AR-GI Construct: what changed
Two fiscal 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-GI Construct
Largest movements
- Receivables within one year -€57,724
down €57,724 (-65.2%), from €88,478 to €30,754
of which Trade receivables: -€78,747
- Tangible fixed assets -€18,915
down €18,915 (-56.2%), from €33,635 to €14,720
of which Furniture and vehicles: -€19,478
- Cash -€18,544
down €18,544 (-36.5%), from €50,749 to €32,204
mainly Trade debts (-€114,024) and Debts after one year (-€20,221)
- Stocks and contracts -€14,853
down €14,853 (-13.5%), from €109,670 to €94,816
of which Stocks: -€8,830
- Trade debts -€114,024
down €114,024 (-84.7%), from €134,642 to €20,619
- Debts after one year -€20,221
down €20,221 (-83.3%), from €24,281 to €4,060
- Current portion of long-term debt +€14,381
up €14,381 (+25.8%), from €55,840 to €70,221
- Profit (loss) carried forward +€5,047
up €5,047 (+9.4%), from €53,519 to €58,566
- Other debts +€4,779
new in 2025: €4,779
- Gross operating margin -€14,979
down €14,979 (-34.1%), from €43,930 to €28,951
- Depreciation -€11,719
down €11,719 (-34.1%), from €34,384 to €22,665
- Other operating charges -€1,323
down €1,323 (-85.4%), from €1,549 to €226
- Financial income +€1,309
new in 2025: €1,309
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 | €283,281 | €173,244 | -€110,037 | -38.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €34,385 | €15,470 | -€18,915 | -55.0% |
| Tangible fixed assets | 22/27 | €33,635 | €14,720 | -€18,915 | -56.2% |
| Plant, machinery and equipment | 23 | €7,913 | €8,476 | +€563 | +7.1% |
| Furniture and vehicles | 24 | €25,722 | €6,244 | -€19,478 | -75.7% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €248,896 | €157,775 | -€91,122 | -36.6% |
| Stocks and contracts in progress | 3 | €109,670 | €94,816 | -€14,853 | -13.5% |
| Stocks | 30/36 | €35,894 | €27,064 | -€8,830 | -24.6% |
| Contracts in progress | 37 | €73,775 | €67,752 | -€6,023 | -8.2% |
| Amounts receivable within one year | 40/41 | €88,478 | €30,754 | -€57,724 | -65.2% |
| Trade receivables | 40 | €85,651 | €6,905 | -€78,747 | -91.9% |
| Other amounts receivable | 41 | €2,827 | €23,849 | +€21,022 | +743.6% |
| Cash at bank and in hand | 54/58 | €50,749 | €32,204 | -€18,544 | -36.5% |
| Total equity and liabilities | 10/49 | €283,281 | €173,244 | -€110,037 | -38.8% |
| Equity | 10/15 | €68,519 | €73,566 | +€5,047 | +7.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,519 | €58,566 | +€5,047 | +9.4% |
| Amounts payable | 17/49 | €214,763 | €99,678 | -€115,085 | -53.6% |
| Amounts payable after more than one year | 17 | €24,281 | €4,060 | -€20,221 | -83.3% |
| Financial debts | 170/4 | €24,281 | €4,060 | -€20,221 | -83.3% |
| Amounts payable within one year | 42/48 | €190,482 | €95,618 | -€94,864 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €55,840 | €70,221 | +€14,381 | +25.8% |
| Trade debts | 44 | €134,642 | €20,619 | -€114,024 | -84.7% |
| Suppliers | 440/4 | €134,642 | €20,619 | -€114,024 | -84.7% |
| Other amounts payable | 47/48 | - | €4,779 | +€4,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,384 | €22,665 | -€11,719 | -34.1% |
| Other operating charges | 640/8 | €1,549 | €226 | -€1,323 | -85.4% |
| Gross operating margin | 9900 | €43,930 | €28,951 | -€14,979 | -34.1% |
| Operating profit (loss) | 9901 | €7,998 | €6,060 | -€1,937 | -24.2% |
| Financial income | 75/76B | - | €1,309 | +€1,309 | |
| Recurring financial income | 75 | - | €1,309 | +€1,309 | |
| Financial charges | 65/66B | €2,587 | €2,321 | -€266 | -10.3% |
| Recurring financial charges | 65 | €2,587 | €2,321 | -€266 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €5,410 | €5,047 | -€363 | -6.7% |
| Profit (loss) for the period | 9904 | €5,410 | €5,047 | -€363 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,410 | €5,047 | -€363 | -6.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.