ARA: 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.
ARA
Largest movements
- Deferred charges and accrued income +€20,583
up €20,583 (+94.4%), from €21,797 to €42,380
- Profit (loss) carried forward +€20,463
no longer reported in 2025 (was -€20,463)
- Financial charges -€4,607
new in 2025: -€4,607
- Gross operating margin +€4,210
up €4,210 (+63.6%), from -€6,624 to -€2,414
- Financial income +€951
up €951 (+4.4%), from €21,797 to €22,748
- Taxes +€307
new in 2025: €307
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 | €950,721 | €974,561 | +€23,840 | +2.5% |
| Fixed assets | 21/28 | €86,084 | €86,084 | = | 0.0% |
| Tangible fixed assets | 22/27 | €86,084 | €86,084 | = | 0.0% |
| Land and buildings | 22 | €86,084 | €86,084 | = | 0.0% |
| Current assets | 29/58 | €864,637 | €888,477 | +€23,840 | +2.8% |
| Amounts receivable after more than one year | 29 | €785,000 | €785,000 | = | 0.0% |
| Other amounts receivable | 291 | €785,000 | €785,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,316 | €8,797 | +€1,481 | +20.3% |
| Other amounts receivable | 41 | €7,316 | €8,797 | +€1,481 | +20.3% |
| Current investments | 50/53 | €43,729 | €48,422 | +€4,693 | +10.7% |
| Cash at bank and in hand | 54/58 | €6,795 | €3,877 | -€2,918 | -42.9% |
| Deferred charges and accrued income | 490/1 | €21,797 | €42,380 | +€20,583 | +94.4% |
| Total equity and liabilities | 10/49 | €950,721 | €974,561 | +€23,840 | +2.5% |
| Equity | 10/15 | €950,721 | €974,254 | +€23,533 | +2.5% |
| Contributions | 10/11 | €967,600 | €967,600 | = | 0.0% |
| Capital | 10 | €967,600 | €967,600 | = | 0.0% |
| Issued capital | 100 | €967,600 | €967,600 | = | 0.0% |
| Reserves | 13 | €3,584 | €6,654 | +€3,070 | +85.7% |
| Non-distributable reserves | 130/1 | €1,470 | €1,777 | +€307 | +20.9% |
| Legal reserve | 130 | €1,470 | €1,777 | +€307 | +20.9% |
| Distributable reserves | 133 | €2,114 | €4,877 | +€2,763 | +131% |
| Profit (loss) carried forward | 14 | -€20,463 | - | +€20,463 | |
| Amounts payable | 17/49 | - | €307 | +€307 | |
| Amounts payable within one year | 42/48 | - | €307 | +€307 | |
| Taxes, remuneration and social security | 45 | - | €307 | +€307 | |
| Taxes | 450/3 | - | €307 | +€307 | |
| Other operating charges | 640/8 | €1,067 | €1,101 | +€34 | +3.1% |
| Gross operating margin | 9900 | -€6,624 | -€2,414 | +€4,210 | +63.6% |
| Operating profit (loss) | 9901 | -€7,691 | -€3,515 | +€4,177 | +54.3% |
| Financial income | 75/76B | €21,797 | €22,748 | +€951 | +4.4% |
| Recurring financial income | 75 | €21,797 | €22,748 | +€951 | +4.4% |
| Financial charges | 65/66B | - | -€4,607 | -€4,607 | |
| Recurring financial charges | 65 | - | -€4,607 | -€4,607 | |
| Profit (loss) for the period before taxes | 9903 | €14,105 | €23,840 | +€9,735 | +69.0% |
| Income taxes | 67/77 | - | €307 | +€307 | |
| Profit (loss) for the period | 9904 | €14,105 | €23,533 | +€9,428 | +66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,105 | €23,533 | +€9,428 | +66.8% |
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.