A.R.S.: 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.S.
Largest movements
- Cash +€39,679
up €39,679 (+40.6%), from €97,683 to €137,362
mainly Stocks and contracts (+€28,000) and Receivables within one year (+€23,651)
- Stocks and contracts -€28,000
down €28,000 (-29.3%), from €95,543 to €67,543
- Receivables within one year -€23,651
down €23,651 (-56.4%), from €41,921 to €18,270
- Tangible fixed assets -€9,888
down €9,888 (-54.8%), from €18,029 to €8,140
- Other debts +€18,500
up €18,500 (+1,233%), from €1,500 to €20,000
- Tax, wage and social debts -€18,218
down €18,218 (-38.3%), from €47,604 to €29,386
of which Remuneration and social security: -€17,060
- Trade debts -€11,085
down €11,085 (-31.8%), from €34,821 to €23,737
- Profit (loss) carried forward -€11,058
down €11,058 (-6.5%), from €169,586 to €158,528
- Staff costs -€21,083
down €21,083 (-23.8%), from €88,530 to €67,447
- Taxes -€6,380
down €6,380 (-81.3%), from €7,850 to €1,470
- Gross operating margin -€4,170
down €4,170 (-4.3%), from €97,418 to €93,248
- Depreciation -€1,070
down €1,070 (-9.8%), from €10,958 to €9,888
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 | €274,264 | €252,403 | -€21,860 | -8.0% |
| Fixed assets | 21/28 | €39,117 | €29,228 | -€9,888 | -25.3% |
| Tangible fixed assets | 22/27 | €18,029 | €8,140 | -€9,888 | -54.8% |
| Furniture and vehicles | 24 | €18,029 | €8,140 | -€9,888 | -54.8% |
| Financial fixed assets | 28 | €21,088 | €21,088 | = | 0.0% |
| Current assets | 29/58 | €235,147 | €223,175 | -€11,972 | -5.1% |
| Stocks and contracts in progress | 3 | €95,543 | €67,543 | -€28,000 | -29.3% |
| Stocks | 30/36 | €95,543 | €67,543 | -€28,000 | -29.3% |
| Amounts receivable within one year | 40/41 | €41,921 | €18,270 | -€23,651 | -56.4% |
| Trade receivables | 40 | €41,921 | €18,270 | -€23,651 | -56.4% |
| Cash at bank and in hand | 54/58 | €97,683 | €137,362 | +€39,679 | +40.6% |
| Total equity and liabilities | 10/49 | €274,264 | €252,403 | -€21,860 | -8.0% |
| Equity | 10/15 | €190,338 | €179,280 | -€11,058 | -5.8% |
| Contributions | 10/11 | €10,592 | €10,592 | = | 0.0% |
| Reserves | 13 | €10,160 | €10,160 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,300 | €8,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,586 | €158,528 | -€11,058 | -6.5% |
| Amounts payable | 17/49 | €83,926 | €73,123 | -€10,803 | -12.9% |
| Amounts payable within one year | 42/48 | €83,926 | €73,123 | -€10,803 | -12.9% |
| Trade debts | 44 | €34,821 | €23,737 | -€11,085 | -31.8% |
| Suppliers | 440/4 | €34,821 | €23,737 | -€11,085 | -31.8% |
| Taxes, remuneration and social security | 45 | €47,604 | €29,386 | -€18,218 | -38.3% |
| Taxes | 450/3 | €10,727 | €9,569 | -€1,158 | -10.8% |
| Remuneration and social security | 454/9 | €36,878 | €19,818 | -€17,060 | -46.3% |
| Other amounts payable | 47/48 | €1,500 | €20,000 | +€18,500 | +1,233% |
| Non-recurring operating income | 76A | €207 | - | -€207 | |
| Remuneration, social security and pensions | 62 | €88,530 | €67,447 | -€21,083 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,958 | €9,888 | -€1,070 | -9.8% |
| Other operating charges | 640/8 | €858 | €1,195 | +€337 | +39.2% |
| Gross operating margin | 9900 | €97,418 | €93,248 | -€4,170 | -4.3% |
| Operating profit (loss) | 9901 | -€2,928 | €14,718 | +€17,646 | |
| Financial income | 75/76B | - | €647 | +€647 | |
| Recurring financial income | 75 | - | €647 | +€647 | |
| Financial charges | 65/66B | €938 | €1,423 | +€485 | +51.7% |
| Recurring financial charges | 65 | €938 | €1,423 | +€485 | +51.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,866 | €13,942 | +€17,808 | |
| Income taxes | 67/77 | €7,850 | €1,470 | -€6,380 | -81.3% |
| Profit (loss) for the period | 9904 | -€11,716 | €12,472 | +€24,188 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,716 | €12,472 | +€24,188 |
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 20 October 2026 via checked.be.