Ares capital: 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 capital
Largest movements
- Tangible fixed assets -€14,131
down €14,131 (-94.4%), from €14,975 to €845
of which Furniture and vehicles: -€13,291
- Receivables within one year -€4,423
down €4,423 (-7.8%), from €56,626 to €52,203
of which Other amounts receivable: -€5,610
- Cash +€4,062
up €4,062 (+871%), from €467 to €4,528
mainly Investment in fixed assets (net) (+€13,291) and Receivables within one year (+€4,423)
- Profit (loss) carried forward -€12,522
down €12,522 (-453%), from -€2,762 to -€15,284
- Tax, wage and social debts -€4,644
down €4,644 (-58.2%), from €7,978 to €3,334
- Debts after one year -€3,712
down €3,712 (-38.4%), from €9,668 to €5,956
- Other debts +€3,191
up €3,191 (+11.6%), from €27,400 to €30,591
- Trade debts +€2,475
up €2,475 (+13.0%), from €19,023 to €21,498
- Gross operating margin +€11,996
up €11,996 (+64.1%), from -€18,724 to -€6,728
- Depreciation -€1,581
down €1,581 (-65.3%), from €2,421 to €840
- Financial charges +€678
up €678 (+113%), from €600 to €1,278
- Other operating charges +€249
up €249 (+64.3%), from €387 to €636
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 | €72,336 | €58,014 | -€14,322 | -19.8% |
| Fixed assets | 21/28 | €14,975 | €845 | -€14,131 | -94.4% |
| Tangible fixed assets | 22/27 | €14,975 | €845 | -€14,131 | -94.4% |
| Plant, machinery and equipment | 23 | €1,684 | €845 | -€840 | -49.9% |
| Furniture and vehicles | 24 | €13,291 | €0 | -€13,291 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €57,360 | €57,169 | -€191 | -0.3% |
| Amounts receivable within one year | 40/41 | €56,626 | €52,203 | -€4,423 | -7.8% |
| Trade receivables | 40 | €51,016 | €52,203 | +€1,187 | +2.3% |
| Other amounts receivable | 41 | €5,610 | €0 | -€5,610 | -100% |
| Cash at bank and in hand | 54/58 | €467 | €4,528 | +€4,062 | +871% |
| Deferred charges and accrued income | 490/1 | €268 | €439 | +€171 | +63.7% |
| Total equity and liabilities | 10/49 | €72,336 | €58,014 | -€14,322 | -19.8% |
| Equity | 10/15 | €4,464 | -€8,058 | -€12,522 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,026 | €1,026 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,026 | €0 | -€1,026 | -100% |
| Reserves not available under the articles | 1311 | €1,026 | €0 | -€1,026 | -100% |
| Distributable reserves | 133 | - | €1,026 | +€1,026 | |
| Profit (loss) carried forward | 14 | -€2,762 | -€15,284 | -€12,522 | -453% |
| Amounts payable | 17/49 | €67,872 | €66,072 | -€1,800 | -2.7% |
| Amounts payable after more than one year | 17 | €9,668 | €5,956 | -€3,712 | -38.4% |
| Financial debts | 170/4 | €9,668 | €5,956 | -€3,712 | -38.4% |
| Amounts payable within one year | 42/48 | €58,204 | €60,116 | +€1,913 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €3,803 | €3,712 | -€91 | -2.4% |
| Trade debts | 44 | €19,023 | €21,498 | +€2,475 | +13.0% |
| Suppliers | 440/4 | €19,023 | €21,498 | +€2,475 | +13.0% |
| Advances received on contracts in progress | 46 | - | €981 | +€981 | |
| Taxes, remuneration and social security | 45 | €7,978 | €3,334 | -€4,644 | -58.2% |
| Taxes | 450/3 | €7,978 | €3,334 | -€4,644 | -58.2% |
| Other amounts payable | 47/48 | €27,400 | €30,591 | +€3,191 | +11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,421 | €840 | -€1,581 | -65.3% |
| Other operating charges | 640/8 | €387 | €636 | +€249 | +64.3% |
| Non-recurring operating charges | 66A | - | €2,960 | +€2,960 | |
| Gross operating margin | 9900 | -€18,724 | -€6,728 | +€11,996 | +64.1% |
| Operating profit (loss) | 9901 | -€21,532 | -€11,165 | +€10,367 | +48.1% |
| Financial income | 75/76B | €18 | €0 | -€18 | -98.3% |
| Recurring financial income | 75 | €18 | €0 | -€18 | -98.3% |
| Financial charges | 65/66B | €600 | €1,278 | +€678 | +113% |
| Recurring financial charges | 65 | €600 | €1,278 | +€678 | +113% |
| Profit (loss) for the period before taxes | 9903 | -€22,114 | -€12,442 | +€9,672 | +43.7% |
| Income taxes | 67/77 | €0 | €80 | +€80 | |
| Profit (loss) for the period | 9904 | -€22,114 | -€12,522 | +€9,592 | +43.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,114 | -€12,522 | +€9,592 | +43.4% |
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 20 October 2026 via checked.be.