ARISTOTE: 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.
ARISTOTE
Largest movements
- Receivables within one year -€99,544
down €99,544 (-53.2%), from €187,209 to €87,665
of which Other amounts receivable: -€98,277
- Tangible fixed assets -€53,703
down €53,703 (-6.3%), from €853,881 to €800,178
of which Land and buildings: -€46,552
- Cash -€29,449
down €29,449 (-58.4%), from €50,450 to €21,001
mainly Net result for the year (-€191,970) and Other debts (-€38,848)
- Financial fixed assets -€20,000
down €20,000 (-71.0%), from €28,186 to €8,186
- Profit (loss) carried forward -€159,458
down €159,458, from €36,143 to -€123,315
- Debts after one year +€44,642
up €44,642 (+10.0%), from €448,521 to €493,163
- Other debts -€38,848
down €38,848 (-31.7%), from €122,558 to €83,710
- Reserves -€32,512
down €32,512 (-19.9%), from €163,603 to €131,091
of which Tax-exempt reserves: -€32,512
- Provisions -€15,530
down €15,530 (-18.7%), from €83,248 to €67,718
- Staff costs -€8,740
no longer reported in 2025 (was €8,740)
- Depreciation -€6,975
down €6,975 (-8.5%), from €82,103 to €75,128
- Gross operating margin +€3,777
up €3,777 (+16.8%), from -€22,514 to -€18,737
- Other operating charges +€1,463
up €1,463 (+26.4%), from €5,550 to €7,013
- Taxes +€912
up €912 (+465.3%), from €196 to €1,108
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 | €1,121,684 | €918,988 | -€202,696 | -18.1% |
| Fixed assets | 21/28 | €882,067 | €808,364 | -€73,703 | -8.4% |
| Tangible fixed assets | 22/27 | €853,881 | €800,178 | -€53,703 | -6.3% |
| Land and buildings | 22 | €689,774 | €643,222 | -€46,552 | -6.7% |
| Plant, machinery and equipment | 23 | €114,831 | €101,163 | -€13,668 | -11.9% |
| Furniture and vehicles | 24 | €49,276 | €55,793 | +€6,517 | +13.2% |
| Financial fixed assets | 28 | €28,186 | €8,186 | -€20,000 | -71.0% |
| Current assets | 29/58 | €239,617 | €110,624 | -€128,993 | -53.8% |
| Amounts receivable within one year | 40/41 | €187,209 | €87,665 | -€99,544 | -53.2% |
| Trade receivables | 40 | €11,167 | €9,900 | -€1,267 | -11.3% |
| Other amounts receivable | 41 | €176,042 | €77,765 | -€98,277 | -55.8% |
| Cash at bank and in hand | 54/58 | €50,450 | €21,001 | -€29,449 | -58.4% |
| Deferred charges and accrued income | 490/1 | €1,958 | €1,958 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,121,684 | €918,988 | -€202,696 | -18.1% |
| Equity | 10/15 | €466,232 | €274,262 | -€191,970 | -41.2% |
| Contributions | 10/11 | €266,486 | €266,486 | = | 0.0% |
| Capital | 10 | €266,486 | €266,486 | = | 0.0% |
| Issued capital | 100 | €266,486 | €266,486 | = | 0.0% |
| Reserves | 13 | €163,603 | €131,091 | -€32,512 | -19.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €161,744 | €129,232 | -€32,512 | -20.1% |
| Profit (loss) carried forward | 14 | €36,143 | -€123,315 | -€159,458 | |
| Provisions and deferred taxes | 16 | €83,248 | €67,718 | -€15,530 | -18.7% |
| Deferred taxes | 168 | €83,248 | €67,718 | -€15,530 | -18.7% |
| Amounts payable | 17/49 | €572,204 | €577,008 | +€4,804 | +0.8% |
| Amounts payable after more than one year | 17 | €448,521 | €493,163 | +€44,642 | +10.0% |
| Other amounts payable | 178/9 | €448,521 | €493,163 | +€44,642 | +10.0% |
| Amounts payable within one year | 42/48 | €123,683 | €83,845 | -€39,838 | -32.2% |
| Trade debts | 44 | - | €10 | +€10 | |
| Suppliers | 440/4 | - | €10 | +€10 | |
| Advances received on contracts in progress | 46 | €125 | €125 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,000 | - | -€1,000 | |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Other amounts payable | 47/48 | €122,558 | €83,710 | -€38,848 | -31.7% |
| Remuneration, social security and pensions | 62 | €8,740 | - | -€8,740 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,103 | €75,128 | -€6,975 | -8.5% |
| Other operating charges | 640/8 | €5,550 | €7,013 | +€1,463 | +26.4% |
| Non-recurring operating charges | 66A | €23,155 | €105,831 | +€82,676 | +357.1% |
| Gross operating margin | 9900 | -€22,514 | -€18,737 | +€3,777 | +16.8% |
| Operating profit (loss) | 9901 | -€142,062 | -€206,709 | -€64,647 | -45.5% |
| Financial income | 75/76B | €1,281 | €640 | -€641 | -50.0% |
| Recurring financial income | 75 | €1,281 | €640 | -€641 | -50.0% |
| Financial charges | 65/66B | €171 | €323 | +€152 | +88.9% |
| Recurring financial charges | 65 | €171 | €323 | +€152 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | -€140,952 | -€206,392 | -€65,440 | -46.4% |
| Transfer from deferred taxes | 780 | €15,530 | €15,530 | = | 0.0% |
| Income taxes | 67/77 | €196 | €1,108 | +€912 | +465.3% |
| Profit (loss) for the period | 9904 | -€125,618 | -€191,970 | -€66,352 | -52.8% |
| Transfer from tax-exempt reserves | 789 | €32,512 | €32,512 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,106 | -€159,458 | -€66,352 | -71.3% |
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 9 October 2026 via checked.be.