ARAF: 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.
ARAF
Largest movements
- Current investments +€25,000
up €25,000 (+8.3%), from €300,000 to €325,000
- Cash +€9,061
up €9,061 (+25.0%), from €36,213 to €45,273
mainly Net result for the year (+€36,856) and Receivables within one year (+€5,943)
- Receivables within one year -€5,943
down €5,943 (-16.0%), from €37,171 to €31,227
of which Trade receivables: -€5,378
- Reserves +€36,855
up €36,855 (+10.1%), from €363,557 to €400,412
- Tax, wage and social debts -€7,553
down €7,553 (-50.7%), from €14,889 to €7,336
- Gross operating margin +€10,793
up €10,793 (+24.5%), from €44,061 to €54,853
- Taxes +€3,188
up €3,188 (+19.1%), from €16,685 to €19,873
- Financial income -€1,417
down €1,417 (-15.5%), from €9,126 to €7,709
- Depreciation +€992
up €992 (+32.2%), from €3,078 to €4,070
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 | €392,867 | €422,290 | +€29,423 | +7.5% |
| Fixed assets | 21/28 | €12,295 | €14,802 | +€2,507 | +20.4% |
| Tangible fixed assets | 22/27 | €12,045 | €14,552 | +€2,507 | +20.8% |
| Furniture and vehicles | 24 | €5,359 | €5,927 | +€568 | +10.6% |
| Other tangible fixed assets | 26 | €6,687 | €8,625 | +€1,939 | +29.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €380,572 | €407,488 | +€26,916 | +7.1% |
| Amounts receivable within one year | 40/41 | €37,171 | €31,227 | -€5,943 | -16.0% |
| Trade receivables | 40 | €36,605 | €31,227 | -€5,378 | -14.7% |
| Other amounts receivable | 41 | €565 | €0 | -€565 | -100% |
| Current investments | 50/53 | €300,000 | €325,000 | +€25,000 | +8.3% |
| Cash at bank and in hand | 54/58 | €36,213 | €45,273 | +€9,061 | +25.0% |
| Deferred charges and accrued income | 490/1 | €7,189 | €5,987 | -€1,201 | -16.7% |
| Total equity and liabilities | 10/49 | €392,867 | €422,290 | +€29,423 | +7.5% |
| Equity | 10/15 | €372,124 | €408,979 | +€36,856 | +9.9% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €363,557 | €400,412 | +€36,855 | +10.1% |
| Distributable reserves | 133 | €363,557 | €400,412 | +€36,855 | +10.1% |
| Profit (loss) carried forward | 14 | €567 | €567 | +€1 | +0.1% |
| Amounts payable | 17/49 | €20,743 | €13,310 | -€7,433 | -35.8% |
| Amounts payable within one year | 42/48 | €19,244 | €12,044 | -€7,200 | -37.4% |
| Trade debts | 44 | €3,940 | €3,642 | -€298 | -7.6% |
| Suppliers | 440/4 | €3,940 | €3,642 | -€298 | -7.6% |
| Taxes, remuneration and social security | 45 | €14,889 | €7,336 | -€7,553 | -50.7% |
| Taxes | 450/3 | €14,889 | €7,336 | -€7,553 | -50.7% |
| Other amounts payable | 47/48 | €415 | €1,066 | +€651 | +157% |
| Accrued charges and deferred income | 492/3 | €1,499 | €1,266 | -€233 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,078 | €4,070 | +€992 | +32.2% |
| Other operating charges | 640/8 | €1,526 | €1,621 | +€95 | +6.2% |
| Gross operating margin | 9900 | €44,061 | €54,853 | +€10,793 | +24.5% |
| Operating profit (loss) | 9901 | €39,457 | €49,163 | +€9,706 | +24.6% |
| Financial income | 75/76B | €9,126 | €7,709 | -€1,417 | -15.5% |
| Recurring financial income | 75 | €9,126 | €7,709 | -€1,417 | -15.5% |
| Financial charges | 65/66B | €107 | €144 | +€37 | +34.5% |
| Recurring financial charges | 65 | €107 | €144 | +€37 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €48,477 | €56,729 | +€8,252 | +17.0% |
| Income taxes | 67/77 | €16,685 | €19,873 | +€3,188 | +19.1% |
| Profit (loss) for the period | 9904 | €31,792 | €36,856 | +€5,064 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,792 | €36,856 | +€5,064 | +15.9% |
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 18 October 2026 via checked.be.