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
- Cash +€199,076
up €199,076 (+2277.2%), from €8,742 to €207,818
mainly Stocks and contracts (+€174,728) and Tax, wage and social debts (+€26,271)
- Stocks and contracts -€174,728
down €174,728 (-30.0%), from €582,234 to €407,506
- Tax, wage and social debts +€26,271
new in 2025: €26,271
of which Remuneration and social security: +€15,000
- Profit (loss) carried forward +€9,884
up €9,884 (+83.3%), from -€11,868 to -€1,984
- Trade debts -€8,531
down €8,531 (-25.4%), from €33,563 to €25,032
- Debts after one year -€8,447
down €8,447 (-27.9%), from €30,275 to €21,828
- Gross operating margin +€31,015
up €31,015, from -€4,629 to €26,387
- Financial charges +€14,651
up €14,651 (+1007.4%), from €1,454 to €16,105
- Other operating charges -€838
down €838 (-59.6%), from €1,405 to €567
- Financial income -€358
down €358 (-28.7%), from €1,250 to €891
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 | €620,420 | €638,263 | +€17,843 | +2.9% |
| Fixed assets | 21/28 | €1,727 | €1,006 | -€722 | -41.8% |
| Tangible fixed assets | 22/27 | €1,727 | €1,006 | -€722 | -41.8% |
| Plant, machinery and equipment | 23 | €393 | €262 | -€131 | -33.3% |
| Furniture and vehicles | 24 | €1,334 | €743 | -€591 | -44.3% |
| Current assets | 29/58 | €618,693 | €637,257 | +€18,565 | +3.0% |
| Stocks and contracts in progress | 3 | €582,234 | €407,506 | -€174,728 | -30.0% |
| Stocks | 30/36 | €582,234 | €407,506 | -€174,728 | -30.0% |
| Amounts receivable within one year | 40/41 | €27,716 | €21,933 | -€5,784 | -20.9% |
| Trade receivables | 40 | €25,931 | €21,708 | -€4,223 | -16.3% |
| Other amounts receivable | 41 | €1,785 | €225 | -€1,560 | -87.4% |
| Cash at bank and in hand | 54/58 | €8,742 | €207,818 | +€199,076 | +2277.2% |
| Total equity and liabilities | 10/49 | €620,420 | €638,263 | +€17,843 | +2.9% |
| Equity | 10/15 | €198,132 | €208,016 | +€9,884 | +5.0% |
| Contributions | 10/11 | €210,000 | €210,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,868 | -€1,984 | +€9,884 | +83.3% |
| Amounts payable | 17/49 | €422,288 | €430,247 | +€7,959 | +1.9% |
| Amounts payable after more than one year | 17 | €30,275 | €21,828 | -€8,447 | -27.9% |
| Financial debts | 170/4 | €30,275 | €21,828 | -€8,447 | -27.9% |
| Amounts payable within one year | 42/48 | €392,013 | €408,419 | +€16,406 | +4.2% |
| Financial debts | 43 | €354,000 | €354,000 | = | 0.0% |
| Credit institutions | 430/8 | €354,000 | €354,000 | = | 0.0% |
| Trade debts | 44 | €33,563 | €25,032 | -€8,531 | -25.4% |
| Suppliers | 440/4 | €33,563 | €25,032 | -€8,531 | -25.4% |
| Taxes, remuneration and social security | 45 | - | €26,271 | +€26,271 | |
| Taxes | 450/3 | - | €11,271 | +€11,271 | |
| Remuneration and social security | 454/9 | - | €15,000 | +€15,000 | |
| Other amounts payable | 47/48 | €4,450 | €3,116 | -€1,334 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €722 | = | 0.0% |
| Other operating charges | 640/8 | €1,405 | €567 | -€838 | -59.6% |
| Gross operating margin | 9900 | -€4,629 | €26,387 | +€31,015 | |
| Operating profit (loss) | 9901 | -€6,756 | €25,098 | +€31,854 | |
| Financial income | 75/76B | €1,250 | €891 | -€358 | -28.7% |
| Recurring financial income | 75 | €1,250 | €891 | -€358 | -28.7% |
| Financial charges | 65/66B | €1,454 | €16,105 | +€14,651 | +1007.4% |
| Recurring financial charges | 65 | €1,454 | €16,105 | +€14,651 | +1007.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,961 | €9,884 | +€16,845 | |
| Profit (loss) for the period | 9904 | -€6,961 | €9,884 | +€16,845 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,961 | €9,884 | +€16,845 |
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 10 October 2026 via checked.be.