ARECON: 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.
ARECON
Largest movements
- Cash -€49,937
down €49,937 (-35.5%), from €140,638 to €90,701
mainly Contributions, distributions and other (-€36,478) and Tax, wage and social debts (-€17,840)
- Tangible fixed assets -€21,759
down €21,759 (-5.5%), from €396,137 to €374,378
of which Land and buildings: -€20,096
- Deferred charges and accrued income -€9,371
down €9,371 (-79.3%), from €11,812 to €2,441
- Reserves -€36,478
down €36,478 (-11.4%), from €319,210 to €282,731
of which Distributable reserves: -€36,478
- Tax, wage and social debts -€17,840
down €17,840 (-85.7%), from €20,813 to €2,973
- Debts after one year -€16,991
down €16,991 (-8.1%), from €209,437 to €192,446
- Trade debts -€8,938
down €8,938 (-97.1%), from €9,206 to €268
- Gross operating margin -€53,779
down €53,779 (-58.7%), from €91,564 to €37,785
- Taxes -€17,214
down €17,214 (-94.9%), from €18,135 to €920
- Other operating charges +€2,188
up €2,188 (+224%), from €978 to €3,166
- Financial income -€1,080
down €1,080 (-75.5%), from €1,431 to €351
- Depreciation +€939
up €939 (+3.8%), from €24,722 to €25,661
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €712,657 | €633,641 | -€79,015 | -11.1% |
| Fixed assets | 21/28 | €396,137 | €374,378 | -€21,759 | -5.5% |
| Tangible fixed assets | 22/27 | €396,137 | €374,378 | -€21,759 | -5.5% |
| Land and buildings | 22 | €384,205 | €364,109 | -€20,096 | -5.2% |
| Plant, machinery and equipment | 23 | €8,800 | €7,305 | -€1,496 | -17.0% |
| Furniture and vehicles | 24 | €3,131 | €2,964 | -€168 | -5.4% |
| Current assets | 29/58 | €316,520 | €259,264 | -€57,256 | -18.1% |
| Amounts receivable after more than one year | 29 | - | €3,850 | +€3,850 | |
| Other amounts receivable | 291 | - | €3,850 | +€3,850 | |
| Amounts receivable within one year | 40/41 | €164,069 | €162,271 | -€1,798 | -1.1% |
| Trade receivables | 40 | €164,069 | €147,471 | -€16,598 | -10.1% |
| Other amounts receivable | 41 | €0 | €14,800 | +€14,800 | |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €140,638 | €90,701 | -€49,937 | -35.5% |
| Deferred charges and accrued income | 490/1 | €11,812 | €2,441 | -€9,371 | -79.3% |
| Total equity and liabilities | 10/49 | €712,657 | €633,641 | -€79,015 | -11.1% |
| Equity | 10/15 | €456,487 | €420,473 | -€36,014 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €319,210 | €282,731 | -€36,478 | -11.4% |
| 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 | €317,350 | €280,871 | -€36,478 | -11.5% |
| Profit (loss) carried forward | 14 | €118,677 | €119,142 | +€465 | +0.4% |
| Amounts payable | 17/49 | €256,170 | €213,168 | -€43,002 | -16.8% |
| Amounts payable after more than one year | 17 | €209,437 | €192,446 | -€16,991 | -8.1% |
| Financial debts | 170/4 | €209,437 | €192,446 | -€16,991 | -8.1% |
| Amounts payable within one year | 42/48 | €46,733 | €20,722 | -€26,011 | -55.7% |
| Current portion of amounts payable after more than one year | 42 | €16,419 | €16,991 | +€572 | +3.5% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €9,206 | €268 | -€8,938 | -97.1% |
| Suppliers | 440/4 | €9,206 | €268 | -€8,938 | -97.1% |
| Taxes, remuneration and social security | 45 | €20,813 | €2,973 | -€17,840 | -85.7% |
| Taxes | 450/3 | €20,813 | €2,973 | -€17,840 | -85.7% |
| Other amounts payable | 47/48 | €294 | €490 | +€196 | +66.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,722 | €25,661 | +€939 | +3.8% |
| Other operating charges | 640/8 | €978 | €3,166 | +€2,188 | +224% |
| Gross operating margin | 9900 | €91,564 | €37,785 | -€53,779 | -58.7% |
| Operating profit (loss) | 9901 | €65,864 | €8,957 | -€56,907 | -86.4% |
| Financial income | 75/76B | €1,431 | €351 | -€1,080 | -75.5% |
| Recurring financial income | 75 | €1,431 | €351 | -€1,080 | -75.5% |
| Financial charges | 65/66B | €8,196 | €7,923 | -€273 | -3.3% |
| Recurring financial charges | 65 | €8,196 | €7,923 | -€273 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €59,098 | €1,385 | -€57,713 | -97.7% |
| Income taxes | 67/77 | €18,135 | €920 | -€17,214 | -94.9% |
| Profit (loss) for the period | 9904 | €40,963 | €465 | -€40,499 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,963 | €465 | -€40,499 | -98.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.