L'AERO: 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.
L'AERO
Largest movements
- Deferred charges and accrued income +€17,920
up €17,920 (+1,205%), from €1,487 to €19,407
- Tangible fixed assets -€17,544
down €17,544 (-19.0%), from €92,454 to €74,909
of which Furniture and vehicles: -€14,102
- Receivables within one year -€14,067
down €14,067 (-40.1%), from €35,083 to €21,015
of which Other amounts receivable: -€13,073
- Cash -€11,058
down €11,058 (-8.1%), from €136,272 to €125,214
mainly Current portion of long-term debt (-€20,234) and Deferred charges and accrued income (-€17,920)
- Current portion of long-term debt -€20,234
down €20,234 (-83.2%), from €24,319 to €4,085
- Trade debts +€11,709
up €11,709 (+136%), from €8,618 to €20,327
- Profit (loss) carried forward -€9,048
down €9,048 (-7.3%), from €124,761 to €115,713
- Accrued charges and deferred income -€3,656
no longer reported in 2025 (was €3,656)
- Debts after one year -€3,529
down €3,529 (-19.9%), from €17,754 to €14,225
- Staff costs +€43,050
up €43,050 (+12.3%), from €350,647 to €393,698
- Gross operating margin +€32,583
up €32,583 (+8.1%), from €399,809 to €432,392
- Financial charges +€4,930
up €4,930 (+31.1%), from €15,839 to €20,769
of which Non-recurring financial charges: +€2,557
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 | €281,076 | €257,631 | -€23,445 | -8.3% |
| Fixed assets | 21/28 | €94,954 | €77,409 | -€17,544 | -18.5% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €92,454 | €74,909 | -€17,544 | -19.0% |
| Plant, machinery and equipment | 23 | €15,516 | €11,940 | -€3,576 | -23.0% |
| Furniture and vehicles | 24 | €39,198 | €25,096 | -€14,102 | -36.0% |
| Other tangible fixed assets | 26 | €37,740 | €37,873 | +€134 | +0.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €186,122 | €180,221 | -€5,901 | -3.2% |
| Stocks and contracts in progress | 3 | €13,281 | €14,585 | +€1,304 | +9.8% |
| Stocks | 30/36 | €13,281 | €14,585 | +€1,304 | +9.8% |
| Amounts receivable within one year | 40/41 | €35,083 | €21,015 | -€14,067 | -40.1% |
| Trade receivables | 40 | €5,296 | €4,302 | -€994 | -18.8% |
| Other amounts receivable | 41 | €29,786 | €16,713 | -€13,073 | -43.9% |
| Cash at bank and in hand | 54/58 | €136,272 | €125,214 | -€11,058 | -8.1% |
| Deferred charges and accrued income | 490/1 | €1,487 | €19,407 | +€17,920 | +1,205% |
| Total equity and liabilities | 10/49 | €281,076 | €257,631 | -€23,445 | -8.3% |
| Equity | 10/15 | €145,221 | €136,173 | -€9,048 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,761 | €115,713 | -€9,048 | -7.3% |
| Amounts payable | 17/49 | €135,855 | €121,458 | -€14,397 | -10.6% |
| Amounts payable after more than one year | 17 | €17,754 | €14,225 | -€3,529 | -19.9% |
| Financial debts | 170/4 | €17,754 | €14,225 | -€3,529 | -19.9% |
| Amounts payable within one year | 42/48 | €114,445 | €107,233 | -€7,212 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €24,319 | €4,085 | -€20,234 | -83.2% |
| Financial debts | 43 | €5,837 | €7,067 | +€1,230 | +21.1% |
| Credit institutions | 430/8 | €5,837 | €7,067 | +€1,230 | +21.1% |
| Trade debts | 44 | €8,618 | €20,327 | +€11,709 | +136% |
| Suppliers | 440/4 | €8,618 | €20,327 | +€11,709 | +136% |
| Taxes, remuneration and social security | 45 | €75,671 | €74,089 | -€1,583 | -2.1% |
| Taxes | 450/3 | €23,909 | €26,046 | +€2,137 | +8.9% |
| Remuneration and social security | 454/9 | €51,762 | €48,042 | -€3,720 | -7.2% |
| Other amounts payable | 47/48 | - | €1,666 | +€1,666 | |
| Accrued charges and deferred income | 492/3 | €3,656 | - | -€3,656 | |
| Remuneration, social security and pensions | 62 | €350,647 | €393,698 | +€43,050 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,851 | €25,570 | +€718 | +2.9% |
| Other operating charges | 640/8 | €1,436 | €2,251 | +€815 | +56.8% |
| Gross operating margin | 9900 | €399,809 | €432,392 | +€32,583 | +8.1% |
| Operating profit (loss) | 9901 | €22,874 | €10,873 | -€12,001 | -52.5% |
| Financial income | 75/76B | €602 | €847 | +€245 | +40.7% |
| Recurring financial income | 75 | €602 | €847 | +€245 | +40.7% |
| Financial charges | 65/66B | €15,839 | €20,769 | +€4,930 | +31.1% |
| Recurring financial charges | 65 | €15,839 | €18,211 | +€2,372 | +15.0% |
| Non-recurring financial charges | 66B | - | €2,557 | +€2,557 | |
| Profit (loss) for the period before taxes | 9903 | €7,638 | -€9,048 | -€16,686 | |
| Income taxes | 67/77 | €1,861 | - | -€1,861 | |
| Profit (loss) for the period | 9904 | €5,776 | -€9,048 | -€14,825 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,776 | -€9,048 | -€14,825 |
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.