AR.M: 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.M
Largest movements
- Stocks and contracts -€7,120
down €7,120 (-42.5%), from €16,768 to €9,648
- Receivables within one year -€2,975
down €2,975 (-92.3%), from €3,224 to €249
of which Trade receivables: -€3,036
- Tangible fixed assets -€1,311
down €1,311 (-33.9%), from €3,865 to €2,555
of which Other tangible fixed assets: -€1,002
- Cash +€407
up €407 (+6.4%), from €6,401 to €6,807
mainly Stocks and contracts (+€7,120) and Short-term financial debts (+€3,764)
- Profit (loss) carried forward -€7,640
down €7,640 (-80.0%), from -€9,547 to -€17,187
- Debts after one year -€5,126
down €5,126 (-40.0%), from €12,805 to €7,679
- Short-term financial debts +€3,764
new in 2025: €3,764
- Trade debts -€2,512
down €2,512 (-59.4%), from €4,229 to €1,716
- Tax, wage and social debts +€347
up €347 (+3.2%), from €11,007 to €11,354
of which Remuneration and social security: +€2,817
- Gross operating margin -€4,534
down €4,534 (-14.3%), from €31,700 to €27,165
- Staff costs +€2,423
up €2,423 (+9.0%), from €26,913 to €29,336
- Other operating charges +€583
up €583 (+81.7%), from €714 to €1,298
- Financial charges +€455
up €455 (+18.9%), from €2,410 to €2,865
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 | €32,198 | €21,199 | -€10,999 | -34.2% |
| Fixed assets | 21/28 | €5,805 | €4,495 | -€1,311 | -22.6% |
| Tangible fixed assets | 22/27 | €3,865 | €2,555 | -€1,311 | -33.9% |
| Plant, machinery and equipment | 23 | €195 | €18 | -€177 | -90.6% |
| Furniture and vehicles | 24 | €309 | €177 | -€131 | -42.5% |
| Other tangible fixed assets | 26 | €3,361 | €2,359 | -€1,002 | -29.8% |
| Financial fixed assets | 28 | €1,940 | €1,940 | = | 0.0% |
| Current assets | 29/58 | €26,393 | €16,704 | -€9,688 | -36.7% |
| Stocks and contracts in progress | 3 | €16,768 | €9,648 | -€7,120 | -42.5% |
| Stocks | 30/36 | €16,768 | €9,648 | -€7,120 | -42.5% |
| Amounts receivable within one year | 40/41 | €3,224 | €249 | -€2,975 | -92.3% |
| Trade receivables | 40 | €3,036 | €0 | -€3,036 | -100.0% |
| Other amounts receivable | 41 | €188 | €249 | +€61 | +32.7% |
| Cash at bank and in hand | 54/58 | €6,401 | €6,807 | +€407 | +6.4% |
| Total equity and liabilities | 10/49 | €32,198 | €21,199 | -€10,999 | -34.2% |
| Equity | 10/15 | -€5,547 | -€13,187 | -€7,640 | -137.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,547 | -€17,187 | -€7,640 | -80.0% |
| Amounts payable | 17/49 | €37,746 | €34,387 | -€3,359 | -8.9% |
| Amounts payable after more than one year | 17 | €12,805 | €7,679 | -€5,126 | -40.0% |
| Financial debts | 170/4 | €12,805 | €7,679 | -€5,126 | -40.0% |
| Amounts payable within one year | 42/48 | €24,940 | €26,707 | +€1,767 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €4,894 | €5,126 | +€232 | +4.7% |
| Financial debts | 43 | - | €3,764 | +€3,764 | |
| Credit institutions | 430/8 | - | €3,764 | +€3,764 | |
| Trade debts | 44 | €4,229 | €1,716 | -€2,512 | -59.4% |
| Suppliers | 440/4 | €4,229 | €1,716 | -€2,512 | -59.4% |
| Taxes, remuneration and social security | 45 | €11,007 | €11,354 | +€347 | +3.2% |
| Taxes | 450/3 | €8,449 | €5,979 | -€2,470 | -29.2% |
| Remuneration and social security | 454/9 | €2,558 | €5,375 | +€2,817 | +110.1% |
| Other amounts payable | 47/48 | €4,810 | €4,747 | -€63 | -1.3% |
| Remuneration, social security and pensions | 62 | €26,913 | €29,336 | +€2,423 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,570 | €1,311 | -€260 | -16.5% |
| Other operating charges | 640/8 | €714 | €1,298 | +€583 | +81.7% |
| Gross operating margin | 9900 | €31,700 | €27,165 | -€4,534 | -14.3% |
| Operating profit (loss) | 9901 | €2,502 | -€4,779 | -€7,281 | |
| Financial income | 75/76B | €1 | €5 | +€4 | +678.3% |
| Recurring financial income | 75 | €1 | €5 | +€4 | +678.3% |
| Financial charges | 65/66B | €2,410 | €2,865 | +€455 | +18.9% |
| Recurring financial charges | 65 | €2,410 | €2,865 | +€455 | +18.9% |
| Profit (loss) for the period before taxes | 9903 | €92 | -€7,640 | -€7,732 | |
| Profit (loss) for the period | 9904 | €92 | -€7,640 | -€7,732 | |
| Profit (loss) for the period to be appropriated | 9905 | €92 | -€7,640 | -€7,732 |
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 2 October 2026 via checked.be.