A-R-E (0633.886.189): financials and annual accounts

A-R-E

Bruges ·KBO/BCE: BE 0633.886.189

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet: assets
Total assets`20/58`	7.5m	9.1m	8.3m	8.3m	5.0m	4.8m	4.7m	4.4m	4.6m	4.3m	4.2m
Fixed assets`21/28`	337,293	2,908	2,246	4,184	272,531	293,751	304,973	324,327	347,908	371,490	-
Tangible fixed assets`22/27`	337,293	308	2,246	4,184	272,531	293,751	304,973	324,327	347,908	371,490	395,071
Land and buildings`22`	337,293	-	-	-	266,408	285,691	304,973	324,327	347,908	371,490	395,071
Furniture and vehicles`24`	-	308	2,246	4,184	6,123	8,061	-	-	-	-	-
Financial fixed assets`28`	-	2,600	-	-	-	-	-	-	-	-	-
Current assets`29/58`	7.2m	9.1m	8.3m	8.3m	4.7m	4.5m	4.4m	4.1m	4.2m	3.9m	3.8m
Stocks and contracts in progress`3`	-	533,448	417,443	-	-	-	-	-	-	-	-
Stocks`30/36`	-	533,448	417,443	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	175,219	718,669	106,776	62,577	40,482	102,197	118,200	117,287	99,683	88,012	34,421
Trade receivables`40`	5,151	581,531	2,904	1,452	4,417	5,085	16,391	5,275	20,840	4,470	8,833
Other amounts receivable`41`	170,068	137,138	103,872	61,125	36,065	97,112	101,809	112,012	78,843	83,542	25,588
Current investments`50/53`	7.0m	7.7m	7.7m	7.9m	4.5m	4.3m	4.2m	4.0m	4.1m	3.8m	3.7m
Cash at bank and in hand`54/58`	12,237	39,911	7,048	78,771	191,619	85,131	52,862	-	48,995	38,368	32,155
Deferred charges and accrued income`490/1`	14,343	41,356	47,404	267,033	1,216	1,232	2,089	7,738	11	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	7.5m	9.1m	8.3m	8.3m	5.0m	4.8m	4.7m	4.4m	4.6m	4.3m	4.2m
Equity`10/15`	3.7m	3.8m	6.4m	6.3m	4.1m	4.0m	4.0m	3.7m	3.8m	3.5m	3.5m
Contributions`10/11`	66,000	66,000	66,000	66,000	60,000	60,000	60,000	60,000	60,000	60,000	-
Capital`10`	-	-	-	-	-	-	-	-	-	-	60,000
Issued capital`100`	-	-	-	-	-	-	60,000	60,000	60,000	60,000	60,000
Reserves`13`	637,833	3.8m	5.9m	5.9m	3.5m	3.5m	3.5m	3.3m	3.3m	3.3m	3.3m
Non-distributable reserves`130/1`	-	-	-	-	6,000	6,000	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	6,000	6,000	6,000	6,000	5,592
Reserves not available under the articles`1311`	-	-	-	-	6,000	6,000	-	-	-	-	-
Tax-exempt reserves`132`	411,633	3.5m	3.5m	3.5m	411,633	411,633	411,633	411,633	411,633	411,633	411,633
Distributable reserves`133`	226,200	226,200	2.4m	2.4m	3.1m	3.1m	3.1m	2.9m	2.9m	2.9m	2.9m
Profit (loss) carried forward`14`	3.0m	275	462,869	350,539	530,556	377,838	373,662	373,662	437,559	154,925	74,586
Investment grants`15`	-	-	-	-	-	-	-	-	10,047	10,766	11,484
Provisions and deferred taxes`16`	-	1.0m	1.0m	1.0m	-	-	-	-	5,173	5,543	5,914
Deferred taxes`168`	-	1.0m	1.0m	1.0m	-	-	-	-	5,173	5,543	5,914
Amounts payable`17/49`	3.8m	4.2m	801,914	908,627	850,944	778,385	754,487	706,578	740,072	719,398	715,857
Amounts payable within one year`42/48`	3.8m	3.9m	801,914	908,627	850,944	778,385	754,487	706,578	740,072	719,398	715,857
Financial debts`43`	-	-	-	115,035	-	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	115,035	-	-	-	-	-	-	-
Trade debts`44`	10,383	74,311	9,429	3,621	1,301	411	6,867	3,518	4,565	9,252	20,762
Suppliers`440/4`	10,383	74,311	9,429	3,621	1,301	411	6,867	3,518	4,565	9,252	20,762
Taxes, remuneration and social security`45`	-	84,208	-	40,222	40,084	-	-	2,069	116	-	5,454
Taxes`450/3`	-	84,208	-	40,222	40,084	-	-	8	116	-	5,454
Remuneration and social security`454/9`	-	-	-	-	-	-	-	2,061	-	-	-
Other amounts payable`47/48`	3.8m	3.7m	792,486	749,750	809,559	777,973	747,620	700,991	735,392	710,146	689,641
Accrued charges and deferred income`492/3`	-	308,725	-	-	-	-	-	-	-	-	-
Income statement
Non-recurring operating income`76A`	-	-	-	4.3m	-	-	-	-	-	51,363	-
Gross operating margin`9900`	-274,069	221,835	-101,372	4.3m	28,312	32,923	60,537	37,206	30,829	53,651	-8,202
Remuneration, social security and pensions`62`	-	-	1,785	-	-	5,035	27,218	13,537	7,753	12,153	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	12,638	1,938	1,938	1,938	21,220	20,912	19,354	23,582	23,581	23,581	46,021
