Wim 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.
Wim Aerts
Largest movements
- Cash +€209,836
up €209,836 (+220%), from €95,539 to €305,375
mainly Other debts (+€428,035) and Net result for the year (+€218,171)
- Receivables within one year -€140,451
down €140,451 (-43.3%), from €324,521 to €184,070
of which Trade receivables: -€154,300
- Tangible fixed assets +€66,097
up €66,097 (+37.2%), from €177,869 to €243,967
of which Leasing and similar rights: +€59,788
- Deferred charges and accrued income +€25,108
up €25,108 (+69.7%), from €36,016 to €61,125
- Other debts +€428,035
up €428,035 (+952%), from €44,951 to €472,986
- Reserves -€316,485
down €316,485 (-100%), from €316,485 to €0
- Debts after one year +€32,089
up €32,089 (+34.2%), from €93,697 to €125,785
- Tax, wage and social debts +€26,854
up €26,854 (+58.9%), from €45,614 to €72,468
- Trade debts -€26,615
down €26,615 (-28.5%), from €93,308 to €66,693
- Gross operating margin +€382,085
up €382,085 (+60.4%), from €632,737 to €1.0m
- Staff costs +€153,290
up €153,290 (+30.8%), from €497,833 to €651,123
- Taxes +€51,566
up €51,566 (+208%), from €24,851 to €76,417
- Depreciation +€28,492
up €28,492 (+97.6%), from €29,193 to €57,685
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 | €633,946 | €794,536 | +€160,590 | +25.3% |
| Fixed assets | 21/28 | €177,869 | €243,967 | +€66,097 | +37.2% |
| Tangible fixed assets | 22/27 | €177,869 | €243,967 | +€66,097 | +37.2% |
| Land and buildings | 22 | €83,725 | €74,640 | -€9,086 | -10.9% |
| Plant, machinery and equipment | 23 | €7,159 | €6,152 | -€1,006 | -14.1% |
| Furniture and vehicles | 24 | €2,629 | €19,030 | +€16,402 | +624% |
| Leasing and similar rights | 25 | €84,357 | €144,145 | +€59,788 | +70.9% |
| Current assets | 29/58 | €456,076 | €550,569 | +€94,493 | +20.7% |
| Amounts receivable within one year | 40/41 | €324,521 | €184,070 | -€140,451 | -43.3% |
| Trade receivables | 40 | €315,438 | €161,138 | -€154,300 | -48.9% |
| Other amounts receivable | 41 | €9,083 | €22,932 | +€13,849 | +152% |
| Cash at bank and in hand | 54/58 | €95,539 | €305,375 | +€209,836 | +220% |
| Deferred charges and accrued income | 490/1 | €36,016 | €61,125 | +€25,108 | +69.7% |
| Total equity and liabilities | 10/49 | €633,946 | €794,536 | +€160,590 | +25.3% |
| Equity | 10/15 | €322,685 | €6,200 | -€316,485 | -98.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €316,485 | €0 | -€316,485 | -100% |
| Distributable reserves | 133 | €316,485 | €0 | -€316,485 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €311,261 | €788,336 | +€477,075 | +153% |
| Amounts payable after more than one year | 17 | €93,697 | €125,785 | +€32,089 | +34.2% |
| Financial debts | 170/4 | €93,697 | €125,785 | +€32,089 | +34.2% |
| Amounts payable within one year | 42/48 | €217,564 | €662,551 | +€444,987 | +205% |
| Current portion of amounts payable after more than one year | 42 | €33,691 | €50,403 | +€16,713 | +49.6% |
| Trade debts | 44 | €93,308 | €66,693 | -€26,615 | -28.5% |
| Suppliers | 440/4 | €93,308 | €66,693 | -€26,615 | -28.5% |
| Taxes, remuneration and social security | 45 | €45,614 | €72,468 | +€26,854 | +58.9% |
| Remuneration and social security | 454/9 | €45,614 | €72,468 | +€26,854 | +58.9% |
| Other amounts payable | 47/48 | €44,951 | €472,986 | +€428,035 | +952% |
| Non-recurring operating income | 76A | €2,626 | €0 | -€2,626 | -100% |
| Remuneration, social security and pensions | 62 | €497,833 | €651,123 | +€153,290 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,193 | €57,685 | +€28,492 | +97.6% |
| Other operating charges | 640/8 | €3,246 | €5,532 | +€2,286 | +70.4% |
| Gross operating margin | 9900 | €632,737 | €1,014,822 | +€382,085 | +60.4% |
| Operating profit (loss) | 9901 | €102,465 | €300,482 | +€198,017 | +193% |
| Financial income | 75/76B | €42 | €175 | +€133 | +316% |
| Recurring financial income | 75 | €42 | €175 | +€133 | +316% |
| Financial charges | 65/66B | €7,146 | €6,069 | -€1,077 | -15.1% |
| Recurring financial charges | 65 | €7,146 | €6,069 | -€1,077 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €95,362 | €294,588 | +€199,226 | +209% |
| Income taxes | 67/77 | €24,851 | €76,417 | +€51,566 | +208% |
| Profit (loss) for the period | 9904 | €70,511 | €218,171 | +€147,660 | +209% |
| Profit (loss) for the period to be appropriated | 9905 | €70,511 | €218,171 | +€147,660 | +209% |
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 1 November 2026 via checked.be.