TRUSTED AVIATION SERVICES: 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.
What changed
TRUSTED AVIATION SERVICES
NACE 77.350, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€14.0m
2024 · €12.8m+€1.3m
Equity
€46.3m
2024 · €32.3m+€14.0m
Cash
€1.1m
2024 · €2.1m-€1.0m
Balance sheet total
€60.9m
2024 · €60.7m+€164,135
Largest movements
Assets
- Receivables within one year +€7.8m
up €7.8m (+54.0%), from €14.5m to €22.4m
of which Other amounts receivable: +€6.2m
- Tangible fixed assets -€6.9m
down €6.9m (-16.2%), from €42.9m to €35.9m
of which Leasing and similar rights: -€7.5m
- Cash -€1.0m
down €1.0m (-47.1%), from €2.1m to €1.1m
mainly Debts after one year (-€9.3m) and Receivables within one year (-€7.8m)
Equity and liabilities
- Profit (loss) carried forward +€14.0m
up €14.0m (+43.8%), from €32.1m to €46.1m
- Debts after one year -€9.3m
down €9.3m (-59.8%), from €15.5m to €6.2m
- Current portion of long-term debt -€5.2m
down €5.2m (-50.8%), from €10.3m to €5.0m
- Trade debts +€873,639
up €873,639 (+57.2%), from €1.5m to €2.4m
Income statement
- Turnover +€5.0m
up €5.0m (+14.5%), from €34.4m to €39.4m
- Services and other goods +€2.2m
up €2.2m (+22.5%), from €9.9m to €12.1m
- Financial charges -€814,531
down €814,531 (-46.5%), from €1.8m to €937,511
of which Financial charges: -€918,437
- Depreciation +€783,786
up €783,786 (+16.5%), from €4.8m to €5.5m
- Goods and materials -€731,811
down €731,811 (-25.1%), from €2.9m to €2.2m
of which Purchases: -€771,913
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.
Result 2024
€12.8m
Turnover
+€5.0m
Goods and materials
+€731,811
Services and other goods
-€2.2m
Depreciation
-€783,786
Write-downs
-€37,197
Provisions
-€53,394
Other operating charges
+€2,777
Other operating items
-€1.2m
Financial income
-€448,561
Financial charges
+€814,531
Taxes
-€511,594
Result 2025
€14.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€12.1m
Investment
+€1.4m
Financing
-€14.5m
Cash 2024
€2.1m
From operations (derived)
+€12.1m
Net result for the year
+€14.0m
Depreciation
+€5.5m
Stocks and contracts
-€181,813
Receivables within one year
-€7.8m
Deferred charges and accrued income
-€73,956
Provisions
+€73,956
Trade debts
+€873,639
Tax, wage and social debts
+€147,144
Other debts
-€59,955
Accrued charges and deferred income
-€417,414
Investment (derived)
+€1.4m
Investment in fixed assets (net)
+€1.4m
Financing
-€14.5m
Debts after one year
-€9.3m
Current portion of long-term debt
-€5.2m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,747,272 | €60,911,407 | +€164,135 | +0.3% |
| Fixed assets | 21/28 | €42,917,831 | €35,985,799 | -€6.9m | -16.2% |
| Tangible fixed assets | 22/27 | €42,868,602 | €35,936,570 | -€6.9m | -16.2% |
| Plant, machinery and equipment | 23 | €4,027 | €7,553 | +€3,526 | +87.6% |
| Leasing and similar rights | 25 | €41,024,738 | €33,528,360 | -€7.5m | -18.3% |
| Assets under construction and advance payments | 27 | €1,839,837 | €2,400,657 | +€560,820 | +30.5% |
| Financial fixed assets | 28 | €49,229 | €49,229 | = | 0.0% |
| Affiliated companies | 280/1 | €49,229 | €49,229 | = | 0.0% |
| Participating interests | 280 | €49,229 | €49,229 | = | 0.0% |
| Current assets | 29/58 | €17,829,441 | €24,925,608 | +€7.1m | +39.8% |
| Stocks and contracts in progress | 3 | €930,884 | €1,112,697 | +€181,813 | +19.5% |
| Stocks | 30/36 | €930,884 | €1,112,697 | +€181,813 | +19.5% |
| Goods purchased for resale | 34 | €930,884 | €1,112,697 | +€181,813 | +19.5% |
| Amounts receivable within one year | 40/41 | €14,542,372 | €22,389,820 | +€7.8m | +54.0% |
| Trade receivables | 40 | €6,700,445 | €8,329,164 | +€1.6m | +24.3% |
| Other amounts receivable | 41 | €7,841,926 | €14,060,655 | +€6.2m | +79.3% |
| Cash at bank and in hand | 54/58 | €2,137,593 | €1,130,542 | -€1.0m | -47.1% |
| Deferred charges and accrued income | 490/1 | €218,593 | €292,549 | +€73,956 | +33.8% |
