ARO: 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.
What changed
ARO
NACE 16.230, Manufacture of other builders' carpentry and joinery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€54,746
2024 · -€87,723+€32,977
Equity
€700,362
2024 · €762,100-€61,738
Cash
€256,436
2024 · €558,220-€301,784
Balance sheet total
€2.6m
2024 · €3.7m-€1.1m
Largest movements
Assets
- Tangible fixed assets -€374,011
down €374,011 (-29.7%), from €1.3m to €885,673
- Stocks and contracts -€306,287
down €306,287 (-26.1%), from €1.2m to €865,268
- Cash -€301,784
down €301,784 (-54.1%), from €558,220 to €256,436
mainly Short-term financial debts (-€335,951) and Debts after one year (-€285,392)
- Financial fixed assets -€150,245
down €150,245 (-90.5%), from €166,000 to €15,755
- Formation expenses +€64,291
up €64,291 (+253.4%), from €25,376 to €89,667
Equity and liabilities
- Short-term financial debts -€335,951
down €335,951 (-50.4%), from €666,409 to €330,459
- Debts after one year -€285,392
down €285,392 (-30.6%), from €931,835 to €646,443
of which Financial debts: -€285,392
- Other debts -€200,000
down €200,000 (-99.6%), from €200,723 to €723
- Current portion of long-term debt -€188,444
down €188,444 (-39.8%), from €473,836 to €285,392
- Reserves -€83,297
down €83,297 (-22.1%), from €376,803 to €293,506
of which Tax-exempt reserves: -€83,297
Income statement
- Gross operating margin -€429,991
down €429,991 (-14.5%), from €3.0m to €2.5m
- Staff costs -€380,676
down €380,676 (-15.5%), from €2.5m to €2.1m
- Depreciation -€59,066
down €59,066 (-12.5%), from €471,920 to €412,854
- Financial charges -€32,766
down €32,766 (-25.5%), from €128,610 to €95,844
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.
Result 2024
-€87,723
Gross operating margin
-€429,991
Staff costs
+€380,676
Depreciation
+€59,066
Write-downs
+€16,566
Other operating charges
+€2,760
Other operating items
-€14,194
Financial income
+€1,883
Financial charges
+€32,766
Taxes
-€29,435
Deferred taxes and other
+€12,879
Result 2025
-€54,746
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.
From operations
+€446,667
Investment
+€68,327
Financing
-€816,779
Cash 2024
€558,220
From operations (derived)
+€446,667
Net result for the year
-€54,746
Depreciation
+€412,854
Stocks and contracts
+€306,287
Receivables within one year
+€24,802
Deferred charges and accrued income
-€3,453
Provisions
-€30,096
Trade debts
+€1,073
Tax, wage and social debts
+€2,375
Other debts
-€200,000
Accrued charges and deferred income
-€12,427
Investment (derived)
+€68,327
Investment in fixed assets (net)
+€68,327
Financing
-€816,779
Debts after one year
-€285,392
Current portion of long-term debt
-€188,444
Short-term financial debts
-€335,951
Contributions, distributions and other
-€6,992
Cash 2025
€256,436
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,695,153 | €2,584,552 | -€1.1m | -30.1% |
| Formation expenses | 20 | €25,376 | €89,667 | +€64,291 | +253.4% |
| Fixed assets | 21/28 | €1,493,843 | €948,370 | -€545,472 | -36.5% |
| Intangible fixed assets | 21 | €68,158 | €46,942 | -€21,216 | -31.1% |
| Tangible fixed assets | 22/27 | €1,259,684 | €885,673 | -€374,011 | -29.7% |
| Land and buildings | 22 | €412,093 | €388,329 | -€23,764 | -5.8% |
| Plant, machinery and equipment | 23 | €295,582 | €185,672 | -€109,910 | -37.2% |
| Furniture and vehicles | 24 | €230,891 | €128,513 | -€102,378 | -44.3% |
| Leasing and similar rights | 25 | €121,042 | €59,412 | -€61,630 | -50.9% |
| Other tangible fixed assets | 26 | €200,078 | €123,747 | -€76,330 | -38.2% |
| Financial fixed assets | 28 | €166,000 | €15,755 | -€150,245 | -90.5% |
| Current assets | 29/58 | €2,175,934 | €1,546,514 | -€629,420 | -28.9% |
| Amounts receivable after more than one year | 29 | €62,719 | €62,719 | = | 0.0% |
| Other amounts receivable | 291 | €62,719 | €62,719 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,171,554 | €865,268 | -€306,287 | -26.1% |
