ARELAZUR: 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.
ARELAZUR
Largest movements
- Tangible fixed assets -€35,933
down €35,933 (-1.9%), from €1.9m to €1.9m
of which Assets under construction and advance payments: -€464,220
- Current investments -€32,000
down €32,000 (-25.3%), from €126,237 to €94,237
- Profit (loss) carried forward -€46,518
down €46,518 (-22.1%), from -€210,135 to -€256,653
- Financial income -€154,508
down €154,508 (-99.2%), from €155,736 to €1,229
- Financial charges -€26,389
down €26,389 (-99.7%), from €26,471 to €82
- Gross operating margin +€25,570
up €25,570, from -€5,076 to €20,494
- Depreciation +€14,836
up €14,836 (+28.7%), from €51,705 to €66,541
- Provisions +€3,500
no longer reported in 2025 (was -€3,500)
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 | €2,041,785 | €1,983,595 | -€58,190 | -2.8% |
| Fixed assets | 21/28 | €1,909,730 | €1,873,796 | -€35,933 | -1.9% |
| Tangible fixed assets | 22/27 | €1,909,730 | €1,873,796 | -€35,933 | -1.9% |
| Land and buildings | 22 | €1,426,521 | €1,854,808 | +€428,286 | +30.0% |
| Furniture and vehicles | 24 | €18,989 | €18,989 | = | 0.0% |
| Assets under construction and advance payments | 27 | €464,220 | - | -€464,220 | |
| Current assets | 29/58 | €132,055 | €109,798 | -€22,257 | -16.9% |
| Amounts receivable within one year | 40/41 | €2,664 | €1,048 | -€1,615 | -60.6% |
| Other amounts receivable | 41 | €2,664 | €1,048 | -€1,615 | -60.6% |
| Current investments | 50/53 | €126,237 | €94,237 | -€32,000 | -25.3% |
| Cash at bank and in hand | 54/58 | €2,460 | €11,475 | +€9,015 | +366% |
| Deferred charges and accrued income | 490/1 | €694 | €3,037 | +€2,343 | +337% |
| Total equity and liabilities | 10/49 | €2,041,785 | €1,983,595 | -€58,190 | -2.8% |
| Equity | 10/15 | €1,983,069 | €1,934,659 | -€48,411 | -2.4% |
| Contributions | 10/11 | €282,750 | €282,750 | = | 0.0% |
| Reserves | 13 | €1,910,455 | €1,908,562 | -€1,893 | -0.1% |
| Tax-exempt reserves | 132 | €25,039 | €23,146 | -€1,893 | -7.6% |
| Distributable reserves | 133 | €1,885,415 | €1,885,415 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€210,135 | -€256,653 | -€46,518 | -22.1% |
| Provisions and deferred taxes | 16 | €10,731 | €9,920 | -€811 | -7.6% |
| Deferred taxes | 168 | €10,731 | €9,920 | -€811 | -7.6% |
| Amounts payable | 17/49 | €47,985 | €39,016 | -€8,969 | -18.7% |
| Amounts payable within one year | 42/48 | €44,185 | €35,416 | -€8,769 | -19.8% |
| Trade debts | 44 | €6,968 | €6,263 | -€705 | -10.1% |
| Suppliers | 440/4 | €6,968 | €6,263 | -€705 | -10.1% |
| Taxes, remuneration and social security | 45 | €246 | €182 | -€64 | -26.0% |
| Taxes | 450/3 | €246 | €182 | -€64 | -26.0% |
| Other amounts payable | 47/48 | €36,971 | €28,971 | -€8,000 | -21.6% |
| Accrued charges and deferred income | 492/3 | €3,800 | €3,600 | -€200 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,705 | €66,541 | +€14,836 | +28.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,500 | - | +€3,500 | |
| Other operating charges | 640/8 | €4,190 | €4,322 | +€132 | +3.2% |
| Gross operating margin | 9900 | -€5,076 | €20,494 | +€25,570 | |
| Operating profit (loss) | 9901 | -€57,470 | -€50,369 | +€7,102 | +12.4% |
| Financial income | 75/76B | €155,736 | €1,229 | -€154,508 | -99.2% |
| Recurring financial income | 75 | €155,736 | €1,229 | -€154,508 | -99.2% |
| Financial charges | 65/66B | €26,471 | €82 | -€26,389 | -99.7% |
| Recurring financial charges | 65 | €26,471 | €82 | -€26,389 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €71,795 | -€49,222 | -€121,017 | |
| Transfer from deferred taxes | 780 | €811 | €811 | = | 0.0% |
| Profit (loss) for the period | 9904 | €72,606 | -€48,411 | -€121,017 | |
| Transfer from tax-exempt reserves | 789 | €1,893 | €1,893 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,499 | -€46,518 | -€121,017 |
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 17 October 2026 via checked.be.