ARARAT: 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.
ARARAT
Largest movements
- Cash +€27,950
up €27,950 (+191.2%), from €14,617 to €42,567
mainly Net result for the year (+€34,945) and Tax, wage and social debts (+€10,268)
- Tangible fixed assets -€5,179
down €5,179 (-2.6%), from €200,940 to €195,762
of which Land and buildings: -€4,282
- Receivables within one year -€4,839
down €4,839 (-67.8%), from €7,139 to €2,300
of which Other amounts receivable: -€7,139
- Reserves +€34,945
up €34,945 (+21.2%), from €164,953 to €199,898
of which Distributable reserves: +€34,945
- Other debts -€20,609
down €20,609 (-33.6%), from €61,395 to €40,786
- Tax, wage and social debts +€10,268
up €10,268 (+57.7%), from €17,803 to €28,072
- Debts after one year -€7,921
down €7,921 (-8.5%), from €93,229 to €85,309
- Gross operating margin +€25,986
up €25,986 (+56.9%), from €45,710 to €71,696
- Taxes +€3,216
up €3,216 (+22.7%), from €14,172 to €17,388
- Other operating charges -€2,764
down €2,764 (-42.6%), from €6,485 to €3,721
- Financial charges +€2,139
up €2,139 (+34.2%), from €6,246 to €8,384
- Depreciation +€1,489
up €1,489 (+25.8%), from €5,778 to €7,267
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 | €390,418 | €410,693 | +€20,276 | +5.2% |
| Fixed assets | 21/28 | €200,940 | €195,762 | -€5,179 | -2.6% |
| Tangible fixed assets | 22/27 | €200,940 | €195,762 | -€5,179 | -2.6% |
| Land and buildings | 22 | €192,150 | €187,869 | -€4,282 | -2.2% |
| Plant, machinery and equipment | 23 | €1,728 | €2,721 | +€993 | +57.5% |
| Furniture and vehicles | 24 | €7,062 | €5,172 | -€1,890 | -26.8% |
| Current assets | 29/58 | €189,477 | €214,932 | +€25,454 | +13.4% |
| Stocks and contracts in progress | 3 | €167,704 | €169,249 | +€1,545 | +0.9% |
| Stocks | 30/36 | €167,704 | €169,249 | +€1,545 | +0.9% |
| Amounts receivable within one year | 40/41 | €7,139 | €2,300 | -€4,839 | -67.8% |
| Trade receivables | 40 | - | €2,300 | +€2,300 | |
| Other amounts receivable | 41 | €7,139 | - | -€7,139 | |
| Cash at bank and in hand | 54/58 | €14,617 | €42,567 | +€27,950 | +191.2% |
| Deferred charges and accrued income | 490/1 | €17 | €815 | +€798 | +4641.2% |
| Total equity and liabilities | 10/49 | €390,418 | €410,693 | +€20,276 | +5.2% |
| Equity | 10/15 | €183,553 | €218,498 | +€34,945 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,953 | €199,898 | +€34,945 | +21.2% |
| Tax-exempt reserves | 132 | €15,500 | €15,500 | = | 0.0% |
| Distributable reserves | 133 | €149,453 | €184,398 | +€34,945 | +23.4% |
| Amounts payable | 17/49 | €206,864 | €192,195 | -€14,669 | -7.1% |
| Amounts payable after more than one year | 17 | €93,229 | €85,309 | -€7,921 | -8.5% |
| Financial debts | 170/4 | €93,229 | €85,309 | -€7,921 | -8.5% |
| Amounts payable within one year | 42/48 | €113,635 | €106,887 | -€6,748 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €17,738 | €17,948 | +€210 | +1.2% |
| Trade debts | 44 | €16,699 | €20,081 | +€3,382 | +20.3% |
| Suppliers | 440/4 | €16,699 | €20,081 | +€3,382 | +20.3% |
| Taxes, remuneration and social security | 45 | €17,803 | €28,072 | +€10,268 | +57.7% |
| Taxes | 450/3 | €17,803 | €28,072 | +€10,268 | +57.7% |
| Other amounts payable | 47/48 | €61,395 | €40,786 | -€20,609 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,778 | €7,267 | +€1,489 | +25.8% |
| Other operating charges | 640/8 | €6,485 | €3,721 | -€2,764 | -42.6% |
| Gross operating margin | 9900 | €45,710 | €71,696 | +€25,986 | +56.9% |
| Operating profit (loss) | 9901 | €33,447 | €60,709 | +€27,261 | +81.5% |
| Financial income | 75/76B | €105 | €9 | -€97 | -91.7% |
| Recurring financial income | 75 | €105 | €9 | -€97 | -91.7% |
| Financial charges | 65/66B | €6,246 | €8,384 | +€2,139 | +34.2% |
| Recurring financial charges | 65 | €6,246 | €8,384 | +€2,139 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | €27,307 | €52,333 | +€25,026 | +91.6% |
| Income taxes | 67/77 | €14,172 | €17,388 | +€3,216 | +22.7% |
| Profit (loss) for the period | 9904 | €13,135 | €34,945 | +€21,810 | +166.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,135 | €34,945 | +€21,810 | +166.0% |
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 10 October 2026 via checked.be.