ARETHE: 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.
ARETHE
Largest movements
- Cash +€37,878
up €37,878 (+57.6%), from €65,811 to €103,689
mainly Receivables within one year (+€30,115) and Net result for the year (+€6,665)
- Receivables within one year -€30,115
down €30,115 (-66.2%), from €45,482 to €15,367
of which Trade receivables: -€31,184
- Deferred charges and accrued income +€2,730
up €2,730 (+1,012%), from €270 to €3,000
- Tangible fixed assets -€2,136
down €2,136 (-42.7%), from €4,999 to €2,863
of which Furniture and vehicles: -€1,949
- Profit (loss) carried forward +€6,665
up €6,665 (+6.1%), from €109,904 to €116,569
- Tax, wage and social debts +€2,373
new in 2025: €2,373
- Gross operating margin -€24,819
down €24,819 (-66.9%), from €37,097 to €12,277
- Taxes -€4,705
down €4,705 (-65.0%), from €7,242 to €2,537
- Other operating charges -€847
down €847 (-64.5%), from €1,312 to €465
- Depreciation +€385
up €385 (+18.2%), from €2,116 to €2,501
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 | €116,562 | €124,920 | +€8,357 | +7.2% |
| Fixed assets | 21/28 | €4,999 | €2,863 | -€2,136 | -42.7% |
| Tangible fixed assets | 22/27 | €4,999 | €2,863 | -€2,136 | -42.7% |
| Furniture and vehicles | 24 | €3,463 | €1,515 | -€1,949 | -56.3% |
| Other tangible fixed assets | 26 | €1,536 | €1,348 | -€187 | -12.2% |
| Current assets | 29/58 | €111,563 | €122,056 | +€10,493 | +9.4% |
| Amounts receivable within one year | 40/41 | €45,482 | €15,367 | -€30,115 | -66.2% |
| Trade receivables | 40 | €44,183 | €12,999 | -€31,184 | -70.6% |
| Other amounts receivable | 41 | €1,299 | €2,369 | +€1,069 | +82.3% |
| Cash at bank and in hand | 54/58 | €65,811 | €103,689 | +€37,878 | +57.6% |
| Deferred charges and accrued income | 490/1 | €270 | €3,000 | +€2,730 | +1,012% |
| Total equity and liabilities | 10/49 | €116,562 | €124,920 | +€8,357 | +7.2% |
| Equity | 10/15 | €114,904 | €121,569 | +€6,665 | +5.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,904 | €116,569 | +€6,665 | +6.1% |
| Amounts payable | 17/49 | €1,658 | €3,350 | +€1,692 | +102% |
| Amounts payable within one year | 42/48 | €1,658 | €3,350 | +€1,692 | +102% |
| Trade debts | 44 | €1,085 | €978 | -€107 | -9.9% |
| Suppliers | 440/4 | €1,085 | €978 | -€107 | -9.9% |
| Taxes, remuneration and social security | 45 | - | €2,373 | +€2,373 | |
| Taxes | 450/3 | - | €2,373 | +€2,373 | |
| Other amounts payable | 47/48 | €573 | - | -€573 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,116 | €2,501 | +€385 | +18.2% |
| Other operating charges | 640/8 | €1,312 | €465 | -€847 | -64.5% |
| Gross operating margin | 9900 | €37,097 | €12,277 | -€24,819 | -66.9% |
| Operating profit (loss) | 9901 | €33,669 | €9,311 | -€24,358 | -72.3% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €109 | €114 | +€5 | +4.2% |
| Recurring financial charges | 65 | €109 | €114 | +€5 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €33,560 | €9,202 | -€24,358 | -72.6% |
| Income taxes | 67/77 | €7,242 | €2,537 | -€4,705 | -65.0% |
| Profit (loss) for the period | 9904 | €26,318 | €6,665 | -€19,653 | -74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,318 | €6,665 | -€19,653 | -74.7% |
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 15 October 2026 via checked.be.