AIRSEC: what changed
Two fiscal 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.
AIRSEC
Largest movements
- Tangible fixed assets -€37,073
down €37,073 (-9.3%), from €399,445 to €362,372
of which Plant, machinery and equipment: -€25,886
- Cash -€36,064
down €36,064 (-30.8%), from €117,051 to €80,987
mainly Contributions, distributions and other (-€51,094) and Net result for the year (-€45,656)
- Receivables within one year -€6,044
down €6,044 (-7.3%), from €82,460 to €76,416
of which Trade receivables: -€6,035
- Reserves -€51,094
down €51,094 (-44.0%), from €116,230 to €65,136
- Other debts +€49,633
up €49,633 (+40.6%), from €122,385 to €172,018
- Profit (loss) carried forward -€45,656
new in 2025: -€45,656
- Debts after one year -€42,064
down €42,064 (-14.8%), from €283,780 to €241,716
- Gross operating margin -€102,681
down €102,681 (-90.7%), from €113,198 to €10,517
- Taxes -€3,635
down €3,635 (-99.8%), from €3,644 to €9
- Depreciation +€2,065
up €2,065 (+4.6%), from €44,411 to €46,476
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 | €598,956 | €519,775 | -€79,181 | -13.2% |
| Fixed assets | 21/28 | €399,445 | €362,372 | -€37,073 | -9.3% |
| Tangible fixed assets | 22/27 | €399,445 | €362,372 | -€37,073 | -9.3% |
| Land and buildings | 22 | €285,688 | €274,303 | -€11,385 | -4.0% |
| Plant, machinery and equipment | 23 | €83,975 | €58,089 | -€25,886 | -30.8% |
| Furniture and vehicles | 24 | €29,782 | €29,980 | +€198 | +0.7% |
| Current assets | 29/58 | €199,511 | €157,403 | -€42,108 | -21.1% |
| Amounts receivable within one year | 40/41 | €82,460 | €76,416 | -€6,044 | -7.3% |
| Trade receivables | 40 | €73,794 | €67,759 | -€6,035 | -8.2% |
| Other amounts receivable | 41 | €8,666 | €8,657 | -€9 | -0.1% |
| Cash at bank and in hand | 54/58 | €117,051 | €80,987 | -€36,064 | -30.8% |
| Total equity and liabilities | 10/49 | €598,956 | €519,775 | -€79,181 | -13.2% |
| Equity | 10/15 | €136,230 | €39,480 | -€96,750 | -71.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €116,230 | €65,136 | -€51,094 | -44.0% |
| Distributable reserves | 133 | €116,230 | €65,136 | -€51,094 | -44.0% |
| Profit (loss) carried forward | 14 | - | -€45,656 | -€45,656 | |
| Amounts payable | 17/49 | €462,726 | €480,295 | +€17,569 | +3.8% |
| Amounts payable after more than one year | 17 | €283,780 | €241,716 | -€42,064 | -14.8% |
| Financial debts | 170/4 | €283,780 | €241,716 | -€42,064 | -14.8% |
| Amounts payable within one year | 42/48 | €178,946 | €238,579 | +€59,633 | +33.3% |
| Current portion of amounts payable after more than one year | 42 | €45,149 | €49,662 | +€4,513 | +10.0% |
| Trade debts | 44 | - | €1,202 | +€1,202 | |
| Suppliers | 440/4 | - | €1,202 | +€1,202 | |
| Taxes, remuneration and social security | 45 | €11,412 | €15,697 | +€4,285 | +37.5% |
| Taxes | 450/3 | €5,911 | €7,005 | +€1,094 | +18.5% |
| Remuneration and social security | 454/9 | €5,501 | €8,692 | +€3,191 | +58.0% |
| Other amounts payable | 47/48 | €122,385 | €172,018 | +€49,633 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,411 | €46,476 | +€2,065 | +4.6% |
| Other operating charges | 640/8 | €948 | €1,022 | +€74 | +7.8% |
| Gross operating margin | 9900 | €113,198 | €10,517 | -€102,681 | -90.7% |
| Operating profit (loss) | 9901 | €67,839 | -€36,981 | -€104,820 | |
| Financial income | 75/76B | €31 | €64 | +€33 | +106.5% |
| Recurring financial income | 75 | €31 | €64 | +€33 | +106.5% |
| Financial charges | 65/66B | €9,556 | €8,730 | -€826 | -8.6% |
| Recurring financial charges | 65 | €9,556 | €8,730 | -€826 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €58,314 | -€45,647 | -€103,961 | |
| Income taxes | 67/77 | €3,644 | €9 | -€3,635 | -99.8% |
| Profit (loss) for the period | 9904 | €54,670 | -€45,656 | -€100,326 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,670 | -€45,656 | -€100,326 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.