FREDERICK AIRCO: 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.
FREDERICK AIRCO
Largest movements
- Receivables within one year +€12,726
up €12,726 (+36.0%), from €35,352 to €48,078
of which Trade receivables: +€10,897
- Cash -€7,221
down €7,221 (-33.6%), from €21,471 to €14,250
mainly Receivables within one year (-€12,726) and Debts after one year (-€6,619)
- Tangible fixed assets -€6,450
down €6,450 (-20.3%), from €31,749 to €25,299
of which Furniture and vehicles: -€6,901
- Debts after one year -€6,619
down €6,619 (-26.4%), from €25,097 to €18,478
- Profit (loss) carried forward +€4,135
up €4,135 (+10.9%), from €37,809 to €41,944
- Trade debts +€1,934
up €1,934 (+29.1%), from €6,643 to €8,577
- Gross operating margin +€7,492
up €7,492 (+80.0%), from €9,359 to €16,851
- Depreciation +€2,630
up €2,630 (+52.4%), from €5,020 to €7,650
- Taxes +€1,454
up €1,454 (+691%), from €210 to €1,664
- Other operating charges +€262
up €262 (+22.2%), from €1,183 to €1,445
- Financial charges +€250
up €250 (+12.8%), from €1,959 to €2,210
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 | €108,538 | €108,266 | -€272 | -0.3% |
| Fixed assets | 21/28 | €34,064 | €27,614 | -€6,450 | -18.9% |
| Tangible fixed assets | 22/27 | €31,749 | €25,299 | -€6,450 | -20.3% |
| Plant, machinery and equipment | 23 | €789 | €1,241 | +€452 | +57.2% |
| Furniture and vehicles | 24 | €30,960 | €24,058 | -€6,901 | -22.3% |
| Financial fixed assets | 28 | €2,315 | €2,315 | = | 0.0% |
| Current assets | 29/58 | €74,474 | €80,652 | +€6,178 | +8.3% |
| Stocks and contracts in progress | 3 | €16,464 | €16,664 | +€199 | +1.2% |
| Stocks | 30/36 | €16,464 | €16,664 | +€199 | +1.2% |
| Amounts receivable within one year | 40/41 | €35,352 | €48,078 | +€12,726 | +36.0% |
| Trade receivables | 40 | €14,692 | €25,589 | +€10,897 | +74.2% |
| Other amounts receivable | 41 | €20,660 | €22,489 | +€1,829 | +8.9% |
| Cash at bank and in hand | 54/58 | €21,471 | €14,250 | -€7,221 | -33.6% |
| Deferred charges and accrued income | 490/1 | €1,187 | €1,660 | +€473 | +39.8% |
| Total equity and liabilities | 10/49 | €108,538 | €108,266 | -€272 | -0.3% |
| Equity | 10/15 | €66,957 | €71,092 | +€4,135 | +6.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €24,148 | €24,148 | = | 0.0% |
| Distributable reserves | 133 | €24,148 | €24,148 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,809 | €41,944 | +€4,135 | +10.9% |
| Amounts payable | 17/49 | €41,581 | €37,174 | -€4,407 | -10.6% |
| Amounts payable after more than one year | 17 | €25,097 | €18,478 | -€6,619 | -26.4% |
| Financial debts | 170/4 | €25,097 | €18,478 | -€6,619 | -26.4% |
| Amounts payable within one year | 42/48 | €16,484 | €18,696 | +€2,212 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €6,341 | €6,619 | +€279 | +4.4% |
| Trade debts | 44 | €6,643 | €8,577 | +€1,934 | +29.1% |
| Suppliers | 440/4 | €6,643 | €8,577 | +€1,934 | +29.1% |
| Taxes, remuneration and social security | 45 | €3,500 | €3,500 | = | 0.0% |
| Taxes | 450/3 | €3,500 | €3,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,020 | €7,650 | +€2,630 | +52.4% |
| Other operating charges | 640/8 | €1,183 | €1,445 | +€262 | +22.2% |
| Gross operating margin | 9900 | €9,359 | €16,851 | +€7,492 | +80.0% |
| Operating profit (loss) | 9901 | €3,156 | €7,756 | +€4,600 | +146% |
| Financial income | 75/76B | €91 | €253 | +€162 | +177% |
| Recurring financial income | 75 | €91 | €253 | +€162 | +177% |
| Financial charges | 65/66B | €1,959 | €2,210 | +€250 | +12.8% |
| Recurring financial charges | 65 | €1,959 | €2,210 | +€250 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | €1,288 | €5,799 | +€4,511 | +350% |
| Income taxes | 67/77 | €210 | €1,664 | +€1,454 | +691% |
| Profit (loss) for the period | 9904 | €1,078 | €4,135 | +€3,057 | +284% |
| Profit (loss) for the period to be appropriated | 9905 | €1,078 | €4,135 | +€3,057 | +284% |
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 28 October 2026 via checked.be.