ARED: 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.
ARED
Largest movements
- Receivables within one year +€58,494
up €58,494 (+456.4%), from €12,817 to €71,311
of which Other amounts receivable: +€63,667
- Deferred charges and accrued income +€15,084
new in 2025: €15,084
- Financial fixed assets +€13,660
new in 2025: €13,660
- Cash +€5,007
up €5,007 (+245.3%), from €2,041 to €7,048
mainly Other debts (+€101,922) and Depreciation (+€6,286)
- Tangible fixed assets +€1,731
up €1,731 (+18.7%), from €9,279 to €11,010
of which Furniture and vehicles: +€6,933
- Other debts +€101,922
up €101,922 (+10174.5%), from €1,002 to €102,924
- Trade debts -€4,918
down €4,918 (-93.6%), from €5,255 to €337
- Tax, wage and social debts -€3,483
down €3,483 (-39.9%), from €8,735 to €5,252
of which Taxes: -€3,483
- Depreciation +€1,213
up €1,213 (+23.9%), from €5,073 to €6,286
- Taxes -€932
down €932 (-34.6%), from €2,694 to €1,762
- Gross operating margin +€689
up €689 (+7.9%), from €8,679 to €9,369
- Other operating charges +€203
up €203 (+36.0%), from €565 to €768
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 | €24,137 | €118,113 | +€93,975 | +389.3% |
| Fixed assets | 21/28 | €9,279 | €24,670 | +€15,391 | +165.9% |
| Tangible fixed assets | 22/27 | €9,279 | €11,010 | +€1,731 | +18.7% |
| Plant, machinery and equipment | 23 | €9,279 | €4,077 | -€5,202 | -56.1% |
| Furniture and vehicles | 24 | - | €6,933 | +€6,933 | |
| Financial fixed assets | 28 | - | €13,660 | +€13,660 | |
| Current assets | 29/58 | €14,858 | €93,443 | +€78,585 | +528.9% |
| Amounts receivable within one year | 40/41 | €12,817 | €71,311 | +€58,494 | +456.4% |
| Trade receivables | 40 | €12,524 | €7,350 | -€5,174 | -41.3% |
| Other amounts receivable | 41 | €294 | €63,961 | +€63,667 | +21671.7% |
| Cash at bank and in hand | 54/58 | €2,041 | €7,048 | +€5,007 | +245.3% |
| Deferred charges and accrued income | 490/1 | - | €15,084 | +€15,084 | |
| Total equity and liabilities | 10/49 | €24,137 | €118,113 | +€93,975 | +389.3% |
| Equity | 10/15 | €9,146 | €9,600 | +€454 | +5.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,146 | €7,600 | +€454 | +6.4% |
| Distributable reserves | 133 | €7,146 | €7,600 | +€454 | +6.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €14,991 | €108,512 | +€93,521 | +623.8% |
| Amounts payable within one year | 42/48 | €14,991 | €108,512 | +€93,521 | +623.8% |
| Trade debts | 44 | €5,255 | €337 | -€4,918 | -93.6% |
| Suppliers | 440/4 | €5,255 | €337 | -€4,918 | -93.6% |
| Taxes, remuneration and social security | 45 | €8,735 | €5,252 | -€3,483 | -39.9% |
| Taxes | 450/3 | €8,735 | €5,252 | -€3,483 | -39.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,002 | €102,924 | +€101,922 | +10174.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,073 | €6,286 | +€1,213 | +23.9% |
| Other operating charges | 640/8 | €565 | €768 | +€203 | +36.0% |
| Gross operating margin | 9900 | €8,679 | €9,369 | +€689 | +7.9% |
| Operating profit (loss) | 9901 | €3,041 | €2,315 | -€726 | -23.9% |
| Financial income | 75/76B | €17 | €18 | +€1 | +4.1% |
| Recurring financial income | 75 | €17 | €18 | +€1 | +4.1% |
| Financial charges | 65/66B | €133 | €117 | -€16 | -12.1% |
| Recurring financial charges | 65 | €133 | €117 | -€16 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €2,926 | €2,217 | -€709 | -24.2% |
| Income taxes | 67/77 | €2,694 | €1,762 | -€932 | -34.6% |
| Profit (loss) for the period | 9904 | €231 | €454 | +€223 | +96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €231 | €454 | +€223 | +96.2% |
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 30 September 2026 via checked.be.