ARECO: 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.
ARECO
Largest movements
- Tangible fixed assets -€47,066
down €47,066 (-6.0%), from €783,775 to €736,710
of which Land and buildings: -€41,732
- Stocks and contracts -€25,333
down €25,333 (-19.0%), from €133,638 to €108,305
- Receivables within one year +€18,336
up €18,336 (+206%), from €8,905 to €27,241
of which Other amounts receivable: +€19,947
- Current investments +€11,342
up €11,342 (+16.6%), from €68,355 to €79,698
- Cash -€11,223
down €11,223 (-56.8%), from €19,749 to €8,526
mainly Contributions, distributions and other (-€96,941) and Trade debts (-€28,793)
- Other debts +€60,172
new in 2025: €60,172
- Profit (loss) carried forward -€58,174
down €58,174 (-38.8%), from €149,780 to €91,607
- Trade debts -€28,793
down €28,793 (-22.6%), from €127,311 to €98,519
- Debts after one year -€23,595
down €23,595 (-4.2%), from €568,433 to €544,838
- Gross operating margin -€53,861
down €53,861 (-19.1%), from €282,467 to €228,607
- Taxes -€15,794
down €15,794 (-54.9%), from €28,759 to €12,965
- Staff costs -€9,638
down €9,638 (-9.0%), from €107,098 to €97,461
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 | €1,016,706 | €969,267 | -€47,439 | -4.7% |
| Fixed assets | 21/28 | €783,775 | €736,710 | -€47,066 | -6.0% |
| Tangible fixed assets | 22/27 | €783,775 | €736,710 | -€47,066 | -6.0% |
| Land and buildings | 22 | €773,428 | €731,696 | -€41,732 | -5.4% |
| Plant, machinery and equipment | 23 | €5,709 | €4,242 | -€1,467 | -25.7% |
| Furniture and vehicles | 24 | €1,015 | €772 | -€243 | -24.0% |
| Leasing and similar rights | 25 | €3,624 | €0 | -€3,624 | -100% |
| Current assets | 29/58 | €232,931 | €232,557 | -€374 | -0.2% |
| Stocks and contracts in progress | 3 | €133,638 | €108,305 | -€25,333 | -19.0% |
| Stocks | 30/36 | €133,638 | €108,305 | -€25,333 | -19.0% |
| Amounts receivable within one year | 40/41 | €8,905 | €27,241 | +€18,336 | +206% |
| Trade receivables | 40 | €2,598 | €988 | -€1,610 | -62.0% |
| Other amounts receivable | 41 | €6,307 | €26,253 | +€19,947 | +316% |
| Current investments | 50/53 | €68,355 | €79,698 | +€11,342 | +16.6% |
| Cash at bank and in hand | 54/58 | €19,749 | €8,526 | -€11,223 | -56.8% |
| Deferred charges and accrued income | 490/1 | €2,284 | €8,788 | +€6,504 | +285% |
| Total equity and liabilities | 10/49 | €1,016,706 | €969,267 | -€47,439 | -4.7% |
| Equity | 10/15 | €257,254 | €199,080 | -€58,174 | -22.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €95,473 | €95,473 | = | 0.0% |
| Distributable reserves | 133 | €95,473 | €95,473 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,780 | €91,607 | -€58,174 | -38.8% |
| Amounts payable | 17/49 | €759,452 | €770,187 | +€10,735 | +1.4% |
| Amounts payable after more than one year | 17 | €568,433 | €544,838 | -€23,595 | -4.2% |
| Financial debts | 170/4 | €568,433 | €544,838 | -€23,595 | -4.2% |
| Amounts payable within one year | 42/48 | €191,020 | €225,349 | +€34,330 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €22,696 | €23,595 | +€900 | +4.0% |
| Financial debts | 43 | €2,755 | €3,786 | +€1,031 | +37.4% |
| Other loans | 439 | €2,755 | €3,786 | +€1,031 | +37.4% |
| Trade debts | 44 | €127,311 | €98,519 | -€28,793 | -22.6% |
| Suppliers | 440/4 | €127,311 | €98,519 | -€28,793 | -22.6% |
| Taxes, remuneration and social security | 45 | €38,258 | €39,277 | +€1,019 | +2.7% |
| Taxes | 450/3 | €21,538 | €22,952 | +€1,414 | +6.6% |
| Remuneration and social security | 454/9 | €16,721 | €16,326 | -€395 | -2.4% |
| Other amounts payable | 47/48 | - | €60,172 | +€60,172 | |
| Remuneration, social security and pensions | 62 | €107,098 | €97,461 | -€9,638 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,016 | €48,566 | -€450 | -0.9% |
| Other operating charges | 640/8 | €6,727 | €8,059 | +€1,332 | +19.8% |
| Gross operating margin | 9900 | €282,467 | €228,607 | -€53,861 | -19.1% |
| Operating profit (loss) | 9901 | €119,626 | €74,521 | -€45,105 | -37.7% |
| Financial income | 75/76B | €2,822 | €4,465 | +€1,643 | +58.2% |
| Recurring financial income | 75 | €2,822 | €4,465 | +€1,643 | +58.2% |
| Financial charges | 65/66B | €28,107 | €27,254 | -€854 | -3.0% |
| Recurring financial charges | 65 | €28,107 | €27,254 | -€854 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €94,341 | €51,732 | -€42,609 | -45.2% |
| Income taxes | 67/77 | €28,759 | €12,965 | -€15,794 | -54.9% |
| Profit (loss) for the period | 9904 | €65,582 | €38,767 | -€26,815 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €65,582 | €38,767 | -€26,815 | -40.9% |
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 18 October 2026 via checked.be.