ARA: 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.
What changed
ARA
NACE 18.120, Other printing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€69,166
2024 · €38,669-€107,835
Equity
€1.6m
2024 · €1.7m-€69,166
Cash
€30,651
2024 · €46,548-€15,897
Balance sheet total
€4.2m
2024 · €4.0m+€170,594
Largest movements
Assets
- Tangible fixed assets +€301,811
up €301,811 (+11.1%), from €2.7m to €3.0m
of which Leasing and similar rights: +€334,399
- Receivables within one year -€148,156
down €148,156 (-16.4%), from €903,994 to €755,838
of which Trade receivables: -€150,610
Equity and liabilities
- Debts after one year +€94,527
up €94,527 (+10.0%), from €942,510 to €1.0m
- Tax, wage and social debts +€82,188
up €82,188 (+37.3%), from €220,530 to €302,718
of which Remuneration and social security: +€61,258
- Profit (loss) carried forward -€69,166
down €69,166 (-27.6%), from -€250,545 to -€319,711
Income statement
- Staff costs +€136,574
up €136,574 (+8.4%), from €1.6m to €1.8m
- Gross operating margin +€118,560
up €118,560 (+5.7%), from €2.1m to €2.2m
- Depreciation +€84,096
up €84,096 (+31.5%), from €267,266 to €351,362
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.
Result 2024
€38,669
Gross operating margin
+€118,560
Staff costs
-€136,574
Depreciation
-€84,096
Other operating charges
-€935
Financial income
+€170
Financial charges
-€5,097
Taxes
+€137
Result 2025
-€69,166
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.
From operations
+€501,463
Investment
-€653,173
Financing
+€135,813
Cash 2024
€46,548
From operations (derived)
+€501,463
Net result for the year
-€69,166
Depreciation
+€351,362
Stocks and contracts
-€33,410
Receivables within one year
+€148,156
Smaller working-capital items
+€651
Trade debts
+€21,682
Tax, wage and social debts
+€82,188
Investment (derived)
-€653,173
Investment in fixed assets (net)
-€653,173
Financing
+€135,813
Debts after one year
+€94,527
Current portion of long-term debt
+€30,958
Short-term financial debts
+€10,328
Cash 2025
€30,651
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,019,591 | €4,190,185 | +€170,594 | +4.2% |
| Fixed assets | 21/28 | €2,722,374 | €3,024,185 | +€301,811 | +11.1% |
| Tangible fixed assets | 22/27 | €2,720,824 | €3,022,635 | +€301,811 | +11.1% |
| Land and buildings | 22 | €2,015,455 | €2,008,172 | -€7,283 | -0.4% |
| Plant, machinery and equipment | 23 | €274,496 | €254,113 | -€20,383 | -7.4% |
| Furniture and vehicles | 24 | €20,028 | €15,106 | -€4,922 | -24.6% |
| Leasing and similar rights | 25 | €410,845 | €745,244 | +€334,399 | +81.4% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €1,297,217 | €1,166,000 | -€131,217 | -10.1% |
| Stocks and contracts in progress | 3 | €331,184 | €364,594 | +€33,410 | +10.1% |
| Stocks | 30/36 | €245,184 | €267,394 | +€22,210 | +9.1% |
| Contracts in progress | 37 | €86,000 | €97,200 | +€11,200 | +13.0% |
| Amounts receivable within one year | 40/41 | €903,994 | €755,838 | -€148,156 | -16.4% |
| Trade receivables | 40 | €889,152 | €738,542 | -€150,610 | -16.9% |
| Other amounts receivable | 41 | €14,842 | €17,296 | +€2,454 | +16.5% |
| Cash at bank and in hand | 54/58 | €46,548 | €30,651 | -€15,897 | -34.2% |
| Deferred charges and accrued income | 490/1 | €15,491 | €14,917 | -€574 | -3.7% |
| Total equity and liabilities | 10/49 | €4,019,591 | €4,190,185 | +€170,594 | +4.2% |
| Equity | 10/15 | €1,696,797 | €1,627,631 | -€69,166 | -4.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €1,811,000 | €1,811,000 | = | 0.0% |
| Reserves | 13 | €12,395 | €12,395 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€250,545 | -€319,711 | -€69,166 | -27.6% |
| Amounts payable | 17/49 | €2,322,794 | €2,562,554 | +€239,760 | +10.3% |
| Amounts payable after more than one year | 17 | €942,510 | €1,037,037 | +€94,527 | +10.0% |
| Financial debts | 170/4 | €942,510 | €1,037,037 | +€94,527 | +10.0% |
| Amounts payable within one year | 42/48 | €1,380,284 | €1,525,517 | +€145,233 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €314,954 | €345,912 | +€30,958 | +9.8% |
| Financial debts | 43 | €681,678 | €692,006 | +€10,328 | +1.5% |
| Credit institutions | 430/8 | €681,678 | €692,006 | +€10,328 | +1.5% |
| Trade debts | 44 | €161,695 | €183,377 | +€21,682 | +13.4% |
| Suppliers | 440/4 | €161,695 | €183,377 | +€21,682 | +13.4% |
| Taxes, remuneration and social security | 45 | €220,530 | €302,718 | +€82,188 | +37.3% |
| Taxes | 450/3 | €28,249 | €49,179 | +€20,930 | +74.1% |
| Remuneration and social security | 454/9 | €192,281 | €253,539 | +€61,258 | +31.9% |
| Other amounts payable | 47/48 | €1,427 | €1,504 | +€77 | +5.4% |
| Non-recurring operating income | 76A | - | €6,256 | +€6,256 | |
| Remuneration, social security and pensions | 62 | €1,633,027 | €1,769,601 | +€136,574 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €267,266 | €351,362 | +€84,096 | +31.5% |
| Other operating charges | 640/8 | €29,997 | €30,932 | +€935 | +3.1% |
| Gross operating margin | 9900 | €2,093,504 | €2,212,064 | +€118,560 | +5.7% |
| Operating profit (loss) | 9901 | €163,214 | €60,169 | -€103,045 | -63.1% |
| Financial income | 75/76B | €362 | €532 | +€170 | +47.0% |
| Recurring financial income | 75 | €362 | €532 | +€170 | +47.0% |
| Financial charges | 65/66B | €123,807 | €128,904 | +€5,097 | +4.1% |
| Recurring financial charges | 65 | €123,807 | €128,904 | +€5,097 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €39,769 | -€68,203 | -€107,972 | |
| Income taxes | 67/77 | €1,100 | €963 | -€137 | -12.5% |
| Profit (loss) for the period | 9904 | €38,669 | -€69,166 | -€107,835 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,669 | -€69,166 | -€107,835 |
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 29 September 2026 via checked.be.