ARE³: 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
ARE³
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€382,315
2024 · €1.1m-€1.5m
Equity
€11.1m
2024 · €11.5m-€382,315
Cash
€694,531
2024 · €4.8m-€4.2m
Balance sheet total
€50.7m
2024 · €55.8m-€5.1m
Largest movements
Assets
- Cash -€4.2m
down €4.2m (-85.7%), from €4.8m to €694,531
mainly Debts after one year (-€4.2m) and Net result for the year (-€382,315)
- Tangible fixed assets -€575,658
down €575,658 (-2.2%), from €26.1m to €25.6m
of which Land and buildings: -€572,587
Equity and liabilities
- Debts after one year -€4.2m
down €4.2m (-9.7%), from €42.9m to €38.7m
of which Financial debts: -€4.2m
Income statement
- Turnover -€2.0m
down €2.0m (-88.2%), from €2.2m to €265,825
- Goods and materials -€724,900
down €724,900 (-91.3%), from €793,900 to €69,000
- Other operating income +€183,626
up €183,626 (+14.4%), from €1.3m to €1.5m
- Financial charges -€97,064
down €97,064 (-6.8%), from €1.4m to €1.3m
- Services and other goods -€85,627
down €85,627 (-35.5%), from €241,338 to €155,711
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
€1.1m
Turnover
-€2.0m
Other operating income
+€183,626
Goods and materials
+€724,900
Services and other goods
+€85,627
Depreciation
+€1,851
Other operating charges
-€32,217
Other operating items
-€635,695
Financial income
+€40,730
Financial charges
+€97,064
Taxes
+€13,730
Result 2025
-€382,315
raises the resultlowers the resultnot broken down further in the accounts
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
+€12,678
Investment
-€4,452
Financing
-€4.2m
Cash 2024
€4.8m
From operations (derived)
+€12,678
Net result for the year
-€382,315
Depreciation
+€580,110
Receivables after one year
+€144,709
Stocks and contracts
+€69,000
Receivables within one year
+€167,896
Deferred charges and accrued income
+€34,774
Provisions
-€12,594
Trade debts
-€209,084
Tax, wage and social debts
+€1,736
Other debts
-€18,819
Accrued charges and deferred income
-€362,736
Investment (derived)
-€4,452
Investment in fixed assets (net)
-€4,452
Financing
-€4.2m
Debts after one year
-€4.2m
Current portion of long-term debt
+€1,971
Short-term financial debts
+€12
Cash 2025
€694,531
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,799,759 | €50,653,339 | -€5.1m | -9.2% |
| Fixed assets | 21/28 | €45,680,356 | €45,104,698 | -€575,658 | -1.3% |
| Tangible fixed assets | 22/27 | €26,127,404 | €25,551,746 | -€575,658 | -2.2% |
| Land and buildings | 22 | €26,086,724 | €25,514,137 | -€572,587 | -2.2% |
| Plant, machinery and equipment | 23 | €28,113 | €28,041 | -€72 | -0.3% |
| Furniture and vehicles | 24 | €12,567 | €9,567 | -€3,000 | -23.9% |
| Financial fixed assets | 28 | €19,552,952 | €19,552,952 | = | 0.0% |
| Affiliated companies | 280/1 | €19,552,952 | €19,552,952 | = | 0.0% |
| Participating interests | 280 | €19,552,952 | €19,552,952 | = | 0.0% |
| Current assets | 29/58 | €10,119,403 | €5,548,641 | -€4.6m | -45.2% |
| Amounts receivable after more than one year | 29 | €1,243,313 | €1,098,603 | -€144,709 | -11.6% |
| Other amounts receivable | 291 | €1,243,313 | €1,098,603 | -€144,709 | -11.6% |
| Stocks and contracts in progress | 3 | €2,747,039 | €2,678,039 | -€69,000 | -2.5% |
| Stocks | 30/36 | €2,747,039 | €2,678,039 | -€69,000 | -2.5% |
| Property held for sale | 35 | €2,747,039 | €2,678,039 | -€69,000 | -2.5% |
| Amounts receivable within one year | 40/41 | €514,509 | €346,613 | -€167,896 | -32.6% |
| Trade receivables | 40 | €512,999 | €334,050 | -€178,949 | -34.9% |
| Other amounts receivable | 41 | €1,510 | €12,563 | +€11,053 | +732% |
| Cash at bank and in hand | 54/58 | €4,848,913 | €694,531 | -€4.2m | -85.7% |
| Deferred charges and accrued income | 490/1 | €765,630 | €730,855 | -€34,774 | -4.5% |
| Total equity and liabilities | 10/49 | €55,799,759 | €50,653,339 | -€5.1m | -9.2% |
