ARES: 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.
ARES
Largest movements
- Receivables within one year +€235,819
up €235,819 (+672%), from €35,104 to €270,923
of which Trade receivables: +€261,360
- Tangible fixed assets -€127,355
down €127,355 (-7.1%), from €1.8m to €1.7m
of which Land and buildings: -€97,740
- Profit (loss) carried forward +€147,191
up €147,191 (+22.9%), from €643,451 to €790,642
- Current portion of long-term debt -€91,952
no longer reported in 2025 (was €91,952)
- Tax, wage and social debts +€45,350
up €45,350 (+733%), from €6,184 to €51,534
- Financial income -€267,266
down €267,266 (-100.0%), from €267,313 to €47
of which Non-recurring financial income: -€267,256
- Gross operating margin +€186,991
up €186,991 (+164%), from €113,913 to €300,904
- Taxes -€27,156
down €27,156 (-51.1%), from €53,125 to €25,969
- Other operating charges -€24,656
down €24,656 (-63.9%), from €38,590 to €13,934
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 | €2,321,805 | €2,408,363 | +€86,558 | +3.7% |
| Fixed assets | 21/28 | €2,164,860 | €2,037,505 | -€127,355 | -5.9% |
| Tangible fixed assets | 22/27 | €1,784,860 | €1,657,505 | -€127,355 | -7.1% |
| Land and buildings | 22 | €1,548,500 | €1,450,760 | -€97,740 | -6.3% |
| Plant, machinery and equipment | 23 | €236,360 | €206,745 | -€29,615 | -12.5% |
| Financial fixed assets | 28 | €380,000 | €380,000 | = | 0.0% |
| Current assets | 29/58 | €156,945 | €370,858 | +€213,913 | +136% |
| Amounts receivable within one year | 40/41 | €35,104 | €270,923 | +€235,819 | +672% |
| Trade receivables | 40 | - | €261,360 | +€261,360 | |
| Other amounts receivable | 41 | €35,104 | €9,563 | -€25,541 | -72.8% |
| Cash at bank and in hand | 54/58 | €121,841 | €99,935 | -€21,906 | -18.0% |
| Total equity and liabilities | 10/49 | €2,321,805 | €2,408,363 | +€86,558 | +3.7% |
| Equity | 10/15 | €831,330 | €967,499 | +€136,169 | +16.4% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €187,379 | €176,357 | -€11,022 | -5.9% |
| Tax-exempt reserves | 132 | €187,379 | €176,357 | -€11,022 | -5.9% |
| Profit (loss) carried forward | 14 | €643,451 | €790,642 | +€147,191 | +22.9% |
| Provisions and deferred taxes | 16 | €62,459 | €58,785 | -€3,674 | -5.9% |
| Deferred taxes | 168 | €62,459 | €58,785 | -€3,674 | -5.9% |
| Amounts payable | 17/49 | €1,428,016 | €1,382,079 | -€45,937 | -3.2% |
| Amounts payable after more than one year | 17 | €151,525 | €151,525 | = | 0.0% |
| Financial debts | 170/4 | €151,525 | €151,525 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,276,491 | €1,230,554 | -€45,937 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €91,952 | - | -€91,952 | |
| Trade debts | 44 | €19,706 | €20,372 | +€666 | +3.4% |
| Suppliers | 440/4 | €19,706 | €20,372 | +€666 | +3.4% |
| Taxes, remuneration and social security | 45 | €6,184 | €51,534 | +€45,350 | +733% |
| Taxes | 450/3 | €6,184 | €51,534 | +€45,350 | +733% |
| Other amounts payable | 47/48 | €1,158,649 | €1,158,648 | -€1 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,524 | €127,355 | +€2,831 | +2.3% |
| Other operating charges | 640/8 | €38,590 | €13,934 | -€24,656 | -63.9% |
| Gross operating margin | 9900 | €113,913 | €300,904 | +€186,991 | +164% |
| Operating profit (loss) | 9901 | -€49,201 | €159,615 | +€208,816 | |
| Financial income | 75/76B | €267,313 | €47 | -€267,266 | -100.0% |
| Recurring financial income | 75 | €57 | €47 | -€10 | -17.5% |
| Non-recurring financial income | 76B | €267,256 | - | -€267,256 | |
| Financial charges | 65/66B | €1,975 | €1,198 | -€777 | -39.3% |
| Recurring financial charges | 65 | €1,975 | €1,198 | -€777 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €216,137 | €158,464 | -€57,673 | -26.7% |
| Transfer from deferred taxes | 780 | €3,674 | €3,674 | = | 0.0% |
| Income taxes | 67/77 | €53,125 | €25,969 | -€27,156 | -51.1% |
| Profit (loss) for the period | 9904 | €166,686 | €136,169 | -€30,517 | -18.3% |
| Transfer from tax-exempt reserves | 789 | €11,022 | €11,022 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €177,708 | €147,191 | -€30,517 | -17.2% |
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 25 October 2026 via checked.be.