A.R.A.: 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.
A.R.A.
Largest movements
- Cash -€54,090
down €54,090 (-27.1%), from €199,717 to €145,627
mainly Contributions, distributions and other (-€40,221) and Other debts (-€7,429)
- Receivables within one year +€5,048
up €5,048 (+15.5%), from €32,504 to €37,552
of which Trade receivables: +€5,048
- Reserves -€40,221
down €40,221 (-19.9%), from €201,804 to €161,582
of which Distributable reserves: -€40,221
- Other debts -€7,429
down €7,429 (-67.1%), from €11,071 to €3,642
- Profit (loss) carried forward -€3,787
down €3,787, from €733 to -€3,054
- Gross operating margin -€37,983
down €37,983, from €35,797 to -€2,186
- Taxes -€11,596
down €11,596 (-94.5%), from €12,271 to €675
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 | €232,675 | €183,323 | -€49,352 | -21.2% |
| Fixed assets | 21/28 | €454 | €145 | -€309 | -68.1% |
| Tangible fixed assets | 22/27 | €454 | €145 | -€309 | -68.1% |
| Furniture and vehicles | 24 | €454 | €145 | -€309 | -68.1% |
| Current assets | 29/58 | €232,221 | €183,178 | -€49,042 | -21.1% |
| Amounts receivable within one year | 40/41 | €32,504 | €37,552 | +€5,048 | +15.5% |
| Trade receivables | 40 | - | €5,048 | +€5,048 | |
| Other amounts receivable | 41 | €32,504 | €32,504 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €199,717 | €145,627 | -€54,090 | -27.1% |
| Total equity and liabilities | 10/49 | €232,675 | €183,323 | -€49,352 | -21.2% |
| Equity | 10/15 | €221,137 | €177,128 | -€44,008 | -19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €201,804 | €161,582 | -€40,221 | -19.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €199,944 | €159,722 | -€40,221 | -20.1% |
| Profit (loss) carried forward | 14 | €733 | -€3,054 | -€3,787 | |
| Amounts payable | 17/49 | €11,538 | €6,195 | -€5,343 | -46.3% |
| Amounts payable within one year | 42/48 | €11,538 | €6,195 | -€5,343 | -46.3% |
| Trade debts | 44 | €313 | €494 | +€181 | +57.6% |
| Suppliers | 440/4 | €313 | €494 | +€181 | +57.6% |
| Taxes, remuneration and social security | 45 | €154 | €2,058 | +€1,905 | +1,241% |
| Taxes | 450/3 | €154 | €2,058 | +€1,905 | +1,241% |
| Other amounts payable | 47/48 | €11,071 | €3,642 | -€7,429 | -67.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309 | €309 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €35,797 | -€2,186 | -€37,983 | |
| Operating profit (loss) | 9901 | €34,982 | -€3,015 | -€37,998 | |
| Financial charges | 65/66B | €103 | €97 | -€7 | -6.5% |
| Recurring financial charges | 65 | €103 | €97 | -€7 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €34,879 | -€3,112 | -€37,991 | |
| Income taxes | 67/77 | €12,271 | €675 | -€11,596 | -94.5% |
| Profit (loss) for the period | 9904 | €22,607 | -€3,787 | -€26,394 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,607 | -€3,787 | -€26,394 |
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 17 October 2026 via checked.be.