AERTS STEVEN: 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 STEVEN
Largest movements
- Cash +€79,168
up €79,168 (+22.5%), from €351,686 to €430,855
mainly Net result for the year (+€109,515) and Tax, wage and social debts (+€48,830)
- Tangible fixed assets +€58,802
up €58,802 (+971%), from €6,057 to €64,859
of which Furniture and vehicles: +€57,828
- Receivables within one year +€13,468
up €13,468 (+343%), from €3,928 to €17,397
of which Other amounts receivable: +€13,589
- Deferred charges and accrued income -€11,398
down €11,398 (-9.2%), from €124,243 to €112,845
- Reserves +€109,515
up €109,515 (+35.9%), from €305,124 to €414,639
of which Distributable reserves: +€109,515
- Tax, wage and social debts +€48,830
up €48,830 (+295%), from €16,554 to €65,383
- Trade debts -€11,413
down €11,413 (-49.8%), from €22,940 to €11,526
- Debts after one year -€9,061
down €9,061 (-7.7%), from €118,376 to €109,314
- Gross operating margin +€57,331
up €57,331 (+50.6%), from €113,307 to €170,637
- Taxes +€19,610
up €19,610 (+65.1%), from €30,136 to €49,747
- Depreciation -€2,704
down €2,704 (-33.3%), from €8,114 to €5,410
- Other operating charges +€1,773
up €1,773 (+121%), from €1,467 to €3,241
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 | €491,039 | €629,580 | +€138,540 | +28.2% |
| Fixed assets | 21/28 | €11,181 | €68,484 | +€57,302 | +512% |
| Intangible fixed assets | 21 | €5,125 | €3,625 | -€1,500 | -29.3% |
| Tangible fixed assets | 22/27 | €6,057 | €64,859 | +€58,802 | +971% |
| Plant, machinery and equipment | 23 | €911 | €332 | -€579 | -63.6% |
| Furniture and vehicles | 24 | €4,526 | €62,354 | +€57,828 | +1,278% |
| Other tangible fixed assets | 26 | €620 | €2,174 | +€1,553 | +250% |
| Current assets | 29/58 | €479,858 | €561,096 | +€81,238 | +16.9% |
| Amounts receivable within one year | 40/41 | €3,928 | €17,397 | +€13,468 | +343% |
| Trade receivables | 40 | €121 | €0 | -€121 | -100% |
| Other amounts receivable | 41 | €3,807 | €17,397 | +€13,589 | +357% |
| Cash at bank and in hand | 54/58 | €351,686 | €430,855 | +€79,168 | +22.5% |
| Deferred charges and accrued income | 490/1 | €124,243 | €112,845 | -€11,398 | -9.2% |
| Total equity and liabilities | 10/49 | €491,039 | €629,580 | +€138,540 | +28.2% |
| Equity | 10/15 | €323,724 | €433,239 | +€109,515 | +33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €305,124 | €414,639 | +€109,515 | +35.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €303,264 | €412,779 | +€109,515 | +36.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €167,316 | €196,340 | +€29,025 | +17.3% |
| Amounts payable after more than one year | 17 | €118,376 | €109,314 | -€9,061 | -7.7% |
| Financial debts | 170/4 | €118,376 | €109,314 | -€9,061 | -7.7% |
| Amounts payable within one year | 42/48 | €48,940 | €86,966 | +€38,026 | +77.7% |
| Current portion of amounts payable after more than one year | 42 | €8,875 | €9,061 | +€186 | +2.1% |
| Financial debts | 43 | €572 | €995 | +€424 | +74.1% |
| Credit institutions | 430/8 | €572 | €995 | +€424 | +74.1% |
| Trade debts | 44 | €22,940 | €11,526 | -€11,413 | -49.8% |
| Suppliers | 440/4 | €22,940 | €11,526 | -€11,413 | -49.8% |
| Taxes, remuneration and social security | 45 | €16,554 | €65,383 | +€48,830 | +295% |
| Taxes | 450/3 | €16,554 | €65,383 | +€48,830 | +295% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,114 | €5,410 | -€2,704 | -33.3% |
| Other operating charges | 640/8 | €1,467 | €3,241 | +€1,773 | +121% |
| Gross operating margin | 9900 | €113,307 | €170,637 | +€57,331 | +50.6% |
| Operating profit (loss) | 9901 | €103,725 | €161,987 | +€58,262 | +56.2% |
| Financial income | 75/76B | €751 | €675 | -€77 | -10.2% |
| Recurring financial income | 75 | €751 | €675 | -€77 | -10.2% |
| Financial charges | 65/66B | €3,836 | €3,399 | -€437 | -11.4% |
| Recurring financial charges | 65 | €3,836 | €3,399 | -€437 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €100,640 | €159,262 | +€58,622 | +58.2% |
| Income taxes | 67/77 | €30,136 | €49,747 | +€19,610 | +65.1% |
| Profit (loss) for the period | 9904 | €70,504 | €109,515 | +€39,012 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,504 | €109,515 | +€39,012 | +55.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.