AREC-projects: what changed
Two fiscal 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-projects
Largest movements
- Cash +€59,370
up €59,370 (+764.4%), from €7,767 to €67,137
mainly Net result for the year (+€32,853) and Receivables within one year (+€22,856)
- Receivables within one year -€22,856
down €22,856 (-36.7%), from €62,218 to €39,362
of which Trade receivables: -€22,451
- Tangible fixed assets +€3,590
up €3,590 (+1.6%), from €217,885 to €221,475
of which Land and buildings: +€7,223
- Reserves +€32,000
up €32,000 (+1720.4%), from €1,860 to €33,860
of which Distributable reserves: +€32,000
- Tax, wage and social debts +€11,697
up €11,697 (+453.5%), from €2,579 to €14,276
- Debts after one year -€10,982
down €10,982 (-6.3%), from €174,385 to €163,403
- Other debts +€4,775
up €4,775 (+5.9%), from €81,619 to €86,394
- Turnover +€98,441
up €98,441 (+40.9%), from €240,863 to €339,304
- Purchases and services +€56,630
up €56,630 (+27.3%), from €207,460 to €264,090
- Gross operating margin +€41,811
up €41,811 (+125.2%), from €33,403 to €75,214
- Taxes +€18,073
up €18,073, from -€4,873 to €13,200
- Staff costs -€10,431
no longer reported in 2025 (was €10,431)
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 | €288,351 | €327,974 | +€39,623 | +13.7% |
| Fixed assets | 21/28 | €217,885 | €221,475 | +€3,590 | +1.6% |
| Tangible fixed assets | 22/27 | €217,885 | €221,475 | +€3,590 | +1.6% |
| Land and buildings | 22 | €207,959 | €215,182 | +€7,223 | +3.5% |
| Plant, machinery and equipment | 23 | €3,217 | €2,592 | -€625 | -19.4% |
| Furniture and vehicles | 24 | €6,709 | €3,701 | -€3,008 | -44.8% |
| Current assets | 29/58 | €70,466 | €106,499 | +€36,033 | +51.1% |
| Amounts receivable within one year | 40/41 | €62,218 | €39,362 | -€22,856 | -36.7% |
| Trade receivables | 40 | €61,813 | €39,362 | -€22,451 | -36.3% |
| Other amounts receivable | 41 | €405 | - | -€405 | |
| Cash at bank and in hand | 54/58 | €7,767 | €67,137 | +€59,370 | +764.4% |
| Deferred charges and accrued income | 490/1 | €481 | - | -€481 | |
| Total equity and liabilities | 10/49 | €288,351 | €327,974 | +€39,623 | +13.7% |
| Equity | 10/15 | €18,366 | €51,219 | +€32,853 | +178.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €33,860 | +€32,000 | +1720.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €32,000 | +€32,000 | |
| Profit (loss) carried forward | 14 | €10,306 | €11,159 | +€853 | +8.3% |
| Amounts payable | 17/49 | €269,985 | €276,755 | +€6,770 | +2.5% |
| Amounts payable after more than one year | 17 | €174,385 | €163,403 | -€10,982 | -6.3% |
| Financial debts | 170/4 | €174,385 | €163,403 | -€10,982 | -6.3% |
| Amounts payable within one year | 42/48 | €95,600 | €113,352 | +€17,752 | +18.6% |
| Current portion of amounts payable after more than one year | 42 | €10,553 | €10,982 | +€429 | +4.1% |
| Trade debts | 44 | €849 | €1,700 | +€851 | +100.2% |
| Suppliers | 440/4 | €849 | €1,700 | +€851 | +100.2% |
| Taxes, remuneration and social security | 45 | €2,579 | €14,276 | +€11,697 | +453.5% |
| Taxes | 450/3 | €2,579 | €14,276 | +€11,697 | +453.5% |
| Other amounts payable | 47/48 | €81,619 | €86,394 | +€4,775 | +5.9% |
| Turnover | 70 | €240,863 | €339,304 | +€98,441 | +40.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €207,460 | €264,090 | +€56,630 | +27.3% |
| Remuneration, social security and pensions | 62 | €10,431 | - | -€10,431 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,880 | €20,181 | +€301 | +1.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€4,266 | - | +€4,266 | |
| Other operating charges | 640/8 | €984 | €1,027 | +€43 | +4.4% |
| Gross operating margin | 9900 | €33,403 | €75,214 | +€41,811 | +125.2% |
| Operating profit (loss) | 9901 | €6,374 | €54,006 | +€47,632 | +747.3% |
| Financial charges | 65/66B | €8,520 | €7,953 | -€567 | -6.7% |
| Recurring financial charges | 65 | €8,520 | €7,953 | -€567 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,146 | €46,053 | +€48,199 | |
| Income taxes | 67/77 | -€4,873 | €13,200 | +€18,073 | |
| Profit (loss) for the period | 9904 | €2,727 | €32,853 | +€30,126 | +1104.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,727 | €32,853 | +€30,126 | +1104.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.