AARM: 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.
AARM
Largest movements
- Tangible fixed assets +€810,933
up €810,933 (+96.5%), from €840,378 to €1.7m
of which Land and buildings: +€816,049
- Cash +€790,094
up €790,094 (+270.7%), from €291,845 to €1.1m
mainly Debts after one year (+€1.1m) and Net result for the year (+€375,406)
- Receivables within one year -€346,864
down €346,864 (-85.5%), from €405,891 to €59,027
of which Other amounts receivable: -€273,815
- Debts after one year +€1.1m
up €1.1m (+178.2%), from €617,344 to €1.7m
of which Financial debts: +€1.5m
- Reserves +€418,400
up €418,400 (+7.3%), from €5.8m to €6.2m
of which Distributable reserves: +€250,000
- Other debts -€185,620
down €185,620 (-82.1%), from €225,968 to €40,348
- Tax, wage and social debts -€157,602
down €157,602 (-46.4%), from €339,648 to €182,047
of which Taxes: -€158,215
- Current portion of long-term debt +€134,154
up €134,154 (+362.2%), from €37,044 to €171,198
- Financial income -€200,766
down €200,766 (-100.0%), from €200,770 to €4
- Gross operating margin -€157,229
down €157,229 (-19.9%), from €789,189 to €631,959
- Staff costs -€51,668
down €51,668 (-54.5%), from €94,883 to €43,215
- Taxes -€47,781
down €47,781 (-31.5%), from €151,526 to €103,746
- Depreciation +€26,242
up €26,242 (+38.8%), from €67,641 to €93,883
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 | €7,057,405 | €8,387,584 | +€1.3m | +18.8% |
| Fixed assets | 21/28 | €865,378 | €1,676,312 | +€810,933 | +93.7% |
| Tangible fixed assets | 22/27 | €840,378 | €1,651,312 | +€810,933 | +96.5% |
| Land and buildings | 22 | €828,261 | €1,644,310 | +€816,049 | +98.5% |
| Plant, machinery and equipment | 23 | €8,551 | €5,340 | -€3,210 | -37.5% |
| Furniture and vehicles | 24 | €3,567 | €1,662 | -€1,905 | -53.4% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €6,192,026 | €6,711,272 | +€519,245 | +8.4% |
| Stocks and contracts in progress | 3 | €5,492,870 | €5,568,945 | +€76,075 | +1.4% |
| Stocks | 30/36 | €5,492,870 | €5,568,945 | +€76,075 | +1.4% |
| Amounts receivable within one year | 40/41 | €405,891 | €59,027 | -€346,864 | -85.5% |
| Trade receivables | 40 | €131,825 | €58,776 | -€73,049 | -55.4% |
| Other amounts receivable | 41 | €274,066 | €251 | -€273,815 | -99.9% |
| Cash at bank and in hand | 54/58 | €291,845 | €1,081,939 | +€790,094 | +270.7% |
| Deferred charges and accrued income | 490/1 | €1,420 | €1,360 | -€60 | -4.2% |
| Total equity and liabilities | 10/49 | €7,057,405 | €8,387,584 | +€1.3m | +18.8% |
| Equity | 10/15 | €5,827,254 | €6,202,659 | +€375,406 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,754,460 | €6,172,860 | +€418,400 | +7.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €252,600 | €421,000 | +€168,400 | +66.7% |
| Distributable reserves | 133 | €5,500,000 | €5,750,000 | +€250,000 | +4.5% |
| Profit (loss) carried forward | 14 | €54,194 | €11,199 | -€42,994 | -79.3% |
| Amounts payable | 17/49 | €1,230,151 | €2,184,924 | +€954,773 | +77.6% |
| Amounts payable after more than one year | 17 | €617,344 | €1,717,694 | +€1.1m | +178.2% |
| Financial debts | 170/4 | €192,344 | €1,717,694 | +€1.5m | +793.0% |
| Other amounts payable | 178/9 | €425,000 | - | -€425,000 | |
| Amounts payable within one year | 42/48 | €603,392 | €467,231 | -€136,162 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €37,044 | €171,198 | +€134,154 | +362.2% |
| Trade debts | 44 | €732 | €73,638 | +€72,906 | +9964.4% |
| Suppliers | 440/4 | €732 | €73,638 | +€72,906 | +9964.4% |
| Taxes, remuneration and social security | 45 | €339,648 | €182,047 | -€157,602 | -46.4% |
| Taxes | 450/3 | €331,046 | €172,831 | -€158,215 | -47.8% |
| Remuneration and social security | 454/9 | €8,602 | €9,215 | +€613 | +7.1% |
| Other amounts payable | 47/48 | €225,968 | €40,348 | -€185,620 | -82.1% |
| Accrued charges and deferred income | 492/3 | €9,415 | - | -€9,415 | |
| Remuneration, social security and pensions | 62 | €94,883 | €43,215 | -€51,668 | -54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,641 | €93,883 | +€26,242 | +38.8% |
| Other operating charges | 640/8 | €10,051 | €9,124 | -€927 | -9.2% |
| Gross operating margin | 9900 | €789,189 | €631,959 | -€157,229 | -19.9% |
| Operating profit (loss) | 9901 | €616,614 | €485,737 | -€130,876 | -21.2% |
| Financial income | 75/76B | €200,770 | €4 | -€200,766 | -100.0% |
| Recurring financial income | 75 | €200,770 | €4 | -€200,766 | -100.0% |
| Financial charges | 65/66B | €7,572 | €6,590 | -€981 | -13.0% |
| Recurring financial charges | 65 | €7,572 | €6,590 | -€981 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €809,812 | €479,151 | -€330,661 | -40.8% |
| Income taxes | 67/77 | €151,526 | €103,746 | -€47,781 | -31.5% |
| Profit (loss) for the period | 9904 | €658,285 | €375,406 | -€282,880 | -43.0% |
| Transfer to tax-exempt reserves | 689 | €252,600 | €168,400 | -€84,200 | -33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €405,685 | €207,006 | -€198,680 | -49.0% |
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 9 October 2026 via checked.be.