AIRCO-ROPA: 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-ROPA
Largest movements
- Cash -€331,740
down €331,740 (-96.4%), from €344,207 to €12,467
mainly Contributions, distributions and other (-€209,013) and Receivables within one year (-€143,667)
- Receivables within one year +€143,667
up €143,667 (+14.2%), from €1.0m to €1.2m
of which Other amounts receivable: +€136,958
- Tangible fixed assets -€61,850
down €61,850 (-13.6%), from €454,744 to €392,894
of which Furniture and vehicles: -€43,932
- Reserves -€209,013
down €209,013 (-26.6%), from €787,085 to €578,072
- Debts after one year -€30,271
down €30,271 (-3.1%), from €973,029 to €942,758
- Write-downs -€29,623
no longer reported in 2025 (was €29,623)
- Gross operating margin +€24,668
up €24,668 (+71.3%), from €34,611 to €59,280
- Taxes +€10,966
up €10,966 (+1,937%), from €566 to €11,533
- Financial income +€3,960
up €3,960 (+293%), from €1,353 to €5,313
- Financial charges -€2,314
down €2,314 (-35.7%), from €6,483 to €4,169
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,599,415 | €2,335,542 | -€263,873 | -10.2% |
| Fixed assets | 21/28 | €454,744 | €392,894 | -€61,850 | -13.6% |
| Tangible fixed assets | 22/27 | €454,744 | €392,894 | -€61,850 | -13.6% |
| Land and buildings | 22 | €327,895 | €311,095 | -€16,799 | -5.1% |
| Plant, machinery and equipment | 23 | €2,587 | €1,469 | -€1,119 | -43.2% |
| Furniture and vehicles | 24 | €124,262 | €80,330 | -€43,932 | -35.4% |
| Current assets | 29/58 | €2,144,671 | €1,942,648 | -€202,023 | -9.4% |
| Amounts receivable after more than one year | 29 | €750,000 | €750,000 | = | 0.0% |
| Other amounts receivable | 291 | €750,000 | €750,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,395 | €3,188 | -€11,207 | -77.9% |
| Stocks | 30/36 | €14,395 | €3,188 | -€11,207 | -77.9% |
| Amounts receivable within one year | 40/41 | €1,013,698 | €1,157,365 | +€143,667 | +14.2% |
| Trade receivables | 40 | €481,598 | €488,306 | +€6,708 | +1.4% |
| Other amounts receivable | 41 | €532,100 | €669,059 | +€136,958 | +25.7% |
| Cash at bank and in hand | 54/58 | €344,207 | €12,467 | -€331,740 | -96.4% |
| Deferred charges and accrued income | 490/1 | €22,371 | €19,628 | -€2,744 | -12.3% |
| Total equity and liabilities | 10/49 | €2,599,415 | €2,335,542 | -€263,873 | -10.2% |
| Equity | 10/15 | €1,579,409 | €1,352,428 | -€226,981 | -14.4% |
| Reserves | 13 | €787,085 | €578,072 | -€209,013 | -26.6% |
| Distributable reserves | 133 | €787,085 | €578,072 | -€209,013 | -26.6% |
| Profit (loss) carried forward | 14 | €792,324 | €774,356 | -€17,967 | -2.3% |
| Amounts payable | 17/49 | €1,020,006 | €983,114 | -€36,892 | -3.6% |
| Amounts payable after more than one year | 17 | €973,029 | €942,758 | -€30,271 | -3.1% |
| Financial debts | 170/4 | €973,029 | €942,758 | -€30,271 | -3.1% |
| Amounts payable within one year | 42/48 | €46,977 | €40,355 | -€6,622 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €30,271 | €30,271 | = | 0.0% |
| Trade debts | 44 | €186 | €2,247 | +€2,061 | +1,108% |
| Suppliers | 440/4 | €186 | €2,247 | +€2,061 | +1,108% |
| Taxes, remuneration and social security | 45 | €7,720 | €7,838 | +€117 | +1.5% |
| Taxes | 450/3 | €7,720 | €4,338 | -€3,383 | -43.8% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €8,800 | - | -€8,800 | |
| Non-recurring operating income | 76A | €511 | - | -€511 | |
| Remuneration, social security and pensions | 62 | €968 | €2,726 | +€1,759 | +182% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,910 | €61,850 | -€60 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,623 | - | -€29,623 | |
| Other operating charges | 640/8 | €2,782 | €2,283 | -€499 | -18.0% |
| Non-recurring operating charges | 66A | €3,123 | - | -€3,123 | |
| Gross operating margin | 9900 | €34,611 | €59,280 | +€24,668 | +71.3% |
| Operating profit (loss) | 9901 | -€63,794 | -€7,579 | +€56,214 | +88.1% |
| Financial income | 75/76B | €1,353 | €5,313 | +€3,960 | +293% |
| Recurring financial income | 75 | €1,353 | €5,313 | +€3,960 | +293% |
| Financial charges | 65/66B | €6,483 | €4,169 | -€2,314 | -35.7% |
| Recurring financial charges | 65 | €6,483 | €4,169 | -€2,314 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | -€68,924 | -€6,435 | +€62,489 | +90.7% |
| Income taxes | 67/77 | €566 | €11,533 | +€10,966 | +1,937% |
| Profit (loss) for the period | 9904 | -€69,490 | -€17,967 | +€51,522 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,490 | -€17,967 | +€51,522 | +74.1% |
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 29 October 2026 via checked.be.