AREF: 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.
AREF
Largest movements
- Tangible fixed assets -€2.7m
down €2.7m (-85.7%), from €3.2m to €458,503
of which Land and buildings: -€3.2m
- Cash +€497,477
up €497,477 (+6,180%), from €8,050 to €505,528
mainly Investment in fixed assets (net) (+€2.7m) and Net result for the year (+€983,456)
- Receivables within one year +€316,114
new in 2025: €316,114
- Debts after one year -€1.7m
down €1.7m (-79.3%), from €2.1m to €440,937
- Other debts -€1.1m
down €1.1m (-56.1%), from €2.0m to €876,279
- Profit (loss) carried forward +€983,456
up €983,456 (+91.5%), from -€1.1m to -€90,979
- Current portion of long-term debt -€105,678
down €105,678 (-77.9%), from €135,710 to €30,032
- Gross operating margin +€1.0m
up €1.0m (+1,269%), from €82,649 to €1.1m
- Depreciation -€71,109
down €71,109 (-53.4%), from €133,054 to €61,946
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 | €3,207,033 | €1,280,145 | -€1.9m | -60.1% |
| Fixed assets | 21/28 | €3,198,983 | €458,503 | -€2.7m | -85.7% |
| Tangible fixed assets | 22/27 | €3,198,983 | €458,503 | -€2.7m | -85.7% |
| Land and buildings | 22 | €3,198,983 | - | -€3.2m | |
| Leasing and similar rights | 25 | - | €271,111 | +€271,111 | |
| Other tangible fixed assets | 26 | - | €187,392 | +€187,392 | |
| Current assets | 29/58 | €8,050 | €821,642 | +€813,592 | +10,106% |
| Amounts receivable within one year | 40/41 | - | €316,114 | +€316,114 | |
| Other amounts receivable | 41 | - | €316,114 | +€316,114 | |
| Cash at bank and in hand | 54/58 | €8,050 | €505,528 | +€497,477 | +6,180% |
| Total equity and liabilities | 10/49 | €3,207,033 | €1,280,145 | -€1.9m | -60.1% |
| Equity | 10/15 | -€1,055,835 | -€72,379 | +€983,456 | +93.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,074,435 | -€90,979 | +€983,456 | +91.5% |
| Amounts payable | 17/49 | €4,262,868 | €1,352,523 | -€2.9m | -68.3% |
| Amounts payable after more than one year | 17 | €2,128,815 | €440,937 | -€1.7m | -79.3% |
| Financial debts | 170/4 | €2,128,815 | €440,937 | -€1.7m | -79.3% |
| Amounts payable within one year | 42/48 | €2,134,053 | €911,586 | -€1.2m | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €135,710 | €30,032 | -€105,678 | -77.9% |
| Trade debts | 44 | - | €5,275 | +€5,275 | |
| Suppliers | 440/4 | - | €5,275 | +€5,275 | |
| Other amounts payable | 47/48 | €1,998,343 | €876,279 | -€1.1m | -56.1% |
| Non-recurring operating income | 76A | - | €1,116,462 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,054 | €61,946 | -€71,109 | -53.4% |
| Other operating charges | 640/8 | €10,980 | €13,247 | +€2,267 | +20.6% |
| Gross operating margin | 9900 | €82,649 | €1,131,249 | +€1.0m | +1,269% |
| Operating profit (loss) | 9901 | -€61,386 | €1,056,056 | +€1.1m | |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €72,360 | €72,635 | +€275 | +0.4% |
| Recurring financial charges | 65 | €72,360 | €72,635 | +€275 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€133,746 | €983,456 | +€1.1m | |
| Profit (loss) for the period | 9904 | -€133,746 | €983,456 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€133,746 | €983,456 | +€1.1m |
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 15 October 2026 via checked.be.