Aerts D&V: 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 D&V
Largest movements
- Cash -€93,674
down €93,674 (-49.0%), from €191,361 to €97,687
mainly Contributions, distributions and other (-€111,880) and Current investments (-€60,000)
- Current investments +€60,000
up €60,000 (+28.8%), from €208,632 to €268,632
- Receivables within one year -€53,821
down €53,821 (-41.1%), from €130,969 to €77,148
of which Other amounts receivable: -€44,539
- Tangible fixed assets +€23,666
up €23,666 (+13.7%), from €172,957 to €196,623
of which Furniture and vehicles: +€36,072
- Reserves -€59,331
down €59,331 (-6.2%), from €959,155 to €899,824
of which Distributable reserves: -€59,331
- Gross operating margin -€33,280
down €33,280 (-28.9%), from €115,198 to €81,918
- Taxes -€10,712
down €10,712 (-32.5%), from €32,943 to €22,231
- Financial income +€1,954
up €1,954 (+13.5%), from €14,445 to €16,399
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 | €1,006,769 | €934,055 | -€72,713 | -7.2% |
| Fixed assets | 21/28 | €172,957 | €196,623 | +€23,666 | +13.7% |
| Tangible fixed assets | 22/27 | €172,957 | €196,623 | +€23,666 | +13.7% |
| Land and buildings | 22 | €167,464 | €156,889 | -€10,574 | -6.3% |
| Furniture and vehicles | 24 | €3,597 | €39,669 | +€36,072 | +1,003% |
| Other tangible fixed assets | 26 | €1,896 | €64 | -€1,832 | -96.6% |
| Current assets | 29/58 | €833,812 | €737,433 | -€96,379 | -11.6% |
| Amounts receivable after more than one year | 29 | €278,000 | €278,000 | = | 0.0% |
| Other amounts receivable | 291 | €278,000 | €278,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €130,969 | €77,148 | -€53,821 | -41.1% |
| Trade receivables | 40 | €12,425 | €3,143 | -€9,282 | -74.7% |
| Other amounts receivable | 41 | €118,544 | €74,005 | -€44,539 | -37.6% |
| Current investments | 50/53 | €208,632 | €268,632 | +€60,000 | +28.8% |
| Cash at bank and in hand | 54/58 | €191,361 | €97,687 | -€93,674 | -49.0% |
| Deferred charges and accrued income | 490/1 | €24,850 | €15,966 | -€8,884 | -35.8% |
| Total equity and liabilities | 10/49 | €1,006,769 | €934,055 | -€72,713 | -7.2% |
| Equity | 10/15 | €977,717 | €918,386 | -€59,331 | -6.1% |
| Contributions | 10/11 | €18,562 | €18,562 | = | 0.0% |
| Reserves | 13 | €959,155 | €899,824 | -€59,331 | -6.2% |
| Non-distributable reserves | 130/1 | €42,542 | €42,542 | = | 0.0% |
| Reserves not available under the articles | 1311 | €42,542 | €42,542 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,125 | €87,125 | = | 0.0% |
| Distributable reserves | 133 | €829,488 | €770,157 | -€59,331 | -7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,052 | €15,669 | -€13,383 | -46.1% |
| Amounts payable within one year | 42/48 | €29,052 | €15,669 | -€13,383 | -46.1% |
| Financial debts | 43 | €11,432 | €8,850 | -€2,582 | -22.6% |
| Credit institutions | 430/8 | €11,432 | €8,850 | -€2,582 | -22.6% |
| Trade debts | 44 | €14,726 | €6,820 | -€7,907 | -53.7% |
| Suppliers | 440/4 | €14,726 | €6,820 | -€7,907 | -53.7% |
| Taxes, remuneration and social security | 45 | €2,894 | €0 | -€2,894 | -100% |
| Taxes | 450/3 | €2,894 | €0 | -€2,894 | -100% |
| Non-recurring operating income | 76A | €0 | €15,510 | +€15,510 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,346 | €16,273 | -€73 | -0.4% |
| Other operating charges | 640/8 | €4,748 | €4,771 | +€24 | +0.5% |
| Gross operating margin | 9900 | €115,198 | €81,918 | -€33,280 | -28.9% |
| Operating profit (loss) | 9901 | €94,104 | €60,873 | -€33,231 | -35.3% |
| Financial income | 75/76B | €14,445 | €16,399 | +€1,954 | +13.5% |
| Recurring financial income | 75 | €14,445 | €16,399 | +€1,954 | +13.5% |
| Financial charges | 65/66B | €3,303 | €2,492 | -€811 | -24.6% |
| Recurring financial charges | 65 | €3,303 | €2,492 | -€811 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €105,245 | €74,780 | -€30,466 | -28.9% |
| Income taxes | 67/77 | €32,943 | €22,231 | -€10,712 | -32.5% |
| Profit (loss) for the period | 9904 | €72,303 | €52,549 | -€19,754 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €72,303 | €52,549 | -€19,754 | -27.3% |
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 20 October 2026 via checked.be.