ARAGATS: 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.
ARAGATS
Largest movements
- Receivables within one year -€43,991
down €43,991 (-62.6%), from €70,250 to €26,259
of which Trade receivables: -€62,327
- Deferred charges and accrued income +€26,750
up €26,750 (+2640.6%), from €1,013 to €27,763
- Tangible fixed assets -€12,930
down €12,930 (-24.6%), from €52,480 to €39,550
- Cash -€2,602
down €2,602 (-4.0%), from €64,849 to €62,247
mainly Contributions, distributions and other (-€170,938) and Deferred charges and accrued income (-€26,750)
- Profit (loss) carried forward -€106,124
no longer reported in 2025 (was €106,124)
- Other debts +€93,480
new in 2025: €93,480
- Debts after one year -€15,578
down €15,578 (-43.3%), from €36,006 to €20,428
- Tax, wage and social debts -€5,057
no longer reported in 2025 (was €5,057)
- Other operating charges -€31,126
down €31,126 (-96.7%), from €32,201 to €1,075
- Gross operating margin -€4,100
down €4,100 (-2.8%), from €147,983 to €143,883
- Staff costs +€2,563
up €2,563 (+6.2%), from €41,565 to €44,128
- Depreciation +€2,496
up €2,496 (+23.9%), from €10,434 to €12,930
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 | €188,592 | €155,818 | -€32,774 | -17.4% |
| Fixed assets | 21/28 | €52,480 | €39,550 | -€12,930 | -24.6% |
| Tangible fixed assets | 22/27 | €52,480 | €39,550 | -€12,930 | -24.6% |
| Furniture and vehicles | 24 | €52,480 | €39,550 | -€12,930 | -24.6% |
| Current assets | 29/58 | €136,112 | €116,268 | -€19,844 | -14.6% |
| Amounts receivable within one year | 40/41 | €70,250 | €26,259 | -€43,991 | -62.6% |
| Trade receivables | 40 | €62,327 | - | -€62,327 | |
| Other amounts receivable | 41 | €7,923 | €26,259 | +€18,336 | +231.4% |
| Cash at bank and in hand | 54/58 | €64,849 | €62,247 | -€2,602 | -4.0% |
| Deferred charges and accrued income | 490/1 | €1,013 | €27,763 | +€26,750 | +2640.6% |
| Total equity and liabilities | 10/49 | €188,592 | €155,818 | -€32,774 | -17.4% |
| Equity | 10/15 | €126,584 | €20,460 | -€106,124 | -83.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €106,124 | - | -€106,124 | |
| Amounts payable | 17/49 | €62,008 | €135,358 | +€73,350 | +118.3% |
| Amounts payable after more than one year | 17 | €36,006 | €20,428 | -€15,578 | -43.3% |
| Financial debts | 170/4 | €36,006 | €20,428 | -€15,578 | -43.3% |
| Amounts payable within one year | 42/48 | €26,002 | €114,864 | +€88,862 | +341.7% |
| Current portion of amounts payable after more than one year | 42 | €14,930 | €15,578 | +€648 | +4.3% |
| Trade debts | 44 | €6,015 | €5,806 | -€209 | -3.5% |
| Suppliers | 440/4 | €6,015 | €5,806 | -€209 | -3.5% |
| Taxes, remuneration and social security | 45 | €5,057 | - | -€5,057 | |
| Remuneration and social security | 454/9 | €5,057 | - | -€5,057 | |
| Other amounts payable | 47/48 | - | €93,480 | +€93,480 | |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Remuneration, social security and pensions | 62 | €41,565 | €44,128 | +€2,563 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,434 | €12,930 | +€2,496 | +23.9% |
| Other operating charges | 640/8 | €32,201 | €1,075 | -€31,126 | -96.7% |
| Gross operating margin | 9900 | €147,983 | €143,883 | -€4,100 | -2.8% |
| Operating profit (loss) | 9901 | €63,783 | €85,751 | +€21,968 | +34.4% |
| Financial income | 75/76B | €1,234 | €24 | -€1,210 | -98.0% |
| Recurring financial income | 75 | €1,234 | €24 | -€1,210 | -98.0% |
| Financial charges | 65/66B | €2,134 | €2,105 | -€29 | -1.3% |
| Recurring financial charges | 65 | €2,134 | €2,105 | -€29 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €62,883 | €83,670 | +€20,787 | +33.1% |
| Income taxes | 67/77 | €20,135 | €18,856 | -€1,279 | -6.4% |
| Profit (loss) for the period | 9904 | €42,748 | €64,814 | +€22,066 | +51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,748 | €64,814 | +€22,066 | +51.6% |
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 12 October 2026 via checked.be.