ARO: 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.
ARO
Largest movements
- Cash -€114,637
down €114,637 (-30.3%), from €378,286 to €263,649
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€72,524)
- Receivables within one year +€72,524
up €72,524 (+34.5%), from €209,957 to €282,481
of which Trade receivables: +€67,830
- Financial fixed assets +€44,000
up €44,000 (+25.4%), from €173,439 to €217,439
- Current investments -€19,194
down €19,194 (-15.3%), from €125,499 to €106,305
- Tangible fixed assets -€10,641
down €10,641 (-10.7%), from €99,141 to €88,500
of which Furniture and vehicles: -€10,641
- Other debts +€91,527
up €91,527 (+54.7%), from €167,285 to €258,812
- Profit (loss) carried forward -€59,328
down €59,328 (-9.3%), from €640,421 to €581,093
- Tax, wage and social debts -€34,196
down €34,196 (-59.2%), from €57,796 to €23,600
- Debts after one year -€14,622
down €14,622 (-19.8%), from €73,962 to €59,339
- Accrued charges and deferred income -€11,300
no longer reported in 2025 (was €11,300)
- Gross operating margin -€239,374
down €239,374 (-83.9%), from €285,325 to €45,951
- Taxes -€79,388
down €79,388, from €64,955 to -€14,433
- Write-downs -€14,656
down €14,656 (-45.4%), from €32,253 to €17,596
- Financial charges -€11,564
down €11,564 (-87.0%), from €13,287 to €1,722
- Financial income +€7,561
up €7,561 (+223%), from €3,388 to €10,949
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 | €987,779 | €959,839 | -€27,939 | -2.8% |
| Fixed assets | 21/28 | €272,580 | €305,939 | +€33,359 | +12.2% |
| Tangible fixed assets | 22/27 | €99,141 | €88,500 | -€10,641 | -10.7% |
| Land and buildings | 22 | €88,500 | €88,500 | = | 0.0% |
| Furniture and vehicles | 24 | €10,641 | - | -€10,641 | |
| Financial fixed assets | 28 | €173,439 | €217,439 | +€44,000 | +25.4% |
| Current assets | 29/58 | €715,199 | €653,900 | -€61,298 | -8.6% |
| Amounts receivable within one year | 40/41 | €209,957 | €282,481 | +€72,524 | +34.5% |
| Trade receivables | 40 | €132,935 | €200,765 | +€67,830 | +51.0% |
| Other amounts receivable | 41 | €77,022 | €81,716 | +€4,694 | +6.1% |
| Current investments | 50/53 | €125,499 | €106,305 | -€19,194 | -15.3% |
| Cash at bank and in hand | 54/58 | €378,286 | €263,649 | -€114,637 | -30.3% |
| Deferred charges and accrued income | 490/1 | €1,456 | €1,465 | +€9 | +0.6% |
| Total equity and liabilities | 10/49 | €987,779 | €959,839 | -€27,939 | -2.8% |
| Equity | 10/15 | €660,881 | €601,553 | -€59,328 | -9.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €640,421 | €581,093 | -€59,328 | -9.3% |
| Amounts payable | 17/49 | €326,898 | €358,286 | +€31,388 | +9.6% |
| Amounts payable after more than one year | 17 | €73,962 | €59,339 | -€14,622 | -19.8% |
| Financial debts | 170/4 | €73,962 | €59,339 | -€14,622 | -19.8% |
| Amounts payable within one year | 42/48 | €241,637 | €298,947 | +€57,311 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €15,018 | €14,622 | -€396 | -2.6% |
| Trade debts | 44 | €1,538 | €1,913 | +€375 | +24.4% |
| Suppliers | 440/4 | €1,538 | €1,913 | +€375 | +24.4% |
| Taxes, remuneration and social security | 45 | €57,796 | €23,600 | -€34,196 | -59.2% |
| Taxes | 450/3 | €57,796 | €23,600 | -€34,196 | -59.2% |
| Other amounts payable | 47/48 | €167,285 | €258,812 | +€91,527 | +54.7% |
| Accrued charges and deferred income | 492/3 | €11,300 | - | -€11,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,404 | €10,641 | -€1,763 | -14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €32,253 | €17,596 | -€14,656 | -45.4% |
| Other operating charges | 640/8 | €782 | €701 | -€82 | -10.4% |
| Gross operating margin | 9900 | €285,325 | €45,951 | -€239,374 | -83.9% |
| Operating profit (loss) | 9901 | €239,885 | €17,013 | -€222,873 | -92.9% |
| Financial income | 75/76B | €3,388 | €10,949 | +€7,561 | +223% |
| Recurring financial income | 75 | €3,388 | €10,949 | +€7,561 | +223% |
| Financial charges | 65/66B | €13,287 | €1,722 | -€11,564 | -87.0% |
| Recurring financial charges | 65 | €13,287 | €1,722 | -€11,564 | -87.0% |
| Profit (loss) for the period before taxes | 9903 | €229,986 | €26,239 | -€203,747 | -88.6% |
| Income taxes | 67/77 | €64,955 | -€14,433 | -€79,388 | |
| Profit (loss) for the period | 9904 | €165,031 | €40,672 | -€124,359 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €165,031 | €40,672 | -€124,359 | -75.4% |
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 17 October 2026 via checked.be.