AREL: what changed
What changed
AREL
NACE 43.212, Electrical installation work in industrial facilities
filed annual accounts (NBB)
Net result for the year
€426,372
2024 · €820,515-€394,143
Equity
€2.4m
2024 · €2.0m+€426,372
Cash
€191,512
2024 · €86,352+€105,160
Balance sheet total
€3.7m
2024 · €4.9m-€1.3m
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-37.5%), from €3.4m to €2.1m
of which Trade receivables: -€1.7m
- Cash +€105,160
up €105,160 (+122%), from €86,352 to €191,512
mainly Receivables within one year (+€1.3m) and Net result for the year (+€426,372)
- Tangible fixed assets -€64,506
down €64,506 (-12.8%), from €505,087 to €440,582
of which Leasing and similar rights: -€49,425
Equity and liabilities
- Short-term financial debts -€708,709
down €708,709 (-92.3%), from €767,545 to €58,836
- Other debts -€519,957
down €519,957 (-93.8%), from €554,619 to €34,662
- Reserves +€426,372
up €426,372 (+21.7%), from €2.0m to €2.4m
of which Distributable reserves: +€426,372
- Trade debts -€388,988
down €388,988 (-28.8%), from €1.4m to €962,607
Income statement
- Gross operating margin -€457,317
down €457,317 (-27.0%), from €1.7m to €1.2m
- Staff costs -€33,610
down €33,610 (-6.6%), from €510,402 to €476,792
- Taxes -€30,186
down €30,186 (-17.8%), from €169,191 to €139,006
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€820,515
Gross operating margin
-€457,317
Staff costs
+€33,610
Depreciation
-€13,443
Other operating charges
+€610
Financial income
-€624
Financial charges
+€12,836
Taxes
+€30,186
Result 2025
€426,372
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€963,357
Investment
-€98,548
Financing
-€759,649
Cash 2024
€86,352
From operations (derived)
+€963,357
Net result for the year
+€426,372
Depreciation
+€166,549
Stocks and contracts
-€727
Receivables within one year
+€1.3m
Deferred charges and accrued income
+€3,599
Trade debts
-€388,988
Tax, wage and social debts
-€40,265
Other debts
-€519,957
Accrued charges and deferred income
+€31,992
Investment (derived)
-€98,548
Investment in fixed assets (net)
-€98,548
Financing
-€759,649
Debts after one year
-€39,571
Current portion of long-term debt
-€11,369
Short-term financial debts
-€708,709
Cash 2025
€191,512
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,928,926 | €3,678,430 | -€1.3m | -25.4% |
| Fixed assets | 21/28 | €519,574 | €451,573 | -€68,001 | -13.1% |
| Intangible fixed assets | 21 | €14,152 | €10,657 | -€3,496 | -24.7% |
| Tangible fixed assets | 22/27 | €505,087 | €440,582 | -€64,506 | -12.8% |
| Plant, machinery and equipment | 23 | €165,873 | €157,884 | -€7,990 | -4.8% |
| Furniture and vehicles | 24 | €10,621 | €17,344 | +€6,724 | +63.3% |
| Leasing and similar rights | 25 | €139,621 | €90,196 | -€49,425 | -35.4% |
| Other tangible fixed assets | 26 | €188,973 | €175,158 | -€13,814 | -7.3% |
| Financial fixed assets | 28 | €335 | €335 | = | 0.0% |
| Current assets | 29/58 | €4,409,351 | €3,226,857 | -€1.2m | -26.8% |
| Stocks and contracts in progress | 3 | €866,146 | €866,873 | +€727 | +0.1% |
| Stocks | 30/36 | €701,699 | €718,409 | +€16,710 | +2.4% |
| Contracts in progress | 37 | €164,448 | €148,465 | -€15,983 | -9.7% |
| Amounts receivable within one year | 40/41 | €3,426,923 | €2,142,140 | -€1.3m | -37.5% |
| Trade receivables | 40 | €3,264,147 | €1,553,850 | -€1.7m | -52.4% |
| Other amounts receivable | 41 | €162,776 | €588,290 | +€425,514 | +261% |
| Cash at bank and in hand | 54/58 | €86,352 | €191,512 | +€105,160 | +122% |
| Deferred charges and accrued income | 490/1 | €29,930 | €26,331 | -€3,599 | -12.0% |
| Total equity and liabilities | 10/49 | €4,928,926 | €3,678,430 | -€1.3m | -25.4% |
| Equity | 10/15 | €1,985,250 | €2,411,622 | +€426,372 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,966,650 | €2,393,022 | +€426,372 | +21.7% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,947,900 | €2,374,272 | +€426,372 | +21.9% |
| Amounts payable | 17/49 | €2,943,676 | €1,266,808 | -€1.7m | -57.0% |
| Amounts payable after more than one year | 17 | €99,757 | €60,186 | -€39,571 | -39.7% |
| Financial debts | 170/4 | €99,757 | €60,186 | -€39,571 | -39.7% |
| Amounts payable within one year | 42/48 | €2,832,774 | €1,163,485 | -€1.7m | -58.9% |
| Current portion of amounts payable after more than one year | 42 | €50,940 | €39,571 | -€11,369 | -22.3% |
| Financial debts | 43 | €767,545 | €58,836 | -€708,709 | -92.3% |
| Credit institutions | 430/8 | €767,545 | €58,836 | -€708,709 | -92.3% |
| Trade debts | 44 | €1,351,595 | €962,607 | -€388,988 | -28.8% |
| Suppliers | 440/4 | €1,351,595 | €962,607 | -€388,988 | -28.8% |
| Taxes, remuneration and social security | 45 | €108,075 | €67,809 | -€40,265 | -37.3% |
| Taxes | 450/3 | €67,214 | €16,571 | -€50,644 | -75.3% |
| Remuneration and social security | 454/9 | €40,860 | €51,239 | +€10,378 | +25.4% |
| Other amounts payable | 47/48 | €554,619 | €34,662 | -€519,957 | -93.8% |
| Accrued charges and deferred income | 492/3 | €11,145 | €43,137 | +€31,992 | +287% |
| Non-recurring operating income | 76A | €8,172 | - | -€8,172 | |
| Remuneration, social security and pensions | 62 | €510,402 | €476,792 | -€33,610 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,107 | €166,549 | +€13,443 | +8.8% |
| Other operating charges | 640/8 | €4,054 | €3,444 | -€610 | -15.0% |
| Gross operating margin | 9900 | €1,695,172 | €1,237,855 | -€457,317 | -27.0% |
| Operating profit (loss) | 9901 | €1,027,609 | €591,069 | -€436,540 | -42.5% |
| Financial income | 75/76B | €7,086 | €6,463 | -€624 | -8.8% |
| Recurring financial income | 75 | €7,086 | €6,463 | -€624 | -8.8% |
| Financial charges | 65/66B | €44,990 | €32,154 | -€12,836 | -28.5% |
| Recurring financial charges | 65 | €44,990 | €32,154 | -€12,836 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €989,706 | €565,378 | -€424,328 | -42.9% |
| Income taxes | 67/77 | €169,191 | €139,006 | -€30,186 | -17.8% |
| Profit (loss) for the period | 9904 | €820,515 | €426,372 | -€394,143 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €820,515 | €426,372 | -€394,143 | -48.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.