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
- Cash +€438,677
up €438,677 (+637%), from €68,819 to €507,496
mainly Current investments (+€400,000) and Other debts (+€140,936)
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Receivables within one year -€10,136
down €10,136 (-34.4%), from €29,481 to €19,345
of which Trade receivables: -€12,780
- Tangible fixed assets -€8,185
down €8,185 (-38.2%), from €21,409 to €13,224
of which Furniture and vehicles: -€7,794
- Other debts +€140,936
up €140,936 (+677%), from €20,827 to €161,763
- Reserves -€111,623
down €111,623 (-24.0%), from €464,168 to €352,545
- Tax, wage and social debts -€6,842
down €6,842 (-93.4%), from €7,325 to €483
- Gross operating margin -€42,199
down €42,199 (-45.5%), from €92,797 to €50,598
- Taxes -€15,744
down €15,744 (-52.7%), from €29,901 to €14,157
- Financial income -€4,959
down €4,959 (-47.7%), from €10,400 to €5,441
- Write-downs +€2,007
new in 2025: €2,007
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 | €526,731 | €545,896 | +€19,165 | +3.6% |
| Fixed assets | 21/28 | €21,409 | €13,224 | -€8,185 | -38.2% |
| Tangible fixed assets | 22/27 | €21,409 | €13,224 | -€8,185 | -38.2% |
| Plant, machinery and equipment | 23 | €782 | €391 | -€391 | -50.0% |
| Furniture and vehicles | 24 | €20,627 | €12,833 | -€7,794 | -37.8% |
| Current assets | 29/58 | €505,321 | €532,672 | +€27,350 | +5.4% |
| Stocks and contracts in progress | 3 | €993 | €1,655 | +€662 | +66.7% |
| Stocks | 30/36 | €993 | €1,655 | +€662 | +66.7% |
| Amounts receivable within one year | 40/41 | €29,481 | €19,345 | -€10,136 | -34.4% |
| Trade receivables | 40 | €28,330 | €15,550 | -€12,780 | -45.1% |
| Other amounts receivable | 41 | €1,151 | €3,794 | +€2,644 | +230% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €68,819 | €507,496 | +€438,677 | +637% |
| Deferred charges and accrued income | 490/1 | €6,029 | €4,175 | -€1,854 | -30.7% |
| Total equity and liabilities | 10/49 | €526,731 | €545,896 | +€19,165 | +3.6% |
| Equity | 10/15 | €494,168 | €382,545 | -€111,623 | -22.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €464,168 | €352,545 | -€111,623 | -24.0% |
| Distributable reserves | 133 | €464,168 | €352,545 | -€111,623 | -24.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €32,563 | €163,351 | +€130,788 | +402% |
| Amounts payable within one year | 42/48 | €30,888 | €163,070 | +€132,181 | +428% |
| Trade debts | 44 | €2,737 | €823 | -€1,913 | -69.9% |
| Suppliers | 440/4 | €2,737 | €823 | -€1,913 | -69.9% |
| Taxes, remuneration and social security | 45 | €7,325 | €483 | -€6,842 | -93.4% |
| Taxes | 450/3 | €7,325 | €483 | -€6,842 | -93.4% |
| Other amounts payable | 47/48 | €20,827 | €161,763 | +€140,936 | +677% |
| Accrued charges and deferred income | 492/3 | €1,674 | €281 | -€1,393 | -83.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,185 | €8,185 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,007 | +€2,007 | |
| Other operating charges | 640/8 | €1,219 | €954 | -€265 | -21.7% |
| Gross operating margin | 9900 | €92,797 | €50,598 | -€42,199 | -45.5% |
| Operating profit (loss) | 9901 | €83,394 | €39,453 | -€43,941 | -52.7% |
| Financial income | 75/76B | €10,400 | €5,441 | -€4,959 | -47.7% |
| Recurring financial income | 75 | €10,400 | €5,441 | -€4,959 | -47.7% |
| Financial charges | 65/66B | €2,358 | €2,359 | +€1 | 0.0% |
| Recurring financial charges | 65 | €2,358 | €2,359 | +€1 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €91,436 | €42,535 | -€48,901 | -53.5% |
| Income taxes | 67/77 | €29,901 | €14,157 | -€15,744 | -52.7% |
| Profit (loss) for the period | 9904 | €61,535 | €28,377 | -€33,157 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,535 | €28,377 | -€33,157 | -53.9% |
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 13 October 2026 via checked.be.