ARETE: 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.
ARETE
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Tangible fixed assets -€26,413
down €26,413 (-3.4%), from €766,734 to €740,320
of which Land and buildings: -€23,819
- Debts after one year -€170,000
no longer reported in 2025 (was €170,000)
- Current portion of long-term debt -€25,567
no longer reported in 2025 (was €25,567)
- Other debts -€17,250
down €17,250 (-68.2%), from €25,295 to €8,045
- Tax, wage and social debts -€12,897
down €12,897 (-41.2%), from €31,329 to €18,432
- Trade debts -€12,049
down €12,049 (-61.0%), from €19,749 to €7,700
- Gross operating margin -€319,501
down €319,501 (-86.7%), from €368,553 to €49,053
- Taxes -€93,020
down €93,020 (-95.9%), from €96,998 to €3,978
- Financial charges -€18,872
down €18,872 (-97.6%), from €19,327 to €455
- Staff costs -€6,822
down €6,822 (-57.6%), from €11,853 to €5,031
- Depreciation -€5,901
down €5,901 (-16.5%), from €35,726 to €29,825
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 | €997,357 | €765,534 | -€231,823 | -23.2% |
| Fixed assets | 21/28 | €766,734 | €740,320 | -€26,413 | -3.4% |
| Tangible fixed assets | 22/27 | €766,734 | €740,320 | -€26,413 | -3.4% |
| Land and buildings | 22 | €750,541 | €726,723 | -€23,819 | -3.2% |
| Plant, machinery and equipment | 23 | €1,170 | €371 | -€799 | -68.3% |
| Furniture and vehicles | 24 | €15,022 | €13,226 | -€1,796 | -12.0% |
| Current assets | 29/58 | €230,624 | €25,214 | -€205,410 | -89.1% |
| Amounts receivable within one year | 40/41 | €8,349 | €9,193 | +€844 | +10.1% |
| Other amounts receivable | 41 | €8,349 | €9,193 | +€844 | +10.1% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €18,641 | €16,021 | -€2,620 | -14.1% |
| Deferred charges and accrued income | 490/1 | €3,634 | - | -€3,634 | |
| Total equity and liabilities | 10/49 | €997,357 | €765,534 | -€231,823 | -23.2% |
| Equity | 10/15 | €725,312 | €731,349 | +€6,038 | +0.8% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €500,312 | €506,349 | +€6,038 | +1.2% |
| Distributable reserves | 133 | €500,312 | €506,349 | +€6,038 | +1.2% |
| Amounts payable | 17/49 | €272,046 | €34,185 | -€237,861 | -87.4% |
| Amounts payable after more than one year | 17 | €170,000 | - | -€170,000 | |
| Other amounts payable | 178/9 | €170,000 | - | -€170,000 | |
| Amounts payable within one year | 42/48 | €101,940 | €34,177 | -€67,763 | -66.5% |
| Current portion of amounts payable after more than one year | 42 | €25,567 | - | -€25,567 | |
| Trade debts | 44 | €19,749 | €7,700 | -€12,049 | -61.0% |
| Suppliers | 440/4 | €19,749 | €7,700 | -€12,049 | -61.0% |
| Taxes, remuneration and social security | 45 | €31,329 | €18,432 | -€12,897 | -41.2% |
| Taxes | 450/3 | €31,329 | €18,432 | -€12,897 | -41.2% |
| Other amounts payable | 47/48 | €25,295 | €8,045 | -€17,250 | -68.2% |
| Accrued charges and deferred income | 492/3 | €106 | €8 | -€97 | -92.1% |
| Remuneration, social security and pensions | 62 | €11,853 | €5,031 | -€6,822 | -57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,726 | €29,825 | -€5,901 | -16.5% |
| Other operating charges | 640/8 | €4,027 | €5,167 | +€1,141 | +28.3% |
| Gross operating margin | 9900 | €368,553 | €49,053 | -€319,501 | -86.7% |
| Operating profit (loss) | 9901 | €316,948 | €9,030 | -€307,918 | -97.2% |
| Financial income | 75/76B | €2,571 | €1,441 | -€1,130 | -44.0% |
| Recurring financial income | 75 | €2,571 | €1,441 | -€1,130 | -44.0% |
| Financial charges | 65/66B | €19,327 | €455 | -€18,872 | -97.6% |
| Recurring financial charges | 65 | €19,327 | €455 | -€18,872 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | €300,192 | €10,016 | -€290,176 | -96.7% |
| Income taxes | 67/77 | €96,998 | €3,978 | -€93,020 | -95.9% |
| Profit (loss) for the period | 9904 | €203,193 | €6,038 | -€197,156 | -97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €203,193 | €6,038 | -€197,156 | -97.0% |
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 13 October 2026 via checked.be.