| Total equity and liabilities | 10/49 | €60,747,272 | €60,911,407 | +€164,135 | +0.3% |
| Equity | 10/15 | €32,262,870 | €46,294,586 | +€14.0m | +43.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €188,244 | €188,244 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €186,384 | €186,384 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,068,427 | €46,100,142 | +€14.0m | +43.8% |
| Provisions and deferred taxes | 16 | €218,593 | €292,549 | +€73,956 | +33.8% |
| Provisions for liabilities and charges | 160/5 | €218,593 | €292,549 | +€73,956 | +33.8% |
| Other liabilities and charges | 164/5 | €218,593 | €292,549 | +€73,956 | +33.8% |
| Amounts payable | 17/49 | €28,265,809 | €14,324,272 | -€13.9m | -49.3% |
| Amounts payable after more than one year | 17 | €15,496,796 | €6,223,340 | -€9.3m | -59.8% |
| Financial debts | 170/4 | €15,496,796 | €6,223,340 | -€9.3m | -59.8% |
| Leasing and similar obligations | 172 | €6,457,746 | - | -€6.5m | |
| Credit institutions | 173 | €9,039,050 | €6,223,340 | -€2.8m | -31.2% |
| Amounts payable within one year | 42/48 | €12,255,062 | €8,004,396 | -€4.3m | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €10,254,615 | €5,043,120 | -€5.2m | -50.8% |
| Trade debts | 44 | €1,527,941 | €2,401,580 | +€873,639 | +57.2% |
| Suppliers | 440/4 | €1,527,941 | €2,401,580 | +€873,639 | +57.2% |
| Taxes, remuneration and social security | 45 | €412,552 | €559,696 | +€147,144 | +35.7% |
| Taxes | 450/3 | €412,552 | €559,696 | +€147,144 | +35.7% |
| Other amounts payable | 47/48 | €59,955 | - | -€59,955 | |
| Accrued charges and deferred income | 492/3 | €513,950 | €96,537 | -€417,414 | -81.2% |
| Operating income | 70/76A | €36,552,962 | €39,422,989 | +€2.9m | +7.9% |
| Turnover | 70 | €34,428,544 | €39,422,989 | +€5.0m | +14.5% |
| Non-recurring operating income | 76A | €2,124,418 | - | -€2.1m | |
| Operating charges | 60/66A | €18,506,682 | €19,950,729 | +€1.4m | +7.8% |
| Goods for resale, raw materials and consumables | 60 | €2,918,131 | €2,186,320 | -€731,811 | -25.1% |
| Purchases | 600/8 | €3,140,045 | €2,368,133 | -€771,913 | -24.6% |
| Change in stocks: decrease (increase) | 609 | -€221,915 | -€181,813 | +€40,102 | +18.1% |
| Services and other goods | 61 | €9,887,482 | €12,110,293 | +€2.2m | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,758,178 | €5,541,964 | +€783,786 | +16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €37,197 | +€37,197 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €20,561 | €73,956 | +€53,394 | +260% |
| Other operating charges | 640/8 | €3,776 | €998 | -€2,777 | -73.6% |
| Non-recurring operating charges | 66A | €918,554 | - | -€918,554 | |
| Operating profit (loss) | 9901 | €18,046,280 | €19,472,260 | +€1.4m | +7.9% |
| Financial income | 75/76B | €696,655 | €248,093 | -€448,561 | -64.4% |
| Recurring financial income | 75 | €696,655 | €248,093 | -€448,561 | -64.4% |
| Income from financial fixed assets | 750 | €26,970 | €230,139 | +€203,170 | +753% |
| Other financial income | 752/9 | €669,685 | €17,954 | -€651,731 | -97.3% |
| Financial charges | 65/66B | €1,752,042 | €937,511 | -€814,531 | -46.5% |
| Recurring financial charges | 65 | €1,752,042 | €833,605 | -€918,437 | -52.4% |
| Debt charges | 650 | €1,046,425 | €817,034 | -€229,391 | -21.9% |
| Other financial charges | 652/9 | €705,618 | €16,572 | -€689,046 | -97.7% |
| Non-recurring financial charges | 66B | - | €103,905 | +€103,905 | |
| Profit (loss) for the period before taxes | 9903 | €16,990,892 | €18,782,842 | +€1.8m | +10.5% |
| Income taxes | 67/77 | €4,239,533 | €4,751,127 | +€511,594 | +12.1% |
| Taxes | 670/3 | €4,239,533 | €4,751,127 | +€511,594 | +12.1% |
| Profit (loss) for the period | 9904 | €12,751,360 | €14,031,716 | +€1.3m | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,751,360 | €14,031,716 | +€1.3m | +10.0% |
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 20 October 2026 via checked.be.