ES ARIA: what changed
Two fiscal 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.
ES ARIA
Largest movements
- Current investments +€85,000
up €85,000 (+170.0%), from €50,000 to €135,000
- Cash -€72,923
down €72,923 (-25.2%), from €288,883 to €215,960
mainly Current investments (-€85,000) and Investment in fixed assets (net) (-€58,953)
- Tangible fixed assets +€46,316
up €46,316 (+485.5%), from €9,540 to €55,856
of which Furniture and vehicles: +€47,887
- Reserves +€61,035
up €61,035 (+18.7%), from €325,955 to €386,990
- Other debts -€5,647
no longer reported in 2025 (was €5,647)
- Gross operating margin +€35,741
up €35,741 (+31.9%), from €111,994 to €147,735
- Depreciation +€9,169
up €9,169 (+264.4%), from €3,468 to €12,637
- Taxes +€9,049
up €9,049 (+29.3%), from €30,862 to €39,911
- Financial income +€1,598
up €1,598 (+113.3%), from €1,410 to €3,008
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 | €358,445 | €417,238 | +€58,793 | +16.4% |
| Fixed assets | 21/28 | €9,540 | €55,856 | +€46,316 | +485.5% |
| Tangible fixed assets | 22/27 | €9,540 | €55,856 | +€46,316 | +485.5% |
| Plant, machinery and equipment | 23 | €1,150 | €1,123 | -€27 | -2.3% |
| Furniture and vehicles | 24 | €4,051 | €51,938 | +€47,887 | +1182.1% |
| Other tangible fixed assets | 26 | €4,339 | €2,795 | -€1,544 | -35.6% |
| Current assets | 29/58 | €348,905 | €361,382 | +€12,477 | +3.6% |
| Amounts receivable within one year | 40/41 | €3,060 | €1,431 | -€1,629 | -53.2% |
| Trade receivables | 40 | €2,500 | - | -€2,500 | |
| Other amounts receivable | 41 | €560 | €1,431 | +€871 | +155.5% |
| Current investments | 50/53 | €50,000 | €135,000 | +€85,000 | +170.0% |
| Cash at bank and in hand | 54/58 | €288,883 | €215,960 | -€72,923 | -25.2% |
| Deferred charges and accrued income | 490/1 | €6,962 | €8,991 | +€2,029 | +29.1% |
| Total equity and liabilities | 10/49 | €358,445 | €417,238 | +€58,793 | +16.4% |
| Equity | 10/15 | €338,355 | €399,390 | +€61,035 | +18.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €325,955 | €386,990 | +€61,035 | +18.7% |
| Distributable reserves | 133 | €325,955 | €386,990 | +€61,035 | +18.7% |
| Amounts payable | 17/49 | €20,090 | €17,848 | -€2,242 | -11.2% |
| Amounts payable within one year | 42/48 | €19,285 | €17,848 | -€1,437 | -7.5% |
| Trade debts | 44 | €10,548 | €12,372 | +€1,824 | +17.3% |
| Suppliers | 440/4 | €10,548 | €12,372 | +€1,824 | +17.3% |
| Taxes, remuneration and social security | 45 | €3,090 | €5,476 | +€2,386 | +77.2% |
| Taxes | 450/3 | €3,090 | €5,476 | +€2,386 | +77.2% |
| Other amounts payable | 47/48 | €5,647 | - | -€5,647 | |
| Accrued charges and deferred income | 492/3 | €805 | - | -€805 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,468 | €12,637 | +€9,169 | +264.4% |
| Other operating charges | 640/8 | €138 | €228 | +€90 | +65.2% |
| Gross operating margin | 9900 | €111,994 | €147,735 | +€35,741 | +31.9% |
| Operating profit (loss) | 9901 | €108,388 | €134,870 | +€26,482 | +24.4% |
| Financial income | 75/76B | €1,410 | €3,008 | +€1,598 | +113.3% |
| Recurring financial income | 75 | €1,410 | €3,008 | +€1,598 | +113.3% |
| Financial charges | 65/66B | €599 | €607 | +€8 | +1.3% |
| Recurring financial charges | 65 | €599 | €607 | +€8 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €109,199 | €137,271 | +€28,072 | +25.7% |
| Income taxes | 67/77 | €30,862 | €39,911 | +€9,049 | +29.3% |
| Profit (loss) for the period | 9904 | €78,337 | €97,360 | +€19,023 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,337 | €97,360 | +€19,023 | +24.3% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.