AROES: 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.
AROES
Largest movements
- Stocks and contracts -€1.6m
down €1.6m (-30.7%), from €5.2m to €3.6m
- Cash -€61,865
down €61,865 (-67.5%), from €91,699 to €29,834
mainly Short-term financial debts (-€1.6m) and Trade debts (-€92,634)
- Short-term financial debts -€1.6m
down €1.6m (-42.7%), from €3.8m to €2.2m
- Trade debts -€92,634
down €92,634 (-30.8%), from €301,188 to €208,555
- Financial charges -€69,165
down €69,165 (-28.9%), from €239,317 to €170,152
- Gross operating margin -€67,871
down €67,871 (-28.5%), from €238,290 to €170,419
- Financial income -€8,773
down €8,773 (-84.6%), from €10,374 to €1,601
- Taxes -€2,589
down €2,589 (-74.5%), from €3,473 to €885
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 | €5,358,772 | €3,646,411 | -€1.7m | -32.0% |
| Current assets | 29/58 | €5,358,772 | €3,646,411 | -€1.7m | -32.0% |
| Stocks and contracts in progress | 3 | €5,215,858 | €3,614,071 | -€1.6m | -30.7% |
| Stocks | 30/36 | €5,215,858 | €3,614,071 | -€1.6m | -30.7% |
| Amounts receivable within one year | 40/41 | €50,875 | €2,191 | -€48,685 | -95.7% |
| Trade receivables | 40 | €21,986 | €173 | -€21,813 | -99.2% |
| Other amounts receivable | 41 | €28,889 | €2,018 | -€26,872 | -93.0% |
| Cash at bank and in hand | 54/58 | €91,699 | €29,834 | -€61,865 | -67.5% |
| Deferred charges and accrued income | 490/1 | €339 | €316 | -€24 | -7.0% |
| Total equity and liabilities | 10/49 | €5,358,772 | €3,646,411 | -€1.7m | -32.0% |
| Equity | 10/15 | €743,430 | €745,792 | +€2,362 | +0.3% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €683,430 | €685,792 | +€2,362 | +0.3% |
| Distributable reserves | 133 | €683,430 | €685,792 | +€2,362 | +0.3% |
| Provisions and deferred taxes | 16 | €32,000 | €27,000 | -€5,000 | -15.6% |
| Provisions for liabilities and charges | 160/5 | €32,000 | €27,000 | -€5,000 | -15.6% |
| Other liabilities and charges | 164/5 | €32,000 | €27,000 | -€5,000 | -15.6% |
| Amounts payable | 17/49 | €4,583,342 | €2,873,619 | -€1.7m | -37.3% |
| Amounts payable after more than one year | 17 | €523,732 | €511,921 | -€11,811 | -2.3% |
| Financial debts | 170/4 | €434,530 | €439,513 | +€4,983 | +1.1% |
| Other amounts payable | 178/9 | €89,202 | €72,408 | -€16,794 | -18.8% |
| Amounts payable within one year | 42/48 | €4,054,662 | €2,359,440 | -€1.7m | -41.8% |
| Financial debts | 43 | €3,750,000 | €2,150,000 | -€1.6m | -42.7% |
| Credit institutions | 430/8 | €3,750,000 | €2,150,000 | -€1.6m | -42.7% |
| Trade debts | 44 | €301,188 | €208,555 | -€92,634 | -30.8% |
| Suppliers | 440/4 | €301,188 | €208,555 | -€92,634 | -30.8% |
| Taxes, remuneration and social security | 45 | €3,473 | €885 | -€2,589 | -74.5% |
| Taxes | 450/3 | €3,473 | €885 | -€2,589 | -74.5% |
| Accrued charges and deferred income | 492/3 | €4,948 | €2,258 | -€2,690 | -54.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€5,000 | -€5,000 | = | 0.0% |
| Other operating charges | 640/8 | €1,601 | €3,621 | +€2,020 | +126.2% |
| Gross operating margin | 9900 | €238,290 | €170,419 | -€67,871 | -28.5% |
| Operating profit (loss) | 9901 | €241,689 | €171,798 | -€69,891 | -28.9% |
| Financial income | 75/76B | €10,374 | €1,601 | -€8,773 | -84.6% |
| Recurring financial income | 75 | €10,374 | €1,601 | -€8,773 | -84.6% |
| Financial charges | 65/66B | €239,317 | €170,152 | -€69,165 | -28.9% |
| Recurring financial charges | 65 | €239,317 | €170,152 | -€69,165 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €12,746 | €3,247 | -€9,499 | -74.5% |
| Income taxes | 67/77 | €3,473 | €885 | -€2,589 | -74.5% |
| Profit (loss) for the period | 9904 | €9,273 | €2,362 | -€6,911 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,273 | €2,362 | -€6,911 | -74.5% |
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 11 October 2026 via checked.be.