F-ARARAT: 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.
F-ARARAT
Largest movements
- Receivables within one year +€12,474
up €12,474 (+394%), from €3,166 to €15,639
of which Other amounts receivable: +€10,405
- Stocks and contracts -€6,801
down €6,801 (-55.5%), from €12,256 to €5,455
- Deferred charges and accrued income +€3,879
up €3,879 (+370%), from €1,048 to €4,926
- Tangible fixed assets -€2,658
down €2,658 (-37.4%), from €7,102 to €4,443
of which Furniture and vehicles: -€3,444
- Cash +€593
up €593 (+3.3%), from €17,731 to €18,324
mainly Net result for the year (+€11,539) and Tax, wage and social debts (+€7,226)
- Profit (loss) carried forward +€11,539
up €11,539, from -€2,991 to €8,548
- Trade debts -€9,752
down €9,752 (-73.8%), from €13,208 to €3,457
- Tax, wage and social debts +€7,226
up €7,226 (+511%), from €1,414 to €8,641
of which Remuneration and social security: +€5,389
- Other debts -€1,527
no longer reported in 2025 (was €1,527)
- Gross operating margin +€44,097
up €44,097 (+227%), from €19,448 to €63,546
- Staff costs +€29,856
up €29,856 (+192%), from €15,518 to €45,373
- Other operating charges -€992
down €992 (-50.8%), from €1,953 to €961
- Taxes +€925
up €925 (+723%), from €128 to €1,053
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 | €41,302 | €48,789 | +€7,487 | +18.1% |
| Fixed assets | 21/28 | €7,102 | €4,443 | -€2,658 | -37.4% |
| Tangible fixed assets | 22/27 | €7,102 | €4,443 | -€2,658 | -37.4% |
| Plant, machinery and equipment | 23 | €1,199 | €2,169 | +€970 | +80.9% |
| Furniture and vehicles | 24 | €5,033 | €1,589 | -€3,444 | -68.4% |
| Other tangible fixed assets | 26 | €870 | €685 | -€184 | -21.2% |
| Current assets | 29/58 | €34,200 | €44,345 | +€10,145 | +29.7% |
| Stocks and contracts in progress | 3 | €12,256 | €5,455 | -€6,801 | -55.5% |
| Stocks | 30/36 | €12,256 | €5,455 | -€6,801 | -55.5% |
| Amounts receivable within one year | 40/41 | €3,166 | €15,639 | +€12,474 | +394% |
| Trade receivables | 40 | €3,166 | €5,234 | +€2,069 | +65.4% |
| Other amounts receivable | 41 | - | €10,405 | +€10,405 | |
| Cash at bank and in hand | 54/58 | €17,731 | €18,324 | +€593 | +3.3% |
| Deferred charges and accrued income | 490/1 | €1,048 | €4,926 | +€3,879 | +370% |
| Total equity and liabilities | 10/49 | €41,302 | €48,789 | +€7,487 | +18.1% |
| Equity | 10/15 | €25,152 | €36,691 | +€11,539 | +45.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,143 | €25,143 | = | 0.0% |
| Distributable reserves | 133 | €25,143 | €25,143 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,991 | €8,548 | +€11,539 | |
| Amounts payable | 17/49 | €16,150 | €12,097 | -€4,052 | -25.1% |
| Amounts payable within one year | 42/48 | €16,150 | €12,097 | -€4,052 | -25.1% |
| Trade debts | 44 | €13,208 | €3,457 | -€9,752 | -73.8% |
| Suppliers | 440/4 | €13,208 | €3,457 | -€9,752 | -73.8% |
| Taxes, remuneration and social security | 45 | €1,414 | €8,641 | +€7,226 | +511% |
| Taxes | 450/3 | €246 | €2,084 | +€1,838 | +746% |
| Remuneration and social security | 454/9 | €1,168 | €6,556 | +€5,389 | +461% |
| Other amounts payable | 47/48 | €1,527 | - | -€1,527 | |
| Remuneration, social security and pensions | 62 | €15,518 | €45,373 | +€29,856 | +192% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,287 | €3,880 | -€408 | -9.5% |
| Other operating charges | 640/8 | €1,953 | €961 | -€992 | -50.8% |
| Gross operating margin | 9900 | €19,448 | €63,546 | +€44,097 | +227% |
| Operating profit (loss) | 9901 | -€2,310 | €13,332 | +€15,642 | |
| Financial charges | 65/66B | €554 | €739 | +€186 | +33.6% |
| Recurring financial charges | 65 | €554 | €739 | +€186 | +33.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,863 | €12,593 | +€15,456 | |
| Income taxes | 67/77 | €128 | €1,053 | +€925 | +723% |
| Profit (loss) for the period | 9904 | -€2,991 | €11,539 | +€14,531 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,991 | €11,539 | +€14,531 |
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 21 October 2026 via checked.be.