Fabian 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.
Fabian Aerts
Largest movements
- Cash +€13,323
up €13,323 (+51.2%), from €26,042 to €39,364
mainly Net result for the year (+€15,530) and Depreciation (+€5,293)
- Receivables within one year +€10,175
up €10,175 (+429%), from €2,372 to €12,547
of which Trade receivables: +€10,298
- Deferred charges and accrued income -€3,400
down €3,400 (-64.9%), from €5,236 to €1,837
- Tangible fixed assets -€840
down €840 (-14.3%), from €5,856 to €5,016
of which Other tangible fixed assets: -€897
- Reserves +€15,000
up €15,000 (+51.9%), from €28,875 to €43,875
- Tax, wage and social debts +€2,423
up €2,423 (+575%), from €421 to €2,844
- Other debts +€1,917
up €1,917 (+151%), from €1,270 to €3,187
- Trade debts -€611
down €611 (-39.3%), from €1,554 to €943
- Gross operating margin +€16,621
up €16,621 (+118%), from €14,118 to €30,739
- Taxes +€7,699
up €7,699 (+690%), from €1,116 to €8,816
- Depreciation -€5,939
down €5,939 (-52.9%), from €11,232 to €5,293
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 | €39,596 | €58,854 | +€19,258 | +48.6% |
| Fixed assets | 21/28 | €5,946 | €5,106 | -€840 | -14.1% |
| Tangible fixed assets | 22/27 | €5,856 | €5,016 | -€840 | -14.3% |
| Furniture and vehicles | 24 | €4,959 | €5,016 | +€57 | +1.1% |
| Other tangible fixed assets | 26 | €897 | - | -€897 | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €33,650 | €53,748 | +€20,098 | +59.7% |
| Amounts receivable within one year | 40/41 | €2,372 | €12,547 | +€10,175 | +429% |
| Trade receivables | 40 | €2,249 | €12,547 | +€10,298 | +458% |
| Other amounts receivable | 41 | €123 | - | -€123 | |
| Cash at bank and in hand | 54/58 | €26,042 | €39,364 | +€13,323 | +51.2% |
| Deferred charges and accrued income | 490/1 | €5,236 | €1,837 | -€3,400 | -64.9% |
| Total equity and liabilities | 10/49 | €39,596 | €58,854 | +€19,258 | +48.6% |
| Equity | 10/15 | €36,337 | €51,867 | +€15,530 | +42.7% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €28,875 | €43,875 | +€15,000 | +51.9% |
| Distributable reserves | 133 | €28,875 | €43,875 | +€15,000 | +51.9% |
| Profit (loss) carried forward | 14 | €1,212 | €1,742 | +€530 | +43.7% |
| Amounts payable | 17/49 | €3,259 | €6,987 | +€3,729 | +114% |
| Amounts payable within one year | 42/48 | €3,246 | €6,974 | +€3,729 | +115% |
| Trade debts | 44 | €1,554 | €943 | -€611 | -39.3% |
| Suppliers | 440/4 | €1,554 | €943 | -€611 | -39.3% |
| Taxes, remuneration and social security | 45 | €421 | €2,844 | +€2,423 | +575% |
| Taxes | 450/3 | €421 | €2,844 | +€2,423 | +575% |
| Other amounts payable | 47/48 | €1,270 | €3,187 | +€1,917 | +151% |
| Accrued charges and deferred income | 492/3 | €13 | €13 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,232 | €5,293 | -€5,939 | -52.9% |
| Other operating charges | 640/8 | €1,022 | €821 | -€201 | -19.7% |
| Gross operating margin | 9900 | €14,118 | €30,739 | +€16,621 | +118% |
| Operating profit (loss) | 9901 | €1,863 | €24,625 | +€22,762 | +1,222% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €222 | €279 | +€58 | +26.0% |
| Recurring financial charges | 65 | €222 | €279 | +€58 | +26.0% |
| Profit (loss) for the period before taxes | 9903 | €1,643 | €24,345 | +€22,703 | +1,382% |
| Income taxes | 67/77 | €1,116 | €8,816 | +€7,699 | +690% |
| Profit (loss) for the period | 9904 | €526 | €15,530 | +€15,003 | +2,850% |
| Profit (loss) for the period to be appropriated | 9905 | €526 | €15,530 | +€15,003 | +2,850% |
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 29 October 2026 via checked.be.