AR2D2: 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.
AR2D2
Largest movements
- Receivables within one year +€6,078
up €6,078 (+16.8%), from €36,082 to €42,160
of which Trade receivables: +€6,078
- Cash -€5,861
down €5,861 (-89.1%), from €6,578 to €718
mainly Investment in fixed assets (net) (-€14,591) and Short-term financial debts (-€11,527)
- Tangible fixed assets +€5,226
up €5,226 (+38.9%), from €13,423 to €18,648
of which Plant, machinery and equipment: +€3,492
- Intangible fixed assets +€3,512
new in 2025: €3,512
- Tax, wage and social debts +€12,985
up €12,985 (+83.0%), from €15,649 to €28,634
of which Taxes: +€11,328
- Short-term financial debts -€11,527
down €11,527 (-100%), from €11,527 to €0
- Profit (loss) carried forward +€6,544
up €6,544 (+50.9%), from €12,864 to €19,409
- Trade debts +€6,087
up €6,087 (+103%), from €5,914 to €12,001
- Other debts -€5,502
down €5,502 (-45.9%), from €11,990 to €6,489
- Gross operating margin +€53,220
up €53,220 (+64.5%), from €82,516 to €135,736
- Staff costs +€32,640
up €32,640 (+44.0%), from €74,254 to €106,893
- Taxes +€6,270
up €6,270 (+458%), from €1,368 to €7,638
- Depreciation +€2,008
up €2,008 (+52.2%), from €3,846 to €5,853
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 | €59,950 | €68,532 | +€8,582 | +14.3% |
| Fixed assets | 21/28 | €13,873 | €22,611 | +€8,738 | +63.0% |
| Intangible fixed assets | 21 | - | €3,512 | +€3,512 | |
| Tangible fixed assets | 22/27 | €13,423 | €18,648 | +€5,226 | +38.9% |
| Plant, machinery and equipment | 23 | €5,081 | €8,573 | +€3,492 | +68.7% |
| Furniture and vehicles | 24 | €3,332 | €6,134 | +€2,802 | +84.1% |
| Other tangible fixed assets | 26 | €5,009 | €3,941 | -€1,068 | -21.3% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €46,077 | €45,921 | -€156 | -0.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €36,082 | €42,160 | +€6,078 | +16.8% |
| Trade receivables | 40 | €36,082 | €42,160 | +€6,078 | +16.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €6,578 | €718 | -€5,861 | -89.1% |
| Deferred charges and accrued income | 490/1 | €3,417 | €3,043 | -€373 | -10.9% |
| Total equity and liabilities | 10/49 | €59,950 | €68,532 | +€8,582 | +14.3% |
| Equity | 10/15 | €14,864 | €21,409 | +€6,544 | +44.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,864 | €19,409 | +€6,544 | +50.9% |
| Amounts payable | 17/49 | €45,086 | €47,123 | +€2,038 | +4.5% |
| Amounts payable within one year | 42/48 | €45,079 | €47,123 | +€2,044 | +4.5% |
| Financial debts | 43 | €11,527 | €0 | -€11,527 | -100% |
| Credit institutions | 430/8 | €11,527 | €0 | -€11,527 | -100% |
| Trade debts | 44 | €5,914 | €12,001 | +€6,087 | +103% |
| Suppliers | 440/4 | €5,914 | €12,001 | +€6,087 | +103% |
| Taxes, remuneration and social security | 45 | €15,649 | €28,634 | +€12,985 | +83.0% |
| Taxes | 450/3 | €5,805 | €17,133 | +€11,328 | +195% |
| Remuneration and social security | 454/9 | €9,843 | €11,501 | +€1,658 | +16.8% |
| Other amounts payable | 47/48 | €11,990 | €6,489 | -€5,502 | -45.9% |
| Accrued charges and deferred income | 492/3 | €6 | €0 | -€6 | -100% |
| Non-recurring operating income | 76A | €0 | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €74,254 | €106,893 | +€32,640 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,846 | €5,853 | +€2,008 | +52.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€600 | €0 | +€600 | |
| Other operating charges | 640/8 | €891 | €1,115 | +€224 | +25.1% |
| Non-recurring operating charges | 66A | €338 | €1,038 | +€700 | +207% |
| Gross operating margin | 9900 | €82,516 | €135,736 | +€53,220 | +64.5% |
| Operating profit (loss) | 9901 | €3,788 | €20,836 | +€17,049 | +450% |
| Financial income | 75/76B | €0 | €41 | +€41 | |
| Recurring financial income | 75 | €0 | €41 | +€41 | |
| Financial charges | 65/66B | €6,832 | €6,694 | -€138 | -2.0% |
| Recurring financial charges | 65 | €5,985 | €6,694 | +€709 | +11.9% |
| Non-recurring financial charges | 66B | €848 | €0 | -€847 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,045 | €14,183 | +€17,228 | |
| Income taxes | 67/77 | €1,368 | €7,638 | +€6,270 | +458% |
| Profit (loss) for the period | 9904 | -€4,413 | €6,544 | +€10,957 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,413 | €6,544 | +€10,957 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.