AVIACO: 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.
AVIACO
Largest movements
- Receivables within one year -€496,516
down €496,516 (-52.2%), from €950,314 to €453,799
of which Trade receivables: -€513,979
- Tangible fixed assets +€93,722
up €93,722 (+1,242%), from €7,544 to €101,265
of which Land and buildings: +€61,535
- Stocks and contracts -€88,708
down €88,708 (-5.0%), from €1.8m to €1.7m
- Cash -€43,960
down €43,960 (-17.4%), from €253,069 to €209,109
mainly Trade debts (-€559,611) and Investment in fixed assets (net) (-€107,474)
- Trade debts -€559,611
down €559,611 (-41.9%), from €1.3m to €775,696
- Advances received -€95,617
down €95,617 (-27.7%), from €345,300 to €249,683
- Reserves +€79,502
up €79,502 (+8.3%), from €962,342 to €1.0m
- Financial charges -€34,895
down €34,895 (-47.5%), from €73,452 to €38,557
- Staff costs +€31,823
up €31,823 (+36.9%), from €86,312 to €118,135
- Financial income +€23,258
up €23,258 (+2,533%), from €918 to €24,176
- Taxes +€9,578
new in 2025: €9,578
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 | €2,978,292 | €2,441,045 | -€537,246 | -18.0% |
| Fixed assets | 21/28 | €9,027 | €102,748 | +€93,722 | +1,038% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €7,544 | €101,265 | +€93,722 | +1,242% |
| Land and buildings | 22 | - | €61,535 | +€61,535 | |
| Plant, machinery and equipment | 23 | €1,527 | €0 | -€1,527 | -100% |
| Furniture and vehicles | 24 | €6,016 | €39,730 | +€33,714 | +560% |
| Financial fixed assets | 28 | €1,483 | €1,483 | = | 0.0% |
| Current assets | 29/58 | €2,969,265 | €2,338,297 | -€630,968 | -21.2% |
| Stocks and contracts in progress | 3 | €1,762,626 | €1,673,918 | -€88,708 | -5.0% |
| Stocks | 30/36 | €1,762,626 | €1,673,918 | -€88,708 | -5.0% |
| Amounts receivable within one year | 40/41 | €950,314 | €453,799 | -€496,516 | -52.2% |
| Trade receivables | 40 | €848,444 | €334,465 | -€513,979 | -60.6% |
| Other amounts receivable | 41 | €101,870 | €119,334 | +€17,463 | +17.1% |
| Cash at bank and in hand | 54/58 | €253,069 | €209,109 | -€43,960 | -17.4% |
| Deferred charges and accrued income | 490/1 | €3,256 | €1,471 | -€1,785 | -54.8% |
| Total equity and liabilities | 10/49 | €2,978,292 | €2,441,045 | -€537,246 | -18.0% |
| Equity | 10/15 | €980,942 | €1,060,444 | +€79,502 | +8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €962,342 | €1,041,844 | +€79,502 | +8.3% |
| Distributable reserves | 133 | €962,342 | €1,041,844 | +€79,502 | +8.3% |
| Amounts payable | 17/49 | €1,997,350 | €1,380,601 | -€616,748 | -30.9% |
| Amounts payable after more than one year | 17 | - | €26,108 | +€26,108 | |
| Financial debts | 170/4 | - | €26,108 | +€26,108 | |
| Amounts payable within one year | 42/48 | €1,997,350 | €1,354,493 | -€642,857 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | - | €7,722 | +€7,722 | |
| Financial debts | 43 | €300,000 | €300,000 | = | 0.0% |
| Credit institutions | 430/8 | €300,000 | €300,000 | = | 0.0% |
| Trade debts | 44 | €1,335,307 | €775,696 | -€559,611 | -41.9% |
| Suppliers | 440/4 | €1,335,307 | €775,696 | -€559,611 | -41.9% |
| Advances received on contracts in progress | 46 | €345,300 | €249,683 | -€95,617 | -27.7% |
| Taxes, remuneration and social security | 45 | €16,743 | €21,392 | +€4,649 | +27.8% |
| Taxes | 450/3 | €2,204 | €3,306 | +€1,102 | +50.0% |
| Remuneration and social security | 454/9 | €14,539 | €18,086 | +€3,547 | +24.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €86,312 | €118,135 | +€31,823 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,882 | €13,753 | +€1,871 | +15.8% |
| Other operating charges | 640/8 | €4,218 | €5,041 | +€823 | +19.5% |
| Non-recurring operating charges | 66A | - | €214 | +€214 | |
| Gross operating margin | 9900 | €239,385 | €240,604 | +€1,219 | +0.5% |
| Operating profit (loss) | 9901 | €136,973 | €103,461 | -€33,512 | -24.5% |
| Financial income | 75/76B | €918 | €24,176 | +€23,258 | +2,533% |
| Recurring financial income | 75 | €918 | €24,176 | +€23,258 | +2,533% |
| Financial charges | 65/66B | €73,452 | €38,557 | -€34,895 | -47.5% |
| Recurring financial charges | 65 | €73,452 | €38,557 | -€34,895 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €64,439 | €89,080 | +€24,640 | +38.2% |
| Income taxes | 67/77 | - | €9,578 | +€9,578 | |
| Profit (loss) for the period | 9904 | €64,439 | €79,502 | +€15,063 | +23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €64,439 | €79,502 | +€15,063 | +23.4% |
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 13 October 2026 via checked.be.