AERTS RAF: 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 RAF
Largest movements
- Receivables within one year +€65,839
up €65,839 (+201.0%), from €32,754 to €98,593
of which Other amounts receivable: +€46,000
- Receivables after one year -€50,000
down €50,000 (-47.2%), from €106,000 to €56,000
- Tangible fixed assets -€5,962
down €5,962 (-22.2%), from €26,821 to €20,859
of which Furniture and vehicles: -€5,416
- Stocks and contracts +€2,100
new in 2025: €2,100
- Reserves +€36,056
up €36,056 (+36.8%), from €98,010 to €134,066
- Current portion of long-term debt -€17,737
down €17,737 (-89.0%), from €19,930 to €2,194
- Tax, wage and social debts +€16,630
up €16,630 (+545.7%), from €3,048 to €19,677
of which Taxes: +€18,658
- Short-term financial debts -€12,568
down €12,568 (-49.1%), from €25,606 to €13,038
- Trade debts -€6,526
down €6,526 (-41.8%), from €15,596 to €9,069
- Gross operating margin +€55,005
up €55,005 (+654.5%), from €8,404 to €63,409
- Taxes +€17,832
new in 2025: €17,832
- Financial charges -€929
down €929 (-21.1%), from €4,409 to €3,480
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 | €170,617 | €184,621 | +€14,004 | +8.2% |
| Fixed assets | 21/28 | €26,871 | €20,909 | -€5,962 | -22.2% |
| Tangible fixed assets | 22/27 | €26,821 | €20,859 | -€5,962 | -22.2% |
| Plant, machinery and equipment | 23 | €5,538 | €4,992 | -€546 | -9.9% |
| Furniture and vehicles | 24 | €21,283 | €15,867 | -€5,416 | -25.4% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €143,746 | €163,713 | +€19,966 | +13.9% |
| Amounts receivable after more than one year | 29 | €106,000 | €56,000 | -€50,000 | -47.2% |
| Other amounts receivable | 291 | €106,000 | €56,000 | -€50,000 | -47.2% |
| Stocks and contracts in progress | 3 | - | €2,100 | +€2,100 | |
| Stocks | 30/36 | - | €2,100 | +€2,100 | |
| Amounts receivable within one year | 40/41 | €32,754 | €98,593 | +€65,839 | +201.0% |
| Trade receivables | 40 | €13,760 | €33,599 | +€19,839 | +144.2% |
| Other amounts receivable | 41 | €18,994 | €64,994 | +€46,000 | +242.2% |
| Cash at bank and in hand | 54/58 | €3,728 | €5,227 | +€1,499 | +40.2% |
| Deferred charges and accrued income | 490/1 | €1,265 | €1,792 | +€527 | +41.6% |
| Total equity and liabilities | 10/49 | €170,617 | €184,621 | +€14,004 | +8.2% |
| Equity | 10/15 | €104,210 | €140,266 | +€36,056 | +34.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €98,010 | €134,066 | +€36,056 | +36.8% |
| Distributable reserves | 133 | €98,010 | €134,066 | +€36,056 | +36.8% |
| Amounts payable | 17/49 | €66,408 | €44,355 | -€22,052 | -33.2% |
| Amounts payable after more than one year | 17 | €2,194 | - | -€2,194 | |
| Financial debts | 170/4 | €2,194 | - | -€2,194 | |
| Amounts payable within one year | 42/48 | €64,180 | €43,978 | -€20,202 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €19,930 | €2,194 | -€17,737 | -89.0% |
| Financial debts | 43 | €25,606 | €13,038 | -€12,568 | -49.1% |
| Credit institutions | 430/8 | €25,606 | €13,038 | -€12,568 | -49.1% |
| Trade debts | 44 | €15,596 | €9,069 | -€6,526 | -41.8% |
| Suppliers | 440/4 | €15,596 | €9,069 | -€6,526 | -41.8% |
| Taxes, remuneration and social security | 45 | €3,048 | €19,677 | +€16,630 | +545.7% |
| Taxes | 450/3 | €1,020 | €19,677 | +€18,658 | +1829.7% |
| Remuneration and social security | 454/9 | €2,028 | - | -€2,028 | |
| Accrued charges and deferred income | 492/3 | €35 | €377 | +€343 | +992.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,767 | €7,383 | +€616 | +9.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €8,404 | €63,409 | +€55,005 | +654.5% |
| Operating profit (loss) | 9901 | €1,250 | €55,627 | +€54,377 | +4350.7% |
| Financial income | 75/76B | €1,476 | €1,741 | +€266 | +18.0% |
| Recurring financial income | 75 | €1,476 | €1,741 | +€266 | +18.0% |
| Financial charges | 65/66B | €4,409 | €3,480 | -€929 | -21.1% |
| Recurring financial charges | 65 | €4,409 | €3,480 | -€929 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,684 | €53,889 | +€55,572 | |
| Income taxes | 67/77 | - | €17,832 | +€17,832 | |
| Profit (loss) for the period | 9904 | -€1,684 | €36,056 | +€37,740 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,684 | €36,056 | +€37,740 |
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 11 October 2026 via checked.be.