AERTS STEFAAN: what changed
AERTS STEFAAN
Largest movements
- Tangible fixed assets -€49,448
down €49,448 (-2.7%), from €1.8m to €1.8m
of which Land and buildings: -€48,822
- Receivables within one year -€32,811
down €32,811 (-68.0%), from €48,258 to €15,447
of which Trade receivables: -€31,229
- Cash +€26,650
up €26,650 (+22.6%), from €117,713 to €144,363
mainly Depreciation (+€49,448) and Receivables within one year (+€32,811)
- Deferred charges and accrued income -€24,629
down €24,629 (-38.7%), from €63,718 to €39,089
- Reserves -€35,000
down €35,000 (-2.9%), from €1.2m to €1.2m
- Debts after one year -€31,632
down €31,632 (-11.9%), from €265,503 to €233,871
- Tax, wage and social debts -€22,457
down €22,457 (-100%), from €22,457 to €0
- Gross operating margin -€23,350
down €23,350 (-25.6%), from €91,325 to €67,975
- Taxes -€6,314
down €6,314 (-67.2%), from €9,399 to €3,084
- Other operating charges +€2,422
up €2,422 (+250%), from €968 to €3,390
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,168,116 | €2,088,412 | -€79,703 | -3.7% |
| Fixed assets | 21/28 | €1,838,116 | €1,788,668 | -€49,448 | -2.7% |
| Tangible fixed assets | 22/27 | €1,838,116 | €1,788,668 | -€49,448 | -2.7% |
| Land and buildings | 22 | €1,836,512 | €1,787,691 | -€48,822 | -2.7% |
| Plant, machinery and equipment | 23 | €1,517 | €978 | -€540 | -35.6% |
| Furniture and vehicles | 24 | €86 | €0 | -€86 | -100% |
| Current assets | 29/58 | €330,000 | €299,744 | -€30,255 | -9.2% |
| Amounts receivable within one year | 40/41 | €48,258 | €15,447 | -€32,811 | -68.0% |
| Trade receivables | 40 | €31,229 | €0 | -€31,229 | -100% |
| Other amounts receivable | 41 | €17,029 | €15,447 | -€1,582 | -9.3% |
| Current investments | 50/53 | €100,312 | €100,846 | +€535 | +0.5% |
| Cash at bank and in hand | 54/58 | €117,713 | €144,363 | +€26,650 | +22.6% |
| Deferred charges and accrued income | 490/1 | €63,718 | €39,089 | -€24,629 | -38.7% |
| Total equity and liabilities | 10/49 | €2,168,116 | €2,088,412 | -€79,703 | -3.7% |
| Equity | 10/15 | €1,847,069 | €1,821,323 | -€25,747 | -1.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,214,860 | €1,179,860 | -€35,000 | -2.9% |
| Distributable reserves | 133 | €1,214,860 | €1,179,860 | -€35,000 | -2.9% |
| Profit (loss) carried forward | 14 | €619,809 | €629,063 | +€9,253 | +1.5% |
| Amounts payable | 17/49 | €321,046 | €267,090 | -€53,956 | -16.8% |
| Amounts payable after more than one year | 17 | €265,503 | €233,871 | -€31,632 | -11.9% |
| Financial debts | 170/4 | €265,503 | €233,871 | -€31,632 | -11.9% |
| Amounts payable within one year | 42/48 | €55,543 | €33,219 | -€22,324 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €31,206 | €31,632 | +€427 | +1.4% |
| Trade debts | 44 | €1,881 | €1,587 | -€294 | -15.6% |
| Suppliers | 440/4 | €1,881 | €1,587 | -€294 | -15.6% |
| Taxes, remuneration and social security | 45 | €22,457 | €0 | -€22,457 | -100% |
| Taxes | 450/3 | €22,457 | €0 | -€22,457 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,915 | €49,448 | -€467 | -0.9% |
| Other operating charges | 640/8 | €968 | €3,390 | +€2,422 | +250% |
| Gross operating margin | 9900 | €91,325 | €67,975 | -€23,350 | -25.6% |
| Operating profit (loss) | 9901 | €40,443 | €15,138 | -€25,305 | -62.6% |
| Financial income | 75/76B | €1,885 | €1,309 | -€576 | -30.5% |
| Recurring financial income | 75 | €1,885 | €1,309 | -€576 | -30.5% |
| Financial charges | 65/66B | €4,644 | €4,110 | -€535 | -11.5% |
| Recurring financial charges | 65 | €4,644 | €4,110 | -€535 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €37,684 | €12,338 | -€25,346 | -67.3% |
| Income taxes | 67/77 | €9,399 | €3,084 | -€6,314 | -67.2% |
| Profit (loss) for the period | 9904 | €28,285 | €9,253 | -€19,032 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,285 | €9,253 | -€19,032 | -67.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.