AIR MANAGEMENT: 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.
What changed
AIR MANAGEMENT
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,886
2024 · €18,070-€21,956
Equity
€359,232
2024 · €368,118-€8,886
Cash
€27,963
2024 · €11,440+€16,522
Balance sheet total
€1.4m
2024 · €1.5m-€71,613
Largest movements
Assets
- Stocks and contracts -€265,268
no longer reported in 2025 (was €265,268)
- Tangible fixed assets +€174,609
up €174,609 (+14.8%), from €1.2m to €1.4m
of which Land and buildings: +€175,616
- Cash +€16,522
up €16,522 (+144%), from €11,440 to €27,963
mainly Stocks and contracts (+€265,268) and Depreciation (+€115,016)
Equity and liabilities
- Debts after one year -€57,070
down €57,070 (-5.6%), from €1.0m to €967,190
Income statement
- Depreciation +€64,061
up €64,061 (+126%), from €50,955 to €115,016
- Gross operating margin +€52,061
up €52,061 (+48.4%), from €107,627 to €159,689
- Taxes -€5,421
down €5,421 (-67.3%), from €8,055 to €2,634
- Financial charges +€3,719
up €3,719 (+14.1%), from €26,405 to €30,124
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.
Result 2024
€18,070
Gross operating margin
+€52,061
Staff costs
+€689
Depreciation
-€64,061
Other operating charges
-€685
Other operating items
-€12,047
Financial income
+€384
Financial charges
-€3,719
Taxes
+€5,421
Result 2025
-€3,886
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€375,411
Investment
-€289,625
Financing
-€69,263
Cash 2024
€11,440
From operations (derived)
+€375,411
Net result for the year
-€3,886
Depreciation
+€115,016
Stocks and contracts
+€265,268
Smaller working-capital items
-€220
Deferred charges and accrued income
-€2,305
Trade debts
-€7,620
Tax, wage and social debts
+€4,281
Other debts
+€4,878
Investment (derived)
-€289,625
Investment in fixed assets (net)
-€289,625
Financing
-€69,263
Debts after one year
-€57,070
Current portion of long-term debt
+€1,172
Short-term financial debts
-€8,366
Contributions, distributions and other
-€5,000
Cash 2025
€27,963
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,487,209 | €1,415,596 | -€71,613 | -4.8% |
| Fixed assets | 21/28 | €1,178,962 | €1,353,571 | +€174,609 | +14.8% |
| Tangible fixed assets | 22/27 | €1,178,712 | €1,353,321 | +€174,609 | +14.8% |
| Land and buildings | 22 | €1,177,438 | €1,353,054 | +€175,616 | +14.9% |
| Plant, machinery and equipment | 23 | €498 | - | -€498 | |
| Furniture and vehicles | 24 | €777 | €268 | -€509 | -65.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €308,247 | €62,025 | -€246,222 | -79.9% |
| Stocks and contracts in progress | 3 | €265,268 | - | -€265,268 | |
| Stocks | 30/36 | €265,268 | - | -€265,268 | |
| Amounts receivable within one year | 40/41 | €27,427 | €27,646 | +€219 | +0.8% |
| Trade receivables | 40 | €22,281 | €18,117 | -€4,164 | -18.7% |
| Other amounts receivable | 41 | €5,146 | €9,529 | +€4,383 | +85.2% |
| Cash at bank and in hand | 54/58 | €11,440 | €27,963 | +€16,522 | +144% |
| Deferred charges and accrued income | 490/1 | €4,112 | €6,417 | +€2,305 | +56.1% |
| Total equity and liabilities | 10/49 | €1,487,209 | €1,415,596 | -€71,613 | -4.8% |
| Equity | 10/15 | €368,118 | €359,232 | -€8,886 | -2.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €328,118 | €320,677 | -€7,442 | -2.3% |
| Distributable reserves | 133 | €328,118 | €320,677 | -€7,442 | -2.3% |
| Profit (loss) carried forward | 14 | - | -€1,445 | -€1,445 | |
| Amounts payable | 17/49 | €1,119,091 | €1,056,364 | -€62,727 | -5.6% |
| Amounts payable after more than one year | 17 | €1,024,260 | €967,190 | -€57,070 | -5.6% |
| Financial debts | 170/4 | €1,024,260 | €967,190 | -€57,070 | -5.6% |
| Amounts payable within one year | 42/48 | €91,653 | €85,997 | -€5,655 | -6.2% |
| Current portion of amounts payable after more than one year | 42 | €55,898 | €57,070 | +€1,172 | +2.1% |
| Financial debts | 43 | €8,366 | - | -€8,366 | |
| Credit institutions | 430/8 | €8,366 | - | -€8,366 | |
| Trade debts | 44 | €14,679 | €7,059 | -€7,620 | -51.9% |
| Suppliers | 440/4 | €14,679 | €7,059 | -€7,620 | -51.9% |
| Taxes, remuneration and social security | 45 | €8,975 | €13,256 | +€4,281 | +47.7% |
| Taxes | 450/3 | €8,975 | €13,256 | +€4,281 | +47.7% |
| Other amounts payable | 47/48 | €3,735 | €8,613 | +€4,878 | +131% |
| Accrued charges and deferred income | 492/3 | €3,179 | €3,177 | -€2 | -0.1% |
| Non-recurring operating income | 76A | - | €45,140 | +€45,140 | |
| Remuneration, social security and pensions | 62 | €689 | - | -€689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,955 | €115,016 | +€64,061 | +126% |
| Other operating charges | 640/8 | €3,454 | €4,139 | +€685 | +19.8% |
| Non-recurring operating charges | 66A | - | €12,047 | +€12,047 | |
| Gross operating margin | 9900 | €107,627 | €159,689 | +€52,061 | +48.4% |
| Operating profit (loss) | 9901 | €52,529 | €28,487 | -€24,042 | -45.8% |
| Financial income | 75/76B | - | €384 | +€384 | |
| Recurring financial income | 75 | - | €384 | +€384 | |
| Financial charges | 65/66B | €26,405 | €30,124 | +€3,719 | +14.1% |
| Recurring financial charges | 65 | €26,405 | €30,124 | +€3,719 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €26,125 | -€1,252 | -€27,377 | |
| Income taxes | 67/77 | €8,055 | €2,634 | -€5,421 | -67.3% |
| Profit (loss) for the period | 9904 | €18,070 | -€3,886 | -€21,956 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,070 | -€3,886 | -€21,956 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.