A.R.C.: 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.C.
Largest movements
- Receivables within one year -€145,222
down €145,222 (-63.2%), from €229,747 to €84,525
of which Other amounts receivable: -€140,786
- Cash +€19,834
up €19,834 (+24.1%), from €82,450 to €102,284
mainly Receivables within one year (+€145,222) and Net result for the year (+€66,874)
- Tangible fixed assets +€11,008
up €11,008 (+223%), from €4,947 to €15,955
of which Furniture and vehicles: +€9,603
- Reserves -€129,482
down €129,482 (-51.2%), from €252,814 to €123,332
of which Distributable reserves: -€129,482
- Tax, wage and social debts +€31,327
up €31,327 (+111%), from €28,162 to €59,489
- Trade debts -€16,973
down €16,973 (-70.3%), from €24,136 to €7,163
- Gross operating margin +€58,220
up €58,220 (+140%), from €41,558 to €99,778
- Taxes +€17,756
up €17,756 (+117%), from €15,215 to €32,971
- Depreciation +€9,170
up €9,170 (+250%), from €3,672 to €12,842
- Financial income +€6,001
up €6,001 (+70.5%), from €8,517 to €14,518
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 | €323,704 | €208,576 | -€115,128 | -35.6% |
| Formation expenses | 20 | €965 | €724 | -€241 | -25.0% |
| Fixed assets | 21/28 | €5,221 | €16,229 | +€11,008 | +211% |
| Tangible fixed assets | 22/27 | €4,947 | €15,955 | +€11,008 | +223% |
| Plant, machinery and equipment | 23 | €1,623 | €3,028 | +€1,405 | +86.6% |
| Furniture and vehicles | 24 | €3,324 | €12,927 | +€9,603 | +289% |
| Financial fixed assets | 28 | €274 | €274 | = | 0.0% |
| Current assets | 29/58 | €317,518 | €191,623 | -€125,895 | -39.6% |
| Stocks and contracts in progress | 3 | €4,762 | €3,960 | -€802 | -16.8% |
| Stocks | 30/36 | €4,762 | €3,960 | -€802 | -16.8% |
| Amounts receivable within one year | 40/41 | €229,747 | €84,525 | -€145,222 | -63.2% |
| Trade receivables | 40 | €11,366 | €6,930 | -€4,436 | -39.0% |
| Other amounts receivable | 41 | €218,381 | €77,595 | -€140,786 | -64.5% |
| Cash at bank and in hand | 54/58 | €82,450 | €102,284 | +€19,834 | +24.1% |
| Deferred charges and accrued income | 490/1 | €559 | €854 | +€295 | +52.8% |
| Total equity and liabilities | 10/49 | €323,704 | €208,576 | -€115,128 | -35.6% |
| Equity | 10/15 | €271,406 | €141,924 | -€129,482 | -47.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €252,814 | €123,332 | -€129,482 | -51.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €250,955 | €121,473 | -€129,482 | -51.6% |
| Amounts payable | 17/49 | €52,298 | €66,652 | +€14,354 | +27.4% |
| Amounts payable within one year | 42/48 | €52,298 | €66,652 | +€14,354 | +27.4% |
| Trade debts | 44 | €24,136 | €7,163 | -€16,973 | -70.3% |
| Suppliers | 440/4 | €24,136 | €7,163 | -€16,973 | -70.3% |
| Taxes, remuneration and social security | 45 | €28,162 | €59,489 | +€31,327 | +111% |
| Taxes | 450/3 | €28,162 | €59,489 | +€31,327 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,672 | €12,842 | +€9,170 | +250% |
| Other operating charges | 640/8 | €722 | €727 | +€5 | +0.7% |
| Gross operating margin | 9900 | €41,558 | €99,778 | +€58,220 | +140% |
| Operating profit (loss) | 9901 | €37,164 | €86,209 | +€49,045 | +132% |
| Financial income | 75/76B | €8,517 | €14,518 | +€6,001 | +70.5% |
| Recurring financial income | 75 | €8,517 | €14,518 | +€6,001 | +70.5% |
| Financial charges | 65/66B | €335 | €882 | +€547 | +163% |
| Recurring financial charges | 65 | €335 | €882 | +€547 | +163% |
| Profit (loss) for the period before taxes | 9903 | €45,346 | €99,845 | +€54,499 | +120% |
| Income taxes | 67/77 | €15,215 | €32,971 | +€17,756 | +117% |
| Profit (loss) for the period | 9904 | €30,131 | €66,874 | +€36,743 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €30,131 | €66,874 | +€36,743 | +122% |
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 18 October 2026 via checked.be.