AERTSEN THOMAS: what changed
Two fiscal 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.
AERTSEN THOMAS
Largest movements
- Receivables within one year -€22,010
down €22,010 (-57.0%), from €38,584 to €16,574
of which Other amounts receivable: -€22,010
- Deferred charges and accrued income +€19,717
up €19,717 (+92.9%), from €21,233 to €40,950
- Cash +€17,097
up €17,097 (+596.4%), from €2,867 to €19,963
mainly Receivables within one year (+€22,010) and Other debts (+€17,726)
- Stocks and contracts -€10,711
down €10,711 (-80.7%), from €13,269 to €2,558
- Current portion of long-term debt -€19,629
down €19,629 (-100.0%), from €19,629 to €0
- Other debts +€17,726
up €17,726 (+3.4%), from €519,452 to €537,178
- Trade debts +€15,149
up €15,149 (+108.0%), from €14,032 to €29,181
- Tax, wage and social debts -€5,710
down €5,710 (-49.3%), from €11,592 to €5,883
- Gross operating margin -€18,895
down €18,895, from €4,143 to -€14,752
- Taxes -€2,469
down €2,469 (-61.7%), from €4,003 to €1,534
- Other operating charges -€1,939
down €1,939 (-31.8%), from €6,097 to €4,158
- Financial income +€666
up €666 (+3.5%), from €18,768 to €19,434
- Financial charges -€467
down €467 (-42.4%), from €1,102 to €635
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 | €559,734 | €563,350 | +€3,617 | +0.6% |
| Fixed assets | 21/28 | €95,101 | €94,625 | -€475 | -0.5% |
| Tangible fixed assets | 22/27 | €95,101 | €94,625 | -€475 | -0.5% |
| Plant, machinery and equipment | 23 | €843 | €443 | -€400 | -47.5% |
| Furniture and vehicles | 24 | €94,258 | €92,383 | -€1,875 | -2.0% |
| Other tangible fixed assets | 26 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €464,633 | €468,725 | +€4,092 | +0.9% |
| Amounts receivable after more than one year | 29 | €388,680 | €388,680 | = | 0.0% |
| Other amounts receivable | 291 | €388,680 | €388,680 | = | 0.0% |
| Stocks and contracts in progress | 3 | €13,269 | €2,558 | -€10,711 | -80.7% |
| Stocks | 30/36 | €13,269 | €2,558 | -€10,711 | -80.7% |
| Amounts receivable within one year | 40/41 | €38,584 | €16,574 | -€22,010 | -57.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €38,584 | €16,574 | -€22,010 | -57.0% |
| Cash at bank and in hand | 54/58 | €2,867 | €19,963 | +€17,097 | +596.4% |
| Deferred charges and accrued income | 490/1 | €21,233 | €40,950 | +€19,717 | +92.9% |
| Total equity and liabilities | 10/49 | €559,734 | €563,350 | +€3,617 | +0.6% |
| Equity | 10/15 | -€4,972 | -€8,891 | -€3,920 | -78.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,972 | -€10,891 | -€3,920 | -56.2% |
| Amounts payable | 17/49 | €564,705 | €572,242 | +€7,536 | +1.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €564,705 | €572,242 | +€7,536 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €19,629 | €0 | -€19,629 | -100.0% |
| Trade debts | 44 | €14,032 | €29,181 | +€15,149 | +108.0% |
| Suppliers | 440/4 | €14,032 | €29,181 | +€15,149 | +108.0% |
| Taxes, remuneration and social security | 45 | €11,592 | €5,883 | -€5,710 | -49.3% |
| Taxes | 450/3 | €11,592 | €5,883 | -€5,710 | -49.3% |
| Other amounts payable | 47/48 | €519,452 | €537,178 | +€17,726 | +3.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,275 | €2,275 | = | 0.0% |
| Other operating charges | 640/8 | €6,097 | €4,158 | -€1,939 | -31.8% |
| Gross operating margin | 9900 | €4,143 | -€14,752 | -€18,895 | |
| Operating profit (loss) | 9901 | -€4,229 | -€21,185 | -€16,956 | -401.0% |
| Financial income | 75/76B | €18,768 | €19,434 | +€666 | +3.5% |
| Recurring financial income | 75 | €18,768 | €19,434 | +€666 | +3.5% |
| Financial charges | 65/66B | €1,102 | €635 | -€467 | -42.4% |
| Recurring financial charges | 65 | €1,102 | €635 | -€467 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €13,437 | -€2,386 | -€15,823 | |
| Income taxes | 67/77 | €4,003 | €1,534 | -€2,469 | -61.7% |
| Profit (loss) for the period | 9904 | €9,434 | -€3,920 | -€13,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,434 | -€3,920 | -€13,354 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.