ARETZ: 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.
ARETZ
Largest movements
- Receivables within one year -€44,361
down €44,361 (-53.8%), from €82,474 to €38,113
of which Trade receivables: -€45,417
- Tangible fixed assets -€32,300
down €32,300 (-16.1%), from €200,157 to €167,857
of which Land and buildings: -€28,407
- Cash -€23,972
down €23,972 (-6.0%), from €396,792 to €372,820
mainly Contributions, distributions and other (-€391,186) and Trade debts (-€84,565)
- Reserves -€390,958
down €390,958 (-42.5%), from €920,083 to €529,126
of which Distributable reserves: -€390,958
- Other debts +€387,559
up €387,559 (+2581.3%), from €15,014 to €402,573
- Trade debts -€84,565
down €84,565 (-62.0%), from €136,367 to €51,802
- Debts after one year -€27,969
down €27,969 (-20.5%), from €136,323 to €108,354
of which Financial debts: -€27,969
- Tax, wage and social debts +€16,798
up €16,798 (+88.6%), from €18,961 to €35,759
of which Remuneration and social security: +€10,317
- Financial charges +€25,423
up €25,423 (+155.0%), from €16,403 to €41,826
- Gross operating margin -€23,541
down €23,541 (-11.3%), from €207,434 to €183,893
- Taxes -€14,685
down €14,685 (-87.6%), from €16,765 to €2,079
- Other operating charges +€9,158
up €9,158 (+196.4%), from €4,663 to €13,821
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 | €1,361,756 | €1,273,960 | -€87,796 | -6.4% |
| Fixed assets | 21/28 | €200,157 | €167,857 | -€32,300 | -16.1% |
| Tangible fixed assets | 22/27 | €200,157 | €167,857 | -€32,300 | -16.1% |
| Land and buildings | 22 | €192,009 | €163,602 | -€28,407 | -14.8% |
| Plant, machinery and equipment | 23 | €4,155 | €2,451 | -€1,704 | -41.0% |
| Furniture and vehicles | 24 | €3,993 | €1,805 | -€2,189 | -54.8% |
| Current assets | 29/58 | €1,161,599 | €1,106,103 | -€55,496 | -4.8% |
| Stocks and contracts in progress | 3 | €676,605 | €688,069 | +€11,464 | +1.7% |
| Stocks | 30/36 | €676,605 | €688,069 | +€11,464 | +1.7% |
| Amounts receivable within one year | 40/41 | €82,474 | €38,113 | -€44,361 | -53.8% |
| Trade receivables | 40 | €73,626 | €28,209 | -€45,417 | -61.7% |
| Other amounts receivable | 41 | €8,848 | €9,904 | +€1,055 | +11.9% |
| Current investments | 50/53 | €1,700 | €1,700 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €396,792 | €372,820 | -€23,972 | -6.0% |
| Deferred charges and accrued income | 490/1 | €4,028 | €5,402 | +€1,374 | +34.1% |
| Total equity and liabilities | 10/49 | €1,361,756 | €1,273,960 | -€87,796 | -6.4% |
| Equity | 10/15 | €970,083 | €579,126 | -€390,958 | -40.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €920,083 | €529,126 | -€390,958 | -42.5% |
| Tax-exempt reserves | 132 | €294 | €294 | = | 0.0% |
| Distributable reserves | 133 | €919,790 | €528,832 | -€390,958 | -42.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €31,121 | €31,121 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €31,121 | €31,121 | = | 0.0% |
| Pensions and similar obligations | 160 | €31,121 | €31,121 | = | 0.0% |
| Amounts payable | 17/49 | €360,551 | €663,713 | +€303,162 | +84.1% |
| Amounts payable after more than one year | 17 | €136,323 | €108,354 | -€27,969 | -20.5% |
| Financial debts | 170/4 | €132,623 | €104,654 | -€27,969 | -21.1% |
| Other amounts payable | 178/9 | €3,700 | €3,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €204,418 | €519,496 | +€315,078 | +154.1% |
| Current portion of amounts payable after more than one year | 42 | €27,739 | €28,077 | +€337 | +1.2% |
| Financial debts | 43 | €6,337 | €1,286 | -€5,052 | -79.7% |
| Credit institutions | 430/8 | €6,337 | €1,286 | -€5,052 | -79.7% |
| Trade debts | 44 | €136,367 | €51,802 | -€84,565 | -62.0% |
| Suppliers | 440/4 | €136,367 | €51,802 | -€84,565 | -62.0% |
| Taxes, remuneration and social security | 45 | €18,961 | €35,759 | +€16,798 | +88.6% |
| Taxes | 450/3 | €11,494 | €17,975 | +€6,481 | +56.4% |
| Remuneration and social security | 454/9 | €7,466 | €17,783 | +€10,317 | +138.2% |
| Other amounts payable | 47/48 | €15,014 | €402,573 | +€387,559 | +2581.3% |
| Accrued charges and deferred income | 492/3 | €19,810 | €35,863 | +€16,053 | +81.0% |
| Remuneration, social security and pensions | 62 | €96,091 | €95,792 | -€298 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,938 | €33,328 | -€1,610 | -4.6% |
| Other operating charges | 640/8 | €4,663 | €13,821 | +€9,158 | +196.4% |
| Gross operating margin | 9900 | €207,434 | €183,893 | -€23,541 | -11.3% |
| Operating profit (loss) | 9901 | €71,742 | €40,952 | -€30,790 | -42.9% |
| Financial income | 75/76B | €1,209 | €3,181 | +€1,972 | +163.1% |
| Recurring financial income | 75 | €1,209 | €3,181 | +€1,972 | +163.1% |
| Financial charges | 65/66B | €16,403 | €41,826 | +€25,423 | +155.0% |
| Recurring financial charges | 65 | €16,403 | €41,826 | +€25,423 | +155.0% |
| Profit (loss) for the period before taxes | 9903 | €56,548 | €2,307 | -€54,241 | -95.9% |
| Income taxes | 67/77 | €16,765 | €2,079 | -€14,685 | -87.6% |
| Profit (loss) for the period | 9904 | €39,783 | €228 | -€39,555 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,783 | €228 | -€39,555 | -99.4% |
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 8 October 2026 via checked.be.