ARAX: 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.
ARAX
Largest movements
- Cash +€22,650
up €22,650 (+100%), from €22,618 to €45,268
mainly Other debts (+€33,214) and Receivables within one year (+€4,074)
- Receivables within one year -€4,074
down €4,074 (-9.1%), from €44,766 to €40,692
of which Trade receivables: -€4,414
- Stocks and contracts +€2,651
up €2,651 (+131%), from €2,024 to €4,675
- Other debts +€33,214
up €33,214 (+62.9%), from €52,825 to €86,039
- Profit (loss) carried forward -€11,051
down €11,051 (-277%), from -€3,993 to -€15,044
- Gross operating margin -€18,262
down €18,262, from €8,507 to -€9,756
- Other operating charges +€245
up €245 (+231%), from €106 to €352
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 | €73,567 | €96,051 | +€22,483 | +30.6% |
| Fixed assets | 21/28 | €2,620 | €3,551 | +€931 | +35.5% |
| Tangible fixed assets | 22/27 | €2,620 | €3,551 | +€931 | +35.5% |
| Furniture and vehicles | 24 | - | €1,586 | +€1,586 | |
| Other tangible fixed assets | 26 | €2,620 | €1,965 | -€655 | -25.0% |
| Current assets | 29/58 | €70,948 | €92,500 | +€21,552 | +30.4% |
| Stocks and contracts in progress | 3 | €2,024 | €4,675 | +€2,651 | +131% |
| Stocks | 30/36 | €2,024 | €4,675 | +€2,651 | +131% |
| Amounts receivable within one year | 40/41 | €44,766 | €40,692 | -€4,074 | -9.1% |
| Trade receivables | 40 | €42,607 | €38,193 | -€4,414 | -10.4% |
| Other amounts receivable | 41 | €2,159 | €2,499 | +€340 | +15.7% |
| Cash at bank and in hand | 54/58 | €22,618 | €45,268 | +€22,650 | +100% |
| Deferred charges and accrued income | 490/1 | €1,539 | €1,865 | +€326 | +21.2% |
| Total equity and liabilities | 10/49 | €73,567 | €96,051 | +€22,483 | +30.6% |
| Equity | 10/15 | €16,366 | €5,315 | -€11,051 | -67.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,759 | €1,759 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,759 | €1,759 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,759 | €1,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,993 | -€15,044 | -€11,051 | -277% |
| Amounts payable | 17/49 | €57,202 | €90,736 | +€33,534 | +58.6% |
| Amounts payable within one year | 42/48 | €57,202 | €90,736 | +€33,534 | +58.6% |
| Trade debts | 44 | €672 | €1,462 | +€790 | +117% |
| Suppliers | 440/4 | €672 | €1,462 | +€790 | +117% |
| Taxes, remuneration and social security | 45 | €3,704 | €3,235 | -€469 | -12.7% |
| Taxes | 450/3 | €3,704 | €3,235 | -€469 | -12.7% |
| Other amounts payable | 47/48 | €52,825 | €86,039 | +€33,214 | +62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €948 | €899 | -€49 | -5.2% |
| Other operating charges | 640/8 | €106 | €352 | +€245 | +231% |
| Gross operating margin | 9900 | €8,507 | -€9,756 | -€18,262 | |
| Operating profit (loss) | 9901 | €7,452 | -€11,006 | -€18,458 | |
| Financial charges | 65/66B | €51 | €45 | -€6 | -11.3% |
| Recurring financial charges | 65 | €51 | €45 | -€6 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €7,401 | -€11,051 | -€18,452 | |
| Profit (loss) for the period | 9904 | €7,401 | -€11,051 | -€18,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,401 | -€11,051 | -€18,452 |
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.