ARES: 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.
ARES
Largest movements
- Cash +€442,474
up €442,474 (+2764.4%), from €16,006 to €458,480
mainly Receivables within one year (+€265,104) and Investment in fixed assets (net) (+€176,278)
- Receivables within one year -€265,104
down €265,104 (-84.0%), from €315,779 to €50,675
of which Other amounts receivable: -€262,076
- Tangible fixed assets -€204,246
down €204,246 (-20.9%), from €978,490 to €774,243
of which Land and buildings: -€202,718
- Debts after one year -€115,879
down €115,879 (-10.3%), from €1.1m to €1.0m
- Profit (loss) carried forward +€83,453
up €83,453 (+32.3%), from €258,373 to €341,826
- Gross operating margin +€147,100
up €147,100 (+758.3%), from €19,400 to €166,500
- Depreciation -€7,621
down €7,621 (-21.4%), from €35,589 to €27,968
- Taxes +€6,752
up €6,752 (+2264.1%), from €298 to €7,050
- Financial income -€2,972
down €2,972 (-33.6%), from €8,857 to €5,885
- Financial charges +€1,852
up €1,852 (+5.7%), from €32,356 to €34,207
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 | €1,630,045 | €1,610,485 | -€19,559 | -1.2% |
| Fixed assets | 21/28 | €978,668 | €774,422 | -€204,246 | -20.9% |
| Tangible fixed assets | 22/27 | €978,490 | €774,243 | -€204,246 | -20.9% |
| Land and buildings | 22 | €976,736 | €774,018 | -€202,718 | -20.8% |
| Plant, machinery and equipment | 23 | €557 | €185 | -€372 | -66.8% |
| Furniture and vehicles | 24 | €1,197 | €41 | -€1,157 | -96.6% |
| Financial fixed assets | 28 | €178 | €178 | = | 0.0% |
| Current assets | 29/58 | €651,377 | €836,064 | +€184,687 | +28.4% |
| Stocks and contracts in progress | 3 | €317,900 | €325,121 | +€7,221 | +2.3% |
| Stocks | 30/36 | €317,900 | €325,121 | +€7,221 | +2.3% |
| Amounts receivable within one year | 40/41 | €315,779 | €50,675 | -€265,104 | -84.0% |
| Trade receivables | 40 | €3,028 | €0 | -€3,028 | -100.0% |
| Other amounts receivable | 41 | €312,751 | €50,675 | -€262,076 | -83.8% |
| Cash at bank and in hand | 54/58 | €16,006 | €458,480 | +€442,474 | +2764.4% |
| Deferred charges and accrued income | 490/1 | €1,692 | €1,787 | +€96 | +5.7% |
| Total equity and liabilities | 10/49 | €1,630,045 | €1,610,485 | -€19,559 | -1.2% |
| Equity | 10/15 | €442,473 | €525,926 | +€83,453 | +18.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €164,100 | €164,100 | = | 0.0% |
| Distributable reserves | 133 | €164,100 | €164,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €258,373 | €341,826 | +€83,453 | +32.3% |
| Amounts payable | 17/49 | €1,187,572 | €1,084,559 | -€103,012 | -8.7% |
| Amounts payable after more than one year | 17 | €1,124,044 | €1,008,165 | -€115,879 | -10.3% |
| Financial debts | 170/4 | €1,124,044 | €1,008,165 | -€115,879 | -10.3% |
| Amounts payable within one year | 42/48 | €63,528 | €76,395 | +€12,867 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €56,095 | €50,362 | -€5,734 | -10.2% |
| Trade debts | 44 | €7,192 | €6,077 | -€1,115 | -15.5% |
| Suppliers | 440/4 | €7,192 | €6,077 | -€1,115 | -15.5% |
| Taxes, remuneration and social security | 45 | €240 | €6,956 | +€6,716 | +2798.3% |
| Taxes | 450/3 | €240 | €6,956 | +€6,716 | +2798.3% |
| Other amounts payable | 47/48 | €0 | €13,000 | +€13,000 | |
| Non-recurring operating income | 76A | €0 | €101,754 | +€101,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,589 | €27,968 | -€7,621 | -21.4% |
| Other operating charges | 640/8 | €4,926 | €6,706 | +€1,780 | +36.1% |
| Gross operating margin | 9900 | €19,400 | €166,500 | +€147,100 | +758.3% |
| Operating profit (loss) | 9901 | -€21,116 | €131,826 | +€152,941 | |
| Financial income | 75/76B | €8,857 | €5,885 | -€2,972 | -33.6% |
| Recurring financial income | 75 | €8,857 | €5,885 | -€2,972 | -33.6% |
| Financial charges | 65/66B | €32,356 | €34,207 | +€1,852 | +5.7% |
| Recurring financial charges | 65 | €32,356 | €34,207 | +€1,852 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | -€44,614 | €103,503 | +€148,117 | |
| Income taxes | 67/77 | €298 | €7,050 | +€6,752 | +2264.1% |
| Profit (loss) for the period | 9904 | -€44,913 | €96,453 | +€141,366 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,913 | €96,453 | +€141,366 |
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 5 October 2026 via checked.be.