Ares-D: 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-D
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€8,881
up €8,881 (+25.2%), from -€35,200 to -€26,319
- Financial charges +€853
up €853 (+454.9%), from €188 to €1,041
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 | €23,071,885 | €23,064,514 | -€7,370 | 0.0% |
| Fixed assets | 21/28 | €23,055,633 | €23,055,633 | = | 0.0% |
| Financial fixed assets | 28 | €23,055,633 | €23,055,633 | = | 0.0% |
| Current assets | 29/58 | €16,252 | €8,881 | -€7,370 | -45.4% |
| Cash at bank and in hand | 54/58 | €16,252 | €8,881 | -€7,370 | -45.4% |
| Total equity and liabilities | 10/49 | €23,071,885 | €23,064,514 | -€7,370 | 0.0% |
| Equity | 10/15 | €11,498,159 | €11,470,127 | -€28,031 | -0.2% |
| Contributions | 10/11 | €11,534,318 | €11,534,318 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,159 | -€64,191 | -€28,031 | -77.5% |
| Amounts payable | 17/49 | €11,573,726 | €11,594,387 | +€20,661 | +0.2% |
| Amounts payable after more than one year | 17 | €11,521,315 | €11,521,315 | = | 0.0% |
| Financial debts | 170/4 | €11,521,315 | €11,521,315 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,411 | €72,272 | +€19,861 | +37.9% |
| Trade debts | 44 | €135 | €130 | -€5 | -3.9% |
| Suppliers | 440/4 | €135 | €130 | -€5 | -3.9% |
| Taxes, remuneration and social security | 45 | €19,776 | - | -€19,776 | |
| Remuneration and social security | 454/9 | €19,776 | - | -€19,776 | |
| Other amounts payable | 47/48 | €32,500 | €72,143 | +€39,643 | +122.0% |
| Accrued charges and deferred income | 492/3 | - | €800 | +€800 | |
| Other operating charges | 640/8 | €772 | €672 | -€100 | -12.9% |
| Gross operating margin | 9900 | -€35,200 | -€26,319 | +€8,881 | +25.2% |
| Operating profit (loss) | 9901 | -€35,972 | -€26,991 | +€8,981 | +25.0% |
| Financial charges | 65/66B | €188 | €1,041 | +€853 | +454.9% |
| Recurring financial charges | 65 | €188 | €1,041 | +€853 | +454.9% |
| Profit (loss) for the period before taxes | 9903 | -€36,159 | -€28,031 | +€8,128 | +22.5% |
| Profit (loss) for the period | 9904 | -€36,159 | -€28,031 | +€8,128 | +22.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,159 | -€28,031 | +€8,128 | +22.5% |
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 2 October 2026 via checked.be.