AERTSEN BEHEER: what changed
What changed
AERTSEN BEHEER
NACE 68.110, Buying and selling of own real estate
filed annual accounts (NBB)
Net result for the year
€156,411
2024 · €271,162-€114,752
Equity
€6.0m
2024 · €5.9m+€156,411
Cash
€139,977
2024 · €413,044-€273,067
Balance sheet total
€15.5m
2024 · €15.8m-€302,933
Largest movements
Assets
- Cash -€273,067
down €273,067 (-66.1%), from €413,044 to €139,977
mainly Investment in fixed assets (net) (-€458,098) and Debts after one year (-€382,745)
- Tangible fixed assets -€257,516
down €257,516 (-2.1%), from €12.2m to €11.9m
of which Land and buildings: -€447,329
Equity and liabilities
- Debts after one year -€382,745
down €382,745 (-4.6%), from €8.3m to €7.9m
of which Financial debts: -€394,934
Income statement
- Depreciation +€50,119
up €50,119 (+9.3%), from €540,364 to €590,483
- Taxes +€45,782
up €45,782 (+53.3%), from €85,890 to €131,672
- Financial charges -€39,506
down €39,506 (-9.5%), from €417,640 to €378,133
- Financial income -€37,857
down €37,857 (-39.8%), from €95,168 to €57,311
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.
Result 2024
€271,162
Gross operating margin
-€11,731
Staff costs
-€2,982
Depreciation
-€50,119
Other operating charges
-€4,482
Other operating items
-€687
Financial income
-€37,857
Financial charges
+€39,506
Taxes
-€45,782
Deferred taxes and other
-€617
Result 2025
€156,411
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€577,715
Investment
-€488,077
Financing
-€362,705
Cash 2024
€413,044
From operations (derived)
+€577,715
Net result for the year
+€156,411
Depreciation
+€590,483
Receivables within one year
-€55,723
Deferred charges and accrued income
-€16,817
Provisions
-€41,630
Trade debts
-€12,096
Tax, wage and social debts
-€36,757
Other debts
-€8,649
Accrued charges and deferred income
+€2,495
Investment (derived)
-€488,077
Investment in fixed assets (net)
-€458,098
Current investments
-€29,979
Financing
-€362,705
Debts after one year
-€382,745
Current portion of long-term debt
+€20,040
Cash 2025
€139,977
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,810,460 | €15,507,527 | -€302,933 | -1.9% |
| Fixed assets | 21/28 | €13,536,935 | €13,404,550 | -€132,386 | -1.0% |
| Tangible fixed assets | 22/27 | €12,187,831 | €11,930,316 | -€257,516 | -2.1% |
| Land and buildings | 22 | €10,682,314 | €10,234,985 | -€447,329 | -4.2% |
| Plant, machinery and equipment | 23 | €1,362,776 | €1,466,675 | +€103,899 | +7.6% |
| Furniture and vehicles | 24 | €142,741 | €228,657 | +€85,915 | +60.2% |
| Financial fixed assets | 28 | €1,349,104 | €1,474,234 | +€125,130 | +9.3% |
| Current assets | 29/58 | €2,273,525 | €2,102,977 | -€170,548 | -7.5% |
| Amounts receivable after more than one year | 29 | €123,000 | €123,000 | = | 0.0% |
| Other amounts receivable | 291 | €123,000 | €123,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €72,750 | €72,750 | = | 0.0% |
| Stocks | 30/36 | €72,750 | €72,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €128,104 | €183,827 | +€55,723 | +43.5% |
| Trade receivables | 40 | €78,104 | €81,736 | +€3,632 | +4.6% |
| Other amounts receivable | 41 | €50,000 | €102,091 | +€52,091 | +104% |
| Current investments | 50/53 | €1,535,652 | €1,565,631 | +€29,979 | +2.0% |
| Cash at bank and in hand | 54/58 | €413,044 | €139,977 | -€273,067 | -66.1% |
