AIRTERM: 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.
AIRTERM
Largest movements
- Tangible fixed assets +€174,189
up €174,189 (+165.0%), from €105,562 to €279,751
of which Furniture and vehicles: +€175,979
- Stocks and contracts +€61,367
up €61,367 (+19.2%), from €318,946 to €380,313
- Cash +€60,038
up €60,038 (+13.2%), from €454,578 to €514,616
mainly Net result for the year (+€228,224) and Other debts (+€172,000)
- Receivables within one year +€45,422
up €45,422 (+5.2%), from €878,043 to €923,465
of which Other amounts receivable: +€23,899
- Other debts +€172,000
up €172,000 (+116.2%), from €148,000 to €320,000
- Debts after one year +€135,435
up €135,435 (+209.3%), from €64,724 to €200,158
- Trade debts -€55,257
down €55,257 (-16.4%), from €337,518 to €282,262
- Tax, wage and social debts +€47,222
up €47,222 (+55.5%), from €85,014 to €132,236
of which Taxes: +€38,140
- Current portion of long-term debt +€32,871
up €32,871 (+112.8%), from €29,152 to €62,023
- Gross operating margin +€138,354
up €138,354 (+28.4%), from €487,867 to €626,221
- Staff costs +€44,741
up €44,741 (+21.6%), from €207,447 to €252,188
- Depreciation +€19,760
up €19,760 (+70.2%), from €28,166 to €47,926
- Taxes +€19,538
up €19,538 (+33.0%), from €59,138 to €78,676
- Financial charges -€10,454
down €10,454 (-46.7%), from €22,386 to €11,933
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 | €1,763,331 | €2,104,725 | +€341,393 | +19.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €105,562 | €279,751 | +€174,189 | +165.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €105,562 | €279,751 | +€174,189 | +165.0% |
| Plant, machinery and equipment | 23 | €1,790 | €0 | -€1,790 | -100.0% |
| Furniture and vehicles | 24 | €103,772 | €279,751 | +€175,979 | +169.6% |
| Current assets | 29/58 | €1,657,770 | €1,824,974 | +€167,204 | +10.1% |
| Stocks and contracts in progress | 3 | €318,946 | €380,313 | +€61,367 | +19.2% |
| Stocks | 30/36 | €318,946 | €380,313 | +€61,367 | +19.2% |
| Amounts receivable within one year | 40/41 | €878,043 | €923,465 | +€45,422 | +5.2% |
| Trade receivables | 40 | €856,987 | €878,510 | +€21,523 | +2.5% |
| Other amounts receivable | 41 | €21,056 | €44,955 | +€23,899 | +113.5% |
| Cash at bank and in hand | 54/58 | €454,578 | €514,616 | +€60,038 | +13.2% |
| Deferred charges and accrued income | 490/1 | €6,203 | €6,580 | +€378 | +6.1% |
| Total equity and liabilities | 10/49 | €1,763,331 | €2,104,725 | +€341,393 | +19.4% |
| Equity | 10/15 | €1,098,251 | €1,106,476 | +€8,224 | +0.7% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €1,058,251 | €1,066,476 | +€8,224 | +0.8% |
| Distributable reserves | 133 | €1,058,251 | €1,066,476 | +€8,224 | +0.8% |
| Amounts payable | 17/49 | €665,080 | €998,249 | +€333,169 | +50.1% |
| Amounts payable after more than one year | 17 | €64,724 | €200,158 | +€135,435 | +209.3% |
| Financial debts | 170/4 | €64,724 | €200,158 | +€135,435 | +209.3% |
| Amounts payable within one year | 42/48 | €599,685 | €796,521 | +€196,836 | +32.8% |
| Current portion of amounts payable after more than one year | 42 | €29,152 | €62,023 | +€32,871 | +112.8% |
| Trade debts | 44 | €337,518 | €282,262 | -€55,257 | -16.4% |
| Suppliers | 440/4 | €337,518 | €282,262 | -€55,257 | -16.4% |
| Taxes, remuneration and social security | 45 | €85,014 | €132,236 | +€47,222 | +55.5% |
| Taxes | 450/3 | €58,866 | €97,006 | +€38,140 | +64.8% |
| Remuneration and social security | 454/9 | €26,148 | €35,230 | +€9,082 | +34.7% |
| Other amounts payable | 47/48 | €148,000 | €320,000 | +€172,000 | +116.2% |
| Accrued charges and deferred income | 492/3 | €672 | €1,570 | +€899 | +133.8% |
| Non-recurring operating income | 76A | €3,283 | €10,347 | +€7,064 | +215.2% |
| Remuneration, social security and pensions | 62 | €207,447 | €252,188 | +€44,741 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,166 | €47,926 | +€19,760 | +70.2% |
| Other operating charges | 640/8 | €4,581 | €3,200 | -€1,381 | -30.1% |
| Non-recurring operating charges | 66A | €828 | €4,638 | +€3,810 | +460.1% |
| Gross operating margin | 9900 | €487,867 | €626,221 | +€138,354 | +28.4% |
| Operating profit (loss) | 9901 | €246,845 | €318,270 | +€71,424 | +28.9% |
| Financial income | 75/76B | €60 | €563 | +€503 | +834.7% |
| Recurring financial income | 75 | €60 | €443 | +€383 | +635.6% |
| Non-recurring financial income | 76B | - | €120 | +€120 | |
| Financial charges | 65/66B | €22,386 | €11,933 | -€10,454 | -46.7% |
| Recurring financial charges | 65 | €22,386 | €11,933 | -€10,454 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €224,519 | €306,900 | +€82,381 | +36.7% |
| Income taxes | 67/77 | €59,138 | €78,676 | +€19,538 | +33.0% |
| Profit (loss) for the period | 9904 | €165,381 | €228,224 | +€62,843 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €165,381 | €228,224 | +€62,843 | +38.0% |
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.