ARE Projects: 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 Projects
Largest movements
- Stocks and contracts +€2.0m
up €2.0m (+76.7%), from €2.6m to €4.6m
- Receivables within one year -€1.2m
down €1.2m (-76.4%), from €1.6m to €366,412
of which Other amounts receivable: -€897,797
- Profit (loss) carried forward -€1.1m
down €1.1m, from €926 to -€1.1m
- Debts after one year +€1.0m
up €1.0m (+121%), from €826,300 to €1.8m
- Other debts +€859,099
up €859,099 (+31.8%), from €2.7m to €3.6m
- Reserves -€115,000
down €115,000 (-94.9%), from €121,150 to €6,150
of which Distributable reserves: -€115,000
- Advances received +€75,412
up €75,412 (+63.9%), from €117,991 to €193,403
- Write-downs +€1.0m
new in 2023: €1.0m
- Gross operating margin -€326,544
down €326,544 (-88.9%), from €367,252 to €40,709
- Financial charges +€122,851
up €122,851 (+96.8%), from €126,849 to €249,700
- Financial income +€51,207
up €51,207 (+210%), from €24,330 to €75,536
- Taxes -€35,566
no longer reported in 2023 (was €35,566)
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,212,809 | €4,986,970 | +€774,162 | +18.4% |
| Current assets | 29/58 | €4,212,809 | €4,986,970 | +€774,162 | +18.4% |
| Stocks and contracts in progress | 3 | €2,591,695 | €4,579,083 | +€2.0m | +76.7% |
| Contracts in progress | 37 | €2,591,695 | €4,579,083 | +€2.0m | +76.7% |
| Amounts receivable within one year | 40/41 | €1,555,312 | €366,412 | -€1.2m | -76.4% |
| Trade receivables | 40 | €332,137 | €41,034 | -€291,103 | -87.6% |
| Other amounts receivable | 41 | €1,223,175 | €325,378 | -€897,797 | -73.4% |
| Cash at bank and in hand | 54/58 | €65,801 | €39,613 | -€26,188 | -39.8% |
| Deferred charges and accrued income | 490/1 | - | €1,862 | +€1,862 | |
| Total equity and liabilities | 10/49 | €4,212,809 | €4,986,970 | +€774,162 | +18.4% |
| Equity | 10/15 | €183,576 | -€988,318 | -€1.2m | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €121,150 | €6,150 | -€115,000 | -94.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €115,000 | - | -€115,000 | |
| Profit (loss) carried forward | 14 | €926 | -€1,055,968 | -€1.1m | |
| Amounts payable | 17/49 | €4,029,233 | €5,975,288 | +€1.9m | +48.3% |
| Amounts payable after more than one year | 17 | €826,300 | €1,827,089 | +€1.0m | +121% |
| Financial debts | 170/4 | €826,300 | €1,827,089 | +€1.0m | +121% |
| Amounts payable within one year | 42/48 | €3,196,331 | €4,126,251 | +€929,920 | +29.1% |
| Trade debts | 44 | €293,079 | €334,215 | +€41,136 | +14.0% |
| Suppliers | 440/4 | €293,079 | €334,215 | +€41,136 | +14.0% |
| Advances received on contracts in progress | 46 | €117,991 | €193,403 | +€75,412 | +63.9% |
| Taxes, remuneration and social security | 45 | €81,293 | €35,566 | -€45,727 | -56.3% |
| Taxes | 450/3 | €81,293 | €35,566 | -€45,727 | -56.3% |
| Other amounts payable | 47/48 | €2,703,968 | €3,563,067 | +€859,099 | +31.8% |
| Accrued charges and deferred income | 492/3 | €6,601 | €21,948 | +€15,347 | +232% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,034,606 | +€1.0m | |
| Other operating charges | 640/8 | €3,572 | €3,833 | +€260 | +7.3% |
| Gross operating margin | 9900 | €367,252 | €40,709 | -€326,544 | -88.9% |
| Operating profit (loss) | 9901 | €363,680 | -€997,730 | -€1.4m | |
| Financial income | 75/76B | €24,330 | €75,536 | +€51,207 | +210% |
| Recurring financial income | 75 | €24,330 | €75,536 | +€51,207 | +210% |
| Financial charges | 65/66B | €126,849 | €249,700 | +€122,851 | +96.8% |
| Recurring financial charges | 65 | €126,849 | €249,700 | +€122,851 | +96.8% |
| Profit (loss) for the period before taxes | 9903 | €261,160 | -€1,171,894 | -€1.4m | |
| Income taxes | 67/77 | €35,566 | - | -€35,566 | |
| Profit (loss) for the period | 9904 | €225,594 | -€1,171,894 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €225,594 | -€1,171,894 | -€1.4m |
Source: filed annual accounts (NBB), financial years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.