ARE-MSC: 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-MSC
Largest movements
- Tangible fixed assets -€65,383
down €65,383 (-3.7%), from €1.8m to €1.7m
- Cash +€53,609
up €53,609 (+1334.9%), from €4,016 to €57,624
mainly Other debts (+€91,626) and Depreciation (+€65,383)
- Debts after one year -€114,748
down €114,748 (-8.3%), from €1.4m to €1.3m
- Other debts +€91,626
up €91,626 (+446.7%), from €20,510 to €112,136
- Financial charges -€2,931
down €2,931 (-4.2%), from €69,478 to €66,547
- Other operating charges +€2,351
up €2,351 (+19.5%), from €12,060 to €14,411
- Gross operating margin +€2,209
up €2,209 (+1.4%), from €156,212 to €158,420
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,808,139 | €1,800,058 | -€8,081 | -0.4% |
| Fixed assets | 21/28 | €1,789,822 | €1,724,439 | -€65,383 | -3.7% |
| Tangible fixed assets | 22/27 | €1,789,822 | €1,724,439 | -€65,383 | -3.7% |
| Land and buildings | 22 | €1,789,822 | €1,724,439 | -€65,383 | -3.7% |
| Current assets | 29/58 | €18,316 | €75,618 | +€57,302 | +312.8% |
| Amounts receivable within one year | 40/41 | €14,301 | €15,824 | +€1,524 | +10.7% |
| Trade receivables | 40 | €14,301 | €15,824 | +€1,524 | +10.7% |
| Cash at bank and in hand | 54/58 | €4,016 | €57,624 | +€53,609 | +1334.9% |
| Deferred charges and accrued income | 490/1 | - | €2,170 | +€2,170 | |
| Total equity and liabilities | 10/49 | €1,808,139 | €1,800,058 | -€8,081 | -0.4% |
| Equity | 10/15 | €279,293 | €291,373 | +€12,080 | +4.3% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Capital | 10 | €350,000 | €350,000 | = | 0.0% |
| Issued capital | 100 | €350,000 | €350,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,707 | -€58,627 | +€12,080 | +17.1% |
| Amounts payable | 17/49 | €1,528,846 | €1,508,685 | -€20,161 | -1.3% |
| Amounts payable after more than one year | 17 | €1,376,987 | €1,262,239 | -€114,748 | -8.3% |
| Financial debts | 170/4 | €1,376,987 | €1,262,239 | -€114,748 | -8.3% |
| Amounts payable within one year | 42/48 | €137,557 | €231,837 | +€94,280 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €114,748 | €114,748 | = | 0.0% |
| Trade debts | 44 | €2,299 | €4,954 | +€2,655 | +115.5% |
| Suppliers | 440/4 | €2,299 | €4,954 | +€2,655 | +115.5% |
| Other amounts payable | 47/48 | €20,510 | €112,136 | +€91,626 | +446.7% |
| Accrued charges and deferred income | 492/3 | €14,302 | €14,608 | +€307 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,383 | €65,383 | = | 0.0% |
| Other operating charges | 640/8 | €12,060 | €14,411 | +€2,351 | +19.5% |
| Gross operating margin | 9900 | €156,212 | €158,420 | +€2,209 | +1.4% |
| Operating profit (loss) | 9901 | €78,768 | €78,627 | -€142 | -0.2% |
| Financial charges | 65/66B | €69,478 | €66,547 | -€2,931 | -4.2% |
| Recurring financial charges | 65 | €69,478 | €66,547 | -€2,931 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €9,291 | €12,080 | +€2,789 | +30.0% |
| Profit (loss) for the period | 9904 | €9,291 | €12,080 | +€2,789 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,291 | €12,080 | +€2,789 | +30.0% |
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 12 October 2026 via checked.be.