A.R.S. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Cash -€28,140
down €28,140 (-96.6%), from €29,139 to €998
mainly Net result for the year (-€23,959) and Receivables within one year (-€5,374)
- Receivables within one year +€5,374
up €5,374 (+79.5%), from €6,755 to €12,129
of which Trade receivables: +€5,359
- Profit (loss) carried forward -€23,959
down €23,959 (-70.7%), from -€33,911 to -€57,870
- Tax, wage and social debts -€5,009
down €5,009 (-52.8%), from €9,482 to €4,473
- Other debts +€4,428
up €4,428 (+9.3%), from €47,703 to €52,131
- Trade debts +€1,576
up €1,576 (+94.7%), from €1,665 to €3,241
- Gross operating margin -€37,166
down €37,166, from €15,262 to -€21,904
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 | €37,639 | €14,675 | -€22,964 | -61.0% |
| Fixed assets | 21/28 | €1,139 | €976 | -€163 | -14.3% |
| Tangible fixed assets | 22/27 | €1,139 | €976 | -€163 | -14.3% |
| Plant, machinery and equipment | 23 | €1,139 | €976 | -€163 | -14.3% |
| Current assets | 29/58 | €36,500 | €13,699 | -€22,801 | -62.5% |
| Amounts receivable within one year | 40/41 | €6,755 | €12,129 | +€5,374 | +79.5% |
| Trade receivables | 40 | €6,548 | €11,906 | +€5,359 | +81.8% |
| Other amounts receivable | 41 | €207 | €222 | +€15 | +7.3% |
| Cash at bank and in hand | 54/58 | €29,139 | €998 | -€28,140 | -96.6% |
| Deferred charges and accrued income | 490/1 | €606 | €572 | -€34 | -5.6% |
| Total equity and liabilities | 10/49 | €37,639 | €14,675 | -€22,964 | -61.0% |
| Equity | 10/15 | -€21,211 | -€45,170 | -€23,959 | -113% |
| Contributions | 10/11 | €12,700 | €12,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,911 | -€57,870 | -€23,959 | -70.7% |
| Amounts payable | 17/49 | €58,850 | €59,845 | +€995 | +1.7% |
| Amounts payable within one year | 42/48 | €58,850 | €59,845 | +€995 | +1.7% |
| Trade debts | 44 | €1,665 | €3,241 | +€1,576 | +94.7% |
| Suppliers | 440/4 | €1,665 | €3,241 | +€1,576 | +94.7% |
| Taxes, remuneration and social security | 45 | €9,482 | €4,473 | -€5,009 | -52.8% |
| Taxes | 450/3 | €9,482 | €4,473 | -€5,009 | -52.8% |
| Other amounts payable | 47/48 | €47,703 | €52,131 | +€4,428 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163 | €163 | = | 0.0% |
| Other operating charges | 640/8 | €1,153 | €1,236 | +€83 | +7.2% |
| Gross operating margin | 9900 | €15,262 | -€21,904 | -€37,166 | |
| Operating profit (loss) | 9901 | €13,947 | -€23,303 | -€37,249 | |
| Financial income | 75/76B | €58 | €1 | -€57 | -98.3% |
| Recurring financial income | 75 | €58 | €1 | -€57 | -98.3% |
| Financial charges | 65/66B | €296 | €180 | -€116 | -39.1% |
| Recurring financial charges | 65 | €296 | €180 | -€116 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €13,709 | -€23,482 | -€37,191 | |
| Income taxes | 67/77 | €469 | €477 | +€8 | +1.8% |
| Profit (loss) for the period | 9904 | €13,241 | -€23,959 | -€37,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,241 | -€23,959 | -€37,200 |
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 30 October 2026 via checked.be.