AERTS: 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.
AERTS
Largest movements
- Tangible fixed assets -€172,329
down €172,329 (-23.9%), from €722,211 to €549,883
of which Furniture and vehicles: -€121,733
- Receivables within one year -€47,223
down €47,223 (-19.7%), from €239,429 to €192,206
of which Trade receivables: -€44,203
- Cash -€39,338
down €39,338 (-26.9%), from €146,506 to €107,167
mainly Debts after one year (-€160,242) and Other debts (-€69,534)
- Debts after one year -€160,242
down €160,242 (-36.0%), from €444,867 to €284,625
- Other debts -€69,534
down €69,534 (-83.7%), from €83,100 to €13,566
- Profit (loss) carried forward -€21,992
down €21,992 (-55.9%), from -€39,312 to -€61,304
- Gross operating margin +€93,215
up €93,215 (+29.4%), from €317,132 to €410,348
- Write-downs +€38,507
new in 2025: €38,507
- Staff costs +€33,000
up €33,000 (+25.4%), from €129,853 to €162,853
- Depreciation +€5,810
up €5,810 (+3.0%), from €194,810 to €200,620
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,123,063 | €864,351 | -€258,713 | -23.0% |
| Fixed assets | 21/28 | €722,211 | €549,883 | -€172,329 | -23.9% |
| Tangible fixed assets | 22/27 | €722,211 | €549,883 | -€172,329 | -23.9% |
| Land and buildings | 22 | €5,632 | €5,059 | -€573 | -10.2% |
| Plant, machinery and equipment | 23 | €170,360 | €146,766 | -€23,595 | -13.8% |
| Furniture and vehicles | 24 | €384,109 | €262,377 | -€121,733 | -31.7% |
| Leasing and similar rights | 25 | €162,110 | €135,681 | -€26,429 | -16.3% |
| Current assets | 29/58 | €400,852 | €314,468 | -€86,384 | -21.6% |
| Amounts receivable within one year | 40/41 | €239,429 | €192,206 | -€47,223 | -19.7% |
| Trade receivables | 40 | €236,409 | €192,206 | -€44,203 | -18.7% |
| Other amounts receivable | 41 | €3,020 | - | -€3,020 | |
| Cash at bank and in hand | 54/58 | €146,506 | €107,167 | -€39,338 | -26.9% |
| Deferred charges and accrued income | 490/1 | €14,918 | €15,095 | +€177 | +1.2% |
| Total equity and liabilities | 10/49 | €1,123,063 | €864,351 | -€258,713 | -23.0% |
| Equity | 10/15 | €360,821 | €338,829 | -€21,992 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €381,533 | €381,533 | = | 0.0% |
| Distributable reserves | 133 | €381,533 | €381,533 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,312 | -€61,304 | -€21,992 | -55.9% |
| Amounts payable | 17/49 | €762,242 | €525,522 | -€236,721 | -31.1% |
| Amounts payable after more than one year | 17 | €444,867 | €284,625 | -€160,242 | -36.0% |
| Financial debts | 170/4 | €444,867 | €284,625 | -€160,242 | -36.0% |
| Amounts payable within one year | 42/48 | €317,375 | €240,897 | -€76,478 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €166,428 | €160,292 | -€6,135 | -3.7% |
| Trade debts | 44 | €50,792 | €44,853 | -€5,939 | -11.7% |
| Suppliers | 440/4 | €50,792 | €44,853 | -€5,939 | -11.7% |
| Taxes, remuneration and social security | 45 | €17,055 | €22,185 | +€5,130 | +30.1% |
| Taxes | 450/3 | €2,077 | €3,582 | +€1,505 | +72.5% |
| Remuneration and social security | 454/9 | €14,978 | €18,603 | +€3,625 | +24.2% |
| Other amounts payable | 47/48 | €83,100 | €13,566 | -€69,534 | -83.7% |
| Non-recurring operating income | 76A | €79,644 | - | -€79,644 | |
| Remuneration, social security and pensions | 62 | €129,853 | €162,853 | +€33,000 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,810 | €200,620 | +€5,810 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €38,507 | +€38,507 | |
| Other operating charges | 640/8 | €4,707 | €8,156 | +€3,448 | +73.3% |
| Non-recurring operating charges | 66A | €10,881 | - | -€10,881 | |
| Gross operating margin | 9900 | €317,132 | €410,348 | +€93,215 | +29.4% |
| Operating profit (loss) | 9901 | -€23,119 | €212 | +€23,331 | |
| Financial income | 75/76B | €315 | €1,175 | +€860 | +272.9% |
| Recurring financial income | 75 | €315 | €1,175 | +€860 | +272.9% |
| Financial charges | 65/66B | €25,650 | €23,097 | -€2,553 | -10.0% |
| Recurring financial charges | 65 | €25,650 | €23,097 | -€2,553 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€48,454 | -€21,710 | +€26,744 | +55.2% |
| Income taxes | 67/77 | €278 | €282 | +€4 | +1.3% |
| Profit (loss) for the period | 9904 | -€48,732 | -€21,992 | +€26,740 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,732 | -€21,992 | +€26,740 | +54.9% |
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 12 October 2026 via checked.be.