AARE: 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.
AARE
Largest movements
- Tangible fixed assets +€707,010
up €707,010 (+5.8%), from €12.2m to €12.9m
of which Land and buildings: +€666,844
- Receivables within one year +€643,382
new in 2025: €643,382
of which Other amounts receivable: +€564,057
- Debts after one year +€659,488
up €659,488 (+30.6%), from €2.2m to €2.8m
- Short-term financial debts +€430,000
new in 2025: €430,000
- Revaluation surpluses -€284,403
down €284,403 (-4.8%), from €5.9m to €5.6m
- Reserves +€219,930
up €219,930 (+11.5%), from €1.9m to €2.1m
of which Distributable reserves: +€284,403
- Profit (loss) carried forward +€196,704
up €196,704, from -€124,048 to €72,656
- Financial income +€528,710
up €528,710 (+88,118,313%), from €1 to €528,710
of which Non-recurring financial income: +€528,706
- Taxes +€155,208
up €155,208 (+86,226,694%), from €0 to €155,208
- Gross operating margin +€78,922
up €78,922 (+21.6%), from €365,912 to €444,834
- Depreciation +€20,185
up €20,185 (+3.4%), from €585,524 to €605,709
- Financial charges +€18,137
up €18,137 (+29.8%), from €60,765 to €78,903
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 | €12,355,961 | €13,690,162 | +€1.3m | +10.8% |
| Fixed assets | 21/28 | €12,206,762 | €12,913,772 | +€707,010 | +5.8% |
| Tangible fixed assets | 22/27 | €12,206,762 | €12,913,772 | +€707,010 | +5.8% |
| Land and buildings | 22 | €12,203,749 | €12,870,593 | +€666,844 | +5.5% |
| Other tangible fixed assets | 26 | €3,013 | €1,506 | -€1,506 | -50.0% |
| Assets under construction and advance payments | 27 | - | €41,673 | +€41,673 | |
| Current assets | 29/58 | €149,199 | €776,390 | +€627,191 | +420% |
| Amounts receivable within one year | 40/41 | - | €643,382 | +€643,382 | |
| Trade receivables | 40 | - | €79,326 | +€79,326 | |
| Other amounts receivable | 41 | - | €564,057 | +€564,057 | |
| Cash at bank and in hand | 54/58 | €149,199 | €133,007 | -€16,192 | -10.9% |
| Total equity and liabilities | 10/49 | €12,355,961 | €13,690,162 | +€1.3m | +10.8% |
| Equity | 10/15 | €8,887,595 | €9,019,827 | +€132,231 | +1.5% |
| Contributions | 10/11 | €1,173,029 | €1,173,029 | = | 0.0% |
| Capital | 10 | €1,173,029 | €1,173,029 | = | 0.0% |
| Issued capital | 100 | €1,173,029 | €1,173,029 | = | 0.0% |
| Revaluation surpluses | 12 | €5,921,008 | €5,636,605 | -€284,403 | -4.8% |
| Reserves | 13 | €1,917,606 | €2,137,537 | +€219,930 | +11.5% |
| Non-distributable reserves | 130/1 | €53,888 | €57,712 | +€3,824 | +7.1% |
| Legal reserve | 130 | €53,888 | €57,712 | +€3,824 | +7.1% |
| Tax-exempt reserves | 132 | €1,579,315 | €1,511,019 | -€68,296 | -4.3% |
| Distributable reserves | 133 | €284,403 | €568,805 | +€284,403 | +100% |
| Profit (loss) carried forward | 14 | -€124,048 | €72,656 | +€196,704 | |
| Provisions and deferred taxes | 16 | €526,438 | €503,673 | -€22,765 | -4.3% |
| Deferred taxes | 168 | €526,438 | €503,673 | -€22,765 | -4.3% |
| Amounts payable | 17/49 | €2,941,927 | €4,166,662 | +€1.2m | +41.6% |
| Amounts payable after more than one year | 17 | €2,153,333 | €2,812,821 | +€659,488 | +30.6% |
| Financial debts | 170/4 | €2,153,333 | €2,812,821 | +€659,488 | +30.6% |
| Amounts payable within one year | 42/48 | €629,892 | €1,192,512 | +€562,620 | +89.3% |
| Current portion of amounts payable after more than one year | 42 | €298,126 | €389,500 | +€91,373 | +30.6% |
| Financial debts | 43 | - | €430,000 | +€430,000 | |
| Credit institutions | 430/8 | - | €430,000 | +€430,000 | |
| Trade debts | 44 | €19,283 | €100,172 | +€80,890 | +419% |
| Suppliers | 440/4 | €19,283 | €100,172 | +€80,890 | +419% |
| Taxes, remuneration and social security | 45 | €4,167 | - | -€4,167 | |
| Taxes | 450/3 | €4,167 | - | -€4,167 | |
| Other amounts payable | 47/48 | €308,316 | €272,840 | -€35,477 | -11.5% |
| Accrued charges and deferred income | 492/3 | €158,702 | €161,330 | +€2,627 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €585,524 | €605,709 | +€20,185 | +3.4% |
| Other operating charges | 640/8 | €25,009 | €24,258 | -€751 | -3.0% |
| Gross operating margin | 9900 | €365,912 | €444,834 | +€78,922 | +21.6% |
| Operating profit (loss) | 9901 | -€244,620 | -€185,134 | +€59,487 | +24.3% |
| Financial income | 75/76B | €1 | €528,710 | +€528,710 | +88,118,313% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +658% |
| Non-recurring financial income | 76B | - | €528,706 | +€528,706 | |
| Financial charges | 65/66B | €60,765 | €78,903 | +€18,137 | +29.8% |
| Recurring financial charges | 65 | €60,765 | €78,903 | +€18,137 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | -€305,385 | €264,674 | +€570,059 | |
| Transfer from deferred taxes | 780 | €18,589 | €22,765 | +€4,176 | +22.5% |
| Income taxes | 67/77 | €0 | €155,208 | +€155,208 | +86,226,694% |
| Profit (loss) for the period | 9904 | -€286,796 | €132,231 | +€419,028 | |
| Transfer from tax-exempt reserves | 789 | €55,767 | €68,296 | +€12,529 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€231,029 | €200,528 | +€431,557 |
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 18 October 2026 via checked.be.