ARAFAT-04: 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.
ARAFAT-04
Largest movements
- Tangible fixed assets +€187,838
up €187,838 (+1,518%), from €12,378 to €200,216
of which Other tangible fixed assets: +€190,356
- Financial fixed assets -€20,000
down €20,000 (-87.0%), from €23,000 to €3,000
- Cash -€12,355
down €12,355 (-18.0%), from €68,613 to €56,258
mainly Investment in fixed assets (net) (-€207,150) and Tax, wage and social debts (-€19,179)
- Receivables within one year -€7,619
down €7,619 (-23.2%), from €32,827 to €25,208
of which Trade receivables: -€5,525
- Debts after one year +€121,558
new in 2025: €121,558
- Reserves +€39,085
up €39,085 (+73.8%), from €52,959 to €92,044
- Current portion of long-term debt +€20,799
new in 2025: €20,799
- Tax, wage and social debts -€19,179
down €19,179 (-61.3%), from €31,276 to €12,097
of which Remuneration and social security: -€21,174
- Other debts -€11,002
down €11,002 (-100%), from €11,002 to €0
- Gross operating margin +€70,145
up €70,145 (+40.2%), from €174,568 to €244,713
- Depreciation +€38,281
up €38,281 (+3,713%), from €1,031 to €39,312
- Staff costs +€34,839
up €34,839 (+33.6%), from €103,704 to €138,543
- Financial charges +€8,435
up €8,435 (+2,185%), from €386 to €8,821
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 | €157,325 | €304,447 | +€147,123 | +93.5% |
| Fixed assets | 21/28 | €35,378 | €203,216 | +€167,838 | +474% |
| Tangible fixed assets | 22/27 | €12,378 | €200,216 | +€187,838 | +1,518% |
| Furniture and vehicles | 24 | €12,378 | €9,860 | -€2,518 | -20.3% |
| Other tangible fixed assets | 26 | - | €190,356 | +€190,356 | |
| Financial fixed assets | 28 | €23,000 | €3,000 | -€20,000 | -87.0% |
| Current assets | 29/58 | €121,947 | €101,231 | -€20,716 | -17.0% |
| Stocks and contracts in progress | 3 | €4,918 | €4,224 | -€694 | -14.1% |
| Stocks | 30/36 | €4,918 | €4,224 | -€694 | -14.1% |
| Amounts receivable within one year | 40/41 | €32,827 | €25,208 | -€7,619 | -23.2% |
| Trade receivables | 40 | €5,525 | €0 | -€5,525 | -100% |
| Other amounts receivable | 41 | €27,302 | €25,208 | -€2,094 | -7.7% |
| Current investments | 50/53 | €15,050 | €15,050 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,613 | €56,258 | -€12,355 | -18.0% |
| Deferred charges and accrued income | 490/1 | €540 | €492 | -€47 | -8.8% |
| Total equity and liabilities | 10/49 | €157,325 | €304,447 | +€147,123 | +93.5% |
| Equity | 10/15 | €77,959 | €117,044 | +€39,085 | +50.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €52,959 | €92,044 | +€39,085 | +73.8% |
| Distributable reserves | 133 | €52,959 | €92,044 | +€39,085 | +73.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €79,366 | €187,404 | +€108,038 | +136% |
| Amounts payable after more than one year | 17 | - | €121,558 | +€121,558 | |
| Financial debts | 170/4 | - | €121,558 | +€121,558 | |
| Amounts payable within one year | 42/48 | €79,366 | €65,845 | -€13,520 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | - | €20,799 | +€20,799 | |
| Trade debts | 44 | €37,088 | €32,950 | -€4,138 | -11.2% |
| Suppliers | 440/4 | €37,088 | €32,950 | -€4,138 | -11.2% |
| Taxes, remuneration and social security | 45 | €31,276 | €12,097 | -€19,179 | -61.3% |
| Taxes | 450/3 | €8,836 | €10,830 | +€1,994 | +22.6% |
| Remuneration and social security | 454/9 | €22,440 | €1,266 | -€21,174 | -94.4% |
| Other amounts payable | 47/48 | €11,002 | €0 | -€11,002 | -100% |
| Remuneration, social security and pensions | 62 | €103,704 | €138,543 | +€34,839 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,031 | €39,312 | +€38,281 | +3,713% |
| Other operating charges | 640/8 | €1,118 | €3,298 | +€2,180 | +195% |
| Gross operating margin | 9900 | €174,568 | €244,713 | +€70,145 | +40.2% |
| Operating profit (loss) | 9901 | €68,716 | €63,561 | -€5,155 | -7.5% |
| Financial charges | 65/66B | €386 | €8,821 | +€8,435 | +2,185% |
| Recurring financial charges | 65 | €386 | €8,821 | +€8,435 | +2,185% |
| Profit (loss) for the period before taxes | 9903 | €68,329 | €54,739 | -€13,590 | -19.9% |
| Income taxes | 67/77 | €14,051 | €15,655 | +€1,603 | +11.4% |
| Profit (loss) for the period | 9904 | €54,278 | €39,085 | -€15,193 | -28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,278 | €39,085 | -€15,193 | -28.0% |
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 26 October 2026 via checked.be.