ARI SAN MANAGEMENT: 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.
ARI SAN MANAGEMENT
Largest movements
- Tangible fixed assets -€56,871
down €56,871 (-16.7%), from €341,229 to €284,357
- Cash -€15,876
down €15,876 (-7.5%), from €210,599 to €194,723
mainly Debts after one year (-€120,000) and Receivables within one year (-€6,703)
- Receivables within one year +€6,703
new in 2025: €6,703
- Debts after one year -€120,000
down €120,000 (-31.6%), from €380,000 to €260,000
- Reserves +€55,354
up €55,354 (+44.3%), from €125,018 to €180,372
- Gross operating margin +€7,245
up €7,245 (+5.4%), from €134,991 to €142,236
- Financial charges -€4,090
down €4,090 (-33.0%), from €12,400 to €8,310
- Taxes +€2,872
up €2,872 (+16.1%), from €17,885 to €20,758
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 | €561,828 | €495,783 | -€66,045 | -11.8% |
| Fixed assets | 21/28 | €341,229 | €284,357 | -€56,871 | -16.7% |
| Tangible fixed assets | 22/27 | €341,229 | €284,357 | -€56,871 | -16.7% |
| Plant, machinery and equipment | 23 | €341,229 | €284,357 | -€56,871 | -16.7% |
| Current assets | 29/58 | €220,599 | €211,426 | -€9,173 | -4.2% |
| Amounts receivable within one year | 40/41 | - | €6,703 | +€6,703 | |
| Trade receivables | 40 | - | €6,703 | +€6,703 | |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €210,599 | €194,723 | -€15,876 | -7.5% |
| Total equity and liabilities | 10/49 | €561,828 | €495,783 | -€66,045 | -11.8% |
| Equity | 10/15 | €128,018 | €183,372 | +€55,354 | +43.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €125,018 | €180,372 | +€55,354 | +44.3% |
| Distributable reserves | 133 | €125,018 | €180,372 | +€55,354 | +44.3% |
| Amounts payable | 17/49 | €433,810 | €312,411 | -€121,398 | -28.0% |
| Amounts payable after more than one year | 17 | €380,000 | €260,000 | -€120,000 | -31.6% |
| Financial debts | 170/4 | €380,000 | €260,000 | -€120,000 | -31.6% |
| Amounts payable within one year | 42/48 | €47,944 | €44,161 | -€3,783 | -7.9% |
| Trade debts | 44 | €641 | €707 | +€66 | +10.3% |
| Suppliers | 440/4 | €641 | €707 | +€66 | +10.3% |
| Taxes, remuneration and social security | 45 | €47,303 | €43,454 | -€3,849 | -8.1% |
| Taxes | 450/3 | €47,303 | €43,454 | -€3,849 | -8.1% |
| Accrued charges and deferred income | 492/3 | €5,866 | €8,250 | +€2,384 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,871 | €56,871 | = | 0.0% |
| Other operating charges | 640/8 | €141 | €943 | +€803 | +572% |
| Gross operating margin | 9900 | €134,991 | €142,236 | +€7,245 | +5.4% |
| Operating profit (loss) | 9901 | €77,979 | €84,421 | +€6,442 | +8.3% |
| Financial charges | 65/66B | €12,400 | €8,310 | -€4,090 | -33.0% |
| Recurring financial charges | 65 | €12,400 | €8,310 | -€4,090 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €65,579 | €76,111 | +€10,532 | +16.1% |
| Income taxes | 67/77 | €17,885 | €20,758 | +€2,872 | +16.1% |
| Profit (loss) for the period | 9904 | €47,694 | €55,354 | +€7,660 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €47,694 | €55,354 | +€7,660 | +16.1% |
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 26 October 2026 via checked.be.