ARAN: 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.
What changed
ARAN
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€21,088
2024 · €2,720+€18,368
Equity
€488,884
2024 · €467,796+€21,088
Cash
€623
2024 · €3,717-€3,094
Balance sheet total
€3.0m
2024 · €2.4m+€674,487
Largest movements
Assets
- Stocks and contracts +€635,147
up €635,147 (+321%), from €197,781 to €832,928
- Current investments +€104,030
new in 2025: €104,030
- Tangible fixed assets -€53,549
down €53,549 (-3.4%), from €1.6m to €1.5m
of which Land and buildings: -€57,664
Equity and liabilities
- Short-term financial debts +€465,000
up €465,000 (+89.4%), from €520,000 to €985,000
- Other debts +€281,803
up €281,803 (+27.7%), from €1.0m to €1.3m
Income statement
- Depreciation -€60,100
down €60,100 (-58.9%), from €102,043 to €41,943
- Gross operating margin -€25,572
down €25,572 (-18.6%), from €137,246 to €111,674
- Financial charges +€8,552
up €8,552 (+33.0%), from €25,948 to €34,500
- Taxes +€7,084
up €7,084 (+185%), from €3,823 to €10,907
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.
Result 2024
€2,720
Gross operating margin
-€25,572
Depreciation
+€60,100
Other operating charges
-€524
Financial charges
-€8,552
Taxes
-€7,084
Result 2025
€21,088
raises the resultlowers the result
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.
From operations
-€340,279
Investment
-€92,424
Financing
+€429,609
Cash 2024
€3,717
From operations (derived)
-€340,279
Net result for the year
+€21,088
Depreciation
+€41,943
Stocks and contracts
-€635,147
Receivables within one year
+€6,177
Deferred charges and accrued income
+€1,870
Provisions
-€2,773
Trade debts
-€28,126
Tax, wage and social debts
-€8,487
Other debts
+€281,803
Accrued charges and deferred income
-€18,627
Investment (derived)
-€92,424
Investment in fixed assets (net)
+€11,606
Current investments
-€104,030
Financing
+€429,609
Debts after one year
-€29,748
Current portion of long-term debt
-€5,643
Short-term financial debts
+€465,000
Cash 2025
€623
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,371,529 | €3,046,016 | +€674,487 | +28.4% |
| Fixed assets | 21/28 | €2,155,132 | €2,101,583 | -€53,549 | -2.5% |
| Tangible fixed assets | 22/27 | €1,585,132 | €1,531,583 | -€53,549 | -3.4% |
| Land and buildings | 22 | €1,579,490 | €1,521,826 | -€57,664 | -3.7% |
| Plant, machinery and equipment | 23 | €4,828 | €9,321 | +€4,493 | +93.1% |
| Furniture and vehicles | 24 | €814 | €436 | -€378 | -46.4% |
| Financial fixed assets | 28 | €570,000 | €570,000 | = | 0.0% |
| Current assets | 29/58 | €216,397 | €944,433 | +€728,036 | +336% |
| Stocks and contracts in progress | 3 | €197,781 | €832,928 | +€635,147 | +321% |
| Stocks | 30/36 | €197,781 | €832,928 | +€635,147 | +321% |
| Amounts receivable within one year | 40/41 | €6,177 | - | -€6,177 | |
| Other amounts receivable | 41 | €6,177 | - | -€6,177 | |
| Current investments | 50/53 | - | €104,030 | +€104,030 | |
| Cash at bank and in hand | 54/58 | €3,717 | €623 | -€3,094 | -83.2% |
| Deferred charges and accrued income | 490/1 | €8,722 | €6,852 | -€1,870 | -21.4% |
| Total equity and liabilities | 10/49 | €2,371,529 | €3,046,016 | +€674,487 | +28.4% |
| Equity | 10/15 | €467,796 | €488,884 | +€21,088 | +4.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €437,796 | €458,884 | +€21,088 | +4.8% |
| Tax-exempt reserves | 132 | €181,564 | €173,555 | -€8,009 | -4.4% |
| Distributable reserves | 133 | €256,232 | €285,329 | +€29,097 | +11.4% |
| Provisions and deferred taxes | 16 | €67,342 | €64,569 | -€2,773 | -4.1% |
| Deferred taxes | 168 | €67,342 | €64,569 | -€2,773 | -4.1% |
| Amounts payable | 17/49 | €1,836,391 | €2,492,563 | +€656,172 | +35.7% |
| Amounts payable after more than one year | 17 | €187,202 | €157,454 | -€29,748 | -15.9% |
| Financial debts | 170/4 | €187,202 | €157,454 | -€29,748 | -15.9% |
| Amounts payable within one year | 42/48 | €1,629,801 | €2,334,348 | +€704,547 | +43.2% |
| Current portion of amounts payable after more than one year | 42 | €35,391 | €29,748 | -€5,643 | -15.9% |
| Financial debts | 43 | €520,000 | €985,000 | +€465,000 | +89.4% |
| Credit institutions | 430/8 | €520,000 | €985,000 | +€465,000 | +89.4% |
| Trade debts | 44 | €34,816 | €6,690 | -€28,126 | -80.8% |
| Suppliers | 440/4 | €34,816 | €6,690 | -€28,126 | -80.8% |
| Taxes, remuneration and social security | 45 | €21,712 | €13,225 | -€8,487 | -39.1% |
| Taxes | 450/3 | €21,712 | €13,225 | -€8,487 | -39.1% |
| Other amounts payable | 47/48 | €1,017,882 | €1,299,685 | +€281,803 | +27.7% |
| Accrued charges and deferred income | 492/3 | €19,388 | €761 | -€18,627 | -96.1% |
| Non-recurring operating income | 76A | €121 | - | -€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,043 | €41,943 | -€60,100 | -58.9% |
| Other operating charges | 640/8 | €5,487 | €6,011 | +€524 | +9.5% |
| Gross operating margin | 9900 | €137,246 | €111,674 | -€25,572 | -18.6% |
| Operating profit (loss) | 9901 | €29,716 | €63,720 | +€34,004 | +114% |
| Financial income | 75/76B | €1 | €1 | = | 0.0% |
| Recurring financial income | 75 | €1 | €1 | = | 0.0% |
| Financial charges | 65/66B | €25,948 | €34,500 | +€8,552 | +33.0% |
| Recurring financial charges | 65 | €25,948 | €34,500 | +€8,552 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €3,769 | €29,221 | +€25,452 | +675% |
| Transfer from deferred taxes | 780 | €2,774 | €2,774 | = | 0.0% |
| Income taxes | 67/77 | €3,823 | €10,907 | +€7,084 | +185% |
| Profit (loss) for the period | 9904 | €2,720 | €21,088 | +€18,368 | +675% |
| Transfer from tax-exempt reserves | 789 | €8,010 | €8,010 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,730 | €29,098 | +€18,368 | +171% |
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 14 October 2026 via checked.be.