ARESI: 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.
ARESI
Largest movements
- Tangible fixed assets -€27,237
down €27,237 (-3.1%), from €877,390 to €850,153
of which Land and buildings: -€27,995
- Cash -€22,662
down €22,662 (-36.2%), from €62,554 to €39,891
mainly Debts after one year (-€58,670) and Investment in fixed assets (net) (-€29,063)
- Debts after one year -€58,670
down €58,670 (-10.0%), from €585,832 to €527,162
- Reserves +€20,841
up €20,841 (+15.5%), from €134,865 to €155,706
of which Distributable reserves: +€33,000
- Provisions -€16,053
down €16,053 (-31.3%), from €51,265 to €35,212
of which Provisions for liabilities and charges: -€12,000
- Provisions -€24,000
down €24,000, from €12,000 to -€12,000
- Gross operating margin -€14,039
down €14,039 (-14.5%), from €96,493 to €82,454
- Taxes +€3,300
new in 2025: €3,300
- Depreciation +€1,534
up €1,534 (+2.8%), from €54,767 to €56,300
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 | €943,892 | €890,045 | -€53,847 | -5.7% |
| Fixed assets | 21/28 | €877,390 | €850,153 | -€27,237 | -3.1% |
| Tangible fixed assets | 22/27 | €877,390 | €850,153 | -€27,237 | -3.1% |
| Land and buildings | 22 | €872,655 | €844,660 | -€27,995 | -3.2% |
| Plant, machinery and equipment | 23 | - | €1,423 | +€1,423 | |
| Furniture and vehicles | 24 | €4,735 | €4,071 | -€665 | -14.0% |
| Current assets | 29/58 | €66,501 | €39,891 | -€26,610 | -40.0% |
| Amounts receivable within one year | 40/41 | €3,948 | - | -€3,948 | |
| Trade receivables | 40 | €3,948 | - | -€3,948 | |
| Cash at bank and in hand | 54/58 | €62,554 | €39,891 | -€22,662 | -36.2% |
| Total equity and liabilities | 10/49 | €943,892 | €890,045 | -€53,847 | -5.7% |
| Equity | 10/15 | €238,462 | €259,327 | +€20,865 | +8.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €134,865 | €155,706 | +€20,841 | +15.5% |
| Non-distributable reserves | 130/1 | €2,595 | €2,595 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,595 | €2,595 | = | 0.0% |
| Tax-exempt reserves | 132 | €117,793 | €105,634 | -€12,159 | -10.3% |
| Distributable reserves | 133 | €14,476 | €47,476 | +€33,000 | +228.0% |
| Profit (loss) carried forward | 14 | €84,598 | €84,621 | +€24 | 0.0% |
| Provisions and deferred taxes | 16 | €51,265 | €35,212 | -€16,053 | -31.3% |
| Provisions for liabilities and charges | 160/5 | €12,000 | - | -€12,000 | |
| Environmental obligations | 163 | €12,000 | - | -€12,000 | |
| Deferred taxes | 168 | €39,265 | €35,212 | -€4,053 | -10.3% |
| Amounts payable | 17/49 | €654,165 | €595,506 | -€58,659 | -9.0% |
| Amounts payable after more than one year | 17 | €585,832 | €527,162 | -€58,670 | -10.0% |
| Financial debts | 170/4 | €585,832 | €527,162 | -€58,670 | -10.0% |
| Amounts payable within one year | 42/48 | €68,333 | €68,344 | +€11 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €57,061 | €58,670 | +€1,609 | +2.8% |
| Trade debts | 44 | - | €300 | +€300 | |
| Suppliers | 440/4 | - | €300 | +€300 | |
| Taxes, remuneration and social security | 45 | €11,272 | €9,375 | -€1,898 | -16.8% |
| Taxes | 450/3 | €11,272 | €9,375 | -€1,898 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,767 | €56,300 | +€1,534 | +2.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €12,000 | -€12,000 | -€24,000 | |
| Other operating charges | 640/8 | €3,261 | €3,105 | -€155 | -4.8% |
| Gross operating margin | 9900 | €96,493 | €82,454 | -€14,039 | -14.5% |
| Operating profit (loss) | 9901 | €26,466 | €35,049 | +€8,583 | +32.4% |
| Financial charges | 65/66B | €14,175 | €14,937 | +€763 | +5.4% |
| Recurring financial charges | 65 | €14,175 | €14,937 | +€763 | +5.4% |
| Profit (loss) for the period before taxes | 9903 | €12,291 | €20,112 | +€7,820 | +63.6% |
| Transfer from deferred taxes | 780 | €4,053 | €4,053 | = | 0.0% |
| Income taxes | 67/77 | - | €3,300 | +€3,300 | |
| Profit (loss) for the period | 9904 | €16,344 | €20,865 | +€4,520 | +27.7% |
| Transfer from tax-exempt reserves | 789 | €12,159 | €12,159 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,503 | €33,024 | +€4,520 | +15.9% |
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 11 October 2026 via checked.be.