AVIACAP: 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.
AVIACAP
Largest movements
- Cash +€92,573
up €92,573 (+44.4%), from €208,456 to €301,029
mainly Net result for the year (+€131,703) and Depreciation (+€8,482)
- Tangible fixed assets -€8,482
down €8,482 (-27.3%), from €31,046 to €22,564
- Receivables within one year +€6,686
up €6,686 (+45.7%), from €14,614 to €21,300
of which Trade receivables: +€4,487
- Reserves +€131,703
up €131,703 (+67.8%), from €194,348 to €326,051
- Tax, wage and social debts -€31,673
down €31,673 (-90.1%), from €35,135 to €3,463
- Debts after one year -€6,771
no longer reported in 2025 (was €6,771)
- Gross operating margin +€9,431
up €9,431 (+5.6%), from €168,384 to €177,815
- Taxes -€8,199
down €8,199 (-17.4%), from €47,000 to €38,801
- Financial income +€3,008
up €3,008 (+1074160.7%), from €0 to €3,008
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 | €255,767 | €346,570 | +€90,802 | +35.5% |
| Fixed assets | 21/28 | €31,046 | €22,564 | -€8,482 | -27.3% |
| Tangible fixed assets | 22/27 | €31,046 | €22,564 | -€8,482 | -27.3% |
| Furniture and vehicles | 24 | €31,046 | €22,564 | -€8,482 | -27.3% |
| Current assets | 29/58 | €224,722 | €324,006 | +€99,284 | +44.2% |
| Amounts receivable within one year | 40/41 | €14,614 | €21,300 | +€6,686 | +45.7% |
| Trade receivables | 40 | €14,614 | €19,101 | +€4,487 | +30.7% |
| Other amounts receivable | 41 | - | €2,199 | +€2,199 | |
| Cash at bank and in hand | 54/58 | €208,456 | €301,029 | +€92,573 | +44.4% |
| Deferred charges and accrued income | 490/1 | €1,651 | €1,677 | +€26 | +1.6% |
| Total equity and liabilities | 10/49 | €255,767 | €346,570 | +€90,802 | +35.5% |
| Equity | 10/15 | €199,348 | €331,051 | +€131,703 | +66.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €194,348 | €326,051 | +€131,703 | +67.8% |
| Distributable reserves | 133 | €194,348 | €326,051 | +€131,703 | +67.8% |
| Amounts payable | 17/49 | €56,420 | €15,519 | -€40,901 | -72.5% |
| Amounts payable after more than one year | 17 | €6,771 | - | -€6,771 | |
| Financial debts | 170/4 | €6,771 | - | -€6,771 | |
| Amounts payable within one year | 42/48 | €49,648 | €15,519 | -€34,130 | -68.7% |
| Current portion of amounts payable after more than one year | 42 | €9,781 | €6,771 | -€3,010 | -30.8% |
| Trade debts | 44 | €68 | €79 | +€11 | +16.3% |
| Suppliers | 440/4 | €68 | €79 | +€11 | +16.3% |
| Taxes, remuneration and social security | 45 | €35,135 | €3,463 | -€31,673 | -90.1% |
| Taxes | 450/3 | €35,135 | €3,463 | -€31,673 | -90.1% |
| Other amounts payable | 47/48 | €4,664 | €5,206 | +€542 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,482 | €8,482 | = | 0.0% |
| Other operating charges | 640/8 | €418 | €848 | +€430 | +102.7% |
| Gross operating margin | 9900 | €168,384 | €177,815 | +€9,431 | +5.6% |
| Operating profit (loss) | 9901 | €159,484 | €168,485 | +€9,001 | +5.6% |
| Financial income | 75/76B | €0 | €3,008 | +€3,008 | +1074160.7% |
| Recurring financial income | 75 | €0 | €3,008 | +€3,008 | +1074160.7% |
| Financial charges | 65/66B | €1,046 | €988 | -€58 | -5.5% |
| Recurring financial charges | 65 | €1,046 | €988 | -€58 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €158,438 | €170,504 | +€12,066 | +7.6% |
| Income taxes | 67/77 | €47,000 | €38,801 | -€8,199 | -17.4% |
| Profit (loss) for the period | 9904 | €111,438 | €131,703 | +€20,265 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €111,438 | €131,703 | +€20,265 | +18.2% |
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 29 September 2026 via checked.be.