AROPHAR: 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.
AROPHAR
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€188,115
down €188,115 (-76.2%), from €246,970 to €58,855
mainly Current investments (-€250,000) and Debts after one year (-€53,996)
- Tangible fixed assets -€51,547
down €51,547 (-6.3%), from €812,417 to €760,870
of which Land and buildings: -€38,382
- Reserves +€82,165
up €82,165 (+20.3%), from €405,286 to €487,451
- Debts after one year -€53,996
down €53,996 (-9.5%), from €566,997 to €513,001
of which Financial debts: -€53,996
- Trade debts -€17,579
down €17,579 (-56.3%), from €31,208 to €13,629
- Gross operating margin -€62,127
down €62,127 (-24.6%), from €252,942 to €190,815
- Taxes -€19,508
down €19,508 (-37.2%), from €52,397 to €32,889
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 | €1,090,353 | €1,095,110 | +€4,757 | +0.4% |
| Fixed assets | 21/28 | €812,417 | €760,870 | -€51,547 | -6.3% |
| Tangible fixed assets | 22/27 | €812,417 | €760,870 | -€51,547 | -6.3% |
| Land and buildings | 22 | €767,070 | €728,688 | -€38,382 | -5.0% |
| Furniture and vehicles | 24 | €45,347 | €32,182 | -€13,165 | -29.0% |
| Current assets | 29/58 | €277,936 | €334,240 | +€56,304 | +20.3% |
| Amounts receivable within one year | 40/41 | €29,037 | €23,364 | -€5,673 | -19.5% |
| Trade receivables | 40 | €29,037 | €23,364 | -€5,673 | -19.5% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €246,970 | €58,855 | -€188,115 | -76.2% |
| Deferred charges and accrued income | 490/1 | €1,929 | €2,021 | +€92 | +4.8% |
| Total equity and liabilities | 10/49 | €1,090,353 | €1,095,110 | +€4,757 | +0.4% |
| Equity | 10/15 | €411,486 | €493,651 | +€82,165 | +20.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €405,286 | €487,451 | +€82,165 | +20.3% |
| Distributable reserves | 133 | €405,286 | €487,451 | +€82,165 | +20.3% |
| Amounts payable | 17/49 | €678,867 | €601,459 | -€77,408 | -11.4% |
| Amounts payable after more than one year | 17 | €566,997 | €513,001 | -€53,996 | -9.5% |
| Financial debts | 170/4 | €564,372 | €510,376 | -€53,996 | -9.6% |
| Other amounts payable | 178/9 | €2,625 | €2,625 | = | 0.0% |
| Amounts payable within one year | 42/48 | €111,870 | €88,458 | -€23,412 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €52,832 | €53,995 | +€1,163 | +2.2% |
| Trade debts | 44 | €31,208 | €13,629 | -€17,579 | -56.3% |
| Suppliers | 440/4 | €31,208 | €13,629 | -€17,579 | -56.3% |
| Taxes, remuneration and social security | 45 | €18,512 | €9,030 | -€9,482 | -51.2% |
| Taxes | 450/3 | €18,512 | €9,030 | -€9,482 | -51.2% |
| Other amounts payable | 47/48 | €9,318 | €11,804 | +€2,486 | +26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,547 | €51,547 | = | 0.0% |
| Other operating charges | 640/8 | €6,583 | €7,707 | +€1,124 | +17.1% |
| Gross operating margin | 9900 | €252,942 | €190,815 | -€62,127 | -24.6% |
| Operating profit (loss) | 9901 | €194,812 | €131,561 | -€63,251 | -32.5% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €18,315 | €16,507 | -€1,808 | -9.9% |
| Recurring financial charges | 65 | €18,315 | €16,507 | -€1,808 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €176,498 | €115,054 | -€61,444 | -34.8% |
| Income taxes | 67/77 | €52,397 | €32,889 | -€19,508 | -37.2% |
| Profit (loss) for the period | 9904 | €124,101 | €82,165 | -€41,936 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,101 | €82,165 | -€41,936 | -33.8% |
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 12 October 2026 via checked.be.