A.R. DECO: 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. DECO
Largest movements
- Stocks and contracts +€1.4m
new in 2025: €1.4m
- Cash -€238,576
down €238,576 (-72.6%), from €328,446 to €89,870
mainly Stocks and contracts (-€1.4m) and Receivables within one year (-€59,391)
- Receivables within one year +€59,391
up €59,391 (+66.5%), from €89,300 to €148,691
of which Trade receivables: +€67,664
- Current portion of long-term debt +€1.1m
new in 2025: €1.1m
- Other debts +€75,110
up €75,110 (+370%), from €20,316 to €95,426
- Trade debts +€29,581
up €29,581 (+107%), from €27,669 to €57,250
- Reserves -€25,100
down €25,100 (-6.8%), from €370,860 to €345,760
- Gross operating margin -€108,037
down €108,037 (-62.7%), from €172,301 to €64,264
- Taxes -€35,106
down €35,106 (-71.5%), from €49,129 to €14,023
- Financial charges -€3,195
down €3,195 (-19.6%), from €16,284 to €13,088
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 | €463,054 | €1,658,743 | +€1.2m | +258% |
| Fixed assets | 21/28 | €29,857 | €22,159 | -€7,698 | -25.8% |
| Tangible fixed assets | 22/27 | €29,687 | €21,989 | -€7,698 | -25.9% |
| Plant, machinery and equipment | 23 | €3,271 | €2,514 | -€757 | -23.1% |
| Furniture and vehicles | 24 | €26,416 | €19,475 | -€6,941 | -26.3% |
| Financial fixed assets | 28 | €170 | €170 | = | 0.0% |
| Current assets | 29/58 | €433,198 | €1,636,585 | +€1.2m | +278% |
| Stocks and contracts in progress | 3 | - | €1,393,959 | +€1.4m | |
| Stocks | 30/36 | - | €1,393,959 | +€1.4m | |
| Amounts receivable within one year | 40/41 | €89,300 | €148,691 | +€59,391 | +66.5% |
| Trade receivables | 40 | €75,613 | €143,277 | +€67,664 | +89.5% |
| Other amounts receivable | 41 | €13,687 | €5,413 | -€8,273 | -60.4% |
| Cash at bank and in hand | 54/58 | €328,446 | €89,870 | -€238,576 | -72.6% |
| Deferred charges and accrued income | 490/1 | €15,452 | €4,065 | -€11,387 | -73.7% |
| Total equity and liabilities | 10/49 | €463,054 | €1,658,743 | +€1.2m | +258% |
| Equity | 10/15 | €378,417 | €353,412 | -€25,004 | -6.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €370,860 | €345,760 | -€25,100 | -6.8% |
| Distributable reserves | 133 | €370,860 | €345,760 | -€25,100 | -6.8% |
| Profit (loss) carried forward | 14 | €1,357 | €1,452 | +€96 | +7.0% |
| Amounts payable | 17/49 | €84,638 | €1,305,331 | +€1.2m | +1,442% |
| Amounts payable within one year | 42/48 | €84,613 | €1,303,572 | +€1.2m | +1,441% |
| Current portion of amounts payable after more than one year | 42 | - | €1,097,000 | +€1.1m | |
| Trade debts | 44 | €27,669 | €57,250 | +€29,581 | +107% |
| Suppliers | 440/4 | €27,669 | €57,250 | +€29,581 | +107% |
| Advances received on contracts in progress | 46 | - | €9,375 | +€9,375 | |
| Taxes, remuneration and social security | 45 | €36,629 | €44,522 | +€7,893 | +21.5% |
| Taxes | 450/3 | €36,629 | €44,522 | +€7,893 | +21.5% |
| Other amounts payable | 47/48 | €20,316 | €95,426 | +€75,110 | +370% |
| Accrued charges and deferred income | 492/3 | €25 | €1,759 | +€1,734 | +6,994% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,339 | €8,778 | +€439 | +5.3% |
| Other operating charges | 640/8 | €777 | €664 | -€113 | -14.6% |
| Non-recurring operating charges | 66A | - | €116 | +€116 | |
| Gross operating margin | 9900 | €172,301 | €64,264 | -€108,037 | -62.7% |
| Operating profit (loss) | 9901 | €163,185 | €54,707 | -€108,478 | -66.5% |
| Financial income | 75/76B | €158 | €1 | -€157 | -99.6% |
| Recurring financial income | 75 | €158 | €1 | -€157 | -99.6% |
| Financial charges | 65/66B | €16,284 | €13,088 | -€3,195 | -19.6% |
| Recurring financial charges | 65 | €16,284 | €13,088 | -€3,195 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €147,059 | €41,619 | -€105,440 | -71.7% |
| Income taxes | 67/77 | €49,129 | €14,023 | -€35,106 | -71.5% |
| Profit (loss) for the period | 9904 | €97,930 | €27,596 | -€70,335 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €97,930 | €27,596 | -€70,335 | -71.8% |
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.