A.R.G.: 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.G.
Largest movements
- Stocks and contracts +€28,629
up €28,629 (+13.4%), from €213,134 to €241,763
of which Stocks: +€18,629
- Tangible fixed assets -€16,175
down €16,175 (-4.5%), from €356,982 to €340,807
of which Land and buildings: -€12,741
- Reserves +€81,990
up €81,990 (+17.3%), from €473,931 to €555,921
of which Distributable reserves: +€81,990
- Debts after one year -€72,036
down €72,036 (-49.2%), from €146,420 to €74,384
- Trade debts +€47,960
up €47,960 (+100%), from €47,857 to €95,818
- Other debts -€30,000
down €30,000 (-58.0%), from €51,763 to €21,763
- Taxes -€11,259
down €11,259 (-27.6%), from €40,837 to €29,578
- Gross operating margin -€11,246
down €11,246 (-5.2%), from €214,618 to €203,372
- Depreciation -€6,993
down €6,993 (-11.1%), from €63,209 to €56,216
- Financial charges -€2,215
down €2,215 (-22.9%), from €9,654 to €7,439
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 | €863,049 | €879,641 | +€16,592 | +1.9% |
| Fixed assets | 21/28 | €356,982 | €340,807 | -€16,175 | -4.5% |
| Tangible fixed assets | 22/27 | €356,982 | €340,807 | -€16,175 | -4.5% |
| Land and buildings | 22 | €343,095 | €330,354 | -€12,741 | -3.7% |
| Plant, machinery and equipment | 23 | €2,526 | €1,893 | -€634 | -25.1% |
| Furniture and vehicles | 24 | €11,360 | €8,560 | -€2,800 | -24.6% |
| Current assets | 29/58 | €506,068 | €538,834 | +€32,767 | +6.5% |
| Stocks and contracts in progress | 3 | €213,134 | €241,763 | +€28,629 | +13.4% |
| Stocks | 30/36 | €213,134 | €231,763 | +€18,629 | +8.7% |
| Contracts in progress | 37 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €170,664 | €166,540 | -€4,124 | -2.4% |
| Trade receivables | 40 | €168,857 | €165,971 | -€2,886 | -1.7% |
| Other amounts receivable | 41 | €1,807 | €569 | -€1,238 | -68.5% |
| Cash at bank and in hand | 54/58 | €122,269 | €130,531 | +€8,262 | +6.8% |
| Total equity and liabilities | 10/49 | €863,049 | €879,641 | +€16,592 | +1.9% |
| Equity | 10/15 | €540,931 | €614,317 | +€73,386 | +13.6% |
| Contributions | 10/11 | €67,000 | €58,396 | -€8,604 | -12.8% |
| Reserves | 13 | €473,931 | €555,921 | +€81,990 | +17.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €473,931 | €555,921 | +€81,990 | +17.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €322,118 | €265,325 | -€56,794 | -17.6% |
| Amounts payable after more than one year | 17 | €146,420 | €74,384 | -€72,036 | -49.2% |
| Financial debts | 170/4 | €146,420 | €74,384 | -€72,036 | -49.2% |
| Amounts payable within one year | 42/48 | €175,699 | €190,941 | +€15,242 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €69,763 | €72,036 | +€2,273 | +3.3% |
| Trade debts | 44 | €47,857 | €95,818 | +€47,960 | +100% |
| Suppliers | 440/4 | €47,857 | €95,818 | +€47,960 | +100% |
| Taxes, remuneration and social security | 45 | €6,316 | €1,325 | -€4,991 | -79.0% |
| Taxes | 450/3 | €6,316 | €1,325 | -€4,991 | -79.0% |
| Other amounts payable | 47/48 | €51,763 | €21,763 | -€30,000 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,209 | €56,216 | -€6,993 | -11.1% |
| Other operating charges | 640/8 | €8,860 | €8,757 | -€103 | -1.2% |
| Gross operating margin | 9900 | €214,618 | €203,372 | -€11,246 | -5.2% |
| Operating profit (loss) | 9901 | €142,549 | €138,399 | -€4,150 | -2.9% |
| Financial income | 75/76B | €1,586 | €2,004 | +€418 | +26.4% |
| Recurring financial income | 75 | €1,586 | €2,004 | +€418 | +26.4% |
| Financial charges | 65/66B | €9,654 | €7,439 | -€2,215 | -22.9% |
| Recurring financial charges | 65 | €9,654 | €7,439 | -€2,215 | -22.9% |
| Profit (loss) for the period before taxes | 9903 | €134,481 | €132,964 | -€1,517 | -1.1% |
| Income taxes | 67/77 | €40,837 | €29,578 | -€11,259 | -27.6% |
| Profit (loss) for the period | 9904 | €93,644 | €103,386 | +€9,742 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €93,644 | €103,386 | +€9,742 | +10.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.