AR-VEST: 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-VEST
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Other debts -€74,018
down €74,018 (-13.1%), from €563,578 to €489,560
- Reserves +€53,482
up €53,482 (+47.8%), from €111,826 to €165,308
of which Distributable reserves: +€53,482
- Profit (loss) carried forward +€23,569
up €23,569 (+44.1%), from €53,482 to €77,051
- Gross operating margin +€28,366
up €28,366 (+35.9%), from €79,114 to €107,480
- Staff costs +€9,102
up €9,102 (+20.4%), from €44,637 to €53,738
- Other operating charges -€2,256
down €2,256 (-51.5%), from €4,385 to €2,129
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €829,499 | €825,215 | -€4,284 | -0.5% |
| Fixed assets | 21/28 | €817,403 | €817,956 | +€553 | +0.1% |
| Tangible fixed assets | 22/27 | €12,574 | €13,208 | +€634 | +5.0% |
| Plant, machinery and equipment | 23 | €3,000 | €2,400 | -€600 | -20.0% |
| Furniture and vehicles | 24 | €9,574 | €10,808 | +€1,234 | +12.9% |
| Financial fixed assets | 28 | €804,829 | €804,748 | -€81 | 0.0% |
| Current assets | 29/58 | €12,097 | €7,259 | -€4,837 | -40.0% |
| Amounts receivable within one year | 40/41 | €4,899 | €3,594 | -€1,305 | -26.6% |
| Trade receivables | 40 | €3,927 | €3,224 | -€703 | -17.9% |
| Other amounts receivable | 41 | €972 | €370 | -€602 | -61.9% |
| Cash at bank and in hand | 54/58 | €5,398 | €1,750 | -€3,648 | -67.6% |
| Deferred charges and accrued income | 490/1 | €1,800 | €1,916 | +€116 | +6.4% |
| Total equity and liabilities | 10/49 | €829,499 | €825,215 | -€4,284 | -0.5% |
| Equity | 10/15 | €226,808 | €303,859 | +€77,051 | +34.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €111,826 | €165,308 | +€53,482 | +47.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €105,676 | €159,158 | +€53,482 | +50.6% |
| Profit (loss) carried forward | 14 | €53,482 | €77,051 | +€23,569 | +44.1% |
| Amounts payable | 17/49 | €602,691 | €521,356 | -€81,336 | -13.5% |
| Amounts payable after more than one year | 17 | €7,568 | - | -€7,568 | |
| Financial debts | 170/4 | €7,568 | - | -€7,568 | |
| Amounts payable within one year | 42/48 | €595,123 | €521,356 | -€73,768 | -12.4% |
| Financial debts | 43 | €14,933 | €10,959 | -€3,974 | -26.6% |
| Credit institutions | 430/8 | €14,933 | €10,959 | -€3,974 | -26.6% |
| Trade debts | 44 | €824 | €1,205 | +€381 | +46.3% |
| Suppliers | 440/4 | €824 | €1,205 | +€381 | +46.3% |
| Taxes, remuneration and social security | 45 | €15,788 | €19,632 | +€3,843 | +24.3% |
| Taxes | 450/3 | €13,570 | €12,050 | -€1,520 | -11.2% |
| Remuneration and social security | 454/9 | €2,218 | €7,582 | +€5,363 | +241.8% |
| Other amounts payable | 47/48 | €563,578 | €489,560 | -€74,018 | -13.1% |
| Non-recurring operating income | 76A | €2,521 | - | -€2,521 | |
| Remuneration, social security and pensions | 62 | €44,637 | €53,738 | +€9,102 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,453 | €3,476 | -€977 | -21.9% |
| Other operating charges | 640/8 | €4,385 | €2,129 | -€2,256 | -51.5% |
| Gross operating margin | 9900 | €79,114 | €107,480 | +€28,366 | +35.9% |
| Operating profit (loss) | 9901 | €25,638 | €48,136 | +€22,498 | +87.8% |
| Financial income | 75/76B | €46,434 | €46,416 | -€18 | 0.0% |
| Recurring financial income | 75 | €46,434 | €46,416 | -€18 | 0.0% |
| Financial charges | 65/66B | €5,122 | €4,908 | -€214 | -4.2% |
| Recurring financial charges | 65 | €5,122 | €4,908 | -€214 | -4.2% |
| Profit (loss) for the period before taxes | 9903 | €66,950 | €89,644 | +€22,694 | +33.9% |
| Income taxes | 67/77 | €13,468 | €12,592 | -€875 | -6.5% |
| Profit (loss) for the period | 9904 | €53,482 | €77,051 | +€23,569 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,482 | €77,051 | +€23,569 | +44.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.