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
- Cash -€218,956
down €218,956 (-33.5%), from €653,945 to €434,989
mainly Contributions, distributions and other (-€379,586) and Receivables within one year (-€165,109)
- Receivables within one year +€165,109
up €165,109 (+23.9%), from €690,922 to €856,031
of which Trade receivables: +€150,537
- Tangible fixed assets -€116,694
down €116,694 (-6.0%), from €1.9m to €1.8m
of which Land and buildings: -€109,042
- Reserves -€168,226
down €168,226 (-8.6%), from €2.0m to €1.8m
of which Distributable reserves: -€152,189
- Trade debts +€108,205
up €108,205 (+57.3%), from €188,689 to €296,894
- Debts after one year -€93,388
down €93,388 (-12.8%), from €728,595 to €635,208
- Other debts +€56,296
up €56,296 (+12.1%), from €465,791 to €522,087
- Taxes -€26,125
down €26,125 (-20.4%), from €127,838 to €101,712
- Gross operating margin -€25,791
down €25,791 (-2.2%), from €1.1m to €1.1m
- Financial income -€17,970
down €17,970 (-67.9%), from €26,479 to €8,508
- Staff costs +€14,215
up €14,215 (+2.5%), from €572,590 to €586,806
- Financial charges -€13,650
down €13,650 (-32.1%), from €42,498 to €28,848
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 | €4,922,001 | €4,791,158 | -€130,843 | -2.7% |
| Fixed assets | 21/28 | €1,942,867 | €1,840,723 | -€102,143 | -5.3% |
| Intangible fixed assets | 21 | - | €14,550 | +€14,550 | |
| Tangible fixed assets | 22/27 | €1,942,867 | €1,826,173 | -€116,694 | -6.0% |
| Land and buildings | 22 | €1,746,775 | €1,637,732 | -€109,042 | -6.2% |
| Plant, machinery and equipment | 23 | €64,470 | €62,367 | -€2,102 | -3.3% |
| Furniture and vehicles | 24 | €131,623 | €126,074 | -€5,549 | -4.2% |
| Current assets | 29/58 | €2,979,134 | €2,950,434 | -€28,700 | -1.0% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €957,430 | €982,577 | +€25,147 | +2.6% |
| Stocks | 30/36 | €957,430 | €982,577 | +€25,147 | +2.6% |
| Amounts receivable within one year | 40/41 | €690,922 | €856,031 | +€165,109 | +23.9% |
| Trade receivables | 40 | €556,495 | €707,032 | +€150,537 | +27.1% |
| Other amounts receivable | 41 | €134,427 | €148,999 | +€14,572 | +10.8% |
| Current investments | 50/53 | €601,837 | €601,837 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €653,945 | €434,989 | -€218,956 | -33.5% |
| Total equity and liabilities | 10/49 | €4,922,001 | €4,791,158 | -€130,843 | -2.7% |
| Equity | 10/15 | €3,118,181 | €2,949,955 | -€168,226 | -5.4% |
| Contributions | 10/11 | €1,167,600 | €1,167,600 | = | 0.0% |
| Capital | 10 | €1,167,600 | €1,167,600 | = | 0.0% |
| Issued capital | 100 | €1,167,600 | €1,167,600 | = | 0.0% |
| Reserves | 13 | €1,950,581 | €1,782,355 | -€168,226 | -8.6% |
| Non-distributable reserves | 130/1 | €116,760 | €116,760 | = | 0.0% |
| Legal reserve | 130 | €116,760 | €116,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €230,541 | €214,504 | -€16,037 | -7.0% |
| Distributable reserves | 133 | €1,603,280 | €1,451,091 | -€152,189 | -9.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €88,282 | €81,546 | -€6,736 | -7.6% |
| Deferred taxes | 168 | €88,282 | €81,546 | -€6,736 | -7.6% |
| Amounts payable | 17/49 | €1,715,538 | €1,759,657 | +€44,119 | +2.6% |
| Amounts payable after more than one year | 17 | €728,595 | €635,208 | -€93,388 | -12.8% |
| Financial debts | 170/4 | €728,595 | €635,208 | -€93,388 | -12.8% |
| Amounts payable within one year | 42/48 | €986,943 | €1,124,449 | +€137,506 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €97,431 | €94,849 | -€2,583 | -2.7% |
| Trade debts | 44 | €188,689 | €296,894 | +€108,205 | +57.3% |
| Suppliers | 440/4 | €188,689 | €296,894 | +€108,205 | +57.3% |
| Taxes, remuneration and social security | 45 | €235,031 | €210,619 | -€24,412 | -10.4% |
| Taxes | 450/3 | €170,487 | €116,737 | -€53,750 | -31.5% |
| Remuneration and social security | 454/9 | €64,544 | €93,882 | +€29,339 | +45.5% |
| Other amounts payable | 47/48 | €465,791 | €522,087 | +€56,296 | +12.1% |
| Remuneration, social security and pensions | 62 | €572,590 | €586,806 | +€14,215 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,499 | €182,097 | +€3,598 | +2.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,246 | €24,970 | +€9,724 | +63.8% |
| Gross operating margin | 9900 | €1,146,339 | €1,120,548 | -€25,791 | -2.2% |
| Operating profit (loss) | 9901 | €380,004 | €326,676 | -€53,329 | -14.0% |
| Financial income | 75/76B | €26,479 | €8,508 | -€17,970 | -67.9% |
| Recurring financial income | 75 | €26,479 | €8,508 | -€17,970 | -67.9% |
| Financial charges | 65/66B | €42,498 | €28,848 | -€13,650 | -32.1% |
| Recurring financial charges | 65 | €42,498 | €28,848 | -€13,650 | -32.1% |
| Profit (loss) for the period before taxes | 9903 | €363,985 | €306,336 | -€57,649 | -15.8% |
| Transfer from deferred taxes | 780 | €7,741 | €6,736 | -€1,004 | -13.0% |
| Income taxes | 67/77 | €127,838 | €101,712 | -€26,125 | -20.4% |
| Profit (loss) for the period | 9904 | €243,888 | €211,360 | -€32,528 | -13.3% |
| Transfer from tax-exempt reserves | 789 | €99,233 | €16,037 | -€83,196 | -83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €343,121 | €227,397 | -€115,724 | -33.7% |
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 9 October 2026 via checked.be.