AR GROUP: 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 GROUP
Largest movements
- Stocks and contracts -€907,695
down €907,695 (-23.6%), from €3.9m to €2.9m
of which Stocks: -€889,625
- Receivables within one year +€423,374
up €423,374 (+352%), from €120,238 to €543,612
of which Trade receivables: +€426,396
- Cash +€202,005
up €202,005 (+14,444%), from €1,399 to €203,403
mainly Stocks and contracts (+€907,695) and Net result for the year (+€26,767)
- Advances received -€201,045
no longer reported in 2025 (was €201,045)
- Trade debts -€59,612
down €59,612 (-1.6%), from €3.6m to €3.6m
- Gross operating margin +€10,523
up €10,523 (+29.2%), from €36,060 to €46,583
- Financial charges +€8,685
up €8,685 (+509%), from €1,705 to €10,391
- Other operating charges +€3,508
up €3,508 (+2,806%), from €125 to €3,633
- Financial income +€2,798
up €2,798 (+5,556%), from €50 to €2,848
- Depreciation +€2,495
up €2,495 (+1,550%), from €161 to €2,656
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 | €3,984,294 | €3,724,271 | -€260,023 | -6.5% |
| Formation expenses | 20 | €195 | €34 | -€161 | -82.6% |
| Fixed assets | 21/28 | €9,165 | €31,620 | +€22,455 | +245% |
| Tangible fixed assets | 22/27 | - | €22,455 | +€22,455 | |
| Plant, machinery and equipment | 23 | - | €22,455 | +€22,455 | |
| Financial fixed assets | 28 | €9,165 | €9,165 | = | 0.0% |
| Current assets | 29/58 | €3,974,934 | €3,692,617 | -€282,317 | -7.1% |
| Stocks and contracts in progress | 3 | €3,853,297 | €2,945,602 | -€907,695 | -23.6% |
| Stocks | 30/36 | €3,835,227 | €2,945,602 | -€889,625 | -23.2% |
| Contracts in progress | 37 | €18,070 | - | -€18,070 | |
| Amounts receivable within one year | 40/41 | €120,238 | €543,612 | +€423,374 | +352% |
| Trade receivables | 40 | €78,036 | €504,431 | +€426,396 | +546% |
| Other amounts receivable | 41 | €42,202 | €39,180 | -€3,022 | -7.2% |
| Cash at bank and in hand | 54/58 | €1,399 | €203,403 | +€202,005 | +14,444% |
| Total equity and liabilities | 10/49 | €3,984,294 | €3,724,271 | -€260,023 | -6.5% |
| Equity | 10/15 | €67,217 | €32,209 | -€35,008 | -52.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,217 | €22,009 | -€34,208 | -60.8% |
| Investment grants | 15 | €8,000 | €7,200 | -€800 | -10.0% |
| Provisions and deferred taxes | 16 | €2,000 | €1,800 | -€200 | -10.0% |
| Deferred taxes | 168 | €2,000 | €1,800 | -€200 | -10.0% |
| Amounts payable | 17/49 | €3,915,076 | €3,690,261 | -€224,815 | -5.7% |
| Amounts payable within one year | 42/48 | €3,915,076 | €3,690,261 | -€224,815 | -5.7% |
| Trade debts | 44 | €3,628,205 | €3,568,593 | -€59,612 | -1.6% |
| Suppliers | 440/4 | €3,628,205 | €3,568,593 | -€59,612 | -1.6% |
| Advances received on contracts in progress | 46 | €201,045 | - | -€201,045 | |
| Taxes, remuneration and social security | 45 | €7,238 | €17,160 | +€9,922 | +137% |
| Taxes | 450/3 | €7,238 | €17,160 | +€9,922 | +137% |
| Other amounts payable | 47/48 | €78,588 | €104,508 | +€25,920 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161 | €2,656 | +€2,495 | +1,550% |
| Other operating charges | 640/8 | €125 | €3,633 | +€3,508 | +2,806% |
| Gross operating margin | 9900 | €36,060 | €46,583 | +€10,523 | +29.2% |
| Operating profit (loss) | 9901 | €35,774 | €40,295 | +€4,520 | +12.6% |
| Financial income | 75/76B | €50 | €2,848 | +€2,798 | +5,556% |
| Recurring financial income | 75 | €50 | €2,848 | +€2,798 | +5,556% |
| Financial charges | 65/66B | €1,705 | €10,391 | +€8,685 | +509% |
| Recurring financial charges | 65 | €1,705 | €10,391 | +€8,685 | +509% |
| Profit (loss) for the period before taxes | 9903 | €34,119 | €32,752 | -€1,367 | -4.0% |
| Transfer from deferred taxes | 780 | - | €200 | +€200 | |
| Income taxes | 67/77 | €6,824 | €6,185 | -€639 | -9.4% |
| Profit (loss) for the period | 9904 | €27,296 | €26,767 | -€528 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €27,296 | €26,767 | -€528 | -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 15 October 2026 via checked.be.