AR&OW: 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&OW
Largest movements
- Tangible fixed assets -€25,485
down €25,485 (-2.4%), from €1.1m to €1.0m
of which Land and buildings: -€21,238
- Cash -€13,621
down €13,621 (-77.0%), from €17,680 to €4,059
mainly Net result for the year (-€50,610) and Investment in fixed assets (net) (-€32,787)
- Profit (loss) carried forward -€50,610
down €50,610 (-46.5%), from -€108,727 to -€159,337
- Gross operating margin -€5,551
down €5,551 (-10.3%), from €53,695 to €48,144
- Depreciation +€2,056
up €2,056 (+3.7%), from €56,215 to €58,272
- Financial charges -€1,429
down €1,429 (-5.8%), from €24,483 to €23,053
- Other operating charges +€712
up €712 (+4.3%), from €16,718 to €17,429
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 | €1,088,558 | €1,043,512 | -€45,046 | -4.1% |
| Fixed assets | 21/28 | €1,061,356 | €1,035,872 | -€25,485 | -2.4% |
| Tangible fixed assets | 22/27 | €1,061,356 | €1,035,872 | -€25,485 | -2.4% |
| Land and buildings | 22 | €991,989 | €970,751 | -€21,238 | -2.1% |
| Plant, machinery and equipment | 23 | €69,367 | €65,121 | -€4,246 | -6.1% |
| Current assets | 29/58 | €27,202 | €7,641 | -€19,561 | -71.9% |
| Amounts receivable within one year | 40/41 | €778 | €3,050 | +€2,272 | +291.9% |
| Trade receivables | 40 | €778 | €3,050 | +€2,272 | +291.9% |
| Cash at bank and in hand | 54/58 | €17,680 | €4,059 | -€13,621 | -77.0% |
| Deferred charges and accrued income | 490/1 | €8,744 | €532 | -€8,212 | -93.9% |
| Total equity and liabilities | 10/49 | €1,088,558 | €1,043,512 | -€45,046 | -4.1% |
| Equity | 10/15 | €141,273 | €90,663 | -€50,610 | -35.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,727 | -€159,337 | -€50,610 | -46.5% |
| Amounts payable | 17/49 | €947,286 | €952,849 | +€5,564 | +0.6% |
| Amounts payable after more than one year | 17 | €903,010 | €910,033 | +€7,024 | +0.8% |
| Financial debts | 170/4 | €595,510 | €555,962 | -€39,547 | -6.6% |
| Other amounts payable | 178/9 | €307,500 | €354,071 | +€46,571 | +15.1% |
| Amounts payable within one year | 42/48 | €41,476 | €42,816 | +€1,340 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €38,120 | €39,547 | +€1,427 | +3.7% |
| Trade debts | 44 | €163 | €3,269 | +€3,105 | +1901.0% |
| Suppliers | 440/4 | €163 | €3,269 | +€3,105 | +1901.0% |
| Taxes, remuneration and social security | 45 | €3,192 | €0 | -€3,192 | -100.0% |
| Taxes | 450/3 | €3,192 | €0 | -€3,192 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,800 | €0 | -€2,800 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,215 | €58,272 | +€2,056 | +3.7% |
| Other operating charges | 640/8 | €16,718 | €17,429 | +€712 | +4.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €53,695 | €48,144 | -€5,551 | -10.3% |
| Operating profit (loss) | 9901 | -€19,238 | -€27,556 | -€8,319 | -43.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €24,483 | €23,053 | -€1,429 | -5.8% |
| Recurring financial charges | 65 | €24,483 | €23,053 | -€1,429 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€43,720 | -€50,610 | -€6,890 | -15.8% |
| Profit (loss) for the period | 9904 | -€43,720 | -€50,610 | -€6,890 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,720 | -€50,610 | -€6,890 | -15.8% |
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 8 October 2026 via checked.be.