ARELIN: 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.
ARELIN
Largest movements
- Current investments +€355,590
up €355,590 (+20.5%), from €1.7m to €2.1m
- Tangible fixed assets +€213,693
up €213,693 (+16.5%), from €1.3m to €1.5m
of which Land and buildings: +€206,383
- Cash -€123,296
down €123,296 (-25.7%), from €478,914 to €355,618
mainly Contributions, distributions and other (-€630,886) and Investment in fixed assets (net) (-€381,409)
- Receivables within one year +€79,261
up €79,261 (+48.9%), from €162,237 to €241,499
- Other debts +€585,992
up €585,992 (+505.8%), from €115,855 to €701,847
- Reserves -€72,974
down €72,974 (-2.4%), from €3.0m to €3.0m
of which Distributable reserves: -€72,974
- Depreciation +€75,898
up €75,898 (+76.3%), from €99,528 to €175,426
- Gross operating margin +€62,852
up €62,852 (+6.6%), from €953,899 to €1.0m
- Taxes -€45,723
down €45,723 (-15.1%), from €301,959 to €256,237
- Financial charges +€19,900
up €19,900 (+219.7%), from €9,057 to €28,957
- Other operating charges +€15,611
up €15,611 (+179.1%), from €8,714 to €24,326
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 | €3,933,944 | €4,439,831 | +€505,887 | +12.9% |
| Fixed assets | 21/28 | €1,387,598 | €1,593,581 | +€205,983 | +14.8% |
| Tangible fixed assets | 22/27 | €1,297,388 | €1,511,081 | +€213,693 | +16.5% |
| Land and buildings | 22 | €1,226,196 | €1,432,579 | +€206,383 | +16.8% |
| Plant, machinery and equipment | 23 | €61,942 | €68,810 | +€6,869 | +11.1% |
| Furniture and vehicles | 24 | €9,251 | €9,691 | +€441 | +4.8% |
| Financial fixed assets | 28 | €90,210 | €82,500 | -€7,710 | -8.5% |
| Current assets | 29/58 | €2,546,346 | €2,846,250 | +€299,905 | +11.8% |
| Amounts receivable within one year | 40/41 | €162,237 | €241,499 | +€79,261 | +48.9% |
| Other amounts receivable | 41 | €162,237 | €241,499 | +€79,261 | +48.9% |
| Current investments | 50/53 | €1,736,436 | €2,092,026 | +€355,590 | +20.5% |
| Cash at bank and in hand | 54/58 | €478,914 | €355,618 | -€123,296 | -25.7% |
| Deferred charges and accrued income | 490/1 | €168,757 | €157,107 | -€11,650 | -6.9% |
| Total equity and liabilities | 10/49 | €3,933,944 | €4,439,831 | +€505,887 | +12.9% |
| Equity | 10/15 | €3,671,102 | €3,598,127 | -€72,974 | -2.0% |
| Contributions | 10/11 | €622,000 | €622,000 | = | 0.0% |
| Reserves | 13 | €3,049,102 | €2,976,127 | -€72,974 | -2.4% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €2,880,702 | €2,807,727 | -€72,974 | -2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €262,842 | €841,704 | +€578,862 | +220.2% |
| Amounts payable within one year | 42/48 | €251,191 | €810,089 | +€558,898 | +222.5% |
| Trade debts | 44 | €67,887 | €52,351 | -€15,536 | -22.9% |
| Suppliers | 440/4 | €67,887 | €52,351 | -€15,536 | -22.9% |
| Taxes, remuneration and social security | 45 | €67,450 | €55,891 | -€11,558 | -17.1% |
| Taxes | 450/3 | €67,450 | €55,891 | -€11,558 | -17.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €115,855 | €701,847 | +€585,992 | +505.8% |
| Accrued charges and deferred income | 492/3 | €11,651 | €31,615 | +€19,964 | +171.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,528 | €175,426 | +€75,898 | +76.3% |
| Other operating charges | 640/8 | €8,714 | €24,326 | +€15,611 | +179.1% |
| Gross operating margin | 9900 | €953,899 | €1,016,751 | +€62,852 | +6.6% |
| Operating profit (loss) | 9901 | €845,657 | €816,999 | -€28,658 | -3.4% |
| Financial income | 75/76B | €17,774 | €26,106 | +€8,332 | +46.9% |
| Recurring financial income | 75 | €17,774 | €26,106 | +€8,332 | +46.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €9,057 | €28,957 | +€19,900 | +219.7% |
| Recurring financial charges | 65 | €9,057 | €28,957 | +€19,900 | +219.7% |
| Profit (loss) for the period before taxes | 9903 | €854,374 | €814,148 | -€40,226 | -4.7% |
| Income taxes | 67/77 | €301,959 | €256,237 | -€45,723 | -15.1% |
| Profit (loss) for the period | 9904 | €552,415 | €557,912 | +€5,497 | +1.0% |
| Transfer from tax-exempt reserves | 789 | €89,000 | €0 | -€89,000 | -100.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €641,415 | €557,912 | -€83,503 | -13.0% |
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 4 October 2026 via checked.be.