AIR EXECUTION: what changed
What changed
AIR EXECUTION
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
€43,116
2024 · €75,786-€32,670
Equity
€566,735
2024 · €523,619+€43,116
Cash
€61,441
2024 · €238,222-€176,781
Balance sheet total
€1.9m
2024 · €2.0m-€99,380
Largest movements
Assets
- Tangible fixed assets +€291,800
up €291,800 (+29.1%), from €1.0m to €1.3m
of which Land and buildings: +€1.1m
- Cash -€176,781
down €176,781 (-74.2%), from €238,222 to €61,441
mainly Trade debts (-€430,417) and Investment in fixed assets (net) (-€344,596)
- Receivables within one year -€165,237
down €165,237 (-33.4%), from €494,889 to €329,652
of which Trade receivables: -€123,388
- Current investments -€40,918
down €40,918 (-18.5%), from €220,951 to €180,033
Equity and liabilities
- Trade debts -€430,417
down €430,417 (-81.8%), from €526,424 to €96,007
- Debts after one year +€339,349
up €339,349 (+92.1%), from €368,620 to €707,969
- Other debts -€38,002
down €38,002 (-16.2%), from €235,043 to €197,041
- Current portion of long-term debt +€28,122
up €28,122 (+174%), from €16,166 to €44,288
- Reserves +€22,797
up €22,797 (+16.1%), from €141,254 to €164,051
of which Distributable reserves: +€27,000
Income statement
- Turnover -€858,116
down €858,116 (-28.2%), from €3.0m to €2.2m
- Purchases and services -€800,260
down €800,260 (-34.9%), from €2.3m to €1.5m
- Gross operating margin -€57,856
down €57,856 (-7.7%), from €746,876 to €689,020
- Taxes -€54,468
down €54,468, from €44,249 to -€10,219
- Financial charges +€37,921
up €37,921 (+205%), from €18,503 to €56,424
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
€75,786
Gross operating margin
-€57,856
Staff costs
+€215
Depreciation
-€10,281
Write-downs
+€7,321
Other operating charges
+€9,780
Financial income
+€1,604
Financial charges
-€37,921
Taxes
+€54,468
Result 2025
€43,116
raises the resultlowers the result
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
-€240,574
Investment
-€303,678
Financing
+€367,471
Cash 2024
€238,222
From operations (derived)
-€240,574
Net result for the year
+€43,116
Depreciation
+€52,796
Stocks and contracts
+€9,286
Receivables within one year
+€165,237
Deferred charges and accrued income
-€1,042
Provisions
-€1,226
Trade debts
-€430,417
Tax, wage and social debts
-€20,073
Advances received
-€6,622
Other debts
-€38,002
Accrued charges and deferred income
-€13,627
Investment (derived)
-€303,678
Investment in fixed assets (net)
-€344,596
Current investments
+€40,918
Financing
+€367,471
Debts after one year
+€339,349
Current portion of long-term debt
+€28,122
Cash 2025
€61,441
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,999,868 | €1,900,488 | -€99,380 | -5.0% |
| Fixed assets | 21/28 | €1,014,736 | €1,306,536 | +€291,800 | +28.8% |
| Tangible fixed assets | 22/27 | €1,002,090 | €1,293,890 | +€291,800 | +29.1% |
| Land and buildings | 22 | €150,014 | €1,229,603 | +€1.1m | +720% |
| Plant, machinery and equipment | 23 | €2,705 | €3,094 | +€389 | +14.4% |
| Furniture and vehicles | 24 | €45,470 | €45,283 | -€187 | -0.4% |
| Leasing and similar rights | 25 | €43,082 | €15,181 | -€27,901 | -64.8% |
| Other tangible fixed assets | 26 | €1,414 | €729 | -€685 | -48.4% |
| Assets under construction and advance payments | 27 | €759,405 | €0 | -€759,405 | -100% |
| Financial fixed assets | 28 | €12,646 | €12,646 | = | 0.0% |
| Current assets | 29/58 | €985,132 | €593,952 | -€391,180 | -39.7% |
| Stocks and contracts in progress | 3 | €20,620 | €11,334 | -€9,286 | -45.0% |
| Contracts in progress | 37 | €20,620 | €11,334 | -€9,286 | -45.0% |
| Amounts receivable within one year | 40/41 | €494,889 | €329,652 | -€165,237 | -33.4% |
