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
- Cash +€130,816
up €130,816 (+23.6%), from €553,414 to €684,230
mainly Net result for the year (+€199,667) and Other debts (+€98,349)
- Stocks and contracts -€17,328
down €17,328 (-31.8%), from €54,432 to €37,104
- Receivables within one year +€16,144
up €16,144 (+16.6%), from €97,527 to €113,671
of which Trade receivables: +€16,144
- Other debts +€98,349
up €98,349 (+161%), from €61,018 to €159,367
- Reserves +€49,120
up €49,120 (+9.4%), from €521,880 to €571,000
- Trade debts -€35,833
down €35,833 (-61.0%), from €58,737 to €22,904
- Tax, wage and social debts +€27,618
up €27,618 (+33.4%), from €82,637 to €110,255
of which Taxes: +€26,052
- Gross operating margin +€12,097
up €12,097 (+2.5%), from €489,105 to €501,202
- Staff costs +€11,896
up €11,896 (+6.9%), from €171,579 to €183,475
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.
Derived cash bridge
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 | €848,468 | €987,722 | +€139,254 | +16.4% |
| Fixed assets | 21/28 | €143,095 | €150,578 | +€7,484 | +5.2% |
| Tangible fixed assets | 22/27 | €143,095 | €150,578 | +€7,484 | +5.2% |
| Land and buildings | 22 | €54,931 | €58,159 | +€3,228 | +5.9% |
| Plant, machinery and equipment | 23 | €42,330 | €48,904 | +€6,574 | +15.5% |
| Furniture and vehicles | 24 | €7,594 | €5,276 | -€2,319 | -30.5% |
| Other tangible fixed assets | 26 | €38,240 | €38,240 | = | 0.0% |
| Current assets | 29/58 | €705,373 | €837,143 | +€131,770 | +18.7% |
| Stocks and contracts in progress | 3 | €54,432 | €37,104 | -€17,328 | -31.8% |
| Stocks | 30/36 | €54,432 | €37,104 | -€17,328 | -31.8% |
| Amounts receivable within one year | 40/41 | €97,527 | €113,671 | +€16,144 | +16.6% |
| Trade receivables | 40 | €97,223 | €113,367 | +€16,144 | +16.6% |
| Other amounts receivable | 41 | €304 | €304 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €553,414 | €684,230 | +€130,816 | +23.6% |
| Deferred charges and accrued income | 490/1 | - | €2,138 | +€2,138 | |
| Total equity and liabilities | 10/49 | €848,468 | €987,722 | +€139,254 | +16.4% |
| Equity | 10/15 | €540,880 | €590,000 | +€49,120 | +9.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €521,880 | €571,000 | +€49,120 | +9.4% |
| Distributable reserves | 133 | €521,880 | €571,000 | +€49,120 | +9.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €104,146 | €104,146 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €104,146 | €104,146 | = | 0.0% |
| Pensions and similar obligations | 160 | €104,146 | €104,146 | = | 0.0% |
| Amounts payable | 17/49 | €203,441 | €293,576 | +€90,134 | +44.3% |
| Amounts payable within one year | 42/48 | €203,441 | €293,576 | +€90,134 | +44.3% |
| Trade debts | 44 | €58,737 | €22,904 | -€35,833 | -61.0% |
| Suppliers | 440/4 | €58,737 | €22,904 | -€35,833 | -61.0% |
| Advances received on contracts in progress | 46 | €1,050 | €1,050 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €82,637 | €110,255 | +€27,618 | +33.4% |
| Taxes | 450/3 | €56,297 | €82,349 | +€26,052 | +46.3% |
| Remuneration and social security | 454/9 | €26,340 | €27,906 | +€1,566 | +5.9% |
| Other amounts payable | 47/48 | €61,018 | €159,367 | +€98,349 | +161% |
| Remuneration, social security and pensions | 62 | €171,579 | €183,475 | +€11,896 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,751 | €13,680 | +€1,929 | +16.4% |
| Other operating charges | 640/8 | €10,383 | €9,781 | -€602 | -5.8% |
| Gross operating margin | 9900 | €489,105 | €501,202 | +€12,097 | +2.5% |
| Operating profit (loss) | 9901 | €295,392 | €294,265 | -€1,127 | -0.4% |
| Financial income | 75/76B | €6,695 | €6,407 | -€288 | -4.3% |
| Recurring financial income | 75 | €6,695 | €6,407 | -€288 | -4.3% |
| Financial charges | 65/66B | €13,380 | €14,227 | +€847 | +6.3% |
| Recurring financial charges | 65 | €13,380 | €14,227 | +€847 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €288,707 | €286,445 | -€2,262 | -0.8% |
| Income taxes | 67/77 | €89,585 | €86,778 | -€2,807 | -3.1% |
| Profit (loss) for the period | 9904 | €199,122 | €199,667 | +€545 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €199,122 | €199,667 | +€545 | +0.3% |
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 15 October 2026 via checked.be.