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 within one year -€29,985
down €29,985 (-82.6%), from €36,308 to €6,324
of which Trade receivables: -€29,183
- Cash +€7,213
up €7,213 (+226%), from €3,193 to €10,406
mainly Receivables within one year (+€29,985) and Debts after one year (+€19,894)
- Other debts -€22,201
down €22,201 (-55.4%), from €40,046 to €17,845
- Debts after one year +€19,894
new in 2025: €19,894
- Tax, wage and social debts -€19,301
down €19,301 (-97.1%), from €19,868 to €567
of which Remuneration and social security: -€13,992
- Reserves -€11,120
down €11,120 (-6.9%), from €161,694 to €150,574
of which Distributable reserves: -€11,120
- Current portion of long-term debt +€5,631
new in 2025: €5,631
- Gross operating margin -€69,265
down €69,265 (-86.8%), from €79,816 to €10,551
- Staff costs -€45,107
down €45,107 (-82.3%), from €54,793 to €9,686
- Taxes -€4,697
down €4,697 (-96.4%), from €4,873 to €176
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 | €303,569 | €282,742 | -€20,827 | -6.9% |
| Fixed assets | 21/28 | €262,933 | €265,143 | +€2,211 | +0.8% |
| Tangible fixed assets | 22/27 | €145,729 | €147,940 | +€2,211 | +1.5% |
| Land and buildings | 22 | €145,729 | €145,568 | -€161 | -0.1% |
| Furniture and vehicles | 24 | €0 | €2,372 | +€2,372 | |
| Financial fixed assets | 28 | €117,203 | €117,203 | = | 0.0% |
| Current assets | 29/58 | €40,636 | €17,599 | -€23,038 | -56.7% |
| Amounts receivable within one year | 40/41 | €36,308 | €6,324 | -€29,985 | -82.6% |
| Trade receivables | 40 | €31,183 | €2,000 | -€29,183 | -93.6% |
| Other amounts receivable | 41 | €5,125 | €4,324 | -€802 | -15.6% |
| Cash at bank and in hand | 54/58 | €3,193 | €10,406 | +€7,213 | +226% |
| Deferred charges and accrued income | 490/1 | €1,135 | €869 | -€266 | -23.5% |
| Total equity and liabilities | 10/49 | €303,569 | €282,742 | -€20,827 | -6.9% |
| Equity | 10/15 | €223,668 | €212,548 | -€11,120 | -5.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €161,694 | €150,574 | -€11,120 | -6.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €155,497 | €144,377 | -€11,120 | -7.2% |
| Amounts payable | 17/49 | €79,901 | €70,194 | -€9,707 | -12.1% |
| Amounts payable after more than one year | 17 | - | €19,894 | +€19,894 | |
| Financial debts | 170/4 | - | €19,894 | +€19,894 | |
| Amounts payable within one year | 42/48 | €79,901 | €50,300 | -€29,601 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,631 | +€5,631 | |
| Financial debts | 43 | €18,283 | €23,584 | +€5,301 | +29.0% |
| Credit institutions | 430/8 | €18,283 | €23,584 | +€5,301 | +29.0% |
| Trade debts | 44 | €1,704 | €2,673 | +€969 | +56.9% |
| Suppliers | 440/4 | €1,704 | €2,673 | +€969 | +56.9% |
| Taxes, remuneration and social security | 45 | €19,868 | €567 | -€19,301 | -97.1% |
| Taxes | 450/3 | €5,877 | €567 | -€5,309 | -90.3% |
| Remuneration and social security | 454/9 | €13,992 | €0 | -€13,992 | -100% |
| Other amounts payable | 47/48 | €40,046 | €17,845 | -€22,201 | -55.4% |
| Remuneration, social security and pensions | 62 | €54,793 | €9,686 | -€45,107 | -82.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,422 | €3,632 | +€210 | +6.1% |
| Other operating charges | 640/8 | €1,583 | €1,258 | -€325 | -20.5% |
| Non-recurring operating charges | 66A | €500 | €0 | -€500 | -100% |
| Gross operating margin | 9900 | €79,816 | €10,551 | -€69,265 | -86.8% |
| Operating profit (loss) | 9901 | €19,518 | -€4,025 | -€23,543 | |
| Financial income | 75/76B | €72 | €1 | -€71 | -99.2% |
| Recurring financial income | 75 | €72 | €1 | -€71 | -99.2% |
| Financial charges | 65/66B | €6,232 | €6,919 | +€688 | +11.0% |
| Recurring financial charges | 65 | €6,232 | €6,919 | +€688 | +11.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €13,358 | -€10,944 | -€24,302 | |
| Income taxes | 67/77 | €4,873 | €176 | -€4,697 | -96.4% |
| Profit (loss) for the period | 9904 | €8,485 | -€11,120 | -€19,605 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,485 | -€11,120 | -€19,605 |
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 13 October 2026 via checked.be.