AARECAM: 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.
AARECAM
Largest movements
- Receivables within one year +€234,001
up €234,001 (+99.8%), from €234,370 to €468,370
of which Trade receivables: +€297,795
- Tangible fixed assets +€10,104
up €10,104 (+11.0%), from €91,906 to €102,009
of which Furniture and vehicles: +€11,084
- Trade debts +€227,105
up €227,105 (+112%), from €203,400 to €430,505
- Profit (loss) carried forward +€122,189
up €122,189, from -€118,117 to €4,072
- Other debts -€58,034
down €58,034 (-95.5%), from €60,784 to €2,750
- Tax, wage and social debts -€45,583
down €45,583 (-59.3%), from €76,887 to €31,305
of which Taxes: -€36,345
- Gross operating margin +€195,854
up €195,854 (+202%), from €96,764 to €292,618
- Staff costs -€27,606
down €27,606 (-25.0%), from €110,315 to €82,709
- Financial charges -€20,692
down €20,692 (-62.5%), from €33,093 to €12,401
of which Non-recurring financial charges: -€23,702
- Taxes +€17,273
up €17,273 (+12,419%), from €139 to €17,413
- Depreciation +€13,783
up €13,783 (+46.5%), from €29,666 to €43,450
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 | €338,563 | €582,894 | +€244,331 | +72.2% |
| Fixed assets | 21/28 | €94,733 | €104,357 | +€9,625 | +10.2% |
| Intangible fixed assets | 21 | €2,577 | €1,977 | -€600 | -23.3% |
| Tangible fixed assets | 22/27 | €91,906 | €102,009 | +€10,104 | +11.0% |
| Plant, machinery and equipment | 23 | €19,066 | €18,085 | -€981 | -5.1% |
| Furniture and vehicles | 24 | €72,840 | €83,924 | +€11,084 | +15.2% |
| Financial fixed assets | 28 | €250 | €371 | +€121 | +48.4% |
| Current assets | 29/58 | €243,830 | €478,536 | +€234,706 | +96.3% |
| Amounts receivable within one year | 40/41 | €234,370 | €468,370 | +€234,001 | +99.8% |
| Trade receivables | 40 | €155,466 | €453,261 | +€297,795 | +192% |
| Other amounts receivable | 41 | €78,904 | €15,109 | -€63,794 | -80.9% |
| Cash at bank and in hand | 54/58 | €2,003 | €1,609 | -€394 | -19.6% |
| Deferred charges and accrued income | 490/1 | €7,457 | €8,556 | +€1,099 | +14.7% |
| Total equity and liabilities | 10/49 | €338,563 | €582,894 | +€244,331 | +72.2% |
| Equity | 10/15 | -€5,509 | €116,680 | +€122,189 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,008 | €94,008 | = | 0.0% |
| Distributable reserves | 133 | €94,008 | €94,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,117 | €4,072 | +€122,189 | |
| Amounts payable | 17/49 | €344,072 | €466,213 | +€122,142 | +35.5% |
| Amounts payable within one year | 42/48 | €344,072 | €466,213 | +€122,142 | +35.5% |
| Financial debts | 43 | - | €1,653 | +€1,653 | |
| Credit institutions | 430/8 | - | €1,653 | +€1,653 | |
| Trade debts | 44 | €203,400 | €430,505 | +€227,105 | +112% |
| Suppliers | 440/4 | €203,400 | €430,505 | +€227,105 | +112% |
| Advances received on contracts in progress | 46 | €3,000 | - | -€3,000 | |
| Taxes, remuneration and social security | 45 | €76,887 | €31,305 | -€45,583 | -59.3% |
| Taxes | 450/3 | €54,241 | €17,896 | -€36,345 | -67.0% |
| Remuneration and social security | 454/9 | €22,647 | €13,409 | -€9,238 | -40.8% |
| Other amounts payable | 47/48 | €60,784 | €2,750 | -€58,034 | -95.5% |
| Remuneration, social security and pensions | 62 | €110,315 | €82,709 | -€27,606 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,666 | €43,450 | +€13,783 | +46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €800 | +€800 | |
| Other operating charges | 640/8 | €8,841 | €10,928 | +€2,087 | +23.6% |
| Non-recurring operating charges | 66A | €43,691 | - | -€43,691 | |
| Gross operating margin | 9900 | €96,764 | €292,618 | +€195,854 | +202% |
| Operating profit (loss) | 9901 | -€95,749 | €154,732 | +€250,481 | |
| Financial income | 75/76B | €821 | €21 | -€800 | -97.4% |
| Recurring financial income | 75 | €821 | €21 | -€800 | -97.4% |
| Financial charges | 65/66B | €33,093 | €12,401 | -€20,692 | -62.5% |
| Recurring financial charges | 65 | €9,391 | €12,401 | +€3,010 | +32.0% |
| Non-recurring financial charges | 66B | €23,702 | - | -€23,702 | |
| Profit (loss) for the period before taxes | 9903 | -€128,022 | €142,352 | +€270,374 | |
| Income taxes | 67/77 | €139 | €17,413 | +€17,273 | +12,419% |
| Profit (loss) for the period | 9904 | -€128,161 | €124,939 | +€253,100 | |
| Profit (loss) for the period to be appropriated | 9905 | -€128,161 | €124,939 | +€253,100 |
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 14 October 2026 via checked.be.