A.R.W.: 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.W.
Largest movements
- Cash -€204,724
down €204,724 (-40.1%), from €510,328 to €305,604
mainly Investment in fixed assets (net) (-€400,684) and Other debts (-€136,789)
- Tangible fixed assets +€179,167
up €179,167 (+30.6%), from €586,145 to €765,312
of which Furniture and vehicles: +€130,055
- Receivables within one year +€43,738
up €43,738 (+8.9%), from €494,143 to €537,881
of which Other amounts receivable: +€24,459
- Other debts -€136,789
down €136,789 (-70.9%), from €192,920 to €56,131
- Reserves +€124,510
up €124,510 (+27.9%), from €446,056 to €570,566
of which Distributable reserves: +€124,510
- Trade debts -€104,678
down €104,678 (-56.2%), from €186,199 to €81,521
- Debts after one year +€104,444
up €104,444 (+31.5%), from €331,329 to €435,773
of which Financial debts: +€104,444
- Current portion of long-term debt +€19,959
up €19,959 (+31.1%), from €64,147 to €84,106
- Depreciation +€85,652
up €85,652 (+63.2%), from €135,595 to €221,247
- Gross operating margin -€85,484
down €85,484 (-13.4%), from €639,456 to €553,972
- Taxes -€47,952
down €47,952 (-51.6%), from €92,968 to €45,016
- Staff costs +€9,846
up €9,846 (+10.6%), from €92,926 to €102,772
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 | €1,613,061 | €1,630,464 | +€17,403 | +1.1% |
| Fixed assets | 21/28 | €588,867 | €768,304 | +€179,437 | +30.5% |
| Tangible fixed assets | 22/27 | €586,145 | €765,312 | +€179,167 | +30.6% |
| Plant, machinery and equipment | 23 | €2,019 | - | -€2,019 | |
| Furniture and vehicles | 24 | €282,953 | €413,008 | +€130,055 | +46.0% |
| Leasing and similar rights | 25 | €247,753 | €275,573 | +€27,820 | +11.2% |
| Other tangible fixed assets | 26 | €53,420 | €76,731 | +€23,311 | +43.6% |
| Financial fixed assets | 28 | €2,722 | €2,992 | +€270 | +9.9% |
| Current assets | 29/58 | €1,024,194 | €862,160 | -€162,034 | -15.8% |
| Amounts receivable within one year | 40/41 | €494,143 | €537,881 | +€43,738 | +8.9% |
| Trade receivables | 40 | €340,526 | €359,805 | +€19,279 | +5.7% |
| Other amounts receivable | 41 | €153,617 | €178,076 | +€24,459 | +15.9% |
| Cash at bank and in hand | 54/58 | €510,328 | €305,604 | -€204,724 | -40.1% |
| Deferred charges and accrued income | 490/1 | €19,723 | €18,675 | -€1,048 | -5.3% |
| Total equity and liabilities | 10/49 | €1,613,061 | €1,630,464 | +€17,403 | +1.1% |
| Equity | 10/15 | €702,822 | €827,332 | +€124,510 | +17.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €446,056 | €570,566 | +€124,510 | +27.9% |
| Non-distributable reserves | 130/1 | €6,330 | €6,330 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Other | 1319 | €130 | €130 | = | 0.0% |
| Distributable reserves | 133 | €439,726 | €564,236 | +€124,510 | +28.3% |
| Profit (loss) carried forward | 14 | €194,766 | €194,766 | = | 0.0% |
| Amounts payable | 17/49 | €910,239 | €803,132 | -€107,107 | -11.8% |
| Amounts payable after more than one year | 17 | €331,329 | €435,773 | +€104,444 | +31.5% |
| Financial debts | 170/4 | €330,829 | €435,273 | +€104,444 | +31.6% |
| Other amounts payable | 178/9 | €500 | €500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €576,692 | €366,847 | -€209,845 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €64,147 | €84,106 | +€19,959 | +31.1% |
| Financial debts | 43 | €97,877 | €106,053 | +€8,176 | +8.4% |
| Credit institutions | 430/8 | €70,755 | €78,917 | +€8,162 | +11.5% |
| Other loans | 439 | €27,122 | €27,136 | +€14 | +0.1% |
| Trade debts | 44 | €186,199 | €81,521 | -€104,678 | -56.2% |
| Suppliers | 440/4 | €186,199 | €81,521 | -€104,678 | -56.2% |
| Taxes, remuneration and social security | 45 | €35,549 | €39,036 | +€3,487 | +9.8% |
| Taxes | 450/3 | €21,622 | €26,380 | +€4,758 | +22.0% |
| Remuneration and social security | 454/9 | €13,927 | €12,656 | -€1,271 | -9.1% |
| Other amounts payable | 47/48 | €192,920 | €56,131 | -€136,789 | -70.9% |
| Accrued charges and deferred income | 492/3 | €2,218 | €512 | -€1,706 | -76.9% |
| Non-recurring operating income | 76A | - | €15,592 | +€15,592 | |
| Remuneration, social security and pensions | 62 | €92,926 | €102,772 | +€9,846 | +10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,595 | €221,247 | +€85,652 | +63.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,418 | - | -€4,418 | |
| Other operating charges | 640/8 | €30,098 | €28,631 | -€1,467 | -4.9% |
| Non-recurring operating charges | 66A | €200 | - | -€200 | |
| Gross operating margin | 9900 | €639,456 | €553,972 | -€85,484 | -13.4% |
| Operating profit (loss) | 9901 | €376,219 | €201,322 | -€174,897 | -46.5% |
| Financial income | 75/76B | - | €3,382 | +€3,382 | |
| Recurring financial income | 75 | - | €3,382 | +€3,382 | |
| Financial charges | 65/66B | €30,585 | €35,178 | +€4,593 | +15.0% |
| Recurring financial charges | 65 | €30,585 | €35,178 | +€4,593 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €345,634 | €169,526 | -€176,108 | -51.0% |
| Income taxes | 67/77 | €92,968 | €45,016 | -€47,952 | -51.6% |
| Profit (loss) for the period | 9904 | €252,666 | €124,510 | -€128,156 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €252,666 | €124,510 | -€128,156 | -50.7% |
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 17 October 2026 via checked.be.