D AORA: 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.
D AORA
Largest movements
- Cash -€66,377
down €66,377 (-88.9%), from €74,701 to €8,324
mainly Investment in fixed assets (net) (-€88,956) and Net result for the year (-€42,027)
- Current investments -€48,677
no longer reported in 2025 (was €48,677)
- Tangible fixed assets +€37,803
up €37,803 (+3.1%), from €1.2m to €1.2m
- Receivables within one year +€31,478
up €31,478 (+320.9%), from €9,810 to €41,289
of which Other amounts receivable: +€39,267
- Profit (loss) carried forward -€42,027
down €42,027 (-14.8%), from -€283,701 to -€325,728
- Taxes -€27,708
down €27,708, from €13,854 to -€13,854
- Financial income -€8,290
down €8,290 (-17.7%), from €46,739 to €38,449
- Gross operating margin -€6,557
down €6,557 (-21.6%), from -€30,320 to -€36,877
- Depreciation +€5,551
up €5,551 (+12.2%), from €45,602 to €51,153
- Financial charges -€1,192
down €1,192 (-31.2%), from €3,824 to €2,632
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 | €1,344,096 | €1,298,394 | -€45,702 | -3.4% |
| Fixed assets | 21/28 | €1,209,106 | €1,246,909 | +€37,803 | +3.1% |
| Tangible fixed assets | 22/27 | €1,209,106 | €1,246,909 | +€37,803 | +3.1% |
| Land and buildings | 22 | €1,209,106 | €1,246,909 | +€37,803 | +3.1% |
| Current assets | 29/58 | €134,990 | €51,485 | -€83,505 | -61.9% |
| Amounts receivable within one year | 40/41 | €9,810 | €41,289 | +€31,478 | +320.9% |
| Trade receivables | 40 | €7,788 | - | -€7,788 | |
| Other amounts receivable | 41 | €2,022 | €41,289 | +€39,267 | +1941.8% |
| Current investments | 50/53 | €48,677 | - | -€48,677 | |
| Cash at bank and in hand | 54/58 | €74,701 | €8,324 | -€66,377 | -88.9% |
| Deferred charges and accrued income | 490/1 | €1,802 | €1,873 | +€71 | +3.9% |
| Total equity and liabilities | 10/49 | €1,344,096 | €1,298,394 | -€45,702 | -3.4% |
| Equity | 10/15 | €1,023,499 | €981,472 | -€42,027 | -4.1% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Other | 1109/19 | €1,200,000 | €1,200,000 | = | 0.0% |
| Reserves | 13 | €107,200 | €107,200 | = | 0.0% |
| Distributable reserves | 133 | €107,200 | €107,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,701 | -€325,728 | -€42,027 | -14.8% |
| Amounts payable | 17/49 | €320,597 | €316,922 | -€3,674 | -1.1% |
| Amounts payable within one year | 42/48 | €318,426 | €316,922 | -€1,504 | -0.5% |
| Trade debts | 44 | €7,584 | €5,815 | -€1,769 | -23.3% |
| Suppliers | 440/4 | €7,584 | €5,815 | -€1,769 | -23.3% |
| Other amounts payable | 47/48 | €310,842 | €311,107 | +€265 | +0.1% |
| Accrued charges and deferred income | 492/3 | €2,171 | - | -€2,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,602 | €51,153 | +€5,551 | +12.2% |
| Other operating charges | 640/8 | €3,860 | €3,668 | -€192 | -5.0% |
| Gross operating margin | 9900 | -€30,320 | -€36,877 | -€6,557 | -21.6% |
| Operating profit (loss) | 9901 | -€79,782 | -€91,698 | -€11,916 | -14.9% |
| Financial income | 75/76B | €46,739 | €38,449 | -€8,290 | -17.7% |
| Recurring financial income | 75 | €46,739 | €38,449 | -€8,290 | -17.7% |
| Financial charges | 65/66B | €3,824 | €2,632 | -€1,192 | -31.2% |
| Recurring financial charges | 65 | €3,824 | €2,632 | -€1,192 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | -€36,867 | -€55,881 | -€19,014 | -51.6% |
| Income taxes | 67/77 | €13,854 | -€13,854 | -€27,708 | |
| Profit (loss) for the period | 9904 | -€50,721 | -€42,027 | +€8,693 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,721 | -€42,027 | +€8,693 | +17.1% |
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 10 October 2026 via checked.be.