AR&BE: 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.
AR&BE
Largest movements
- Receivables within one year +€118,263
up €118,263 (+135.1%), from €87,555 to €205,818
of which Other amounts receivable: +€123,824
- Cash -€85,872
down €85,872 (-66.3%), from €129,617 to €43,745
mainly Receivables within one year (-€118,263) and Tax, wage and social debts (-€20,750)
- Tangible fixed assets -€3,962
down €3,962 (-17.4%), from €22,727 to €18,764
of which Furniture and vehicles: -€2,378
- Reserves +€52,820
up €52,820 (+24.3%), from €217,665 to €270,485
- Tax, wage and social debts -€20,750
down €20,750 (-70.7%), from €29,334 to €8,584
- Debts after one year -€5,895
down €5,895 (-56.1%), from €10,503 to €4,608
- Turnover -€86,122
down €86,122 (-17.9%), from €480,210 to €394,088
- Gross operating margin -€75,682
down €75,682 (-47.1%), from €160,844 to €85,161
- Taxes -€23,664
down €23,664 (-55.1%), from €42,973 to €19,308
- Purchases and services -€10,440
down €10,440 (-3.3%), from €319,366 to €308,927
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.
Cash bridge derived
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 | €263,225 | €289,814 | +€26,589 | +10.1% |
| Fixed assets | 21/28 | €32,551 | €28,589 | -€3,962 | -12.2% |
| Tangible fixed assets | 22/27 | €22,727 | €18,764 | -€3,962 | -17.4% |
| Plant, machinery and equipment | 23 | €12,103 | €10,519 | -€1,584 | -13.1% |
| Furniture and vehicles | 24 | €10,624 | €8,246 | -€2,378 | -22.4% |
| Financial fixed assets | 28 | €9,824 | €9,824 | = | 0.0% |
| Current assets | 29/58 | €230,674 | €261,226 | +€30,552 | +13.2% |
| Stocks and contracts in progress | 3 | €6,964 | €6,598 | -€366 | -5.3% |
| Stocks | 30/36 | €6,964 | €6,598 | -€366 | -5.3% |
| Amounts receivable within one year | 40/41 | €87,555 | €205,818 | +€118,263 | +135.1% |
| Trade receivables | 40 | €7,647 | €2,087 | -€5,561 | -72.7% |
| Other amounts receivable | 41 | €79,908 | €203,731 | +€123,824 | +155.0% |
| Cash at bank and in hand | 54/58 | €129,617 | €43,745 | -€85,872 | -66.3% |
| Deferred charges and accrued income | 490/1 | €6,538 | €5,065 | -€1,473 | -22.5% |
| Total equity and liabilities | 10/49 | €263,225 | €289,814 | +€26,589 | +10.1% |
| Equity | 10/15 | €217,665 | €270,485 | +€52,820 | +24.3% |
| Reserves | 13 | €217,665 | €270,485 | +€52,820 | +24.3% |
| Distributable reserves | 133 | €217,665 | €270,485 | +€52,820 | +24.3% |
| Amounts payable | 17/49 | €45,560 | €19,330 | -€26,230 | -57.6% |
| Amounts payable after more than one year | 17 | €10,503 | €4,608 | -€5,895 | -56.1% |
| Financial debts | 170/4 | €10,503 | €4,608 | -€5,895 | -56.1% |
| Amounts payable within one year | 42/48 | €35,058 | €14,722 | -€20,336 | -58.0% |
| Current portion of amounts payable after more than one year | 42 | €5,623 | €5,895 | +€272 | +4.8% |
| Trade debts | 44 | €101 | €244 | +€142 | +140.8% |
| Suppliers | 440/4 | €101 | €244 | +€142 | +140.8% |
| Taxes, remuneration and social security | 45 | €29,334 | €8,584 | -€20,750 | -70.7% |
| Taxes | 450/3 | €29,334 | €8,584 | -€20,750 | -70.7% |
| Turnover | 70 | €480,210 | €394,088 | -€86,122 | -17.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €319,366 | €308,927 | -€10,440 | -3.3% |
| Remuneration, social security and pensions | 62 | €1,721 | €127 | -€1,594 | -92.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,815 | €8,548 | +€733 | +9.4% |
| Other operating charges | 640/8 | €3,154 | €520 | -€2,635 | -83.5% |
| Non-recurring operating charges | 66A | - | €2,250 | +€2,250 | |
| Gross operating margin | 9900 | €160,844 | €85,161 | -€75,682 | -47.1% |
| Operating profit (loss) | 9901 | €148,153 | €73,716 | -€74,436 | -50.2% |
| Financial income | 75/76B | €4,054 | €694 | -€3,360 | -82.9% |
| Recurring financial income | 75 | €4,054 | €694 | -€3,360 | -82.9% |
| Financial charges | 65/66B | €2,701 | €2,283 | -€418 | -15.5% |
| Recurring financial charges | 65 | €2,701 | €2,283 | -€418 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €149,506 | €72,128 | -€77,378 | -51.8% |
| Income taxes | 67/77 | €42,973 | €19,308 | -€23,664 | -55.1% |
| Profit (loss) for the period | 9904 | €106,534 | €52,820 | -€53,714 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €106,534 | €52,820 | -€53,714 | -50.4% |
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 9 October 2026 via checked.be.