AIRCO: 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.
AIRCO
Largest movements
- Cash +€54,016
up €54,016 (+48.0%), from €112,629 to €166,645
mainly Net result for the year (+€41,934) and Trade debts (+€14,242)
- Tangible fixed assets -€9,024
down €9,024 (-24.8%), from €36,363 to €27,339
- Receivables within one year +€4,215
up €4,215 (+19.5%), from €21,662 to €25,877
- Reserves +€41,934
up €41,934 (+40.5%), from €103,448 to €145,381
of which Distributable reserves: +€41,934
- Trade debts +€14,242
up €14,242 (+427.2%), from €3,333 to €17,576
- Debts after one year -€8,913
down €8,913 (-39.2%), from €22,741 to €13,828
- Tax, wage and social debts +€2,588
up €2,588 (+13.4%), from €19,302 to €21,891
- Gross operating margin +€8,495
up €8,495 (+12.7%), from €67,014 to €75,509
- Taxes +€2,160
up €2,160 (+11.6%), from €18,545 to €20,705
- Other operating charges -€1,620
down €1,620 (-60.0%), from €2,700 to €1,080
- Financial income -€1,166
down €1,166 (-81.4%), from €1,433 to €266
- Depreciation +€868
up €868 (+8.5%), from €10,228 to €11,097
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 | €171,336 | €220,626 | +€49,290 | +28.8% |
| Fixed assets | 21/28 | €36,363 | €27,339 | -€9,024 | -24.8% |
| Tangible fixed assets | 22/27 | €36,363 | €27,339 | -€9,024 | -24.8% |
| Furniture and vehicles | 24 | €36,363 | €27,339 | -€9,024 | -24.8% |
| Current assets | 29/58 | €134,973 | €193,287 | +€58,314 | +43.2% |
| Amounts receivable within one year | 40/41 | €21,662 | €25,877 | +€4,215 | +19.5% |
| Trade receivables | 40 | €21,662 | €25,877 | +€4,215 | +19.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €112,629 | €166,645 | +€54,016 | +48.0% |
| Deferred charges and accrued income | 490/1 | €682 | €765 | +€83 | +12.1% |
| Total equity and liabilities | 10/49 | €171,336 | €220,626 | +€49,290 | +28.8% |
| Equity | 10/15 | €115,848 | €157,781 | +€41,934 | +36.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €103,448 | €145,381 | +€41,934 | +40.5% |
| Tax-exempt reserves | 132 | €2,455 | €2,455 | = | 0.0% |
| Distributable reserves | 133 | €100,993 | €142,926 | +€41,934 | +41.5% |
| Amounts payable | 17/49 | €55,488 | €62,845 | +€7,356 | +13.3% |
| Amounts payable after more than one year | 17 | €22,741 | €13,828 | -€8,913 | -39.2% |
| Financial debts | 170/4 | €22,741 | €13,828 | -€8,913 | -39.2% |
| Amounts payable within one year | 42/48 | €32,747 | €49,016 | +€16,269 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €8,676 | €8,913 | +€237 | +2.7% |
| Trade debts | 44 | €3,333 | €17,576 | +€14,242 | +427.2% |
| Suppliers | 440/4 | €3,333 | €17,576 | +€14,242 | +427.2% |
| Taxes, remuneration and social security | 45 | €19,302 | €21,891 | +€2,588 | +13.4% |
| Taxes | 450/3 | €19,302 | €21,891 | +€2,588 | +13.4% |
| Other amounts payable | 47/48 | €1,436 | €637 | -€798 | -55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,228 | €11,097 | +€868 | +8.5% |
| Other operating charges | 640/8 | €2,700 | €1,080 | -€1,620 | -60.0% |
| Gross operating margin | 9900 | €67,014 | €75,509 | +€8,495 | +12.7% |
| Operating profit (loss) | 9901 | €54,086 | €63,332 | +€9,246 | +17.1% |
| Financial income | 75/76B | €1,433 | €266 | -€1,166 | -81.4% |
| Recurring financial income | 75 | €1,433 | €266 | -€1,166 | -81.4% |
| Financial charges | 65/66B | €1,118 | €960 | -€157 | -14.1% |
| Recurring financial charges | 65 | €1,118 | €960 | -€157 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €54,401 | €62,638 | +€8,237 | +15.1% |
| Income taxes | 67/77 | €18,545 | €20,705 | +€2,160 | +11.6% |
| Profit (loss) for the period | 9904 | €35,856 | €41,934 | +€6,078 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,856 | €41,934 | +€6,078 | +17.0% |
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 11 October 2026 via checked.be.