A-R-E: what changed
Two fiscal 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-E
Largest movements
- Current investments -€745,774
down €745,774 (-9.6%), from €7.7m to €7.0m
- Receivables within one year -€543,450
down €543,450 (-75.6%), from €718,669 to €175,219
of which Trade receivables: -€576,380
- Stocks and contracts -€533,448
no longer reported in 2025 (was €533,448)
- Tangible fixed assets +€336,985
up €336,985 (+109375.2%), from €308 to €337,293
of which Land and buildings: +€337,293
- Reserves -€3.1m
down €3.1m (-83.0%), from €3.8m to €637,833
of which Tax-exempt reserves: -€3.1m
- Profit (loss) carried forward +€3.0m
up €3.0m (+1093316.0%), from €275 to €3.0m
- Provisions -€1.0m
no longer reported in 2025 (was €1.0m)
- Accrued charges and deferred income -€308,725
no longer reported in 2025 (was €308,725)
- Taxes +€919,506
up €919,506 (+1040.3%), from €88,391 to €1.0m
- Gross operating margin -€495,904
down €495,904, from €221,835 to -€274,069
- Financial charges +€16,138
up €16,138 (+10.0%), from €161,539 to €177,677
of which Financial charges: +€35,604
- Depreciation +€10,700
up €10,700 (+552.0%), from €1,938 to €12,638
- Financial income +€4,350
up €4,350 (+1.4%), from €316,345 to €320,695
of which Non-recurring financial income: +€38,098
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.
Cash bridge derived
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 | €9,073,962 | €7,530,988 | -€1.5m | -17.0% |
| Fixed assets | 21/28 | €2,908 | €337,293 | +€334,385 | +11498.4% |
| Tangible fixed assets | 22/27 | €308 | €337,293 | +€336,985 | +109375.2% |
| Land and buildings | 22 | - | €337,293 | +€337,293 | |
| Furniture and vehicles | 24 | €308 | - | -€308 | |
| Financial fixed assets | 28 | €2,600 | - | -€2,600 | |
| Current assets | 29/58 | €9,071,053 | €7,193,695 | -€1.9m | -20.7% |
| Stocks and contracts in progress | 3 | €533,448 | - | -€533,448 | |
| Stocks | 30/36 | €533,448 | - | -€533,448 | |
| Amounts receivable within one year | 40/41 | €718,669 | €175,219 | -€543,450 | -75.6% |
| Trade receivables | 40 | €581,531 | €5,151 | -€576,380 | -99.1% |
| Other amounts receivable | 41 | €137,138 | €170,068 | +€32,930 | +24.0% |
| Current investments | 50/53 | €7,737,669 | €6,991,896 | -€745,774 | -9.6% |
| Cash at bank and in hand | 54/58 | €39,911 | €12,237 | -€27,674 | -69.3% |
| Deferred charges and accrued income | 490/1 | €41,356 | €14,343 | -€27,013 | -65.3% |
| Total equity and liabilities | 10/49 | €9,073,962 | €7,530,988 | -€1.5m | -17.0% |
| Equity | 10/15 | €3,824,000 | €3,709,196 | -€114,803 | -3.0% |
| Contributions | 10/11 | €66,000 | €66,000 | = | 0.0% |
| Reserves | 13 | €3,757,725 | €637,833 | -€3.1m | -83.0% |
| Tax-exempt reserves | 132 | €3,531,525 | €411,633 | -€3.1m | -88.3% |
| Distributable reserves | 133 | €226,200 | €226,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €275 | €3,005,363 | +€3.0m | +1093316.0% |
| Provisions and deferred taxes | 16 | €1,039,964 | - | -€1.0m | |
| Deferred taxes | 168 | €1,039,964 | - | -€1.0m | |
| Amounts payable | 17/49 | €4,209,998 | €3,821,792 | -€388,206 | -9.2% |
| Amounts payable within one year | 42/48 | €3,901,273 | €3,821,792 | -€79,481 | -2.0% |
| Trade debts | 44 | €74,311 | €10,383 | -€63,928 | -86.0% |
| Suppliers | 440/4 | €74,311 | €10,383 | -€63,928 | -86.0% |
| Taxes, remuneration and social security | 45 | €84,208 | - | -€84,208 | |
| Taxes | 450/3 | €84,208 | - | -€84,208 | |
| Other amounts payable | 47/48 | €3,742,754 | €3,811,409 | +€68,655 | +1.8% |
| Accrued charges and deferred income | 492/3 | €308,725 | - | -€308,725 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,938 | €12,638 | +€10,700 | +552.0% |
| Other operating charges | 640/8 | €3,237 | €3,182 | -€55 | -1.7% |
| Gross operating margin | 9900 | €221,835 | -€274,069 | -€495,904 | |
| Operating profit (loss) | 9901 | €216,659 | -€289,888 | -€506,548 | |
| Financial income | 75/76B | €316,345 | €320,695 | +€4,350 | +1.4% |
| Recurring financial income | 75 | €189,791 | €156,043 | -€33,748 | -17.8% |
| Non-recurring financial income | 76B | €126,554 | €164,651 | +€38,098 | +30.1% |
| Financial charges | 65/66B | €161,539 | €177,677 | +€16,138 | +10.0% |
| Recurring financial charges | 65 | €107,190 | €142,794 | +€35,604 | +33.2% |
| Non-recurring financial charges | 66B | €54,349 | €34,882 | -€19,466 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €371,465 | -€146,870 | -€518,336 | |
| Transfer from deferred taxes | 780 | - | €1,039,964 | +€1.0m | |
| Income taxes | 67/77 | €88,391 | €1,007,897 | +€919,506 | +1040.3% |
| Profit (loss) for the period | 9904 | €283,075 | -€114,803 | -€397,878 | |
| Transfer from tax-exempt reserves | 789 | - | €3,119,892 | +€3.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €283,075 | €3,005,088 | +€2.7m | +961.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.