| Equity | 10/15 | €11,521,602 | €11,139,287 | -€382,315 | -3.3% |
| Contributions | 10/11 | €10,000,000 | €10,000,000 | = | 0.0% |
| Capital | 10 | €10,000,000 | €10,000,000 | = | 0.0% |
| Issued capital | 100 | €10,000,000 | €10,000,000 | = | 0.0% |
| Reserves | 13 | €1,521,602 | €1,483,819 | -€37,783 | -2.5% |
| Non-distributable reserves | 130/1 | €247,000 | €247,000 | = | 0.0% |
| Legal reserve | 130 | €247,000 | €247,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,066,229 | €1,028,446 | -€37,783 | -3.5% |
| Distributable reserves | 133 | €208,373 | €208,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€344,532 | -€344,532 | |
| Provisions and deferred taxes | 16 | €355,410 | €342,815 | -€12,594 | -3.5% |
| Deferred taxes | 168 | €355,410 | €342,815 | -€12,594 | -3.5% |
| Amounts payable | 17/49 | €43,922,747 | €39,171,236 | -€4.8m | -10.8% |
| Amounts payable after more than one year | 17 | €42,910,431 | €38,745,840 | -€4.2m | -9.7% |
| Financial debts | 170/4 | €42,907,431 | €38,742,840 | -€4.2m | -9.7% |
| Credit institutions | 173 | €6,378,191 | €6,017,276 | -€360,915 | -5.7% |
| Other loans | 174 | €36,529,241 | €32,725,564 | -€3.8m | -10.4% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €649,580 | €425,397 | -€224,184 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €358,944 | €360,915 | +€1,971 | +0.5% |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | €247,324 | €38,240 | -€209,084 | -84.5% |
| Suppliers | 440/4 | €247,324 | €38,240 | -€209,084 | -84.5% |
| Taxes, remuneration and social security | 45 | €24,448 | €26,184 | +€1,736 | +7.1% |
| Taxes | 450/3 | €24,448 | €26,184 | +€1,736 | +7.1% |
| Other amounts payable | 47/48 | €18,864 | €45 | -€18,819 | -99.8% |
| Accrued charges and deferred income | 492/3 | €362,736 | - | -€362,736 | |
| Operating income | 70/76A | €4,324,178 | €1,727,978 | -€2.6m | -60.0% |
| Turnover | 70 | €2,244,194 | €265,825 | -€2.0m | -88.2% |
| Other operating income | 74 | €1,278,527 | €1,462,152 | +€183,626 | +14.4% |
| Non-recurring operating income | 76A | €801,457 | - | -€801,457 | |
| Operating charges | 60/66A | €1,820,720 | €874,797 | -€945,923 | -52.0% |
| Goods for resale, raw materials and consumables | 60 | €793,900 | €69,000 | -€724,900 | -91.3% |
| Change in stocks: decrease (increase) | 609 | €793,900 | €69,000 | -€724,900 | -91.3% |
| Services and other goods | 61 | €241,338 | €155,711 | -€85,627 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €581,962 | €580,110 | -€1,851 | -0.3% |
| Other operating charges | 640/8 | €37,759 | €69,975 | +€32,217 | +85.3% |
| Non-recurring operating charges | 66A | €165,761 | - | -€165,761 | |
| Operating profit (loss) | 9901 | €2,503,457 | €853,181 | -€1.7m | -65.9% |
| Financial income | 75/76B | €40,867 | €81,597 | +€40,730 | +99.7% |
| Recurring financial income | 75 | €40,867 | €81,597 | +€40,730 | +99.7% |
| Income from financial fixed assets | 750 | - | €81,249 | +€81,249 | |
| Other financial income | 752/9 | €40,867 | €349 | -€40,519 | -99.1% |
| Financial charges | 65/66B | €1,426,751 | €1,329,687 | -€97,064 | -6.8% |
| Recurring financial charges | 65 | €1,426,751 | €1,329,687 | -€97,064 | -6.8% |
| Debt charges | 650 | - | €1,327,199 | +€1.3m | |
| Other financial charges | 652/9 | €1,426,751 | €2,488 | -€1.4m | -99.8% |
| Profit (loss) for the period before taxes | 9903 | €1,117,574 | -€394,909 | -€1.5m | |
| Transfer from deferred taxes | 780 | €12,594 | €12,594 | = | 0.0% |
| Income taxes | 67/77 | €13,730 | - | -€13,730 | |
| Taxes | 670/3 | €13,730 | - | -€13,730 | |
| Profit (loss) for the period | 9904 | €1,116,438 | -€382,315 | -€1.5m | |
| Transfer from tax-exempt reserves | 789 | €37,783 | €37,783 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,154,221 | -€344,532 | -€1.5m |
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 20 October 2026 via checked.be.