ARO: what changed
What changed
ARO
filed annual accounts (NBB)
Net result for the year
€6.1m
2024 · €109,106+€6.0m
Equity
€42.5m
2024 · €36.4m+€6.1m
Cash
€275,428
2024 · €319,836-€44,407
Balance sheet total
€71.6m
2024 · €77.2m-€5.6m
Largest movements
Assets
- Financial fixed assets -€6.8m
down €6.8m (-9.5%), from €71.1m to €64.3m
of which Other financial fixed assets: -€7.1m
- Current investments +€1.4m
up €1.4m (+2,311%), from €60,000 to €1.4m
Equity and liabilities
- Other debts -€36.7m
down €36.7m (-90.0%), from €40.8m to €4.1m
- Debts after one year +€25.0m
new in 2025: €25.0m
- Reserves +€6.1m
up €6.1m (+16.8%), from €36.2m to €42.3m
Income statement
- Financial income +€5.9m
up €5.9m (+307%), from €1.9m to €7.9m
of which Financial income: +€3.1m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€109,106
Other operating charges
-€31
Other operating items
-€54,556
Financial income
+€5.9m
Financial charges
+€83,166
Result 2025
€6.1m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€30.4m
Investment
+€5.4m
Financing
+€25.0m
Cash 2024
€319,836
From operations (derived)
-€30.4m
Net result for the year
+€6.1m
Receivables after one year
+€136,500
Smaller working-capital items
-€60,313
Deferred charges and accrued income
+€122,448
Other debts
-€36.7m
Investment (derived)
+€5.4m
Investment in fixed assets (net)
+€6.8m
Current investments
-€1.4m
Financing
+€25.0m
Debts after one year
+€25.0m
Cash 2025
€275,428
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €77,229,492 | €71,609,668 | -€5.6m | -7.3% |
| Fixed assets | 21/28 | €71,083,356 | €64,308,888 | -€6.8m | -9.5% |
| Financial fixed assets | 28 | €71,083,356 | €64,308,888 | -€6.8m | -9.5% |
| Affiliated companies | 280/1 | €22,222,500 | €22,222,500 | = | 0.0% |
| Participating interests | 280 | €22,222,500 | €22,222,500 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €6,243,096 | €6,593,096 | +€350,000 | +5.6% |
| Participating interests | 282 | €6,243,096 | €6,593,096 | +€350,000 | +5.6% |
| Other financial fixed assets | 284/8 | €42,617,761 | €35,493,292 | -€7.1m | -16.7% |
| Shares | 284 | €39,112,585 | €35,266,792 | -€3.8m | -9.8% |
| Amounts receivable and cash guarantees | 285/8 | €3,505,176 | €226,500 | -€3.3m | -93.5% |
| Current assets | 29/58 | €6,146,136 | €7,300,780 | +€1.2m | +18.8% |
| Amounts receivable after more than one year | 29 | €5,106,816 | €4,970,316 | -€136,500 | -2.7% |
| Other amounts receivable | 291 | €5,106,816 | €4,970,316 | -€136,500 | -2.7% |
| Amounts receivable within one year | 40/41 | €469,139 | €540,644 | +€71,505 | +15.2% |
| Other amounts receivable | 41 | €469,139 | €540,644 | +€71,505 | +15.2% |
| Current investments | 50/53 | €60,000 | €1,446,494 | +€1.4m | +2,311% |
| Other investments | 51/53 | €60,000 | €1,446,494 | +€1.4m | +2,311% |
| Cash at bank and in hand | 54/58 | €319,836 | €275,428 | -€44,407 | -13.9% |
| Deferred charges and accrued income | 490/1 | €190,345 | €67,897 | -€122,448 | -64.3% |
| Total equity and liabilities | 10/49 | €77,229,492 | €71,609,668 | -€5.6m | -7.3% |
| Equity | 10/15 | €36,416,833 | €42,484,211 | +€6.1m | +16.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €36,216,833 | €42,284,211 | +€6.1m | +16.8% |
| Distributable reserves | 133 | €36,216,833 | €42,284,211 | +€6.1m | +16.8% |
| Amounts payable | 17/49 | €40,812,660 | €29,125,457 | -€11.7m | -28.6% |
| Amounts payable after more than one year | 17 | - | €25,000,000 | +€25.0m | |
| Other amounts payable | 178/9 | - | €25,000,000 | +€25.0m | |
| Amounts payable within one year | 42/48 | €40,806,877 | €4,120,084 | -€36.7m | -89.9% |
| Trade debts | 44 | €8,672 | €20,274 | +€11,602 | +134% |
| Suppliers | 440/4 | €8,672 | €20,274 | +€11,602 | +134% |
| Other amounts payable | 47/48 | €40,798,204 | €4,099,810 | -€36.7m | -90.0% |
| Accrued charges and deferred income | 492/3 | €5,783 | €5,374 | -€409 | -7.1% |
| Operating income | 70/76A | - | €2,258 | +€2,258 | |
| Other operating income | 74 | - | €2,258 | +€2,258 | |
| Operating charges | 60/66A | €108,745 | €165,589 | +€56,844 | +52.3% |
| Services and other goods | 61 | €107,590 | €164,404 | +€56,814 | +52.8% |
| Other operating charges | 640/8 | €1,155 | €1,185 | +€31 | +2.7% |
| Operating profit (loss) | 9901 | -€108,745 | -€163,331 | -€54,587 | -50.2% |
| Financial income | 75/76B | €1,928,503 | €7,858,196 | +€5.9m | +307% |
| Recurring financial income | 75 | €1,928,503 | €5,005,196 | +€3.1m | +160% |
| Income from financial fixed assets | 750 | €28,589 | €4,116,130 | +€4.1m | +14,298% |
| Income from current assets | 751 | €1,379,885 | €184,109 | -€1.2m | -86.7% |
| Other financial income | 752/9 | €520,029 | €704,957 | +€184,929 | +35.6% |
| Non-recurring financial income | 76B | - | €2,853,000 | +€2.9m | |
| Financial charges | 65/66B | €1,710,652 | €1,627,486 | -€83,166 | -4.9% |
| Recurring financial charges | 65 | €1,538,768 | €1,627,486 | +€88,718 | +5.8% |
| Debt charges | 650 | €1,528,244 | €991,605 | -€536,639 | -35.1% |
| Other financial charges | 652/9 | €10,524 | €635,881 | +€625,357 | +5,942% |
| Non-recurring financial charges | 66B | €171,884 | - | -€171,884 | |
| Profit (loss) for the period before taxes | 9903 | €109,106 | €6,067,378 | +€6.0m | +5,461% |
| Profit (loss) for the period | 9904 | €109,106 | €6,067,378 | +€6.0m | +5,461% |
| Profit (loss) for the period to be appropriated | 9905 | €109,106 | €6,067,378 | +€6.0m | +5,461% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.