AIR - TRENDS: what changed
AIR - TRENDS
Largest movements
- Tangible fixed assets -€82,538
down €82,538 (-3.2%), from €2.6m to €2.5m
of which Land and buildings: -€71,099
- Receivables within one year +€62,047
up €62,047 (+21.2%), from €293,334 to €355,382
of which Trade receivables: +€59,761
- Cash +€35,898
up €35,898 (+195%), from €18,374 to €54,271
mainly Depreciation (+€185,553) and Tax, wage and social debts (+€45,982)
- Debts after one year -€105,615
down €105,615 (-9.2%), from €1.1m to €1.0m
- Tax, wage and social debts +€45,982
up €45,982 (+49.8%), from €92,364 to €138,347
- Reserves +€44,148
up €44,148 (+5.9%), from €748,485 to €792,634
of which Distributable reserves: +€44,148
- Other debts +€43,849
up €43,849 (+7.7%), from €572,951 to €616,800
- Gross operating margin +€174,269
up €174,269 (+84.2%), from €207,090 to €381,359
- Taxes +€29,967
up €29,967 (+271%), from €11,053 to €41,020
- Financial charges +€13,840
up €13,840 (+20.5%), from €67,497 to €81,337
- Depreciation +€11,240
up €11,240 (+6.4%), from €174,313 to €185,553
- Other operating charges +€6,872
up €6,872 (+24.6%), from €27,916 to €34,789
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,935,592 | €2,950,806 | +€15,214 | +0.5% |
| Fixed assets | 21/28 | €2,617,952 | €2,535,414 | -€82,538 | -3.2% |
| Tangible fixed assets | 22/27 | €2,617,452 | €2,534,914 | -€82,538 | -3.2% |
| Land and buildings | 22 | €2,570,445 | €2,499,347 | -€71,099 | -2.8% |
| Plant, machinery and equipment | 23 | €4,571 | €10,058 | +€5,487 | +120% |
| Furniture and vehicles | 24 | €42,436 | €25,509 | -€16,926 | -39.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €317,640 | €415,392 | +€97,752 | +30.8% |
| Amounts receivable within one year | 40/41 | €293,334 | €355,382 | +€62,047 | +21.2% |
| Trade receivables | 40 | €141,930 | €201,690 | +€59,761 | +42.1% |
| Other amounts receivable | 41 | €151,405 | €153,692 | +€2,287 | +1.5% |
| Cash at bank and in hand | 54/58 | €18,374 | €54,271 | +€35,898 | +195% |
| Deferred charges and accrued income | 490/1 | €5,931 | €5,738 | -€193 | -3.3% |
| Total equity and liabilities | 10/49 | €2,935,592 | €2,950,806 | +€15,214 | +0.5% |
| Equity | 10/15 | €907,780 | €951,928 | +€44,148 | +4.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €748,485 | €792,634 | +€44,148 | +5.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €742,285 | €786,434 | +€44,148 | +5.9% |
| Profit (loss) carried forward | 14 | €63,614 | €63,614 | = | 0.0% |
| Investment grants | 15 | €33,681 | €33,681 | = | 0.0% |
| Amounts payable | 17/49 | €2,027,812 | €1,998,878 | -€28,934 | -1.4% |
| Amounts payable after more than one year | 17 | €1,145,798 | €1,040,183 | -€105,615 | -9.2% |
| Financial debts | 170/4 | €1,145,798 | €1,040,183 | -€105,615 | -9.2% |
| Amounts payable within one year | 42/48 | €856,599 | €913,860 | +€57,261 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | €118,488 | €105,615 | -€12,874 | -10.9% |
| Trade debts | 44 | €72,795 | €53,099 | -€19,697 | -27.1% |
| Suppliers | 440/4 | €72,795 | €53,099 | -€19,697 | -27.1% |
| Taxes, remuneration and social security | 45 | €92,364 | €138,347 | +€45,982 | +49.8% |
| Taxes | 450/3 | €92,364 | €138,347 | +€45,982 | +49.8% |
| Other amounts payable | 47/48 | €572,951 | €616,800 | +€43,849 | +7.7% |
| Accrued charges and deferred income | 492/3 | €25,415 | €44,835 | +€19,420 | +76.4% |
| Non-recurring operating income | 76A | - | €4,865 | +€4,865 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €174,313 | €185,553 | +€11,240 | +6.4% |
| Other operating charges | 640/8 | €27,916 | €34,789 | +€6,872 | +24.6% |
| Gross operating margin | 9900 | €207,090 | €381,359 | +€174,269 | +84.2% |
| Operating profit (loss) | 9901 | €4,861 | €161,018 | +€156,157 | +3,212% |
| Financial income | 75/76B | €6,293 | €5,488 | -€806 | -12.8% |
| Recurring financial income | 75 | €6,293 | €5,488 | -€806 | -12.8% |
| Financial charges | 65/66B | €67,497 | €81,337 | +€13,840 | +20.5% |
| Recurring financial charges | 65 | €67,497 | €81,337 | +€13,840 | +20.5% |
| Profit (loss) for the period before taxes | 9903 | -€56,343 | €85,169 | +€141,511 | |
| Income taxes | 67/77 | €11,053 | €41,020 | +€29,967 | +271% |
| Profit (loss) for the period | 9904 | -€67,395 | €44,148 | +€111,544 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,395 | €44,148 | +€111,544 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.