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.
ARA
Largest movements
- Receivables within one year +€438,134
up €438,134 (+97.9%), from €447,454 to €885,588
- Cash +€231,258
up €231,258 (+159.3%), from €145,180 to €376,438
mainly Net result for the year (+€293,303) and Current portion of long-term debt (+€150,441)
- Financial fixed assets -€126,879
down €126,879 (-13.7%), from €926,879 to €800,000
- Reserves +€292,951
up €292,951 (+38.7%), from €757,314 to €1.1m
of which Distributable reserves: +€308,944
- Current portion of long-term debt +€150,441
up €150,441 (+1325.2%), from €11,353 to €161,793
- Short-term financial debts +€93,753
up €93,753 (+166.7%), from €56,247 to €150,000
of which Credit institutions: +€150,000
- Gross operating margin +€474,412
up €474,412 (+540.8%), from €87,717 to €562,129
- Taxes +€165,155
up €165,155 (+2123.3%), from €7,778 to €172,933
- Other operating charges +€81,556
up €81,556 (+403.5%), from €20,210 to €101,766
- Financial income +€13,223
up €13,223 (+84.8%), from €15,597 to €28,820
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 | €2,262,242 | €2,780,981 | +€518,739 | +22.9% |
| Fixed assets | 21/28 | €1,669,607 | €1,518,955 | -€150,652 | -9.0% |
| Tangible fixed assets | 22/27 | €742,728 | €718,955 | -€23,773 | -3.2% |
| Land and buildings | 22 | €692,728 | €668,955 | -€23,773 | -3.4% |
| Assets under construction and advance payments | 27 | €50,000 | €50,000 | = | 0.0% |
| Financial fixed assets | 28 | €926,879 | €800,000 | -€126,879 | -13.7% |
| Current assets | 29/58 | €592,635 | €1,262,026 | +€669,392 | +113.0% |
| Amounts receivable within one year | 40/41 | €447,454 | €885,588 | +€438,134 | +97.9% |
| Other amounts receivable | 41 | €447,454 | €885,588 | +€438,134 | +97.9% |
| Cash at bank and in hand | 54/58 | €145,180 | €376,438 | +€231,258 | +159.3% |
| Total equity and liabilities | 10/49 | €2,262,242 | €2,780,981 | +€518,739 | +22.9% |
| Equity | 10/15 | €2,041,563 | €2,334,514 | +€292,951 | +14.3% |
| Contributions | 10/11 | €1,065,942 | €1,065,942 | = | 0.0% |
| Capital | 10 | €1,065,942 | €1,065,942 | = | 0.0% |
| Issued capital | 100 | €1,065,942 | €1,065,942 | = | 0.0% |
| Reserves | 13 | €757,314 | €1,050,265 | +€292,951 | +38.7% |
| Non-distributable reserves | 130/1 | €25,659 | €25,659 | = | 0.0% |
| Legal reserve | 130 | €25,659 | €25,659 | = | 0.0% |
| Tax-exempt reserves | 132 | €263,889 | €247,895 | -€15,993 | -6.1% |
| Distributable reserves | 133 | €467,767 | €776,711 | +€308,944 | +66.0% |
| Profit (loss) carried forward | 14 | €218,307 | €218,307 | = | 0.0% |
| Provisions and deferred taxes | 16 | €106,095 | €99,665 | -€6,430 | -6.1% |
| Deferred taxes | 168 | €106,095 | €99,665 | -€6,430 | -6.1% |
| Amounts payable | 17/49 | €114,583 | €346,802 | +€232,218 | +202.7% |
| Amounts payable within one year | 42/48 | €114,583 | €346,802 | +€232,218 | +202.7% |
| Current portion of amounts payable after more than one year | 42 | €11,353 | €161,793 | +€150,441 | +1325.2% |
| Financial debts | 43 | €56,247 | €150,000 | +€93,753 | +166.7% |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Other loans | 439 | €56,247 | €0 | -€56,247 | -100.0% |
| Trade debts | 44 | - | €1,936 | +€1,936 | |
| Suppliers | 440/4 | - | €1,936 | +€1,936 | |
| Taxes, remuneration and social security | 45 | - | €6,089 | +€6,089 | |
| Taxes | 450/3 | - | €6,089 | +€6,089 | |
| Other amounts payable | 47/48 | €46,983 | €26,983 | -€20,000 | -42.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,773 | €23,773 | = | 0.0% |
| Other operating charges | 640/8 | €20,210 | €101,766 | +€81,556 | +403.5% |
| Gross operating margin | 9900 | €87,717 | €562,129 | +€474,412 | +540.8% |
| Operating profit (loss) | 9901 | €43,734 | €436,590 | +€392,857 | +898.3% |
| Financial income | 75/76B | €15,597 | €28,820 | +€13,223 | +84.8% |
| Recurring financial income | 75 | €15,597 | €28,820 | +€13,223 | +84.8% |
| Financial charges | 65/66B | €1,235 | €2,389 | +€1,154 | +93.4% |
| Recurring financial charges | 65 | €1,235 | €2,389 | +€1,154 | +93.4% |
| Profit (loss) for the period before taxes | 9903 | €58,095 | €463,021 | +€404,926 | +697.0% |
| Transfer from deferred taxes | 780 | - | €3,215 | +€3,215 | |
| Income taxes | 67/77 | €7,778 | €172,933 | +€165,155 | +2123.3% |
| Profit (loss) for the period | 9904 | €50,317 | €293,303 | +€242,986 | +482.9% |
| Transfer from tax-exempt reserves | 789 | - | €7,997 | +€7,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,317 | €301,300 | +€250,983 | +498.8% |
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 5 October 2026 via checked.be.