AREF: what changed
AREF
Largest movements
- Tangible fixed assets -€2.7m
down €2.7m (-85.7%), from €3.2m to €458,503
of which Land and buildings: -€3.2m
- Cash +€497,477
up €497,477 (+6,180%), from €8,050 to €505,528
mainly Investment in fixed assets (net) (+€2.7m) and Net result for the year (+€983,456)
- Receivables within one year +€316,114
new in 2025: €316,114
- Debts after one year -€1.7m
down €1.7m (-79.3%), from €2.1m to €440,937
- Other debts -€1.1m
down €1.1m (-56.1%), from €2.0m to €876,279
- Profit (loss) carried forward +€983,456
up €983,456 (+91.5%), from -€1.1m to -€90,979
- Current portion of long-term debt -€105,678
down €105,678 (-77.9%), from €135,710 to €30,032
- Gross operating margin +€1.0m
up €1.0m (+1,269%), from €82,649 to €1.1m
- Depreciation -€71,109
down €71,109 (-53.4%), from €133,054 to €61,946
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,207,033 | €1,280,145 | -€1.9m | -60.1% |
| Fixed assets | 21/28 | €3,198,983 | €458,503 | -€2.7m | -85.7% |
| Tangible fixed assets | 22/27 | €3,198,983 | €458,503 | -€2.7m | -85.7% |
| Land and buildings | 22 | €3,198,983 | - | -€3.2m | |
| Leasing and similar rights | 25 | - | €271,111 | +€271,111 | |
| Other tangible fixed assets | 26 | - | €187,392 | +€187,392 | |
| Current assets | 29/58 | €8,050 | €821,642 | +€813,592 | +10,106% |
| Amounts receivable within one year | 40/41 | - | €316,114 | +€316,114 | |
| Other amounts receivable | 41 | - | €316,114 | +€316,114 | |
| Cash at bank and in hand | 54/58 | €8,050 | €505,528 | +€497,477 | +6,180% |
| Total equity and liabilities | 10/49 | €3,207,033 | €1,280,145 | -€1.9m | -60.1% |
| Equity | 10/15 | -€1,055,835 | -€72,379 | +€983,456 | +93.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,074,435 | -€90,979 | +€983,456 | +91.5% |
| Amounts payable | 17/49 | €4,262,868 | €1,352,523 | -€2.9m | -68.3% |
| Amounts payable after more than one year | 17 | €2,128,815 | €440,937 | -€1.7m | -79.3% |
| Financial debts | 170/4 | €2,128,815 | €440,937 | -€1.7m | -79.3% |
| Amounts payable within one year | 42/48 | €2,134,053 | €911,586 | -€1.2m | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €135,710 | €30,032 | -€105,678 | -77.9% |
| Trade debts | 44 | - | €5,275 | +€5,275 | |
| Suppliers | 440/4 | - | €5,275 | +€5,275 | |
| Other amounts payable | 47/48 | €1,998,343 | €876,279 | -€1.1m | -56.1% |
| Non-recurring operating income | 76A | - | €1,116,462 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,054 | €61,946 | -€71,109 | -53.4% |
| Other operating charges | 640/8 | €10,980 | €13,247 | +€2,267 | +20.6% |
| Gross operating margin | 9900 | €82,649 | €1,131,249 | +€1.0m | +1,269% |
| Operating profit (loss) | 9901 | -€61,386 | €1,056,056 | +€1.1m | |
| Financial income | 75/76B | - | €35 | +€35 | |
| Recurring financial income | 75 | - | €35 | +€35 | |
| Financial charges | 65/66B | €72,360 | €72,635 | +€275 | +0.4% |
| Recurring financial charges | 65 | €72,360 | €72,635 | +€275 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€133,746 | €983,456 | +€1.1m | |
| Profit (loss) for the period | 9904 | -€133,746 | €983,456 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€133,746 | €983,456 | +€1.1m |
Next steps
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 2 November 2026 via checked.be.