ARISTAR: 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.
ARISTAR
Largest movements
- Cash -€114,407
down €114,407 (-68.3%), from €167,620 to €53,213
mainly Contributions, distributions and other (-€295,000) and Other debts (-€102,223)
- Reserves -€329,994
down €329,994 (-40.0%), from €824,734 to €494,740
of which Distributable reserves: -€195,000
- Profit (loss) carried forward +€304,708
up €304,708 (+57.8%), from €526,976 to €831,684
- Other debts -€102,223
down €102,223 (-12.8%), from €799,814 to €697,591
- Trade debts +€31,577
up €31,577 (+85.7%), from €36,841 to €68,418
- Gross operating margin -€122,383
down €122,383 (-20.2%), from €606,556 to €484,173
- Financial income -€115,741
down €115,741 (-88.0%), from €131,520 to €15,779
- Taxes -€40,825
down €40,825 (-28.1%), from €145,346 to €104,521
- Other operating charges +€23,049
up €23,049 (+287.1%), from €8,028 to €31,077
- Staff costs -€9,452
down €9,452 (-17.4%), from €54,405 to €44,954
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 | €2,905,558 | €2,800,742 | -€104,816 | -3.6% |
| Fixed assets | 21/28 | €2,396,298 | €2,397,155 | +€856 | 0.0% |
| Tangible fixed assets | 22/27 | €95,545 | €96,401 | +€856 | +0.9% |
| Land and buildings | 22 | €27,236 | €22,018 | -€5,218 | -19.2% |
| Plant, machinery and equipment | 23 | €10,223 | €7,484 | -€2,739 | -26.8% |
| Furniture and vehicles | 24 | €30,087 | €38,900 | +€8,813 | +29.3% |
| Other tangible fixed assets | 26 | €28,000 | €28,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,300,754 | €2,300,754 | = | 0.0% |
| Current assets | 29/58 | €509,259 | €403,587 | -€105,672 | -20.8% |
| Amounts receivable after more than one year | 29 | €76,864 | €67,173 | -€9,691 | -12.6% |
| Other amounts receivable | 291 | €76,864 | €67,173 | -€9,691 | -12.6% |
| Amounts receivable within one year | 40/41 | €243,936 | €263,736 | +€19,800 | +8.1% |
| Trade receivables | 40 | €219,017 | €170,571 | -€48,446 | -22.1% |
| Other amounts receivable | 41 | €24,919 | €93,166 | +€68,246 | +273.9% |
| Current investments | 50/53 | €1,269 | - | -€1,269 | |
| Cash at bank and in hand | 54/58 | €167,620 | €53,213 | -€114,407 | -68.3% |
| Deferred charges and accrued income | 490/1 | €19,570 | €19,465 | -€105 | -0.5% |
| Total equity and liabilities | 10/49 | €2,905,558 | €2,800,742 | -€104,816 | -3.6% |
| Equity | 10/15 | €1,370,310 | €1,345,024 | -€25,286 | -1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €824,734 | €494,740 | -€329,994 | -40.0% |
| Tax-exempt reserves | 132 | €252,874 | €117,880 | -€134,994 | -53.4% |
| Distributable reserves | 133 | €571,860 | €376,860 | -€195,000 | -34.1% |
| Profit (loss) carried forward | 14 | €526,976 | €831,684 | +€304,708 | +57.8% |
| Amounts payable | 17/49 | €1,535,248 | €1,455,717 | -€79,530 | -5.2% |
| Amounts payable after more than one year | 17 | €31,076 | €24,417 | -€6,659 | -21.4% |
| Financial debts | 170/4 | €31,076 | €24,417 | -€6,659 | -21.4% |
| Amounts payable within one year | 42/48 | €1,470,179 | €1,402,884 | -€67,295 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €44,330 | €39,054 | -€5,276 | -11.9% |
| Financial debts | 43 | €500,000 | €525,000 | +€25,000 | +5.0% |
| Credit institutions | 430/8 | €500,000 | €525,000 | +€25,000 | +5.0% |
| Trade debts | 44 | €36,841 | €68,418 | +€31,577 | +85.7% |
| Suppliers | 440/4 | €36,841 | €68,418 | +€31,577 | +85.7% |
| Taxes, remuneration and social security | 45 | €89,195 | €72,821 | -€16,374 | -18.4% |
| Taxes | 450/3 | €82,188 | €64,827 | -€17,361 | -21.1% |
| Remuneration and social security | 454/9 | €7,006 | €7,994 | +€988 | +14.1% |
| Other amounts payable | 47/48 | €799,814 | €697,591 | -€102,223 | -12.8% |
| Accrued charges and deferred income | 492/3 | €33,992 | €28,416 | -€5,576 | -16.4% |
| Remuneration, social security and pensions | 62 | €54,405 | €44,954 | -€9,452 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,443 | €15,041 | -€3,402 | -18.4% |
| Other operating charges | 640/8 | €8,028 | €31,077 | +€23,049 | +287.1% |
| Gross operating margin | 9900 | €606,556 | €484,173 | -€122,383 | -20.2% |
| Operating profit (loss) | 9901 | €525,681 | €393,101 | -€132,579 | -25.2% |
| Financial income | 75/76B | €131,520 | €15,779 | -€115,741 | -88.0% |
| Recurring financial income | 75 | €131,520 | €15,779 | -€115,741 | -88.0% |
| Financial charges | 65/66B | €33,802 | €34,645 | +€843 | +2.5% |
| Recurring financial charges | 65 | €33,802 | €34,645 | +€843 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | €623,398 | €374,235 | -€249,163 | -40.0% |
| Income taxes | 67/77 | €145,346 | €104,521 | -€40,825 | -28.1% |
| Profit (loss) for the period | 9904 | €478,052 | €269,714 | -€208,338 | -43.6% |
| Transfer from tax-exempt reserves | 789 | €130,236 | €134,994 | +€4,758 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €608,288 | €404,708 | -€203,580 | -33.5% |
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 10 October 2026 via checked.be.