AERTERUS: 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.
AERTERUS
Largest movements
- Cash -€250,623
down €250,623 (-97.1%), from €258,054 to €7,431
mainly Debts after one year (-€386,667) and Current portion of long-term debt (-€15,000)
- Tangible fixed assets -€80,572
down €80,572 (-6.6%), from €1.2m to €1.1m
of which Land and buildings: -€78,223
- Debts after one year -€386,667
down €386,667 (-34.7%), from €1.1m to €729,204
of which Financial debts: -€386,667
- Reserves +€57,102
up €57,102 (+54.0%), from €105,830 to €162,931
- Current portion of long-term debt -€15,000
down €15,000 (-14.8%), from €101,667 to €86,667
- Taxes +€13,862
up €13,862 (+159%), from €8,705 to €22,566
- Gross operating margin +€7,088
up €7,088 (+3.7%), from €189,373 to €196,461
- Depreciation -€4,481
down €4,481 (-5.3%), from €85,052 to €80,572
- Financial charges -€3,991
down €3,991 (-15.2%), from €26,307 to €22,316
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,489,714 | €1,158,244 | -€331,470 | -22.3% |
| Fixed assets | 21/28 | €1,217,953 | €1,137,381 | -€80,572 | -6.6% |
| Tangible fixed assets | 22/27 | €1,217,953 | €1,137,381 | -€80,572 | -6.6% |
| Land and buildings | 22 | €1,214,605 | €1,136,382 | -€78,223 | -6.4% |
| Plant, machinery and equipment | 23 | €1,333 | €1,000 | -€333 | -25.0% |
| Furniture and vehicles | 24 | €2,016 | €0 | -€2,016 | -100% |
| Current assets | 29/58 | €271,761 | €20,862 | -€250,898 | -92.3% |
| Amounts receivable within one year | 40/41 | €13,255 | €13,431 | +€176 | +1.3% |
| Trade receivables | 40 | €11,540 | €11,902 | +€362 | +3.1% |
| Other amounts receivable | 41 | €1,715 | €1,529 | -€186 | -10.8% |
| Cash at bank and in hand | 54/58 | €258,054 | €7,431 | -€250,623 | -97.1% |
| Deferred charges and accrued income | 490/1 | €451 | €0 | -€451 | -100% |
| Total equity and liabilities | 10/49 | €1,489,714 | €1,158,244 | -€331,470 | -22.3% |
| Equity | 10/15 | €191,856 | €248,958 | +€57,102 | +29.8% |
| Contributions | 10/11 | €125,100 | €125,100 | = | 0.0% |
| Reserves | 13 | €105,830 | €162,931 | +€57,102 | +54.0% |
| Distributable reserves | 133 | €105,830 | €162,931 | +€57,102 | +54.0% |
| Profit (loss) carried forward | 14 | -€39,074 | -€39,074 | = | 0.0% |
| Amounts payable | 17/49 | €1,297,857 | €909,286 | -€388,572 | -29.9% |
| Amounts payable after more than one year | 17 | €1,115,871 | €729,204 | -€386,667 | -34.7% |
| Financial debts | 170/4 | €1,115,871 | €729,204 | -€386,667 | -34.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €181,987 | €180,082 | -€1,905 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €101,667 | €86,667 | -€15,000 | -14.8% |
| Trade debts | 44 | €10,965 | €25,396 | +€14,431 | +132% |
| Suppliers | 440/4 | €10,965 | €25,396 | +€14,431 | +132% |
| Taxes, remuneration and social security | 45 | €8,700 | €5,937 | -€2,763 | -31.8% |
| Taxes | 450/3 | €8,700 | €3,660 | -€5,040 | -57.9% |
| Remuneration and social security | 454/9 | - | €2,278 | +€2,278 | |
| Other amounts payable | 47/48 | €60,655 | €62,082 | +€1,427 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,052 | €80,572 | -€4,481 | -5.3% |
| Other operating charges | 640/8 | €13,519 | €13,905 | +€386 | +2.9% |
| Gross operating margin | 9900 | €189,373 | €196,461 | +€7,088 | +3.7% |
| Operating profit (loss) | 9901 | €90,802 | €101,984 | +€11,182 | +12.3% |
| Financial income | 75/76B | €64 | €0 | -€64 | -100% |
| Recurring financial income | 75 | €64 | €0 | -€64 | -100% |
| Financial charges | 65/66B | €26,307 | €22,316 | -€3,991 | -15.2% |
| Recurring financial charges | 65 | €26,307 | €22,316 | -€3,991 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €64,559 | €79,668 | +€15,109 | +23.4% |
| Income taxes | 67/77 | €8,705 | €22,566 | +€13,862 | +159% |
| Profit (loss) for the period | 9904 | €55,854 | €57,102 | +€1,248 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €55,854 | €57,102 | +€1,248 | +2.2% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.