P-AVIATION: 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.
P-AVIATION
Largest movements
- Cash -€18,762
down €18,762 (-19.7%), from €95,323 to €76,561
mainly Contributions, distributions and other (-€50,471) and Other debts (-€26,970)
- Receivables within one year -€7,350
down €7,350 (-27.9%), from €26,383 to €19,033
of which Trade receivables: -€7,022
- Tangible fixed assets -€3,749
down €3,749 (-16.5%), from €22,666 to €18,917
of which Furniture and vehicles: -€2,653
- Other debts -€26,970
down €26,970 (-36.3%), from €74,321 to €47,351
- Tax, wage and social debts -€2,901
down €2,901 (-10.7%), from €27,011 to €24,110
of which Taxes: -€2,901
- Gross operating margin -€5,991
down €5,991 (-7.7%), from €78,279 to €72,288
- Taxes -€1,646
down €1,646 (-11.1%), from €14,819 to €13,173
- Depreciation +€1,497
up €1,497 (+29.4%), from €5,094 to €6,591
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 | €144,372 | €114,511 | -€29,861 | -20.7% |
| Fixed assets | 21/28 | €22,666 | €18,917 | -€3,749 | -16.5% |
| Tangible fixed assets | 22/27 | €22,666 | €18,917 | -€3,749 | -16.5% |
| Land and buildings | 22 | €4,671 | €2,451 | -€2,220 | -47.5% |
| Plant, machinery and equipment | 23 | - | €1,124 | +€1,124 | |
| Furniture and vehicles | 24 | €17,994 | €15,341 | -€2,653 | -14.7% |
| Current assets | 29/58 | €121,706 | €95,594 | -€26,112 | -21.5% |
| Amounts receivable within one year | 40/41 | €26,383 | €19,033 | -€7,350 | -27.9% |
| Trade receivables | 40 | €26,056 | €19,033 | -€7,022 | -27.0% |
| Other amounts receivable | 41 | €327 | - | -€327 | |
| Cash at bank and in hand | 54/58 | €95,323 | €76,561 | -€18,762 | -19.7% |
| Total equity and liabilities | 10/49 | €144,372 | €114,511 | -€29,861 | -20.7% |
| Equity | 10/15 | €41,675 | €41,675 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,075 | €23,075 | = | 0.0% |
| Distributable reserves | 133 | €23,075 | €23,075 | = | 0.0% |
| Amounts payable | 17/49 | €102,697 | €72,836 | -€29,861 | -29.1% |
| Amounts payable within one year | 42/48 | €101,832 | €71,971 | -€29,861 | -29.3% |
| Trade debts | 44 | €500 | €510 | +€10 | +2.0% |
| Suppliers | 440/4 | €500 | €510 | +€10 | +2.0% |
| Taxes, remuneration and social security | 45 | €27,011 | €24,110 | -€2,901 | -10.7% |
| Taxes | 450/3 | €25,311 | €22,410 | -€2,901 | -11.5% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €74,321 | €47,351 | -€26,970 | -36.3% |
| Accrued charges and deferred income | 492/3 | €865 | €865 | = | 0.0% |
| Non-recurring operating income | 76A | €8,264 | - | -€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,094 | €6,591 | +€1,497 | +29.4% |
| Other operating charges | 640/8 | €742 | €730 | -€12 | -1.6% |
| Gross operating margin | 9900 | €78,279 | €72,288 | -€5,991 | -7.7% |
| Operating profit (loss) | 9901 | €72,443 | €64,967 | -€7,476 | -10.3% |
| Financial charges | 65/66B | €1,138 | €1,324 | +€186 | +16.3% |
| Recurring financial charges | 65 | €1,138 | €1,324 | +€186 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €71,305 | €63,643 | -€7,662 | -10.7% |
| Income taxes | 67/77 | €14,819 | €13,173 | -€1,646 | -11.1% |
| Profit (loss) for the period | 9904 | €56,486 | €50,471 | -€6,016 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,486 | €50,471 | -€6,016 | -10.6% |
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 26 October 2026 via checked.be.