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 +€58,711
up €58,711 (+295.9%), from €19,843 to €78,554
mainly Net result for the year (+€43,702) and Receivables within one year (+€14,699)
- Receivables within one year -€14,699
down €14,699 (-17.7%), from €82,971 to €68,273
of which Trade receivables: -€15,965
- Tangible fixed assets -€5,474
down €5,474 (-26.2%), from €20,909 to €15,435
of which Furniture and vehicles: -€5,388
- Stocks and contracts -€4,866
down €4,866 (-8.2%), from €59,275 to €54,409
- Reserves +€43,702
up €43,702 (+40.2%), from €108,725 to €152,427
of which Distributable reserves: +€43,702
- Other debts -€8,374
down €8,374 (-96.1%), from €8,717 to €343
- Trade debts -€7,879
down €7,879 (-31.0%), from €25,446 to €17,567
- Tax, wage and social debts +€5,439
up €5,439 (+51.0%), from €10,660 to €16,099
of which Taxes: +€5,710
- Staff costs -€67,615
down €67,615, from €67,512 to -€104
- Gross operating margin -€52,598
down €52,598 (-42.2%), from €124,625 to €72,027
- Taxes +€5,657
up €5,657 (+37.7%), from €15,019 to €20,676
- Financial charges -€1,680
down €1,680 (-75.4%), from €2,227 to €547
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 | €186,100 | €217,934 | +€31,834 | +17.1% |
| Fixed assets | 21/28 | €20,909 | €15,435 | -€5,474 | -26.2% |
| Tangible fixed assets | 22/27 | €20,909 | €15,435 | -€5,474 | -26.2% |
| Plant, machinery and equipment | 23 | €86 | - | -€86 | |
| Furniture and vehicles | 24 | €20,824 | €15,435 | -€5,388 | -25.9% |
| Current assets | 29/58 | €165,191 | €202,498 | +€37,307 | +22.6% |
| Stocks and contracts in progress | 3 | €59,275 | €54,409 | -€4,866 | -8.2% |
| Stocks | 30/36 | €59,275 | €54,409 | -€4,866 | -8.2% |
| Amounts receivable within one year | 40/41 | €82,971 | €68,273 | -€14,699 | -17.7% |
| Trade receivables | 40 | €82,971 | €67,006 | -€15,965 | -19.2% |
| Other amounts receivable | 41 | - | €1,267 | +€1,267 | |
| Cash at bank and in hand | 54/58 | €19,843 | €78,554 | +€58,711 | +295.9% |
| Deferred charges and accrued income | 490/1 | €3,101 | €1,263 | -€1,839 | -59.3% |
| Total equity and liabilities | 10/49 | €186,100 | €217,934 | +€31,834 | +17.1% |
| Equity | 10/15 | €139,848 | €183,550 | +€43,702 | +31.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €108,725 | €152,427 | +€43,702 | +40.2% |
| Tax-exempt reserves | 132 | €2,156 | €2,156 | = | 0.0% |
| Distributable reserves | 133 | €106,568 | €150,270 | +€43,702 | +41.0% |
| Profit (loss) carried forward | 14 | €12,531 | €12,531 | = | 0.0% |
| Amounts payable | 17/49 | €46,252 | €34,384 | -€11,868 | -25.7% |
| Amounts payable within one year | 42/48 | €44,823 | €34,009 | -€10,814 | -24.1% |
| Trade debts | 44 | €25,446 | €17,567 | -€7,879 | -31.0% |
| Suppliers | 440/4 | €25,446 | €17,567 | -€7,879 | -31.0% |
| Taxes, remuneration and social security | 45 | €10,660 | €16,099 | +€5,439 | +51.0% |
| Taxes | 450/3 | €7,990 | €13,699 | +€5,710 | +71.5% |
| Remuneration and social security | 454/9 | €2,670 | €2,400 | -€270 | -10.1% |
| Other amounts payable | 47/48 | €8,717 | €343 | -€8,374 | -96.1% |
| Accrued charges and deferred income | 492/3 | €1,429 | €375 | -€1,054 | -73.8% |
| Remuneration, social security and pensions | 62 | €67,512 | -€104 | -€67,615 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,519 | €5,474 | -€1,045 | -16.0% |
| Other operating charges | 640/8 | €2,596 | €2,086 | -€510 | -19.7% |
| Gross operating margin | 9900 | €124,625 | €72,027 | -€52,598 | -42.2% |
| Operating profit (loss) | 9901 | €47,998 | €64,571 | +€16,573 | +34.5% |
| Financial income | 75/76B | €309 | €354 | +€46 | +14.8% |
| Recurring financial income | 75 | €309 | €354 | +€46 | +14.8% |
| Financial charges | 65/66B | €2,227 | €547 | -€1,680 | -75.4% |
| Recurring financial charges | 65 | €2,227 | €547 | -€1,680 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €46,079 | €64,378 | +€18,299 | +39.7% |
| Income taxes | 67/77 | €15,019 | €20,676 | +€5,657 | +37.7% |
| Profit (loss) for the period | 9904 | €31,060 | €43,702 | +€12,642 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,060 | €43,702 | +€12,642 | +40.7% |
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 6 October 2026 via checked.be.