aReNa: what changed
aReNa
Largest movements
- Receivables within one year -€31,796
down €31,796 (-46.6%), from €68,202 to €36,406
of which Trade receivables: -€39,524
- Cash +€26,423
up €26,423 (+78.9%), from €33,498 to €59,921
mainly Receivables within one year (+€31,796) and Net result for the year (+€19,471)
- Current investments -€14,680
down €14,680 (-18.7%), from €78,301 to €63,621
- Profit (loss) carried forward -€15,529
down €15,529 (-15.0%), from €103,870 to €88,341
- Other debts -€4,287
no longer reported in 2025 (was €4,287)
- Tax, wage and social debts -€2,430
down €2,430 (-7.7%), from €31,494 to €29,064
- Gross operating margin -€28,848
down €28,848 (-47.5%), from €60,781 to €31,933
- Taxes -€7,679
down €7,679 (-55.9%), from €13,737 to €6,058
- Write-downs -€4,319
no longer reported in 2025 (was €4,319)
- Depreciation -€897
down €897 (-17.6%), from €5,087 to €4,190
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,456 | €169,980 | -€22,476 | -11.7% |
| Fixed assets | 21/28 | €10,867 | €9,052 | -€1,815 | -16.7% |
| Tangible fixed assets | 22/27 | €10,807 | €8,992 | -€1,815 | -16.8% |
| Furniture and vehicles | 24 | €10,807 | €8,992 | -€1,815 | -16.8% |
| Financial fixed assets | 28 | €60 | €60 | +€0 | +0.2% |
| Current assets | 29/58 | €181,589 | €160,928 | -€20,661 | -11.4% |
| Amounts receivable within one year | 40/41 | €68,202 | €36,406 | -€31,796 | -46.6% |
| Trade receivables | 40 | €68,202 | €28,678 | -€39,524 | -58.0% |
| Other amounts receivable | 41 | - | €7,728 | +€7,728 | |
| Current investments | 50/53 | €78,301 | €63,621 | -€14,680 | -18.7% |
| Cash at bank and in hand | 54/58 | €33,498 | €59,921 | +€26,423 | +78.9% |
| Deferred charges and accrued income | 490/1 | €1,588 | €979 | -€609 | -38.4% |
| Total equity and liabilities | 10/49 | €192,456 | €169,980 | -€22,476 | -11.7% |
| Equity | 10/15 | €146,326 | €130,797 | -€15,529 | -10.6% |
| Contributions | 10/11 | €16,545 | €16,545 | +€0 | 0.0% |
| Reserves | 13 | €25,911 | €25,910 | -€1 | 0.0% |
| Tax-exempt reserves | 132 | €25,911 | €25,910 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | €103,870 | €88,341 | -€15,529 | -15.0% |
| Amounts payable | 17/49 | €46,130 | €39,183 | -€6,947 | -15.1% |
| Amounts payable within one year | 42/48 | €41,930 | €34,983 | -€6,947 | -16.6% |
| Trade debts | 44 | €6,149 | €5,920 | -€229 | -3.7% |
| Suppliers | 440/4 | €6,149 | €5,920 | -€229 | -3.7% |
| Taxes, remuneration and social security | 45 | €31,494 | €29,064 | -€2,430 | -7.7% |
| Taxes | 450/3 | €31,494 | €29,064 | -€2,430 | -7.7% |
| Other amounts payable | 47/48 | €4,287 | - | -€4,287 | |
| Accrued charges and deferred income | 492/3 | €4,200 | €4,200 | = | 0.0% |
| Non-recurring operating income | 76A | €4,754 | - | -€4,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,087 | €4,190 | -€897 | -17.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,319 | - | -€4,319 | |
| Other operating charges | 640/8 | €2,729 | €2,355 | -€375 | -13.7% |
| Gross operating margin | 9900 | €60,781 | €31,933 | -€28,848 | -47.5% |
| Operating profit (loss) | 9901 | €48,646 | €25,389 | -€23,257 | -47.8% |
| Financial income | 75/76B | €575 | €331 | -€244 | -42.5% |
| Recurring financial income | 75 | €575 | €331 | -€244 | -42.5% |
| Non-recurring financial income | 76B | €575 | - | -€575 | |
| Financial charges | 65/66B | €486 | €190 | -€296 | -60.9% |
| Recurring financial charges | 65 | €486 | €190 | -€296 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €48,735 | €25,529 | -€23,206 | -47.6% |
| Income taxes | 67/77 | €13,737 | €6,058 | -€7,679 | -55.9% |
| Profit (loss) for the period | 9904 | €34,998 | €19,471 | -€15,527 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,998 | €19,471 | -€15,527 | -44.4% |
Next steps
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 1 November 2026 via checked.be.