AERT: 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.
AERT
Largest movements
- Cash +€25,005
up €25,005 (+117.9%), from €21,215 to €46,220
mainly Net result for the year (+€99,638) and Other debts (+€24,693)
- Tangible fixed assets -€19,434
down €19,434 (-4.4%), from €439,199 to €419,765
of which Land and buildings: -€13,835
- Receivables within one year +€10,755
up €10,755 (+119.1%), from €9,031 to €19,786
of which Trade receivables: +€10,750
- Receivables after one year -€6,392
down €6,392 (-4.8%), from €133,797 to €127,406
- Other debts +€24,693
up €24,693 (+17.3%), from €142,716 to €167,409
- Debts after one year -€17,213
down €17,213 (-6.0%), from €284,924 to €267,711
- Gross operating margin -€10,711
down €10,711 (-6.4%), from €167,333 to €156,622
- Other operating charges -€3,983
down €3,983 (-62.5%), from €6,377 to €2,394
- Taxes -€2,143
down €2,143 (-7.2%), from €29,862 to €27,719
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 | €605,287 | €614,468 | +€9,181 | +1.5% |
| Fixed assets | 21/28 | €439,199 | €419,765 | -€19,434 | -4.4% |
| Tangible fixed assets | 22/27 | €439,199 | €419,765 | -€19,434 | -4.4% |
| Land and buildings | 22 | €431,214 | €417,379 | -€13,835 | -3.2% |
| Furniture and vehicles | 24 | €7,985 | €2,386 | -€5,599 | -70.1% |
| Current assets | 29/58 | €166,087 | €194,703 | +€28,615 | +17.2% |
| Amounts receivable after more than one year | 29 | €133,797 | €127,406 | -€6,392 | -4.8% |
| Other amounts receivable | 291 | €133,797 | €127,406 | -€6,392 | -4.8% |
| Amounts receivable within one year | 40/41 | €9,031 | €19,786 | +€10,755 | +119.1% |
| Trade receivables | 40 | €9,000 | €19,750 | +€10,750 | +119.4% |
| Other amounts receivable | 41 | €31 | €36 | +€5 | +16.3% |
| Cash at bank and in hand | 54/58 | €21,215 | €46,220 | +€25,005 | +117.9% |
| Deferred charges and accrued income | 490/1 | €2,044 | €1,291 | -€753 | -36.9% |
| Total equity and liabilities | 10/49 | €605,287 | €614,468 | +€9,181 | +1.5% |
| Equity | 10/15 | €122,458 | €122,458 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €120,458 | €120,458 | = | 0.0% |
| Distributable reserves | 133 | €120,458 | €120,458 | = | 0.0% |
| Amounts payable | 17/49 | €482,828 | €492,010 | +€9,181 | +1.9% |
| Amounts payable after more than one year | 17 | €284,924 | €267,711 | -€17,213 | -6.0% |
| Financial debts | 170/4 | €284,924 | €267,711 | -€17,213 | -6.0% |
| Amounts payable within one year | 42/48 | €197,674 | €224,298 | +€26,624 | +13.5% |
| Current portion of amounts payable after more than one year | 42 | €16,622 | €22,267 | +€5,645 | +34.0% |
| Trade debts | 44 | €80 | €120 | +€40 | +49.6% |
| Suppliers | 440/4 | €80 | €120 | +€40 | +49.6% |
| Taxes, remuneration and social security | 45 | €38,256 | €34,502 | -€3,753 | -9.8% |
| Taxes | 450/3 | €38,256 | €34,502 | -€3,753 | -9.8% |
| Other amounts payable | 47/48 | €142,716 | €167,409 | +€24,693 | +17.3% |
| Accrued charges and deferred income | 492/3 | €230 | - | -€230 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,781 | €19,434 | -€1,347 | -6.5% |
| Other operating charges | 640/8 | €6,377 | €2,394 | -€3,983 | -62.5% |
| Non-recurring operating charges | 66A | - | €69 | +€69 | |
| Gross operating margin | 9900 | €167,333 | €156,622 | -€10,711 | -6.4% |
| Operating profit (loss) | 9901 | €140,174 | €134,724 | -€5,450 | -3.9% |
| Financial income | 75/76B | €3,443 | €3,285 | -€158 | -4.6% |
| Recurring financial income | 75 | €3,443 | €3,285 | -€158 | -4.6% |
| Financial charges | 65/66B | €9,304 | €10,652 | +€1,348 | +14.5% |
| Recurring financial charges | 65 | €9,304 | €10,652 | +€1,348 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €134,314 | €127,357 | -€6,957 | -5.2% |
| Income taxes | 67/77 | €29,862 | €27,719 | -€2,143 | -7.2% |
| Profit (loss) for the period | 9904 | €104,452 | €99,638 | -€4,814 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €104,452 | €99,638 | -€4,814 | -4.6% |
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 7 October 2026 via checked.be.