AORTA: 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.
AORTA
Largest movements
- Receivables within one year +€52,393
up €52,393 (+173.6%), from €30,176 to €82,569
of which Trade receivables: +€51,965
- Cash +€36,111
up €36,111 (+710.2%), from €5,085 to €41,196
mainly Depreciation (+€33,978) and Net result for the year (+€30,944)
- Tangible fixed assets -€34,925
down €34,925 (-9.8%), from €355,547 to €320,621
of which Land and buildings: -€30,984
- Financial fixed assets -€9,300
down €9,300 (-97.3%), from €9,554 to €254
- Deferred charges and accrued income -€7,836
down €7,836 (-57.7%), from €13,586 to €5,750
- Profit (loss) carried forward +€30,944
up €30,944 (+57.4%), from -€53,894 to -€22,950
- Trade debts +€16,786
up €16,786 (+64.3%), from €26,121 to €42,906
- Debts after one year -€14,117
down €14,117 (-47.5%), from €29,726 to €15,608
of which Financial debts: -€14,117
- Financial income +€139,316
up €139,316 (+7503.2%), from €1,857 to €141,173
- Gross operating margin -€59,337
down €59,337, from €50,728 to -€8,609
- Staff costs +€39,320
up €39,320 (+214.6%), from €18,320 to €57,641
- Depreciation -€25,969
down €25,969 (-43.3%), from €59,947 to €33,978
- Financial charges -€2,329
down €2,329 (-31.6%), from €7,377 to €5,048
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 | €413,947 | €450,390 | +€36,442 | +8.8% |
| Fixed assets | 21/28 | €365,101 | €320,875 | -€44,225 | -12.1% |
| Tangible fixed assets | 22/27 | €355,547 | €320,621 | -€34,925 | -9.8% |
| Land and buildings | 22 | €296,422 | €265,438 | -€30,984 | -10.5% |
| Plant, machinery and equipment | 23 | €53,973 | €48,796 | -€5,178 | -9.6% |
| Furniture and vehicles | 24 | €5,151 | €6,388 | +€1,237 | +24.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €9,554 | €254 | -€9,300 | -97.3% |
| Current assets | 29/58 | €48,847 | €129,514 | +€80,667 | +165.1% |
| Amounts receivable within one year | 40/41 | €30,176 | €82,569 | +€52,393 | +173.6% |
| Trade receivables | 40 | €24,227 | €76,192 | +€51,965 | +214.5% |
| Other amounts receivable | 41 | €5,949 | €6,377 | +€428 | +7.2% |
| Cash at bank and in hand | 54/58 | €5,085 | €41,196 | +€36,111 | +710.2% |
| Deferred charges and accrued income | 490/1 | €13,586 | €5,750 | -€7,836 | -57.7% |
| Total equity and liabilities | 10/49 | €413,947 | €450,390 | +€36,442 | +8.8% |
| Equity | 10/15 | €35,669 | €66,613 | +€30,944 | +86.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,963 | €70,963 | = | 0.0% |
| Distributable reserves | 133 | €70,963 | €70,963 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,894 | -€22,950 | +€30,944 | +57.4% |
| Amounts payable | 17/49 | €378,278 | €383,776 | +€5,498 | +1.5% |
| Amounts payable after more than one year | 17 | €29,726 | €15,608 | -€14,117 | -47.5% |
| Financial debts | 170/4 | €29,526 | €15,408 | -€14,117 | -47.8% |
| Other amounts payable | 178/9 | €200 | €200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €348,440 | €367,408 | +€18,968 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €14,733 | €14,626 | -€107 | -0.7% |
| Financial debts | 43 | €392 | €0 | -€392 | -100.0% |
| Other loans | 439 | €392 | €0 | -€392 | -100.0% |
| Trade debts | 44 | €26,121 | €42,906 | +€16,786 | +64.3% |
| Suppliers | 440/4 | €26,121 | €42,906 | +€16,786 | +64.3% |
| Taxes, remuneration and social security | 45 | €2,055 | €886 | -€1,169 | -56.9% |
| Taxes | 450/3 | €395 | €886 | +€491 | +124.4% |
| Remuneration and social security | 454/9 | €1,660 | €0 | -€1,660 | -100.0% |
| Other amounts payable | 47/48 | €305,138 | €308,989 | +€3,850 | +1.3% |
| Accrued charges and deferred income | 492/3 | €113 | €760 | +€648 | +574.0% |
| Remuneration, social security and pensions | 62 | €18,320 | €57,641 | +€39,320 | +214.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,947 | €33,978 | -€25,969 | -43.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€185 | -€185 | |
| Other operating charges | 640/8 | €4,558 | €4,998 | +€440 | +9.6% |
| Gross operating margin | 9900 | €50,728 | -€8,609 | -€59,337 | |
| Operating profit (loss) | 9901 | -€32,098 | -€105,040 | -€72,942 | -227.2% |
| Financial income | 75/76B | €1,857 | €141,173 | +€139,316 | +7503.2% |
| Recurring financial income | 75 | €1,857 | €141,173 | +€139,316 | +7503.2% |
| Financial charges | 65/66B | €7,377 | €5,048 | -€2,329 | -31.6% |
| Recurring financial charges | 65 | €7,377 | €5,048 | -€2,329 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | -€37,619 | €31,085 | +€68,703 | |
| Income taxes | 67/77 | €187 | €141 | -€47 | -25.0% |
| Profit (loss) for the period | 9904 | -€37,806 | €30,944 | +€68,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,806 | €30,944 | +€68,750 |
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 8 October 2026 via checked.be.