| Stocks | 30/36 | €1,171,554 | €865,268 | -€306,287 | -26.1% |
| Amounts receivable within one year | 40/41 | €349,238 | €324,436 | -€24,802 | -7.1% |
| Trade receivables | 40 | €349,238 | €324,436 | -€24,802 | -7.1% |
| Cash at bank and in hand | 54/58 | €558,220 | €256,436 | -€301,784 | -54.1% |
| Deferred charges and accrued income | 490/1 | €34,204 | €37,657 | +€3,453 | +10.1% |
| Total equity and liabilities | 10/49 | €3,695,153 | €2,584,552 | -€1.1m | -30.1% |
| Equity | 10/15 | €762,100 | €700,362 | -€61,738 | -8.1% |
| Contributions | 10/11 | €54,600 | €54,600 | = | 0.0% |
| Reserves | 13 | €376,803 | €293,506 | -€83,297 | -22.1% |
| Non-distributable reserves | 130/1 | €5,460 | €5,460 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,460 | €5,460 | = | 0.0% |
| Tax-exempt reserves | 132 | €360,478 | €277,181 | -€83,297 | -23.1% |
| Distributable reserves | 133 | €10,865 | €10,865 | = | 0.0% |
| Profit (loss) carried forward | 14 | €209,510 | €238,060 | +€28,551 | +13.6% |
| Investment grants | 15 | €121,187 | €114,196 | -€6,992 | -5.8% |
| Provisions and deferred taxes | 16 | €160,555 | €130,459 | -€30,096 | -18.7% |
| Deferred taxes | 168 | €160,555 | €130,459 | -€30,096 | -18.7% |
| Amounts payable | 17/49 | €2,772,498 | €1,753,732 | -€1.0m | -36.7% |
| Amounts payable after more than one year | 17 | €931,835 | €646,443 | -€285,392 | -30.6% |
| Financial debts | 170/4 | €505,835 | €220,443 | -€285,392 | -56.4% |
| Other amounts payable | 178/9 | €426,000 | €426,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,827,322 | €1,106,375 | -€720,947 | -39.5% |
| Current portion of amounts payable after more than one year | 42 | €473,836 | €285,392 | -€188,444 | -39.8% |
| Financial debts | 43 | €666,409 | €330,459 | -€335,951 | -50.4% |
| Credit institutions | 430/8 | €666,409 | €330,459 | -€335,951 | -50.4% |
| Trade debts | 44 | €181,308 | €182,381 | +€1,073 | +0.6% |
| Suppliers | 440/4 | €181,308 | €182,381 | +€1,073 | +0.6% |
| Taxes, remuneration and social security | 45 | €305,045 | €307,420 | +€2,375 | +0.8% |
| Taxes | 450/3 | €107,016 | €107,914 | +€898 | +0.8% |
| Remuneration and social security | 454/9 | €198,029 | €199,506 | +€1,477 | +0.7% |
| Other amounts payable | 47/48 | €200,723 | €723 | -€200,000 | -99.6% |
| Accrued charges and deferred income | 492/3 | €13,340 | €913 | -€12,427 | -93.2% |
| Non-recurring operating income | 76A | €5,561 | €44 | -€5,517 | -99.2% |
| Remuneration, social security and pensions | 62 | €2,450,814 | €2,070,138 | -€380,676 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €471,920 | €412,854 | -€59,066 | -12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,992 | -€14,574 | -€16,566 | |
| Other operating charges | 640/8 | €21,744 | €18,984 | -€2,760 | -12.7% |
| Non-recurring operating charges | 66A | - | €14,194 | +€14,194 | |
| Gross operating margin | 9900 | €2,964,499 | €2,534,508 | -€429,991 | -14.5% |
| Operating profit (loss) | 9901 | €18,030 | €32,912 | +€14,882 | +82.5% |
| Financial income | 75/76B | €8,652 | €10,536 | +€1,883 | +21.8% |
| Recurring financial income | 75 | €8,652 | €10,536 | +€1,883 | +21.8% |
| Financial charges | 65/66B | €128,610 | €95,844 | -€32,766 | -25.5% |
| Recurring financial charges | 65 | €128,610 | €95,844 | -€32,766 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | -€101,928 | -€52,396 | +€49,532 | +48.6% |
| Transfer from deferred taxes | 780 | €17,217 | €30,096 | +€12,879 | +74.8% |
| Income taxes | 67/77 | €3,012 | €32,447 | +€29,435 | +977.2% |
| Profit (loss) for the period | 9904 | -€87,723 | -€54,746 | +€32,977 | +37.6% |
| Transfer from tax-exempt reserves | 789 | €44,659 | €83,297 | +€38,638 | +86.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,063 | €28,551 | +€71,614 |
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 2 October 2026 via checked.be.