BEL ARIS: 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.
BEL ARIS
Largest movements
- Receivables within one year -€72,007
down €72,007 (-42.9%), from €168,024 to €96,017
of which Trade receivables: -€61,231
- Cash +€14,868
up €14,868 (+225%), from €6,595 to €21,463
mainly Receivables within one year (+€72,007) and Depreciation (+€46,562)
- Stocks and contracts -€10,834
down €10,834 (-35.1%), from €30,834 to €20,000
- Debts after one year -€33,189
down €33,189 (-33.0%), from €100,487 to €67,299
- Trade debts -€16,752
no longer reported in 2025 (was €16,752)
- Other debts -€16,164
down €16,164 (-31.0%), from €52,202 to €36,039
- Depreciation +€13,902
up €13,902 (+42.6%), from €32,661 to €46,562
- Financial charges -€9,361
down €9,361 (-57.4%), from €16,314 to €6,953
- Other operating charges -€6,718
down €6,718 (-49.7%), from €13,504 to €6,787
- Gross operating margin -€4,048
down €4,048 (-5.5%), from €73,295 to €69,248
- Taxes -€3,349
down €3,349 (-37.6%), from €8,897 to €5,548
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 | €365,613 | €301,694 | -€63,919 | -17.5% |
| Fixed assets | 21/28 | €152,324 | €153,473 | +€1,149 | +0.8% |
| Tangible fixed assets | 22/27 | €152,024 | €153,173 | +€1,149 | +0.8% |
| Plant, machinery and equipment | 23 | €4,202 | €3,065 | -€1,138 | -27.1% |
| Furniture and vehicles | 24 | €147,821 | €150,108 | +€2,287 | +1.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €213,290 | €148,221 | -€65,068 | -30.5% |
| Stocks and contracts in progress | 3 | €30,834 | €20,000 | -€10,834 | -35.1% |
| Contracts in progress | 37 | €30,834 | €20,000 | -€10,834 | -35.1% |
| Amounts receivable within one year | 40/41 | €168,024 | €96,017 | -€72,007 | -42.9% |
| Trade receivables | 40 | €147,975 | €86,744 | -€61,231 | -41.4% |
| Other amounts receivable | 41 | €20,049 | €9,273 | -€10,776 | -53.7% |
| Cash at bank and in hand | 54/58 | €6,595 | €21,463 | +€14,868 | +225% |
| Deferred charges and accrued income | 490/1 | €7,837 | €10,742 | +€2,904 | +37.1% |
| Total equity and liabilities | 10/49 | €365,613 | €301,694 | -€63,919 | -17.5% |
| Equity | 10/15 | €159,971 | €163,368 | +€3,398 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €6,200 | -€12,400 | -66.7% |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €151,911 | €155,308 | +€3,398 | +2.2% |
| Amounts payable | 17/49 | €205,643 | €138,326 | -€67,317 | -32.7% |
| Amounts payable after more than one year | 17 | €100,487 | €67,299 | -€33,189 | -33.0% |
| Financial debts | 170/4 | €100,487 | €67,299 | -€33,189 | -33.0% |
| Amounts payable within one year | 42/48 | €103,356 | €69,227 | -€34,128 | -33.0% |
| Current portion of amounts payable after more than one year | 42 | €34,401 | €33,189 | -€1,213 | -3.5% |
| Trade debts | 44 | €16,752 | - | -€16,752 | |
| Suppliers | 440/4 | €16,752 | - | -€16,752 | |
| Other amounts payable | 47/48 | €52,202 | €36,039 | -€16,164 | -31.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | €1,800 | = | 0.0% |
| Non-recurring operating income | 76A | €22,583 | - | -€22,583 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,661 | €46,562 | +€13,902 | +42.6% |
| Other operating charges | 640/8 | €13,504 | €6,787 | -€6,718 | -49.7% |
| Gross operating margin | 9900 | €73,295 | €69,248 | -€4,048 | -5.5% |
| Operating profit (loss) | 9901 | €27,130 | €15,899 | -€11,232 | -41.4% |
| Financial income | 75/76B | €360 | €0 | -€360 | -100.0% |
| Recurring financial income | 75 | €360 | €0 | -€360 | -100.0% |
| Financial charges | 65/66B | €16,314 | €6,953 | -€9,361 | -57.4% |
| Recurring financial charges | 65 | €16,314 | €6,953 | -€9,361 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | €11,176 | €8,946 | -€2,231 | -20.0% |
| Income taxes | 67/77 | €8,897 | €5,548 | -€3,349 | -37.6% |
| Profit (loss) for the period | 9904 | €2,279 | €3,398 | +€1,118 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,279 | €3,398 | +€1,118 | +49.1% |
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 29 October 2026 via checked.be.