A.R.E.S.: 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.S.
Largest movements
- Tangible fixed assets +€5,036
up €5,036 (+26.8%), from €18,797 to €23,833
of which Other tangible fixed assets: +€5,809
- Cash -€4,453
down €4,453 (-13.3%), from €33,440 to €28,987
mainly Net result for the year (-€11,546) and Investment in fixed assets (net) (-€10,326)
- Receivables within one year -€4,403
down €4,403 (-79.9%), from €5,511 to €1,108
of which Trade receivables: -€3,954
- Deferred charges and accrued income -€905
down €905 (-31.1%), from €2,905 to €2,000
- Reserves -€11,546
down €11,546 (-34.6%), from €33,378 to €21,833
- Tax, wage and social debts +€5,790
up €5,790 (+347.5%), from €1,666 to €7,456
of which Remuneration and social security: +€3,106
- Other debts +€1,593
up €1,593 (+47.6%), from €3,345 to €4,938
- Gross operating margin -€27,843
down €27,843 (-42.2%), from €65,967 to €38,124
- Staff costs -€11,102
down €11,102 (-20.5%), from €54,135 to €43,033
- Depreciation +€701
up €701 (+15.3%), from €4,589 to €5,290
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 | €60,653 | €55,928 | -€4,725 | -7.8% |
| Fixed assets | 21/28 | €18,797 | €23,833 | +€5,036 | +26.8% |
| Tangible fixed assets | 22/27 | €18,797 | €23,833 | +€5,036 | +26.8% |
| Plant, machinery and equipment | 23 | €1,272 | €498 | -€774 | -60.8% |
| Other tangible fixed assets | 26 | €17,525 | €23,335 | +€5,809 | +33.1% |
| Current assets | 29/58 | €41,856 | €32,095 | -€9,761 | -23.3% |
| Amounts receivable within one year | 40/41 | €5,511 | €1,108 | -€4,403 | -79.9% |
| Trade receivables | 40 | €3,954 | €0 | -€3,954 | -100.0% |
| Other amounts receivable | 41 | €1,557 | €1,108 | -€450 | -28.9% |
| Cash at bank and in hand | 54/58 | €33,440 | €28,987 | -€4,453 | -13.3% |
| Deferred charges and accrued income | 490/1 | €2,905 | €2,000 | -€905 | -31.1% |
| Total equity and liabilities | 10/49 | €60,653 | €55,928 | -€4,725 | -7.8% |
| Equity | 10/15 | €53,378 | €41,833 | -€11,546 | -21.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €33,378 | €21,833 | -€11,546 | -34.6% |
| Distributable reserves | 133 | €33,378 | €21,833 | -€11,546 | -34.6% |
| Amounts payable | 17/49 | €7,275 | €14,095 | +€6,820 | +93.8% |
| Amounts payable within one year | 42/48 | €7,275 | €14,095 | +€6,820 | +93.8% |
| Trade debts | 44 | €2,264 | €1,701 | -€562 | -24.8% |
| Suppliers | 440/4 | €2,264 | €1,701 | -€562 | -24.8% |
| Taxes, remuneration and social security | 45 | €1,666 | €7,456 | +€5,790 | +347.5% |
| Taxes | 450/3 | €1,031 | €3,715 | +€2,684 | +260.3% |
| Remuneration and social security | 454/9 | €635 | €3,741 | +€3,106 | +489.1% |
| Other amounts payable | 47/48 | €3,345 | €4,938 | +€1,593 | +47.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €54,135 | €43,033 | -€11,102 | -20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,589 | €5,290 | +€701 | +15.3% |
| Other operating charges | 640/8 | €883 | €910 | +€27 | +3.1% |
| Gross operating margin | 9900 | €65,967 | €38,124 | -€27,843 | -42.2% |
| Operating profit (loss) | 9901 | €6,360 | -€11,109 | -€17,469 | |
| Financial income | 75/76B | €17 | €44 | +€26 | +151.3% |
| Recurring financial income | 75 | €17 | €44 | +€26 | +151.3% |
| Financial charges | 65/66B | €405 | €480 | +€75 | +18.5% |
| Recurring financial charges | 65 | €405 | €480 | +€75 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €5,972 | -€11,546 | -€17,518 | |
| Income taxes | 67/77 | €214 | €0 | -€214 | -100.0% |
| Profit (loss) for the period | 9904 | €5,758 | -€11,546 | -€17,304 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,758 | -€11,546 | -€17,304 |
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 5 October 2026 via checked.be.