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 -€10,340
down €10,340 (-59.9%), from €17,265 to €6,926
mainly Contributions, distributions and other (-€35,371) and Current portion of long-term debt (-€11,787)
- Receivables within one year +€2,727
up €2,727 (+20.7%), from €13,174 to €15,900
of which Other amounts receivable: +€3,144
- Trade debts +€27,752
up €27,752 (+237.0%), from €11,712 to €39,464
- Reserves -€24,326
down €24,326 (-17.0%), from €143,423 to €119,097
- Current portion of long-term debt -€11,787
no longer reported in 2025 (was €11,787)
- Tax, wage and social debts +€3,345
new in 2025: €3,345
- Other debts -€2,999
down €2,999 (-62.9%), from €4,767 to €1,769
- Gross operating margin +€13,661
up €13,661 (+281.9%), from €4,845 to €18,507
- Financial charges -€5,973
down €5,973 (-87.8%), from €6,800 to €828
- Taxes +€3,331
up €3,331 (+25275.7%), from €13 to €3,345
- Depreciation -€1,307
down €1,307 (-27.0%), from €4,848 to €3,541
- Financial income -€211
down €211 (-27.0%), from €781 to €570
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 | €190,288 | €182,274 | -€8,014 | -4.2% |
| Fixed assets | 21/28 | €154,441 | €155,689 | +€1,248 | +0.8% |
| Tangible fixed assets | 22/27 | €153,691 | €154,939 | +€1,248 | +0.8% |
| Land and buildings | 22 | €148,450 | €149,943 | +€1,493 | +1.0% |
| Plant, machinery and equipment | 23 | €1,926 | €3,363 | +€1,437 | +74.6% |
| Furniture and vehicles | 24 | €3,315 | €1,633 | -€1,683 | -50.8% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €35,847 | €26,585 | -€9,262 | -25.8% |
| Stocks and contracts in progress | 3 | €4,736 | €3,497 | -€1,239 | -26.2% |
| Stocks | 30/36 | €4,736 | €3,497 | -€1,239 | -26.2% |
| Amounts receivable within one year | 40/41 | €13,174 | €15,900 | +€2,727 | +20.7% |
| Trade receivables | 40 | €8,978 | €8,561 | -€418 | -4.7% |
| Other amounts receivable | 41 | €4,195 | €7,340 | +€3,144 | +74.9% |
| Cash at bank and in hand | 54/58 | €17,265 | €6,926 | -€10,340 | -59.9% |
| Deferred charges and accrued income | 490/1 | €672 | €262 | -€410 | -61.0% |
| Total equity and liabilities | 10/49 | €190,288 | €182,274 | -€8,014 | -4.2% |
| Equity | 10/15 | €162,023 | €137,697 | -€24,326 | -15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,423 | €119,097 | -€24,326 | -17.0% |
| Distributable reserves | 133 | €143,423 | €119,097 | -€24,326 | -17.0% |
| Amounts payable | 17/49 | €28,265 | €44,577 | +€16,312 | +57.7% |
| Amounts payable within one year | 42/48 | €28,265 | €44,577 | +€16,312 | +57.7% |
| Current portion of amounts payable after more than one year | 42 | €11,787 | - | -€11,787 | |
| Trade debts | 44 | €11,712 | €39,464 | +€27,752 | +237.0% |
| Suppliers | 440/4 | €11,712 | €39,464 | +€27,752 | +237.0% |
| Taxes, remuneration and social security | 45 | - | €3,345 | +€3,345 | |
| Taxes | 450/3 | - | €3,345 | +€3,345 | |
| Other amounts payable | 47/48 | €4,767 | €1,769 | -€2,999 | -62.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,848 | €3,541 | -€1,307 | -27.0% |
| Other operating charges | 640/8 | €250 | €318 | +€68 | +27.3% |
| Gross operating margin | 9900 | €4,845 | €18,507 | +€13,661 | +281.9% |
| Operating profit (loss) | 9901 | -€252 | €14,647 | +€14,900 | |
| Financial income | 75/76B | €781 | €570 | -€211 | -27.0% |
| Recurring financial income | 75 | €781 | €570 | -€211 | -27.0% |
| Financial charges | 65/66B | €6,800 | €828 | -€5,973 | -87.8% |
| Recurring financial charges | 65 | €6,800 | €828 | -€5,973 | -87.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,271 | €14,390 | +€20,661 | |
| Income taxes | 67/77 | €13 | €3,345 | +€3,331 | +25275.7% |
| Profit (loss) for the period | 9904 | -€6,284 | €11,045 | +€17,330 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,284 | €11,045 | +€17,330 |
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 9 October 2026 via checked.be.