| Trade receivables | 40 | €445,628 | €322,240 | -€123,388 | -27.7% |
| Other amounts receivable | 41 | €49,261 | €7,412 | -€41,849 | -85.0% |
| Current investments | 50/53 | €220,951 | €180,033 | -€40,918 | -18.5% |
| Cash at bank and in hand | 54/58 | €238,222 | €61,441 | -€176,781 | -74.2% |
| Deferred charges and accrued income | 490/1 | €10,450 | €11,492 | +€1,042 | +10.0% |
| Total equity and liabilities | 10/49 | €1,999,868 | €1,900,488 | -€99,380 | -5.0% |
| Equity | 10/15 | €523,619 | €566,735 | +€43,116 | +8.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €141,254 | €164,051 | +€22,797 | +16.1% |
| Tax-exempt reserves | 132 | €14,709 | €10,506 | -€4,203 | -28.6% |
| Distributable reserves | 133 | €126,545 | €153,545 | +€27,000 | +21.3% |
| Profit (loss) carried forward | 14 | €361,905 | €382,224 | +€20,319 | +5.6% |
| Provisions and deferred taxes | 16 | €4,377 | €3,151 | -€1,226 | -28.0% |
| Deferred taxes | 168 | €4,377 | €3,151 | -€1,226 | -28.0% |
| Amounts payable | 17/49 | €1,471,872 | €1,330,602 | -€141,270 | -9.6% |
| Amounts payable after more than one year | 17 | €368,620 | €707,969 | +€339,349 | +92.1% |
| Financial debts | 170/4 | €368,620 | €707,969 | +€339,349 | +92.1% |
| Amounts payable within one year | 42/48 | €1,026,015 | €559,023 | -€466,992 | -45.5% |
| Current portion of amounts payable after more than one year | 42 | €16,166 | €44,288 | +€28,122 | +174% |
| Financial debts | 43 | €12,500 | €12,500 | = | 0.0% |
| Credit institutions | 430/8 | €12,500 | €12,500 | = | 0.0% |
| Trade debts | 44 | €526,424 | €96,007 | -€430,417 | -81.8% |
| Suppliers | 440/4 | €526,424 | €96,007 | -€430,417 | -81.8% |
| Advances received on contracts in progress | 46 | €110,000 | €103,378 | -€6,622 | -6.0% |
| Taxes, remuneration and social security | 45 | €125,882 | €105,809 | -€20,073 | -15.9% |
| Taxes | 450/3 | €62,111 | €38,483 | -€23,628 | -38.0% |
| Remuneration and social security | 454/9 | €63,771 | €67,326 | +€3,555 | +5.6% |
| Other amounts payable | 47/48 | €235,043 | €197,041 | -€38,002 | -16.2% |
| Accrued charges and deferred income | 492/3 | €77,237 | €63,610 | -€13,627 | -17.6% |
| Turnover | 70 | €3,038,137 | €2,180,021 | -€858,116 | -28.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,291,261 | €1,491,001 | -€800,260 | -34.9% |
| Remuneration, social security and pensions | 62 | €553,572 | €553,357 | -€215 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,515 | €52,796 | +€10,281 | +24.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,321 | - | -€7,321 | |
| Other operating charges | 640/8 | €13,538 | €3,758 | -€9,780 | -72.2% |
| Gross operating margin | 9900 | €746,876 | €689,020 | -€57,856 | -7.7% |
| Operating profit (loss) | 9901 | €129,930 | €79,109 | -€50,821 | -39.1% |
| Financial income | 75/76B | €7,382 | €8,986 | +€1,604 | +21.7% |
| Recurring financial income | 75 | €7,382 | €8,986 | +€1,604 | +21.7% |
| Financial charges | 65/66B | €18,503 | €56,424 | +€37,921 | +205% |
| Recurring financial charges | 65 | €18,503 | €56,424 | +€37,921 | +205% |
| Profit (loss) for the period before taxes | 9903 | €118,809 | €31,671 | -€87,138 | -73.3% |
| Transfer from deferred taxes | 780 | €1,226 | €1,226 | = | 0.0% |
| Income taxes | 67/77 | €44,249 | -€10,219 | -€54,468 | |
| Profit (loss) for the period | 9904 | €75,786 | €43,116 | -€32,670 | -43.1% |
| Transfer from tax-exempt reserves | 789 | €4,203 | €4,203 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,989 | €47,319 | -€32,670 | -40.8% |
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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 8 November 2026 via checked.be.