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
- Tangible fixed assets -€90,324
down €90,324 (-13.2%), from €685,232 to €594,908
of which Land and buildings: -€75,002
- Receivables within one year +€23,913
up €23,913 (+47.6%), from €50,187 to €74,100
of which Trade receivables: +€23,896
- Deferred charges and accrued income -€9,144
down €9,144 (-96.4%), from €9,482 to €338
- Short-term financial debts -€80,187
down €80,187 (-26.8%), from €299,700 to €219,513
- Other debts +€35,854
up €35,854 (+8,075%), from €444 to €36,298
- Revaluation surpluses -€35,000
down €35,000 (-7.7%), from €455,000 to €420,000
- Reserves +€35,000
up €35,000 (+13.2%), from €265,650 to €300,650
of which Distributable reserves: +€35,000
- Current portion of long-term debt -€17,184
down €17,184 (-73.2%), from €23,478 to €6,294
- Gross operating margin -€12,827
down €12,827 (-7.1%), from €181,203 to €168,376
- Staff costs -€8,612
down €8,612 (-12.7%), from €67,760 to €59,148
- Other operating charges -€6,762
down €6,762 (-61.2%), from €11,050 to €4,288
- Depreciation +€4,734
up €4,734 (+5.5%), from €85,591 to €90,325
- Financial income +€2,060
up €2,060 (+47.4%), from €4,342 to €6,402
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 | €746,248 | €670,574 | -€75,674 | -10.1% |
| Fixed assets | 21/28 | €685,232 | €594,908 | -€90,324 | -13.2% |
| Tangible fixed assets | 22/27 | €685,232 | €594,908 | -€90,324 | -13.2% |
| Land and buildings | 22 | €631,581 | €556,579 | -€75,002 | -11.9% |
| Plant, machinery and equipment | 23 | €21,438 | €13,096 | -€8,342 | -38.9% |
| Furniture and vehicles | 24 | €32,213 | €25,232 | -€6,981 | -21.7% |
| Current assets | 29/58 | €61,016 | €75,666 | +€14,650 | +24.0% |
| Amounts receivable within one year | 40/41 | €50,187 | €74,100 | +€23,913 | +47.6% |
| Trade receivables | 40 | €50,187 | €74,083 | +€23,896 | +47.6% |
| Other amounts receivable | 41 | - | €17 | +€17 | |
| Cash at bank and in hand | 54/58 | €1,347 | €1,228 | -€119 | -8.8% |
| Deferred charges and accrued income | 490/1 | €9,482 | €338 | -€9,144 | -96.4% |
| Total equity and liabilities | 10/49 | €746,248 | €670,574 | -€75,674 | -10.1% |
| Equity | 10/15 | €363,220 | €345,071 | -€18,149 | -5.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Contributions outside capital | 11 | €19,000 | - | -€19,000 | |
| Other | 1109/19 | €19,000 | - | -€19,000 | |
| Revaluation surpluses | 12 | €455,000 | €420,000 | -€35,000 | -7.7% |
| Reserves | 13 | €265,650 | €300,650 | +€35,000 | +13.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €246,900 | €281,900 | +€35,000 | +14.2% |
| Profit (loss) carried forward | 14 | -€401,964 | -€415,799 | -€13,835 | -3.4% |
| Investment grants | 15 | €25,534 | €21,220 | -€4,314 | -16.9% |
| Amounts payable | 17/49 | €383,028 | €325,503 | -€57,525 | -15.0% |
| Amounts payable after more than one year | 17 | €26,069 | €19,775 | -€6,294 | -24.1% |
| Financial debts | 170/4 | €26,069 | €19,775 | -€6,294 | -24.1% |
| Amounts payable within one year | 42/48 | €356,959 | €305,728 | -€51,231 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €23,478 | €6,294 | -€17,184 | -73.2% |
| Financial debts | 43 | €299,700 | €219,513 | -€80,187 | -26.8% |
| Credit institutions | 430/8 | €299,700 | €219,513 | -€80,187 | -26.8% |
| Trade debts | 44 | €5,749 | €10,612 | +€4,863 | +84.6% |
| Suppliers | 440/4 | €5,749 | €10,612 | +€4,863 | +84.6% |
| Taxes, remuneration and social security | 45 | €27,588 | €33,010 | +€5,422 | +19.7% |
| Taxes | 450/3 | €16,403 | €26,756 | +€10,353 | +63.1% |
| Remuneration and social security | 454/9 | €11,185 | €6,254 | -€4,931 | -44.1% |
| Other amounts payable | 47/48 | €444 | €36,298 | +€35,854 | +8,075% |
| Remuneration, social security and pensions | 62 | €67,760 | €59,148 | -€8,612 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,591 | €90,325 | +€4,734 | +5.5% |
| Other operating charges | 640/8 | €11,050 | €4,288 | -€6,762 | -61.2% |
| Non-recurring operating charges | 66A | €599 | €190 | -€409 | -68.3% |
| Gross operating margin | 9900 | €181,203 | €168,376 | -€12,827 | -7.1% |
| Operating profit (loss) | 9901 | €16,203 | €14,426 | -€1,777 | -11.0% |
| Financial income | 75/76B | €4,342 | €6,402 | +€2,060 | +47.4% |
| Recurring financial income | 75 | €4,342 | €6,402 | +€2,060 | +47.4% |
| Financial charges | 65/66B | €26,936 | €26,518 | -€418 | -1.6% |
| Recurring financial charges | 65 | €26,936 | €26,518 | -€418 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€6,391 | -€5,691 | +€700 | +11.0% |
| Income taxes | 67/77 | €7,189 | €8,143 | +€954 | +13.3% |
| Profit (loss) for the period | 9904 | -€13,580 | -€13,834 | -€254 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,580 | -€13,834 | -€254 | -1.9% |
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 23 October 2026 via checked.be.