ARE & KUBIEK: what changed
What changed
ARE & KUBIEK
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€19,843
2024 · €8,623+€11,220
Equity
€330,529
2024 · €310,686+€19,843
Cash
€122,841
2024 · €15,884+€106,956
Balance sheet total
€2.8m
2024 · €3.1m-€224,619
Largest movements
Assets
- Stocks and contracts -€390,463
down €390,463 (-47.3%), from €824,726 to €434,263
- Cash +€106,956
up €106,956 (+673%), from €15,884 to €122,841
mainly Stocks and contracts (+€390,463) and Depreciation (+€120,898)
- Tangible fixed assets +€36,597
up €36,597 (+1.7%), from €2.2m to €2.2m
of which Furniture and vehicles: +€97,943
Equity and liabilities
- Other debts -€251,783
down €251,783 (-20.3%), from €1.2m to €988,586
- Debts after one year -€33,267
down €33,267 (-5.5%), from €600,486 to €567,219
Income statement
- Gross operating margin +€16,941
up €16,941 (+7.7%), from €219,921 to €236,862
- Financial charges -€11,192
down €11,192 (-16.4%), from €68,119 to €56,926
- Depreciation +€6,779
up €6,779 (+5.9%), from €114,120 to €120,898
- Taxes +€6,276
up €6,276 (+227%), from €2,768 to €9,044
- Financial income -€3,380
down €3,380 (-97.6%), from €3,463 to €83
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€8,623
Gross operating margin
+€16,941
Depreciation
-€6,779
Other operating charges
-€480
Financial income
-€3,380
Financial charges
+€11,192
Taxes
-€6,276
Result 2025
€19,843
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€273,018
Investment
-€157,495
Financing
-€8,566
Cash 2024
€15,884
From operations (derived)
+€273,018
Net result for the year
+€19,843
Depreciation
+€120,898
Stocks and contracts
+€390,463
Receivables within one year
-€19,879
Deferred charges and accrued income
-€2,411
Trade debts
+€6,844
Tax, wage and social debts
+€5,480
Advances received
+€1,758
Other debts
-€251,783
Accrued charges and deferred income
+€1,805
Investment (derived)
-€157,495
Investment in fixed assets (net)
-€157,495
Financing
-€8,566
Debts after one year
-€33,267
Current portion of long-term debt
+€24,701
Cash 2025
€122,841
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,065,018 | €2,840,398 | -€224,619 | -7.3% |
| Fixed assets | 21/28 | €2,202,076 | €2,238,673 | +€36,597 | +1.7% |
| Tangible fixed assets | 22/27 | €2,202,076 | €2,238,673 | +€36,597 | +1.7% |
| Land and buildings | 22 | €2,171,329 | €2,114,362 | -€56,967 | -2.6% |
| Plant, machinery and equipment | 23 | €1,815 | €1,073 | -€742 | -40.9% |
| Furniture and vehicles | 24 | €22,157 | €120,100 | +€97,943 | +442% |
| Other tangible fixed assets | 26 | €6,775 | €3,138 | -€3,637 | -53.7% |
| Current assets | 29/58 | €862,941 | €601,725 | -€261,216 | -30.3% |
| Stocks and contracts in progress | 3 | €824,726 | €434,263 | -€390,463 | -47.3% |
| Stocks | 30/36 | €824,726 | €434,263 | -€390,463 | -47.3% |
| Amounts receivable within one year | 40/41 | €20,517 | €40,396 | +€19,879 | +96.9% |
| Trade receivables | 40 | €14,948 | €40,114 | +€25,166 | +168% |
| Other amounts receivable | 41 | €5,569 | €282 | -€5,287 | -94.9% |
| Cash at bank and in hand | 54/58 | €15,884 | €122,841 | +€106,956 | +673% |
| Deferred charges and accrued income | 490/1 | €1,814 | €4,225 | +€2,411 | +133% |
| Total equity and liabilities | 10/49 | €3,065,018 | €2,840,398 | -€224,619 | -7.3% |
| Equity | 10/15 | €310,686 | €330,529 | +€19,843 | +6.4% |
| Contributions | 10/11 | €153,700 | €153,700 | = | 0.0% |
| Reserves | 13 | €156,986 | €176,829 | +€19,843 | +12.6% |
| Distributable reserves | 133 | €156,986 | €176,829 | +€19,843 | +12.6% |
| Amounts payable | 17/49 | €2,754,332 | €2,509,869 | -€244,463 | -8.9% |
| Amounts payable after more than one year | 17 | €600,486 | €567,219 | -€33,267 | -5.5% |
| Financial debts | 170/4 | €600,486 | €567,219 | -€33,267 | -5.5% |
| Amounts payable within one year | 42/48 | €2,143,582 | €1,930,583 | -€213,000 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €852,054 | €876,755 | +€24,701 | +2.9% |
| Trade debts | 44 | €35,020 | €41,864 | +€6,844 | +19.5% |
| Suppliers | 440/4 | €35,020 | €41,864 | +€6,844 | +19.5% |
| Advances received on contracts in progress | 46 | - | €1,758 | +€1,758 | |
| Taxes, remuneration and social security | 45 | €16,140 | €21,620 | +€5,480 | +34.0% |
| Taxes | 450/3 | €16,140 | €21,620 | +€5,480 | +34.0% |
| Other amounts payable | 47/48 | €1,240,369 | €988,586 | -€251,783 | -20.3% |
| Accrued charges and deferred income | 492/3 | €10,263 | €12,068 | +€1,805 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,120 | €120,898 | +€6,779 | +5.9% |
| Other operating charges | 640/8 | €29,753 | €30,233 | +€480 | +1.6% |
| Gross operating margin | 9900 | €219,921 | €236,862 | +€16,941 | +7.7% |
| Operating profit (loss) | 9901 | €76,048 | €85,731 | +€9,683 | +12.7% |
| Financial income | 75/76B | €3,463 | €83 | -€3,380 | -97.6% |
| Recurring financial income | 75 | €3,463 | €83 | -€3,380 | -97.6% |
| Financial charges | 65/66B | €68,119 | €56,926 | -€11,192 | -16.4% |
| Recurring financial charges | 65 | €68,119 | €56,926 | -€11,192 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €11,392 | €28,887 | +€17,495 | +154% |
| Income taxes | 67/77 | €2,768 | €9,044 | +€6,276 | +227% |
| Profit (loss) for the period | 9904 | €8,623 | €19,843 | +€11,220 | +130% |
| Profit (loss) for the period to be appropriated | 9905 | €8,623 | €19,843 | +€11,220 | +130% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.