Arec: 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.
Arec
Largest movements
- Receivables after one year -€37,004
down €37,004 (-82.1%), from €45,053 to €8,049
- Cash +€22,732
up €22,732 (+136.9%), from €16,599 to €39,330
mainly Receivables after one year (+€37,004) and Depreciation (+€6,784)
- Tangible fixed assets -€6,784
down €6,784 (-14.7%), from €46,241 to €39,457
- Debts after one year -€15,779
down €15,779 (-88.1%), from €17,917 to €2,138
- Profit (loss) carried forward -€5,981
down €5,981 (-20.7%), from -€28,942 to -€34,923
- Accrued charges and deferred income -€1,137
down €1,137 (-40.8%), from €2,788 to €1,651
- Depreciation +€1,739
up €1,739 (+34.5%), from €5,045 to €6,784
- Financial income -€1,534
down €1,534 (-44.2%), from €3,471 to €1,937
- Financial charges -€1,103
down €1,103 (-40.1%), from €2,750 to €1,647
- Gross operating margin -€94
down €94 (-3.7%), from €2,532 to €2,438
- Other operating charges +€57
up €57 (+3.1%), from €1,868 to €1,925
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 | €108,740 | €86,837 | -€21,904 | -20.1% |
| Fixed assets | 21/28 | €46,241 | €39,457 | -€6,784 | -14.7% |
| Tangible fixed assets | 22/27 | €46,241 | €39,457 | -€6,784 | -14.7% |
| Other tangible fixed assets | 26 | €46,241 | €39,457 | -€6,784 | -14.7% |
| Current assets | 29/58 | €62,499 | €47,379 | -€15,119 | -24.2% |
| Amounts receivable after more than one year | 29 | €45,053 | €8,049 | -€37,004 | -82.1% |
| Other amounts receivable | 291 | €45,053 | €8,049 | -€37,004 | -82.1% |
| Amounts receivable within one year | 40/41 | €847 | - | -€847 | |
| Trade receivables | 40 | €847 | - | -€847 | |
| Cash at bank and in hand | 54/58 | €16,599 | €39,330 | +€22,732 | +136.9% |
| Total equity and liabilities | 10/49 | €108,740 | €86,837 | -€21,904 | -20.1% |
| Equity | 10/15 | €73,058 | €67,077 | -€5,981 | -8.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,942 | -€34,923 | -€5,981 | -20.7% |
| Amounts payable | 17/49 | €35,682 | €19,759 | -€15,923 | -44.6% |
| Amounts payable after more than one year | 17 | €17,917 | €2,138 | -€15,779 | -88.1% |
| Financial debts | 170/4 | €17,917 | €2,138 | -€15,779 | -88.1% |
| Amounts payable within one year | 42/48 | €14,977 | €15,970 | +€993 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €14,977 | €15,779 | +€802 | +5.4% |
| Trade debts | 44 | - | €192 | +€192 | |
| Suppliers | 440/4 | - | €192 | +€192 | |
| Accrued charges and deferred income | 492/3 | €2,788 | €1,651 | -€1,137 | -40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,045 | €6,784 | +€1,739 | +34.5% |
| Other operating charges | 640/8 | €1,868 | €1,925 | +€57 | +3.1% |
| Gross operating margin | 9900 | €2,532 | €2,438 | -€94 | -3.7% |
| Operating profit (loss) | 9901 | -€4,381 | -€6,271 | -€1,891 | -43.2% |
| Financial income | 75/76B | €3,471 | €1,937 | -€1,534 | -44.2% |
| Recurring financial income | 75 | €3,471 | €1,937 | -€1,534 | -44.2% |
| Financial charges | 65/66B | €2,750 | €1,647 | -€1,103 | -40.1% |
| Recurring financial charges | 65 | €2,750 | €1,647 | -€1,103 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,659 | -€5,981 | -€2,322 | -63.4% |
| Profit (loss) for the period | 9904 | -€3,659 | -€5,981 | -€2,322 | -63.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,659 | -€5,981 | -€2,322 | -63.4% |
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.