AERTS: 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.
AERTS
Largest movements
- Tangible fixed assets +€359,066
up €359,066 (+50.1%), from €716,435 to €1.1m
of which Land and buildings: +€283,145
- Cash -€120,438
down €120,438 (-48.4%), from €249,036 to €128,598
mainly Investment in fixed assets (net) (-€458,171) and Contributions, distributions and other (-€87,282)
- Receivables within one year +€54,447
up €54,447 (+105.4%), from €51,643 to €106,090
of which Other amounts receivable: +€56,173
- Deferred charges and accrued income +€33,174
up €33,174 (+1386.6%), from €2,392 to €35,566
- Debts after one year +€241,182
up €241,182 (+45.3%), from €532,069 to €773,251
- Trade debts +€48,581
up €48,581 (+52.5%), from €92,559 to €141,140
- Reserves -€38,936
down €38,936 (-25.5%), from €152,486 to €113,550
of which Distributable reserves: -€38,936
- Current portion of long-term debt +€38,806
up €38,806 (+39.9%), from €97,330 to €136,136
- Tax, wage and social debts +€18,177
up €18,177 (+19.1%), from €95,013 to €113,191
of which Taxes: +€12,205
- Gross operating margin -€51,367
down €51,367 (-5.9%), from €867,314 to €815,946
- Taxes -€36,117
down €36,117 (-98.6%), from €36,625 to €508
- Depreciation +€10,116
up €10,116 (+11.4%), from €88,997 to €99,113
- Staff costs +€9,188
up €9,188 (+1.5%), from €610,523 to €619,711
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 | €1,175,363 | €1,492,894 | +€317,531 | +27.0% |
| Fixed assets | 21/28 | €720,261 | €1,079,319 | +€359,058 | +49.9% |
| Tangible fixed assets | 22/27 | €716,435 | €1,075,501 | +€359,066 | +50.1% |
| Land and buildings | 22 | €659,703 | €942,848 | +€283,145 | +42.9% |
| Plant, machinery and equipment | 23 | €33,794 | €21,161 | -€12,633 | -37.4% |
| Furniture and vehicles | 24 | €4,844 | €2,199 | -€2,645 | -54.6% |
| Leasing and similar rights | 25 | €18,095 | €109,294 | +€91,199 | +504.0% |
| Financial fixed assets | 28 | €3,826 | €3,818 | -€8 | -0.2% |
| Current assets | 29/58 | €455,102 | €413,575 | -€41,527 | -9.1% |
| Stocks and contracts in progress | 3 | €152,031 | €143,320 | -€8,711 | -5.7% |
| Stocks | 30/36 | €152,031 | €143,320 | -€8,711 | -5.7% |
| Amounts receivable within one year | 40/41 | €51,643 | €106,090 | +€54,447 | +105.4% |
| Trade receivables | 40 | €10,252 | €8,527 | -€1,725 | -16.8% |
| Other amounts receivable | 41 | €41,391 | €97,563 | +€56,173 | +135.7% |
| Cash at bank and in hand | 54/58 | €249,036 | €128,598 | -€120,438 | -48.4% |
| Deferred charges and accrued income | 490/1 | €2,392 | €35,566 | +€33,174 | +1386.6% |
| Total equity and liabilities | 10/49 | €1,175,363 | €1,492,894 | +€317,531 | +27.0% |
| Equity | 10/15 | €352,486 | €324,868 | -€27,619 | -7.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €152,486 | €113,550 | -€38,936 | -25.5% |
| Tax-exempt reserves | 132 | €53,887 | €53,887 | = | 0.0% |
| Distributable reserves | 133 | €98,600 | €59,663 | -€38,936 | -39.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | - | €11,318 | +€11,318 | |
| Provisions and deferred taxes | 16 | - | €3,773 | +€3,773 | |
| Deferred taxes | 168 | - | €3,773 | +€3,773 | |
| Amounts payable | 17/49 | €822,876 | €1,164,253 | +€341,377 | +41.5% |
| Amounts payable after more than one year | 17 | €532,069 | €773,251 | +€241,182 | +45.3% |
| Financial debts | 170/4 | €532,069 | €773,251 | +€241,182 | +45.3% |
| Amounts payable within one year | 42/48 | €290,754 | €391,002 | +€100,248 | +34.5% |
| Current portion of amounts payable after more than one year | 42 | €97,330 | €136,136 | +€38,806 | +39.9% |
| Trade debts | 44 | €92,559 | €141,140 | +€48,581 | +52.5% |
| Suppliers | 440/4 | €92,559 | €141,140 | +€48,581 | +52.5% |
| Taxes, remuneration and social security | 45 | €95,013 | €113,191 | +€18,177 | +19.1% |
| Taxes | 450/3 | €3,258 | €15,463 | +€12,205 | +374.6% |
| Remuneration and social security | 454/9 | €91,755 | €97,727 | +€5,972 | +6.5% |
| Other amounts payable | 47/48 | €5,851 | €535 | -€5,316 | -90.9% |
| Accrued charges and deferred income | 492/3 | €53 | €0 | -€53 | -100.0% |
| Remuneration, social security and pensions | 62 | €610,523 | €619,711 | +€9,188 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,997 | €99,113 | +€10,116 | +11.4% |
| Other operating charges | 640/8 | €13,358 | €12,582 | -€776 | -5.8% |
| Non-recurring operating charges | 66A | €0 | €4,066 | +€4,066 | |
| Gross operating margin | 9900 | €867,314 | €815,946 | -€51,367 | -5.9% |
| Operating profit (loss) | 9901 | €154,436 | €80,474 | -€73,962 | -47.9% |
| Financial income | 75/76B | €2,693 | €3,158 | +€466 | +17.3% |
| Recurring financial income | 75 | €2,693 | €3,158 | +€466 | +17.3% |
| Financial charges | 65/66B | €21,904 | €23,659 | +€1,756 | +8.0% |
| Recurring financial charges | 65 | €21,904 | €23,659 | +€1,756 | +8.0% |
| Profit (loss) for the period before taxes | 9903 | €135,225 | €59,973 | -€75,252 | -55.6% |
| Transfer from deferred taxes | 780 | - | €199 | +€199 | |
| Income taxes | 67/77 | €36,625 | €508 | -€36,117 | -98.6% |
| Profit (loss) for the period | 9904 | €98,600 | €59,663 | -€38,936 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €98,600 | €59,663 | -€38,936 | -39.5% |
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 5 October 2026 via checked.be.