Werner 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.
Werner Aerts
Largest movements
- Receivables within one year +€30,551
up €30,551 (+13,140%), from €233 to €30,783
of which Trade receivables: +€30,504
- Tangible fixed assets +€24,602
up €24,602 (+143%), from €17,220 to €41,822
of which Furniture and vehicles: +€27,405
- Cash +€18,335
up €18,335 (+40.6%), from €45,168 to €63,504
mainly Net result for the year (+€39,539) and Trade debts (+€29,423)
- Stocks and contracts +€4,992
up €4,992 (+2.4%), from €203,769 to €208,761
- Trade debts +€29,423
up €29,423 (+930%), from €3,165 to €32,588
- Reserves +€27,612
up €27,612 (+6,909%), from €400 to €28,011
of which Distributable reserves: +€27,612
- Other debts -€14,199
down €14,199 (-21.7%), from €65,454 to €51,255
- Profit (loss) carried forward +€11,928
up €11,928, from -€11,928 to €0
- Tax, wage and social debts +€9,724
up €9,724 (+461%), from €2,108 to €11,832
- Taxes +€19,724
up €19,724 (+10,024%), from €197 to €19,921
- Gross operating margin +€19,155
up €19,155 (+32.3%), from €59,338 to €78,492
- Financial charges +€5,013
up €5,013 (+914%), from €549 to €5,561
- Depreciation +€3,333
up €3,333 (+90.6%), from €3,678 to €7,011
- Other operating charges +€999
up €999 (+17.9%), from €5,584 to €6,583
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 | €267,798 | €348,611 | +€80,812 | +30.2% |
| Fixed assets | 21/28 | €17,335 | €41,937 | +€24,602 | +142% |
| Tangible fixed assets | 22/27 | €17,220 | €41,822 | +€24,602 | +143% |
| Land and buildings | 22 | €15,797 | €13,314 | -€2,483 | -15.7% |
| Plant, machinery and equipment | 23 | €702 | €382 | -€320 | -45.6% |
| Furniture and vehicles | 24 | €721 | €28,126 | +€27,405 | +3,801% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €250,464 | €306,674 | +€56,210 | +22.4% |
| Stocks and contracts in progress | 3 | €203,769 | €208,761 | +€4,992 | +2.4% |
| Stocks | 30/36 | €203,769 | €208,761 | +€4,992 | +2.4% |
| Amounts receivable within one year | 40/41 | €233 | €30,783 | +€30,551 | +13,140% |
| Trade receivables | 40 | €233 | €30,737 | +€30,504 | +13,120% |
| Other amounts receivable | 41 | €0 | €46 | +€46 | |
| Cash at bank and in hand | 54/58 | €45,168 | €63,504 | +€18,335 | +40.6% |
| Deferred charges and accrued income | 490/1 | €1,294 | €3,626 | +€2,332 | +180% |
| Total equity and liabilities | 10/49 | €267,798 | €348,611 | +€80,812 | +30.2% |
| Equity | 10/15 | €197,072 | €236,611 | +€39,539 | +20.1% |
| Contributions | 10/11 | €208,600 | €208,600 | = | 0.0% |
| Reserves | 13 | €400 | €28,011 | +€27,612 | +6,909% |
| Tax-exempt reserves | 132 | €116 | €116 | = | 0.0% |
| Distributable reserves | 133 | €284 | €27,895 | +€27,612 | +9,731% |
| Profit (loss) carried forward | 14 | -€11,928 | €0 | +€11,928 | |
| Amounts payable | 17/49 | €70,727 | €111,999 | +€41,273 | +58.4% |
| Amounts payable after more than one year | 17 | - | €7,261 | +€7,261 | |
| Financial debts | 170/4 | - | €7,261 | +€7,261 | |
| Amounts payable within one year | 42/48 | €70,727 | €100,607 | +€29,880 | +42.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €4,933 | +€4,933 | |
| Trade debts | 44 | €3,165 | €32,588 | +€29,423 | +930% |
| Suppliers | 440/4 | €3,165 | €32,588 | +€29,423 | +930% |
| Taxes, remuneration and social security | 45 | €2,108 | €11,832 | +€9,724 | +461% |
| Taxes | 450/3 | €2,108 | €11,832 | +€9,724 | +461% |
| Other amounts payable | 47/48 | €65,454 | €51,255 | -€14,199 | -21.7% |
| Accrued charges and deferred income | 492/3 | €0 | €4,131 | +€4,131 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,678 | €7,011 | +€3,333 | +90.6% |
| Other operating charges | 640/8 | €5,584 | €6,583 | +€999 | +17.9% |
| Non-recurring operating charges | 66A | €52,250 | - | -€52,250 | |
| Gross operating margin | 9900 | €59,338 | €78,492 | +€19,155 | +32.3% |
| Operating profit (loss) | 9901 | -€2,174 | €64,898 | +€67,072 | |
| Financial income | 75/76B | €21 | €124 | +€103 | +496% |
| Recurring financial income | 75 | €21 | €124 | +€103 | +496% |
| Financial charges | 65/66B | €549 | €5,561 | +€5,013 | +914% |
| Recurring financial charges | 65 | €549 | €5,561 | +€5,013 | +914% |
| Profit (loss) for the period before taxes | 9903 | -€2,702 | €59,461 | +€62,162 | |
| Income taxes | 67/77 | €197 | €19,921 | +€19,724 | +10,024% |
| Profit (loss) for the period | 9904 | -€2,898 | €39,539 | +€42,438 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,898 | €39,539 | +€42,438 |
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 14 October 2026 via checked.be.