ARES4S: 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.
ARES4S
Largest movements
- Intangible fixed assets -€93,173
down €93,173 (-21.8%), from €427,044 to €333,871
- Cash +€66,199
up €66,199 (+385.6%), from €17,168 to €83,368
mainly Debts after one year (+€1.0m) and Depreciation (+€93,173)
- Receivables within one year -€34,306
down €34,306 (-62.6%), from €54,806 to €20,500
- Debts after one year +€1.0m
up €1.0m (+3392.5%), from €30,115 to €1.1m
of which Other amounts payable: +€932,543
- Other debts -€970,826
down €970,826 (-75.7%), from €1.3m to €312,356
- Short-term financial debts -€123,547
down €123,547 (-39.5%), from €313,131 to €189,583
- Profit (loss) carried forward +€37,317
up €37,317 (+14.3%), from -€261,020 to -€223,703
- Depreciation +€54,351
up €54,351 (+140.0%), from €38,822 to €93,173
- Gross operating margin +€11,507
up €11,507 (+5.1%), from €226,192 to €237,699
- Financial charges -€10,896
down €10,896 (-16.7%), from €65,182 to €54,286
- Taxes +€6,906
up €6,906 (+17.2%), from €40,194 to €47,100
- Other operating charges +€5,595
up €5,595 (+2370.7%), from €236 to €5,831
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 | €2,237,230 | €2,172,337 | -€64,893 | -2.9% |
| Fixed assets | 21/28 | €2,165,255 | €2,068,332 | -€96,923 | -4.5% |
| Intangible fixed assets | 21 | €427,044 | €333,871 | -€93,173 | -21.8% |
| Financial fixed assets | 28 | €1,738,211 | €1,734,461 | -€3,750 | -0.2% |
| Current assets | 29/58 | €71,975 | €104,005 | +€32,030 | +44.5% |
| Amounts receivable within one year | 40/41 | €54,806 | €20,500 | -€34,306 | -62.6% |
| Other amounts receivable | 41 | €54,806 | €20,500 | -€34,306 | -62.6% |
| Cash at bank and in hand | 54/58 | €17,168 | €83,368 | +€66,199 | +385.6% |
| Deferred charges and accrued income | 490/1 | €0 | €137 | +€137 | |
| Total equity and liabilities | 10/49 | €2,237,230 | €2,172,337 | -€64,893 | -2.9% |
| Equity | 10/15 | €454,497 | €491,814 | +€37,317 | +8.2% |
| Contributions | 10/11 | €715,517 | €715,517 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€261,020 | -€223,703 | +€37,317 | +14.3% |
| Amounts payable | 17/49 | €1,782,733 | €1,680,523 | -€102,210 | -5.7% |
| Amounts payable after more than one year | 17 | €30,115 | €1,051,752 | +€1.0m | +3392.5% |
| Financial debts | 170/4 | €30,115 | €119,209 | +€89,094 | +295.8% |
| Other amounts payable | 178/9 | - | €932,543 | +€932,543 | |
| Amounts payable within one year | 42/48 | €1,733,305 | €601,959 | -€1.1m | -65.3% |
| Current portion of amounts payable after more than one year | 42 | €62,421 | €41,889 | -€20,533 | -32.9% |
| Financial debts | 43 | €313,131 | €189,583 | -€123,547 | -39.5% |
| Credit institutions | 430/8 | €313,131 | €189,583 | -€123,547 | -39.5% |
| Trade debts | 44 | €17,518 | €11,378 | -€6,141 | -35.1% |
| Suppliers | 440/4 | €17,518 | €11,378 | -€6,141 | -35.1% |
| Taxes, remuneration and social security | 45 | €57,052 | €46,753 | -€10,299 | -18.1% |
| Taxes | 450/3 | €57,052 | €46,753 | -€10,299 | -18.1% |
| Other amounts payable | 47/48 | €1,283,182 | €312,356 | -€970,826 | -75.7% |
| Accrued charges and deferred income | 492/3 | €19,313 | €26,812 | +€7,499 | +38.8% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,822 | €93,173 | +€54,351 | +140.0% |
| Other operating charges | 640/8 | €236 | €5,831 | +€5,595 | +2370.7% |
| Gross operating margin | 9900 | €226,192 | €237,699 | +€11,507 | +5.1% |
| Operating profit (loss) | 9901 | €187,134 | €138,695 | -€48,439 | -25.9% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €65,182 | €54,286 | -€10,896 | -16.7% |
| Recurring financial charges | 65 | €65,182 | €54,286 | -€10,896 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €121,953 | €84,417 | -€37,536 | -30.8% |
| Income taxes | 67/77 | €40,194 | €47,100 | +€6,906 | +17.2% |
| Profit (loss) for the period | 9904 | €81,759 | €37,317 | -€44,442 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | €81,759 | €37,317 | -€44,442 | -54.4% |
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 10 October 2026 via checked.be.