AVIAR: 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.
AVIAR
Largest movements
- Current investments -€98,831
down €98,831 (-90.4%), from €109,342 to €10,511
- Tangible fixed assets +€21,934
up €21,934 (+791%), from €2,773 to €24,707
of which Furniture and vehicles: +€22,364
- Cash -€16,093
down €16,093 (-81.8%), from €19,685 to €3,591
mainly Net result for the year (-€93,277) and Contributions, distributions and other (-€44,091)
- Receivables within one year -€8,930
down €8,930 (-27.0%), from €33,086 to €24,156
of which Trade receivables: -€6,042
- Deferred charges and accrued income -€2,048
down €2,048 (-19.5%), from €10,487 to €8,439
- Profit (loss) carried forward -€93,277
new in 2025: -€93,277
- Reserves -€44,091
down €44,091 (-29.5%), from €149,341 to €105,250
of which Distributable reserves: -€44,091
- Other debts +€33,198
up €33,198 (+3,196%), from €1,039 to €34,237
- Gross operating margin -€307,924
down €307,924, from €219,391 to -€88,533
- Taxes -€44,606
down €44,606 (-98.4%), from €45,328 to €722
- Depreciation +€2,430
up €2,430 (+141%), from €1,725 to €4,155
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 | €175,373 | €71,405 | -€103,969 | -59.3% |
| Fixed assets | 21/28 | €2,773 | €24,707 | +€21,934 | +791% |
| Tangible fixed assets | 22/27 | €2,773 | €24,707 | +€21,934 | +791% |
| Land and buildings | 22 | €1,083 | €600 | -€483 | -44.6% |
| Plant, machinery and equipment | 23 | €1,085 | €1,138 | +€53 | +4.9% |
| Furniture and vehicles | 24 | €605 | €22,969 | +€22,364 | +3,696% |
| Current assets | 29/58 | €172,600 | €46,697 | -€125,903 | -72.9% |
| Amounts receivable within one year | 40/41 | €33,086 | €24,156 | -€8,930 | -27.0% |
| Trade receivables | 40 | €25,138 | €19,096 | -€6,042 | -24.0% |
| Other amounts receivable | 41 | €7,949 | €5,060 | -€2,888 | -36.3% |
| Current investments | 50/53 | €109,342 | €10,511 | -€98,831 | -90.4% |
| Cash at bank and in hand | 54/58 | €19,685 | €3,591 | -€16,093 | -81.8% |
| Deferred charges and accrued income | 490/1 | €10,487 | €8,439 | -€2,048 | -19.5% |
| Total equity and liabilities | 10/49 | €175,373 | €71,405 | -€103,969 | -59.3% |
| Equity | 10/15 | €167,941 | €30,573 | -€137,369 | -81.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €149,341 | €105,250 | -€44,091 | -29.5% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €44,091 | - | -€44,091 | |
| Profit (loss) carried forward | 14 | - | -€93,277 | -€93,277 | |
| Amounts payable | 17/49 | €7,432 | €40,832 | +€33,400 | +449% |
| Amounts payable within one year | 42/48 | €7,432 | €40,707 | +€33,275 | +448% |
| Trade debts | 44 | €5,142 | €4,864 | -€279 | -5.4% |
| Suppliers | 440/4 | €5,142 | €4,864 | -€279 | -5.4% |
| Taxes, remuneration and social security | 45 | €1,251 | €1,606 | +€356 | +28.4% |
| Taxes | 450/3 | €1,251 | €1,606 | +€356 | +28.4% |
| Other amounts payable | 47/48 | €1,039 | €34,237 | +€33,198 | +3,196% |
| Accrued charges and deferred income | 492/3 | - | €125 | +€125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,725 | €4,155 | +€2,430 | +141% |
| Other operating charges | 640/8 | €402 | €667 | +€265 | +66.0% |
| Non-recurring operating charges | 66A | €23,275 | - | -€23,275 | |
| Gross operating margin | 9900 | €219,391 | -€88,533 | -€307,924 | |
| Operating profit (loss) | 9901 | €193,989 | -€93,355 | -€287,344 | |
| Financial income | 75/76B | €2,000 | €4,093 | +€2,093 | +105% |
| Recurring financial income | 75 | €2,000 | €4,093 | +€2,093 | +105% |
| Financial charges | 65/66B | €1,319 | €3,293 | +€1,974 | +150% |
| Recurring financial charges | 65 | €1,319 | €3,293 | +€1,974 | +150% |
| Profit (loss) for the period before taxes | 9903 | €194,669 | -€92,556 | -€287,225 | |
| Income taxes | 67/77 | €45,328 | €722 | -€44,606 | -98.4% |
| Profit (loss) for the period | 9904 | €149,341 | -€93,277 | -€242,619 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | - | -€105,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,091 | -€93,277 | -€137,369 |
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 16 October 2026 via checked.be.