ARE²: 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
ARE²
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.1m
2024 · €18.4m-€15.3m
Equity
€57.0m
2024 · €55.2m+€1.8m
Cash
€113,631
2024 · €194,070-€80,440
Balance sheet total
€75.1m
2024 · €76.2m-€1.0m
Largest movements
Assets
- Receivables within one year -€965,756
down €965,756 (-100.0%), from €965,912 to €156
of which Other amounts receivable: -€965,756
Equity and liabilities
- Debts after one year -€3.0m
down €3.0m (-25.0%), from €12.0m to €9.0m
- Reserves +€1.8m
up €1.8m (+35.0%), from €5.2m to €7.0m
of which Distributable reserves: +€1.6m
Income statement
- Financial income -€16.1m
down €16.1m (-81.0%), from €19.9m to €3.8m
- Financial charges -€779,609
down €779,609 (-54.4%), from €1.4m to €653,555
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
€18.4m
Other operating charges
+€96
Other operating items
+€2,454
Financial income
-€16.1m
Financial charges
+€779,609
Result 2025
€3.1m
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.
From operations
+€4.2m
Investment
€0
Financing
-€4.3m
Cash 2024
€194,070
From operations (derived)
+€4.2m
Net result for the year
+€3.1m
Receivables within one year
+€965,756
Smaller working-capital items
+€79
Other debts
+€149,925
Financing
-€4.3m
Debts after one year
-€3.0m
Contributions, distributions and other
-€1.3m
Cash 2025
€113,631
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,159,983 | €75,117,952 | -€1.0m | -1.4% |
| Fixed assets | 21/28 | €75,000,000 | €75,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €75,000,000 | €75,000,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €75,000,000 | €75,000,000 | = | 0.0% |
| Participating interests | 282 | €75,000,000 | €75,000,000 | = | 0.0% |
| Current assets | 29/58 | €1,159,983 | €117,952 | -€1.0m | -89.8% |
| Amounts receivable within one year | 40/41 | €965,912 | €156 | -€965,756 | -100.0% |
| Trade receivables | 40 | €156 | €156 | = | 0.0% |
| Other amounts receivable | 41 | €965,756 | - | -€965,756 | |
| Cash at bank and in hand | 54/58 | €194,070 | €113,631 | -€80,440 | -41.4% |
| Deferred charges and accrued income | 490/1 | - | €4,166 | +€4,166 | |
| Total equity and liabilities | 10/49 | €76,159,983 | €75,117,952 | -€1.0m | -1.4% |
| Equity | 10/15 | €55,159,103 | €56,962,903 | +€1.8m | +3.3% |
| Contributions | 10/11 | €50,000,000 | €50,000,000 | = | 0.0% |
| Capital | 10 | €50,000,000 | €50,000,000 | = | 0.0% |
| Issued capital | 100 | €50,000,000 | €50,000,000 | = | 0.0% |
| Reserves | 13 | €5,159,103 | €6,962,903 | +€1.8m | +35.0% |
| Non-distributable reserves | 130/1 | €2,185,000 | €2,340,940 | +€155,940 | +7.1% |
| Legal reserve | 130 | €2,185,000 | €2,340,940 | +€155,940 | +7.1% |
| Distributable reserves | 133 | €2,974,103 | €4,621,963 | +€1.6m | +55.4% |
| Amounts payable | 17/49 | €21,000,880 | €18,155,049 | -€2.8m | -13.6% |
| Amounts payable after more than one year | 17 | €12,000,000 | €9,000,000 | -€3.0m | -25.0% |
| Financial debts | 170/4 | €12,000,000 | €9,000,000 | -€3.0m | -25.0% |
| Credit institutions | 173 | €12,000,000 | €9,000,000 | -€3.0m | -25.0% |
| Amounts payable within one year | 42/48 | €9,000,880 | €9,155,049 | +€154,169 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €3,000,000 | €3,000,000 | = | 0.0% |
| Financial debts | 43 | €6,000,000 | €6,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €6,000,000 | €6,000,000 | = | 0.0% |
| Trade debts | 44 | €805 | €5,049 | +€4,245 | +527.5% |
| Suppliers | 440/4 | €805 | €5,049 | +€4,245 | +527.5% |
| Other amounts payable | 47/48 | €75 | €150,000 | +€149,925 | +198865.4% |
| Operating charges | 60/66A | €7,744 | €5,193 | -€2,551 | -32.9% |
| Services and other goods | 61 | €7,403 | €4,949 | -€2,454 | -33.1% |
| Other operating charges | 640/8 | €341 | €244 | -€96 | -28.3% |
| Operating profit (loss) | 9901 | -€7,744 | -€5,193 | +€2,551 | +32.9% |
| Financial income | 75/76B | €19,867,460 | €3,777,548 | -€16.1m | -81.0% |
| Recurring financial income | 75 | €19,867,460 | €3,777,548 | -€16.1m | -81.0% |
| Income from financial fixed assets | 750 | €18,750,000 | €3,750,000 | -€15.0m | -80.0% |
| Income from current assets | 751 | €1,117,460 | €27,548 | -€1.1m | -97.5% |
| Financial charges | 65/66B | €1,433,164 | €653,555 | -€779,609 | -54.4% |
| Recurring financial charges | 65 | €1,433,164 | €653,555 | -€779,609 | -54.4% |
| Debt charges | 650 | €1,425,425 | €652,375 | -€773,050 | -54.2% |
| Other financial charges | 652/9 | €7,739 | €1,179 | -€6,560 | -84.8% |
| Profit (loss) for the period before taxes | 9903 | €18,426,552 | €3,118,800 | -€15.3m | -83.1% |
| Profit (loss) for the period | 9904 | €18,426,552 | €3,118,800 | -€15.3m | -83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,426,552 | €3,118,800 | -€15.3m | -83.1% |
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 9 October 2026 via checked.be.