.8%), from €590,879 to €1.0m
- Gross operating margin +€168,156
up €168,156 (+16.7%), from €1.0m to €1.2m
- Financial income +€164,604
up €164,604 (+76.9%), from €214,176 to €378,780
- Staff costs +€145,641
up €145,641 (+27.4%), from €532,352 to €677,994
- Financial charges +€101,833
up €101,833 (+135%), from €75,321 to €177,154
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.
Derived cash bridge
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 | €5,887,438 | €8,815,852 | +€2.9m | +49.7% |
| Fixed assets | 21/28 | €3,713,591 | €5,412,204 | +€1.7m | +45.7% |
| Intangible fixed assets | 21 | €3,088,377 | €3,791,656 | +€703,279 | +22.8% |
| Tangible fixed assets | 22/27 | €623,338 | €1,618,672 | +€995,335 | +160% |
| Plant, machinery and equipment | 23 | €226,335 | €164,888 | -€61,447 | -27.1% |
| Furniture and vehicles | 24 | €14,959 | €32,593 | +€17,634 | +118% |
| Leasing and similar rights | 25 | €53,059 | €1,257,142 | +€1.2m | +2,269% |
| Assets under construction and advance payments | 27 | €328,985 | €164,049 | -€164,936 | -50.1% |
| Financial fixed assets | 28 | €1,876 | €1,876 | = | 0.0% |
| Current assets | 29/58 | €2,173,847 | €3,403,648 | +€1.2m | +56.6% |
| Amounts receivable after more than one year | 29 | €235,056 | €310,296 | +€75,240 | +32.0% |
| Trade receivables | 290 | €235,056 | €310,296 | +€75,240 | +32.0% |
| Stocks and contracts in progress | 3 | €122,942 | €143,372 | +€20,429 | +16.6% |
| Stocks | 30/36 | €122,942 | €143,372 | +€20,429 | +16.6% |
| Amounts receivable within one year | 40/41 | €749,151 | €2,030,346 | +€1.3m | +171% |
| Trade receivables | 40 | €748,437 | €1,155,882 | +€407,444 | +54.4% |
| Other amounts receivable | 41 | €714 | €874,465 | +€873,751 | +122,443% |
| Cash at bank and in hand | 54/58 | €1,056,383 | €877,168 | -€179,215 | -17.0% |
| Deferred charges and accrued income | 490/1 | €10,315 | €42,466 | +€32,150 | +312% |
| Total equity and liabilities | 10/49 | €5,887,438 | €8,815,852 | +€2.9m | +49.7% |
| Equity | 10/15 | €5,164,310 | €4,143,344 | -€1.0m | -19.8% |
| Contributions | 10/11 | €2,755,000 | €2,755,000 | = | 0.0% |
| Reserves | 13 | €143,052 | €143,052 | = | 0.0% |
| Distributable reserves | 133 | €143,052 | €143,052 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€666,189 | -€666,189 | |
| Investment grants | 15 | €2,266,259 | €1,911,481 | -€354,777 | -15.7% |
| Amounts payable | 17/49 | €723,128 | €4,672,508 | +€3.9m | +546% |
| Amounts payable after more than one year | 17 | €216,924 | €2,254,898 | +€2.0m | +939% |
| Financial debts | 170/4 | €216,924 | €2,254,898 | +€2.0m | +939% |
| Amounts payable within one year | 42/48 | €506,204 | €841,626 | +€335,423 | +66.3% |
| Current portion of amounts payable after more than one year | 42 | €123,570 | €672,187 | +€548,617 | +444% |
| Trade debts | 44 | €294,032 | €98,276 | -€195,756 | -66.6% |
| Suppliers | 440/4 | €294,032 | €98,276 | -€195,756 | -66.6% |
| Taxes, remuneration and social security | 45 | €86,629 | €71,164 | -€15,465 | -17.9% |
| Taxes | 450/3 | €34,521 | €1,126 | -€33,396 | -96.7% |
| Remuneration and social security | 454/9 | €52,108 | €70,039 | +€17,931 | +34.4% |
| Other amounts payable | 47/48 | €1,973 | €0 | -€1,973 | -100% |
| Accrued charges and deferred income | 492/3 | - | €1,575,983 | +€1.6m | |
| Non-recurring operating income | 76A | €2,500 | €55,722 | +€53,222 | +2,129% |
| Remuneration, social security and pensions | 62 | €532,352 | €677,994 | +€145,641 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €590,879 | €1,015,105 | +€424,226 | +71.8% |
| Other operating charges | 640/8 | €3,690 | €19,016 | +€15,327 | +415% |
| Non-recurring operating charges | 66A | - | €327,509 | +€327,509 | |
| Gross operating margin | 9900 | €1,004,754 | €1,172,911 | +€168,156 | +16.7% |
| Operating profit (loss) | 9901 | -€122,167 | -€866,713 | -€744,546 | -609% |
| Financial income | 75/76B | €214,176 | €378,780 | +€164,604 | +76.9% |
| Recurring financial income | 75 | €214,176 | €378,780 | +€164,604 | +76.9% |
| Financial charges | 65/66B | €75,321 | €177,154 | +€101,833 | +135% |
| Recurring financial charges | 65 | €75,321 | €177,154 | +€101,833 | +135% |
| Profit (loss) for the period before taxes | 9903 | €16,688 | -€665,087 | -€681,775 | |
| Income taxes | 67/77 | €1,079 | €1,102 | +€22 | +2.1% |
| Profit (loss) for the period | 9904 | €15,608 | -€666,189 | -€681,797 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,608 | -€666,189 | -€681,797 |
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 22 October 2026 via checked.be.