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
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.1m
2024 · €109,106+€6.0m
Equity
€42.5m
2024 · €36.4m+€6.1m
Cash
€275,428
2024 · €319,836-€44,407
Balance sheet total
€71.6m
2024 · €77.2m-€5.6m
Largest movements
Assets
- Financial fixed assets -€6.8m
down €6.8m (-9.5%), from €71.1m to €64.3m
of which Other financial fixed assets: -€7.1m
- Current investments +€1.4m
up €1.4m (+2310.8%), from €60,000 to €1.4m
Equity and liabilities
- Other debts -€36.7m
down €36.7m (-90.0%), from €40.8m to €4.1m
- Debts after one year +€25.0m
new in 2025: €25.0m
- Reserves +€6.1m
up €6.1m (+16.8%), from €36.2m to €42.3m
Income statement
- Financial income +€5.9m
up €5.9m (+307.5%), from €1.9m to €7.9m
of which Financial income: +€3.1m
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
€109,106
Other operating charges
-€31
Other operating items
-€54,556
Financial income
+€5.9m
Financial charges
+€83,166
Result 2025
€6.1m
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
-€30.4m
Investment
+€5.4m
Financing
+€25.0m
Cash 2024
€319,836
From operations (derived)
-€30.4m
Net result for the year
+€6.1m
Receivables after one year
+€136,500
Smaller working-capital items
-€60,313
Deferred charges and accrued income
+€122,448
Other debts
-€36.7m
Investment (derived)
+€5.4m
Investment in fixed assets (net)
+€6.8m
Current investments
-€1.4m
Financing
+€25.0m
Debts after one year
+€25.0m
Cash 2025
€275,428
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,229,492 | €71,609,668 | -€5.6m | -7.3% |
| Fixed assets | 21/28 | €71,083,356 | €64,308,888 | -€6.8m | -9.5% |
| Financial fixed assets | 28 | €71,083,356 | €64,308,888 | -€6.8m | -9.5% |
| Affiliated companies | 280/1 | €22,222,500 | €22,222,500 | = | 0.0% |
| Participating interests | 280 | €22,222,500 | €22,222,500 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €6,243,096 | €6,593,096 | +€350,000 | +5.6% |
| Participating interests | 282 | €6,243,096 | €6,593,096 | +€350,000 | +5.6% |
| Other financial fixed assets | 284/8 | €42,617,761 | €35,493,292 | -€7.1m | -16.7% |
| Shares | 284 | €39,112,585 | €35,266,792 | -€3.8m | -9.8% |
| Amounts receivable and cash guarantees | 285/8 | €3,505,176 | €226,500 | -€3.3m | -93.5% |
| Current assets | 29/58 | €6,146,136 | €7,300,780 | +€1.2m | +18.8% |
| Amounts receivable after more than one year | 29 | €5,106,816 | €4,970,316 | -€136,500 | -2.7% |
| Other amounts receivable | 291 | €5,106,816 | €4,970,316 | -€136,500 | -2.7% |
| Amounts receivable within one year | 40/41 | €469,139 | €540,644 | +€71,505 | +15.2% |
| Other amounts receivable | 41 | €469,139 | €540,644 | +€71,505 | +15.2% |
| Current investments | 50/53 | €60,000 | €1,446,494 | +€1.4m | +2310.8% |
| Other investments | 51/53 | €60,000 | €1,446,494 | +€1.4m | +2310.8% |
| Cash at bank and in hand | 54/58 | €319,836 | €275,428 | -€44,407 | -13.9% |
| Deferred charges and accrued income | 490/1 | €190,345 | €67,897 | -€122,448 | -64.3% |
| Total equity and liabilities | 10/49 | €77,229,492 | €71,609,668 | -€5.6m | -7.3% |
| Equity | 10/15 | €36,416,833 | €42,484,211 | +€6.1m | +16.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €36,216,833 | €42,284,211 | +€6.1m | +16.8% |
| Distributable reserves | 133 | €36,216,833 | €42,284,211 | +€6.1m | +16.8% |
| Amounts payable | 17/49 | €40,812,660 | €29,125,457 | -€11.7m | -28.6% |
| Amounts payable after more than one year | 17 | - | €25,000,000 | +€25.0m | |
| Other amounts payable | 178/9 | - | €25,000,000 | +€25.0m | |
| Amounts payable within one year | 42/48 | €40,806,877 | €4,120,084 | -€36.7m | -89.9% |
| Trade debts | 44 | €8,672 | €20,274 | +€11,602 | +133.8% |
| Suppliers | 440/4 | €8,672 | €20,274 | +€11,602 | +133.8% |
| Other amounts payable | 47/48 | €40,798,204 | €4,099,810 | -€36.7m | -90.0% |
| Accrued charges and deferred income | 492/3 | €5,783 | €5,374 | -€409 | -7.1% |
| Operating income | 70/76A | - | €2,258 | +€2,258 | |
| Other operating income | 74 | - | €2,258 | +€2,258 | |
| Operating charges | 60/66A | €108,745 | €165,589 | +€56,844 | +52.3% |
| Services and other goods | 61 | €107,590 | €164,404 | +€56,814 | +52.8% |
| Other operating charges | 640/8 | €1,155 | €1,185 | +€31 | +2.7% |
| Operating profit (loss) | 9901 | -€108,745 | -€163,331 | -€54,587 | -50.2% |
| Financial income | 75/76B | €1,928,503 | €7,858,196 | +€5.9m | +307.5% |
| Recurring financial income | 75 | €1,928,503 | €5,005,196 | +€3.1m | +159.5% |
| Income from financial fixed assets | 750 | €28,589 | €4,116,130 | +€4.1m | +14297.6% |
| Income from current assets | 751 | €1,379,885 | €184,109 | -€1.2m | -86.7% |
| Other financial income | 752/9 | €520,029 | €704,957 | +€184,929 | +35.6% |
| Non-recurring financial income | 76B | - | €2,853,000 | +€2.9m | |
| Financial charges | 65/66B | €1,710,652 | €1,627,486 | -€83,166 | -4.9% |
| Recurring financial charges | 65 | €1,538,768 | €1,627,486 | +€88,718 | +5.8% |
| Debt charges | 650 | €1,528,244 | €991,605 | -€536,639 | -35.1% |
| Other financial charges | 652/9 | €10,524 | €635,881 | +€625,357 | +5942.3% |
| Non-recurring financial charges | 66B | €171,884 | - | -€171,884 | |
| Profit (loss) for the period before taxes | 9903 | €109,106 | €6,067,378 | +€6.0m | +5461.0% |
| Profit (loss) for the period | 9904 | €109,106 | €6,067,378 | +€6.0m | +5461.0% |
| Profit (loss) for the period to be appropriated | 9905 | €109,106 | €6,067,378 | +€6.0m | +5461.0% |
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 3 October 2026 via checked.be.