A.R.B.: 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.
A.R.B.
Largest movements
- Receivables within one year -€613,129
down €613,129 (-55.6%), from €1.1m to €489,101
of which Trade receivables: -€351,829
- Tangible fixed assets -€602,671
down €602,671 (-22.9%), from €2.6m to €2.0m
of which Land and buildings: -€676,157
- Cash +€556,875
up €556,875 (+2,728%), from €20,416 to €577,290
mainly Receivables within one year (+€613,129) and Stocks and contracts (+€503,938)
- Stocks and contracts -€503,938
down €503,938 (-100%), from €503,938 to €0
- Debts after one year -€986,577
down €986,577 (-71.5%), from €1.4m to €392,428
- Contributions -€460,000
down €460,000 (-96.1%), from €478,720 to €18,720
- Reserves +€310,745
up €310,745 (+33.2%), from €936,161 to €1.2m
of which Tax-exempt reserves: +€310,745
- Current portion of long-term debt -€130,337
down €130,337 (-62.3%), from €209,100 to €78,762
- Provisions +€95,839
up €95,839 (+276%), from €34,686 to €130,525
of which Deferred taxes: +€95,839
- Gross operating margin +€227,687
up €227,687 (+40.9%), from €557,350 to €785,037
- Depreciation -€72,213
down €72,213 (-25.5%), from €283,320 to €211,107
- Financial charges +€24,645
up €24,645 (+23.2%), from €106,292 to €130,937
- Financial income +€8,794
up €8,794 (+203%), from €4,334 to €13,128
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 | €4,458,887 | €3,279,604 | -€1.2m | -26.4% |
| Formation expenses | 20 | €2,572 | €1,854 | -€719 | -27.9% |
| Fixed assets | 21/28 | €2,636,077 | €2,033,208 | -€602,869 | -22.9% |
| Intangible fixed assets | 21 | €821 | €624 | -€198 | -24.1% |
| Tangible fixed assets | 22/27 | €2,633,755 | €2,031,084 | -€602,671 | -22.9% |
| Land and buildings | 22 | €2,551,097 | €1,874,941 | -€676,157 | -26.5% |
| Plant, machinery and equipment | 23 | €44,637 | €130,275 | +€85,638 | +192% |
| Furniture and vehicles | 24 | €38,021 | €25,869 | -€12,152 | -32.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,820,239 | €1,244,543 | -€575,696 | -31.6% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Trade receivables | 290 | €120,000 | €120,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €503,938 | €0 | -€503,938 | -100% |
| Stocks | 30/36 | €503,938 | €0 | -€503,938 | -100% |
| Amounts receivable within one year | 40/41 | €1,102,230 | €489,101 | -€613,129 | -55.6% |
| Trade receivables | 40 | €748,865 | €397,036 | -€351,829 | -47.0% |
| Other amounts receivable | 41 | €353,365 | €92,065 | -€261,300 | -73.9% |
| Cash at bank and in hand | 54/58 | €20,416 | €577,290 | +€556,875 | +2,728% |
| Deferred charges and accrued income | 490/1 | €73,655 | €58,152 | -€15,504 | -21.0% |
| Total equity and liabilities | 10/49 | €4,458,887 | €3,279,604 | -€1.2m | -26.4% |
| Equity | 10/15 | €726,453 | €582,124 | -€144,329 | -19.9% |
| Contributions | 10/11 | €478,720 | €18,720 | -€460,000 | -96.1% |
| Reserves | 13 | €936,161 | €1,246,906 | +€310,745 | +33.2% |
| Tax-exempt reserves | 132 | €328,419 | €639,164 | +€310,745 | +94.6% |
| Distributable reserves | 133 | €607,742 | €607,742 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€688,428 | -€683,502 | +€4,925 | +0.7% |
| Provisions and deferred taxes | 16 | €34,686 | €130,525 | +€95,839 | +276% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €34,686 | €130,525 | +€95,839 | +276% |
| Amounts payable | 17/49 | €3,697,748 | €2,566,956 | -€1.1m | -30.6% |
| Amounts payable after more than one year | 17 | €1,379,006 | €392,428 | -€986,577 | -71.5% |
| Financial debts | 170/4 | €1,379,006 | €392,428 | -€986,577 | -71.5% |
| Amounts payable within one year | 42/48 | €2,312,427 | €2,174,528 | -€137,899 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €209,100 | €78,762 | -€130,337 | -62.3% |
| Trade debts | 44 | €43,804 | €75,498 | +€31,694 | +72.4% |
| Suppliers | 440/4 | €43,804 | €75,498 | +€31,694 | +72.4% |
| Taxes, remuneration and social security | 45 | €1,652 | €38,191 | +€36,539 | +2,212% |
| Taxes | 450/3 | €1,652 | €38,191 | +€36,539 | +2,212% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,057,872 | €1,982,077 | -€75,795 | -3.7% |
| Accrued charges and deferred income | 492/3 | €6,316 | €0 | -€6,316 | -100% |
| Non-recurring operating income | 76A | €1,450 | €522,495 | +€521,045 | +35,934% |
| Remuneration, social security and pensions | 62 | €3,108 | €3,800 | +€692 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,320 | €211,107 | -€72,213 | -25.5% |
| Other operating charges | 640/8 | €15,031 | €11,236 | -€3,794 | -25.2% |
| Non-recurring operating charges | 66A | - | -€3,288 | -€3,288 | |
| Gross operating margin | 9900 | €557,350 | €785,037 | +€227,687 | +40.9% |
| Operating profit (loss) | 9901 | €255,891 | €562,182 | +€306,291 | +120% |
| Financial income | 75/76B | €4,334 | €13,128 | +€8,794 | +203% |
| Recurring financial income | 75 | €4,334 | €13,128 | +€8,794 | +203% |
| Financial charges | 65/66B | €106,292 | €130,937 | +€24,645 | +23.2% |
| Recurring financial charges | 65 | €106,292 | €130,937 | +€24,645 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €153,933 | €444,372 | +€290,439 | +189% |
| Transfer from deferred taxes | 780 | €10,772 | €34,686 | +€23,914 | +222% |
| Transfer to deferred taxes | 680 | - | €130,525 | +€130,525 | |
| Income taxes | 67/77 | €27,002 | €32,863 | +€5,861 | +21.7% |
| Profit (loss) for the period | 9904 | €137,704 | €315,671 | +€177,967 | +129% |
| Transfer from tax-exempt reserves | 789 | €0 | €80,829 | +€80,829 | |
| Transfer to tax-exempt reserves | 689 | - | €391,575 | +€391,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €137,704 | €4,925 | -€132,778 | -96.4% |
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 22 October 2026 via checked.be.