Other operating charges`640/8`	3,182	3,237	4,122	10,895	7,064	6,838	6,473	6,179	6,070	5,452	347
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	33,678	-
Operating profit (loss)`9901`	-289,888	216,659	-109,218	4.3m	27	138	7,492	-6,092	-6,576	12,465	-54,570
Financial income`75/76B`	320,695	316,345	412,498	123,413	304,266	117,913	462,042	253,821	430,472	146,204	-
Recurring financial income`75`	156,043	189,791	133,398	86,509	56,228	100,215	85,476	89,927	107,451	94,841	165,677
Non-recurring financial income`76B`	164,651	126,554	279,099	36,904	248,038	17,698	376,566	163,894	323,021	51,363	-
Financial charges`65/66B`	177,677	161,539	182,629	386,067	100,004	101,428	210,501	305,424	124,303	73,552	-
Recurring financial charges`65`	142,794	107,190	86,342	61,002	71,082	65,788	58,560	48,387	50,683	39,873	58,452
Non-recurring financial charges`66B`	34,882	54,349	96,288	325,065	28,922	35,639	151,941	257,037	73,621	33,678	-
Profit (loss) for the period before taxes`9903`	-146,870	371,465	120,651	4.0m	204,289	16,623	259,033	-57,694	299,593	85,117	-12,526
Transfer from deferred taxes`780`	1.0m	-	-	-	-	-	-	-	-	-	555
Transfer to deferred taxes`680`	-	-	-	1.0m	-	-	-	-	-	-	-
Income taxes`67/77`	1.0m	88,391	8,321	48,693	51,571	12,447	32,833	11,377	17,328	4,741	-
Profit (loss) for the period`9904`	-114,803	283,075	112,330	2.9m	152,718	4,176	226,200	-63,898	282,635	80,747	-11,971
Transfer from tax-exempt reserves`789`	3.1m	-	-	-	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	3.1m	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	3.0m	283,075	112,330	-180,017	152,718	4,176	226,200	-63,898	282,635	80,747	-11,971
Appropriation of the result
Profit (loss) to be appropriated`9906`	3.0m	745,944	462,869	350,539	530,556	377,838	599,862	373,662	437,559	155,333	74,586
Profit (loss) brought forward from the previous period`14P`	275	462,869	350,539	530,556	377,838	-	-	-	-	-	86,557
Transfer from equity`791/2`	-	2.1m	-	750,000	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	226,200	-	-	408	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	408	-
To other reserves`6921`	-	-	-	-	-	-	226,200	-	-	-	-
Profit to be distributed`694/7`	-	2.9m	-	750,000	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	2.9m	-	750,000	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	0.7	0.7	0.4	0.3	0.3	-
Hours worked`1013`	-	-	-	-	-	192	1,272	596	368	628	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	09-06-2026	2026-00147094	PDF
31-12-2024	micro format	29-07-2025	2025-00324613	PDF
31-12-2023	micro format	10-07-2024	2024-00232233	PDF
31-12-2022	micro format	20-06-2023	2023-00144696	PDF
31-12-2021	micro format	29-06-2022	2022-20107633	PDF
31-12-2020	micro format	01-07-2021	2021-28800298	PDF
31-12-2019	micro format	17-06-2020	2020-17600272	PDF
31-12-2018	micro format	14-06-2019	2019-18400106	PDF
31-12-2017	micro format	12-06-2018	2018-18100576	PDF
31-12-2016	abbreviated format	27-06-2017	2017-23000406	PDF
31-12-2015	abbreviated format	15-07-2016	2016-33200422	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Investment in fixed assets (approximation)	349,623	2,600	0	-266,408	0	9,691	0	0	0	0	1.2m
Change in cash	-27,674	32,863	-71,723	-112,848	106,488	32,270	-	-	10,627	6,213	-
Solvency	49.3%	42.1%	77.7%	76.4%	82.9%	83.6%	84.0%	84.1%	83.7%	83.0%	82.7%
ROE	-3.1%	7.4%	1.7%	46.5%	3.7%	0.1%	5.7%	-1.7%	7.4%	2.3%	-0.3%
ROA	-1.5%	3.1%	1.4%	35.6%	3.1%	0.1%	4.8%	-1.4%	6.2%	1.9%	-0.3%

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€349,623	-	-	-	-
Financial fixed assets	-	€2,600	-	-	-
Depreciation and write-downs of the year	€12,638	€1,938	€1,938	€1,938	€21,220

A-R-E

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency49.3%

Return on assets-1.5%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on A-R-E

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