ARE: 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.
ARE
Largest movements
- Stocks and contracts -€382,082
down €382,082 (-3.6%), from €10.5m to €10.1m
- Cash -€144,030
down €144,030 (-62.2%), from €231,447 to €87,417
mainly Debts after one year (-€421,716) and Net result for the year (-€130,480)
- Debts after one year -€421,716
down €421,716 (-4.8%), from €8.7m to €8.3m
of which Other amounts payable: -€1.6m
- Profit (loss) carried forward -€130,480
down €130,480 (-8.0%), from €1.6m to €1.5m
- Gross operating margin -€296,609
down €296,609 (-66.3%), from €447,319 to €150,710
- Financial charges -€156,317
down €156,317 (-35.8%), from €436,363 to €280,047
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 | €10,886,032 | €10,318,251 | -€567,780 | -5.2% |
| Fixed assets | 21/28 | €97,800 | €97,800 | = | 0.0% |
| Tangible fixed assets | 22/27 | €97,800 | €97,800 | = | 0.0% |
| Land and buildings | 22 | €97,800 | €97,800 | = | 0.0% |
| Current assets | 29/58 | €10,788,232 | €10,220,451 | -€567,780 | -5.3% |
| Stocks and contracts in progress | 3 | €10,480,117 | €10,098,035 | -€382,082 | -3.6% |
| Stocks | 30/36 | €10,480,117 | €10,098,035 | -€382,082 | -3.6% |
| Amounts receivable within one year | 40/41 | €76,667 | €35,000 | -€41,667 | -54.3% |
| Trade receivables | 40 | €1,615 | €35,000 | +€33,385 | +2,068% |
| Other amounts receivable | 41 | €75,053 | - | -€75,053 | |
| Cash at bank and in hand | 54/58 | €231,447 | €87,417 | -€144,030 | -62.2% |
| Total equity and liabilities | 10/49 | €10,886,032 | €10,318,251 | -€567,780 | -5.2% |
| Equity | 10/15 | €2,097,107 | €1,966,627 | -€130,480 | -6.2% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €430,846 | €430,846 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,500 | - | -€4,500 | |
| Reserves not available under the articles | 1311 | €4,500 | - | -€4,500 | |
| Distributable reserves | 133 | €426,346 | €430,846 | +€4,500 | +1.1% |
| Profit (loss) carried forward | 14 | €1,621,261 | €1,490,782 | -€130,480 | -8.0% |
| Amounts payable | 17/49 | €8,788,925 | €8,351,624 | -€437,301 | -5.0% |
| Amounts payable after more than one year | 17 | €8,741,382 | €8,319,666 | -€421,716 | -4.8% |
| Financial debts | 170/4 | €7,163,706 | €8,319,666 | +€1.2m | +16.1% |
| Other amounts payable | 178/9 | €1,577,675 | - | -€1.6m | |
| Amounts payable within one year | 42/48 | €43,832 | €27,926 | -€15,905 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €21,956 | €22,861 | +€905 | +4.1% |
| Trade debts | 44 | - | €316 | +€316 | |
| Suppliers | 440/4 | - | €316 | +€316 | |
| Taxes, remuneration and social security | 45 | €19,626 | - | -€19,626 | |
| Taxes | 450/3 | €19,626 | - | -€19,626 | |
| Other amounts payable | 47/48 | €2,250 | €4,750 | +€2,500 | +111% |
| Accrued charges and deferred income | 492/3 | €3,711 | €4,032 | +€321 | +8.6% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €447,319 | €150,710 | -€296,609 | -66.3% |
| Operating profit (loss) | 9901 | €446,211 | €149,567 | -€296,644 | -66.5% |
| Financial charges | 65/66B | €436,363 | €280,047 | -€156,317 | -35.8% |
| Recurring financial charges | 65 | €436,363 | €280,047 | -€156,317 | -35.8% |
| Profit (loss) for the period before taxes | 9903 | €9,847 | -€130,480 | -€140,327 | |
| Income taxes | 67/77 | €2,462 | - | -€2,462 | |
| Profit (loss) for the period | 9904 | €7,386 | -€130,480 | -€137,865 | |
| Transfer from tax-exempt reserves | 789 | €258,915 | - | -€258,915 | |
| Profit (loss) for the period to be appropriated | 9905 | €266,301 | -€130,480 | -€396,780 |
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 15 October 2026 via checked.be.