ARAEY: 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.
ARAEY
Largest movements
- Financial fixed assets +€1.9m
up €1.9m (+354%), from €540,000 to €2.5m
- Deferred charges and accrued income +€1.2m
up €1.2m (+43,384%), from €2,765 to €1.2m
- Cash -€93,569
down €93,569 (-57.5%), from €162,863 to €69,294
mainly Investment in fixed assets (net) (-€1.9m) and Deferred charges and accrued income (-€1.2m)
- Reserves +€1.3m
up €1.3m (+345%), from €365,425 to €1.6m
- Debts after one year +€1.1m
up €1.1m (+682%), from €155,000 to €1.2m
- Current portion of long-term debt +€775,000
up €775,000 (+969%), from €80,000 to €855,000
- Tax, wage and social debts -€51,188
down €51,188 (-87.2%), from €58,732 to €7,544
of which Taxes: -€49,748
- Other debts -€49,511
down €49,511 (-48.5%), from €102,000 to €52,489
- Financial income +€973,636
up €973,636 (+429%), from €227,216 to €1.2m
- Gross operating margin -€5,812
down €5,812 (-5.4%), from €108,542 to €102,730
- Taxes -€2,432
down €2,432 (-9.3%), from €26,098 to €23,666
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 | €786,463 | €3,781,693 | +€3.0m | +381% |
| Formation expenses | 20 | €155 | €0 | -€155 | -100% |
| Fixed assets | 21/28 | €604,576 | €2,500,627 | +€1.9m | +314% |
| Tangible fixed assets | 22/27 | €64,576 | €49,052 | -€15,524 | -24.0% |
| Furniture and vehicles | 24 | €64,576 | €49,052 | -€15,524 | -24.0% |
| Financial fixed assets | 28 | €540,000 | €2,451,575 | +€1.9m | +354% |
| Current assets | 29/58 | €181,731 | €1,281,066 | +€1.1m | +605% |
| Amounts receivable within one year | 40/41 | €16,103 | €9,483 | -€6,620 | -41.1% |
| Trade receivables | 40 | €2,650 | €0 | -€2,650 | -100% |
| Other amounts receivable | 41 | €13,453 | €9,483 | -€3,970 | -29.5% |
| Cash at bank and in hand | 54/58 | €162,863 | €69,294 | -€93,569 | -57.5% |
| Deferred charges and accrued income | 490/1 | €2,765 | €1,202,288 | +€1.2m | +43,384% |
| Total equity and liabilities | 10/49 | €786,463 | €3,781,693 | +€3.0m | +381% |
| Equity | 10/15 | €390,425 | €1,651,402 | +€1.3m | +323% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €365,425 | €1,626,402 | +€1.3m | +345% |
| Distributable reserves | 133 | €365,425 | €1,626,402 | +€1.3m | +345% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €396,038 | €2,130,291 | +€1.7m | +438% |
| Amounts payable after more than one year | 17 | €155,000 | €1,211,575 | +€1.1m | +682% |
| Financial debts | 170/4 | €155,000 | €1,211,575 | +€1.1m | +682% |
| Amounts payable within one year | 42/48 | €241,038 | €918,716 | +€677,678 | +281% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €855,000 | +€775,000 | +969% |
| Trade debts | 44 | €306 | €3,683 | +€3,377 | +1,103% |
| Suppliers | 440/4 | €306 | €3,683 | +€3,377 | +1,103% |
| Taxes, remuneration and social security | 45 | €58,732 | €7,544 | -€51,188 | -87.2% |
| Taxes | 450/3 | €57,292 | €7,544 | -€49,748 | -86.8% |
| Remuneration and social security | 454/9 | €1,440 | €0 | -€1,440 | -100% |
| Other amounts payable | 47/48 | €102,000 | €52,489 | -€49,511 | -48.5% |
| Non-recurring operating income | 76A | €605 | - | -€605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,868 | €15,895 | +€1,027 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €155 | +€155 | |
| Other operating charges | 640/8 | €986 | €1,887 | +€901 | +91.4% |
| Non-recurring operating charges | 66A | €0 | - | -€0 | |
| Gross operating margin | 9900 | €108,542 | €102,730 | -€5,812 | -5.4% |
| Operating profit (loss) | 9901 | €92,688 | €84,793 | -€7,896 | -8.5% |
| Financial income | 75/76B | €227,216 | €1,200,852 | +€973,636 | +429% |
| Recurring financial income | 75 | €227,216 | €1,200,852 | +€973,636 | +429% |
| Financial charges | 65/66B | €1,673 | €1,001 | -€672 | -40.2% |
| Recurring financial charges | 65 | €1,673 | €1,001 | -€672 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €318,231 | €1,284,644 | +€966,413 | +304% |
| Income taxes | 67/77 | €26,098 | €23,666 | -€2,432 | -9.3% |
| Profit (loss) for the period | 9904 | €292,133 | €1,260,977 | +€968,844 | +332% |
| Profit (loss) for the period to be appropriated | 9905 | €292,133 | €1,260,977 | +€968,844 | +332% |
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.