AREO: 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.
AREO
Largest movements
- Tangible fixed assets +€346,795
up €346,795 (+88.1%), from €393,695 to €740,490
of which Other tangible fixed assets: +€343,613
- Cash -€92,086
down €92,086 (-33.7%), from €273,184 to €181,098
mainly Investment in fixed assets (net) (-€438,322) and Net result for the year (-€81,209)
- Receivables within one year +€30,785
up €30,785 (+116.4%), from €26,446 to €57,231
of which Trade receivables: +€20,913
- Deferred charges and accrued income +€24,459
up €24,459 (+335.9%), from €7,282 to €31,740
- Debts after one year +€340,371
up €340,371 (+108.6%), from €313,344 to €653,715
- Profit (loss) carried forward -€81,209
down €81,209 (-90.4%), from €89,830 to €8,620
- Current portion of long-term debt +€44,025
up €44,025 (+82.1%), from €53,604 to €97,629
- Short-term financial debts -€27,636
down €27,636 (-57.8%), from €47,841 to €20,205
- Tax, wage and social debts +€18,680
up €18,680 (+16.6%), from €112,470 to €131,150
of which Remuneration and social security: +€18,723
- Gross operating margin -€128,489
down €128,489 (-11.1%), from €1.2m to €1.0m
- Staff costs +€13,979
up €13,979 (+1.4%), from €971,716 to €985,695
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 | €853,567 | €1,159,428 | +€305,861 | +35.8% |
| Fixed assets | 21/28 | €406,705 | €751,511 | +€344,806 | +84.8% |
| Intangible fixed assets | 21 | €11,984 | €9,995 | -€1,989 | -16.6% |
| Tangible fixed assets | 22/27 | €393,695 | €740,490 | +€346,795 | +88.1% |
| Plant, machinery and equipment | 23 | €13,002 | €10,121 | -€2,881 | -22.2% |
| Furniture and vehicles | 24 | €5,873 | €11,936 | +€6,063 | +103.2% |
| Other tangible fixed assets | 26 | €374,821 | €718,433 | +€343,613 | +91.7% |
| Financial fixed assets | 28 | €1,026 | €1,026 | = | 0.0% |
| Current assets | 29/58 | €446,862 | €407,918 | -€38,945 | -8.7% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €19,950 | €17,848 | -€2,102 | -10.5% |
| Stocks | 30/36 | €19,950 | €17,848 | -€2,102 | -10.5% |
| Amounts receivable within one year | 40/41 | €26,446 | €57,231 | +€30,785 | +116.4% |
| Trade receivables | 40 | €15,314 | €36,227 | +€20,913 | +136.6% |
| Other amounts receivable | 41 | €11,132 | €21,004 | +€9,872 | +88.7% |
| Cash at bank and in hand | 54/58 | €273,184 | €181,098 | -€92,086 | -33.7% |
| Deferred charges and accrued income | 490/1 | €7,282 | €31,740 | +€24,459 | +335.9% |
| Total equity and liabilities | 10/49 | €853,567 | €1,159,428 | +€305,861 | +35.8% |
| Equity | 10/15 | €169,231 | €88,021 | -€81,209 | -48.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,801 | €60,801 | = | 0.0% |
| Distributable reserves | 133 | €60,801 | €60,801 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,830 | €8,620 | -€81,209 | -90.4% |
| Amounts payable | 17/49 | €684,336 | €1,071,407 | +€387,071 | +56.6% |
| Amounts payable after more than one year | 17 | €313,344 | €653,715 | +€340,371 | +108.6% |
| Financial debts | 170/4 | €313,344 | €653,715 | +€340,371 | +108.6% |
| Amounts payable within one year | 42/48 | €370,201 | €415,242 | +€45,041 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €53,604 | €97,629 | +€44,025 | +82.1% |
| Financial debts | 43 | €47,841 | €20,205 | -€27,636 | -57.8% |
| Credit institutions | 430/8 | €47,841 | €20,205 | -€27,636 | -57.8% |
| Trade debts | 44 | €156,286 | €166,258 | +€9,972 | +6.4% |
| Suppliers | 440/4 | €156,286 | €166,258 | +€9,972 | +6.4% |
| Taxes, remuneration and social security | 45 | €112,470 | €131,150 | +€18,680 | +16.6% |
| Taxes | 450/3 | €3,182 | €3,140 | -€42 | -1.3% |
| Remuneration and social security | 454/9 | €109,287 | €128,010 | +€18,723 | +17.1% |
| Accrued charges and deferred income | 492/3 | €791 | €2,450 | +€1,659 | +209.7% |
| Remuneration, social security and pensions | 62 | €971,716 | €985,695 | +€13,979 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,322 | €93,516 | +€8,195 | +9.6% |
| Other operating charges | 640/8 | €3,858 | €6,602 | +€2,744 | +71.1% |
| Gross operating margin | 9900 | €1,155,936 | €1,027,447 | -€128,489 | -11.1% |
| Operating profit (loss) | 9901 | €95,040 | -€58,366 | -€153,406 | |
| Financial income | 75/76B | €0 | €40 | +€40 | +133300.0% |
| Recurring financial income | 75 | €0 | €40 | +€40 | +133300.0% |
| Financial charges | 65/66B | €24,978 | €22,883 | -€2,095 | -8.4% |
| Recurring financial charges | 65 | €24,978 | €22,883 | -€2,095 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €70,062 | -€81,209 | -€151,272 | |
| Income taxes | 67/77 | €5,734 | - | -€5,734 | |
| Profit (loss) for the period | 9904 | €64,328 | -€81,209 | -€145,538 | |
| Profit (loss) for the period to be appropriated | 9905 | €64,328 | -€81,209 | -€145,538 |
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 29 September 2026 via checked.be.