| Deferred charges and accrued income | 490/1 | €975 | €17,792 | +€16,817 | +1,725% |
| Total equity and liabilities | 10/49 | €15,810,460 | €15,507,527 | -€302,933 | -1.9% |
| Equity | 10/15 | €5,890,307 | €6,046,718 | +€156,411 | +2.7% |
| Contributions | 10/11 | €508,235 | €508,235 | = | 0.0% |
| Reserves | 13 | €5,382,072 | €5,538,483 | +€156,411 | +2.9% |
| Tax-exempt reserves | 132 | €1,024,593 | €934,264 | -€90,329 | -8.8% |
| Distributable reserves | 133 | €4,357,479 | €4,604,219 | +€246,739 | +5.7% |
| Provisions and deferred taxes | 16 | €619,387 | €577,757 | -€41,630 | -6.7% |
| Provisions for liabilities and charges | 160/5 | €280,663 | €269,142 | -€11,521 | -4.1% |
| Other liabilities and charges | 164/5 | €280,663 | €269,142 | -€11,521 | -4.1% |
| Deferred taxes | 168 | €338,724 | €308,615 | -€30,110 | -8.9% |
| Amounts payable | 17/49 | €9,300,766 | €8,883,052 | -€417,714 | -4.5% |
| Amounts payable after more than one year | 17 | €8,285,654 | €7,902,909 | -€382,745 | -4.6% |
| Financial debts | 170/4 | €5,177,300 | €4,782,366 | -€394,934 | -7.6% |
| Other amounts payable | 178/9 | €3,108,354 | €3,120,542 | +€12,189 | +0.4% |
| Amounts payable within one year | 42/48 | €1,009,455 | €971,992 | -€37,463 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €500,798 | €520,838 | +€20,040 | +4.0% |
| Trade debts | 44 | €26,804 | €14,708 | -€12,096 | -45.1% |
| Suppliers | 440/4 | €26,804 | €14,708 | -€12,096 | -45.1% |
| Taxes, remuneration and social security | 45 | €87,885 | €51,127 | -€36,757 | -41.8% |
| Taxes | 450/3 | €63,507 | €26,443 | -€37,064 | -58.4% |
| Remuneration and social security | 454/9 | €24,378 | €24,685 | +€307 | +1.3% |
| Other amounts payable | 47/48 | €393,968 | €385,319 | -€8,649 | -2.2% |
| Accrued charges and deferred income | 492/3 | €5,657 | €8,152 | +€2,495 | +44.1% |
| Remuneration, social security and pensions | 62 | €223,589 | €226,571 | +€2,982 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €540,364 | €590,483 | +€50,119 | +9.3% |
| Other operating charges | 640/8 | €47,032 | €51,514 | +€4,482 | +9.5% |
| Non-recurring operating charges | 66A | €12,363 | €13,050 | +€687 | +5.6% |
| Gross operating margin | 9900 | €1,472,146 | €1,460,414 | -€11,731 | -0.8% |
| Operating profit (loss) | 9901 | €648,797 | €578,796 | -€70,001 | -10.8% |
| Financial income | 75/76B | €95,168 | €57,311 | -€37,857 | -39.8% |
| Recurring financial income | 75 | €95,168 | €57,311 | -€37,857 | -39.8% |
| Financial charges | 65/66B | €417,640 | €378,133 | -€39,506 | -9.5% |
| Recurring financial charges | 65 | €417,640 | €378,133 | -€39,506 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €326,326 | €257,973 | -€68,352 | -20.9% |
| Transfer from deferred taxes | 780 | €30,726 | €30,110 | -€617 | -2.0% |
| Income taxes | 67/77 | €85,890 | €131,672 | +€45,782 | +53.3% |
| Profit (loss) for the period | 9904 | €271,162 | €156,411 | -€114,752 | -42.3% |
| Transfer from tax-exempt reserves | 789 | €92,179 | €90,329 | -€1,851 | -2.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €363,342 | €246,739 | -€116,603 | -32.1% |
Next steps
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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 2 November 2026 via checked.be.