E. AERTS: 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.
E. AERTS
Largest movements
- Current investments +€526,328
up €526,328 (+140%), from €377,048 to €903,375
- Cash -€424,329
down €424,329 (-82.8%), from €512,307 to €87,978
mainly Current investments (-€526,328) and Contributions, distributions and other (-€96,469)
- Tangible fixed assets -€14,734
down €14,734 (-17.3%), from €84,938 to €70,204
of which Land and buildings: -€8,106
- Reserves +€102,341
up €102,341 (+12.4%), from €823,086 to €925,427
of which Distributable reserves: +€102,341
- Tax, wage and social debts -€17,094
down €17,094 (-29.5%), from €57,914 to €40,820
of which Taxes: -€17,094
- Gross operating margin +€24,966
up €24,966 (+8.9%), from €280,438 to €305,404
- Taxes +€6,632
up €6,632 (+8.1%), from €81,633 to €88,265
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 | €990,216 | €1,067,832 | +€77,616 | +7.8% |
| Fixed assets | 21/28 | €89,938 | €75,204 | -€14,734 | -16.4% |
| Tangible fixed assets | 22/27 | €84,938 | €70,204 | -€14,734 | -17.3% |
| Land and buildings | 22 | €78,310 | €70,204 | -€8,106 | -10.4% |
| Furniture and vehicles | 24 | €6,629 | - | -€6,629 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €900,277 | €992,628 | +€92,351 | +10.3% |
| Amounts receivable within one year | 40/41 | €6,370 | - | -€6,370 | |
| Trade receivables | 40 | €6,370 | - | -€6,370 | |
| Current investments | 50/53 | €377,048 | €903,375 | +€526,328 | +140% |
| Cash at bank and in hand | 54/58 | €512,307 | €87,978 | -€424,329 | -82.8% |
| Deferred charges and accrued income | 490/1 | €4,553 | €1,275 | -€3,278 | -72.0% |
| Total equity and liabilities | 10/49 | €990,216 | €1,067,832 | +€77,616 | +7.8% |
| Equity | 10/15 | €878,240 | €980,581 | +€102,341 | +11.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €823,086 | €925,427 | +€102,341 | +12.4% |
| Tax-exempt reserves | 132 | €19,953 | €19,953 | = | 0.0% |
| Distributable reserves | 133 | €803,133 | €905,474 | +€102,341 | +12.7% |
| Profit (loss) carried forward | 14 | €42,754 | €42,754 | = | 0.0% |
| Amounts payable | 17/49 | €111,976 | €87,251 | -€24,724 | -22.1% |
| Amounts payable within one year | 42/48 | €109,403 | €83,794 | -€25,609 | -23.4% |
| Current portion of amounts payable after more than one year | 42 | €6,352 | - | -€6,352 | |
| Trade debts | 44 | €3,021 | €3,596 | +€575 | +19.0% |
| Suppliers | 440/4 | €3,021 | €3,596 | +€575 | +19.0% |
| Taxes, remuneration and social security | 45 | €57,914 | €40,820 | -€17,094 | -29.5% |
| Taxes | 450/3 | €56,039 | €38,945 | -€17,094 | -30.5% |
| Remuneration and social security | 454/9 | €1,875 | €1,875 | = | 0.0% |
| Other amounts payable | 47/48 | €42,116 | €39,377 | -€2,739 | -6.5% |
| Accrued charges and deferred income | 492/3 | €2,573 | €3,457 | +€885 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,883 | €14,734 | -€148 | -1.0% |
| Other operating charges | 640/8 | €1,413 | €1,321 | -€93 | -6.5% |
| Gross operating margin | 9900 | €280,438 | €305,404 | +€24,966 | +8.9% |
| Operating profit (loss) | 9901 | €264,142 | €289,349 | +€25,207 | +9.5% |
| Financial income | 75/76B | €4,480 | €2,981 | -€1,499 | -33.5% |
| Recurring financial income | 75 | €4,480 | €2,981 | -€1,499 | -33.5% |
| Financial charges | 65/66B | €3,704 | €5,255 | +€1,551 | +41.9% |
| Recurring financial charges | 65 | €3,704 | €5,255 | +€1,551 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €264,918 | €287,075 | +€22,157 | +8.4% |
| Income taxes | 67/77 | €81,633 | €88,265 | +€6,632 | +8.1% |
| Profit (loss) for the period | 9904 | €183,285 | €198,810 | +€15,525 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €183,285 | €198,810 | +€15,525 | +8.5% |
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 25 October 2026 via checked.be.