Ares Properties: 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.
What changed
Ares Properties
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€31,996
2024 · €28,747+€3,249
Equity
€257,235
2024 · €225,239+€31,996
Cash
€58,365
2024 · €56,769+€1,596
Balance sheet total
€2.0m
2024 · €2.1m-€92,529
Largest movements
Assets
- Tangible fixed assets -€101,470
down €101,470 (-5.4%), from €1.9m to €1.8m
of which Land and buildings: -€101,363
Equity and liabilities
- Debts after one year -€115,993
down €115,993 (-9.8%), from €1.2m to €1.1m
- Profit (loss) carried forward +€31,996
up €31,996 (+610.7%), from €5,239 to €37,235
- Current portion of long-term debt -€23,900
down €23,900 (-17.1%), from €139,893 to €115,993
Income statement
- Financial charges -€7,905
down €7,905 (-17.7%), from €44,629 to €36,724
- Gross operating margin -€2,929
down €2,929 (-1.5%), from €198,612 to €195,683
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.
Result 2024
€28,747
Gross operating margin
-€2,929
Staff costs
+€82
Depreciation
-€571
Other operating charges
-€414
Financial income
+€0
Financial charges
+€7,905
Taxes
-€824
Result 2025
€31,996
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.
From operations
+€143,377
Investment
-€1,888
Financing
-€139,893
Cash 2024
€56,769
From operations (derived)
+€143,377
Net result for the year
+€31,996
Depreciation
+€103,358
Receivables within one year
+€2,112
Deferred charges and accrued income
-€9,458
Trade debts
+€15,525
Tax, wage and social debts
+€1,105
Other debts
+€2,060
Accrued charges and deferred income
-€3,322
Investment (derived)
-€1,888
Investment in fixed assets (net)
-€1,888
Financing
-€139,893
Debts after one year
-€115,993
Current portion of long-term debt
-€23,900
Cash 2025
€58,365
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,072,479 | €1,979,950 | -€92,529 | -4.5% |
| Fixed assets | 21/28 | €2,012,722 | €1,911,252 | -€101,470 | -5.0% |
| Tangible fixed assets | 22/27 | €1,862,722 | €1,761,252 | -€101,470 | -5.4% |
| Land and buildings | 22 | €1,854,122 | €1,752,759 | -€101,363 | -5.5% |
| Plant, machinery and equipment | 23 | €2,365 | €1,748 | -€617 | -26.1% |
| Furniture and vehicles | 24 | €6,235 | €6,744 | +€509 | +8.2% |
| Financial fixed assets | 28 | €150,000 | €150,000 | = | 0.0% |
| Current assets | 29/58 | €59,757 | €68,698 | +€8,941 | +15.0% |
| Amounts receivable within one year | 40/41 | €2,446 | €333 | -€2,112 | -86.4% |
| Trade receivables | 40 | €2,217 | €333 | -€1,884 | -85.0% |
| Other amounts receivable | 41 | €228 | - | -€228 | |
| Cash at bank and in hand | 54/58 | €56,769 | €58,365 | +€1,596 | +2.8% |
| Deferred charges and accrued income | 490/1 | €542 | €10,000 | +€9,458 | +1743.5% |
| Total equity and liabilities | 10/49 | €2,072,479 | €1,979,950 | -€92,529 | -4.5% |
| Equity | 10/15 | €225,239 | €257,235 | +€31,996 | +14.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €190,000 | €190,000 | = | 0.0% |
| Distributable reserves | 133 | €190,000 | €190,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,239 | €37,235 | +€31,996 | +610.7% |
| Amounts payable | 17/49 | €1,847,240 | €1,722,715 | -€124,525 | -6.7% |
| Amounts payable after more than one year | 17 | €1,182,741 | €1,066,748 | -€115,993 | -9.8% |
| Financial debts | 170/4 | €1,182,741 | €1,066,748 | -€115,993 | -9.8% |
| Amounts payable within one year | 42/48 | €650,682 | €645,473 | -€5,209 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €139,893 | €115,993 | -€23,900 | -17.1% |
| Trade debts | 44 | €22,346 | €37,872 | +€15,525 | +69.5% |
| Suppliers | 440/4 | €22,346 | €37,872 | +€15,525 | +69.5% |
| Taxes, remuneration and social security | 45 | €6,351 | €7,456 | +€1,105 | +17.4% |
| Taxes | 450/3 | €6,351 | €7,456 | +€1,105 | +17.4% |
| Other amounts payable | 47/48 | €482,091 | €484,151 | +€2,060 | +0.4% |
| Accrued charges and deferred income | 492/3 | €13,817 | €10,494 | -€3,322 | -24.0% |
| Non-recurring operating income | 76A | - | €32,978 | +€32,978 | |
| Remuneration, social security and pensions | 62 | €147 | €65 | -€82 | -55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,787 | €103,358 | +€571 | +0.6% |
| Other operating charges | 640/8 | €11,236 | €11,650 | +€414 | +3.7% |
| Gross operating margin | 9900 | €198,612 | €195,683 | -€2,929 | -1.5% |
| Operating profit (loss) | 9901 | €84,442 | €80,610 | -€3,832 | -4.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €44,629 | €36,724 | -€7,905 | -17.7% |
| Recurring financial charges | 65 | €44,629 | €36,724 | -€7,905 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €39,813 | €43,887 | +€4,074 | +10.2% |
| Income taxes | 67/77 | €11,066 | €11,890 | +€824 | +7.4% |
| Profit (loss) for the period | 9904 | €28,747 | €31,996 | +€3,249 | +11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,747 | €31,996 | +€3,249 | +11.3% |
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 4 October 2026 via checked.be.