ARASH: 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.
ARASH
Largest movements
- Tangible fixed assets +€67,307
up €67,307 (+18.6%), from €361,737 to €429,044
of which Land and buildings: +€48,583
- Cash -€16,236
down €16,236 (-94.6%), from €17,160 to €924
- Receivables within one year +€8,688
up €8,688 (+40.4%), from €21,522 to €30,210
of which Trade receivables: +€29,026
- Stocks and contracts -€5,737
down €5,737 (-63.5%), from €9,038 to €3,301
- Debts after one year +€232,726
new in 2025: €232,726
- Trade debts +€199,029
up €199,029 (+1079.1%), from €18,444 to €217,473
- Current portion of long-term debt -€180,947
down €180,947 (-97.8%), from €185,000 to €4,053
- Profit (loss) carried forward -€166,943
down €166,943 (-178.2%), from -€93,661 to -€260,604
- Other debts -€64,909
down €64,909 (-35.8%), from €181,493 to €116,584
- Gross operating margin -€180,620
down €180,620, from €179,733 to -€887
- Financial charges +€48,919
up €48,919 (+27113.7%), from €180 to €49,099
- Other operating charges +€28,218
new in 2025: €28,218
- Depreciation +€17,024
up €17,024 (+41797.9%), from €41 to €17,065
From the 2021 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2021 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €409,457 | €465,379 | +€55,922 | +13.7% |
| Fixed assets | 21/28 | €361,737 | €429,984 | +€68,247 | +18.9% |
| Tangible fixed assets | 22/27 | €361,737 | €429,044 | +€67,307 | +18.6% |
| Land and buildings | 22 | €360,539 | €409,122 | +€48,583 | +13.5% |
| Plant, machinery and equipment | 23 | €1,198 | €19,053 | +€17,855 | +1490.3% |
| Furniture and vehicles | 24 | - | €869 | +€869 | |
| Financial fixed assets | 28 | - | €940 | +€940 | |
| Current assets | 29/58 | €47,719 | €35,395 | -€12,324 | -25.8% |
| Stocks and contracts in progress | 3 | €9,038 | €3,301 | -€5,737 | -63.5% |
| Stocks | 30/36 | €9,038 | €3,301 | -€5,737 | -63.5% |
| Amounts receivable within one year | 40/41 | €21,522 | €30,210 | +€8,688 | +40.4% |
| Trade receivables | 40 | - | €29,026 | +€29,026 | |
| Other amounts receivable | 41 | €21,522 | €1,184 | -€20,338 | -94.5% |
| Cash at bank and in hand | 54/58 | €17,160 | €924 | -€16,236 | -94.6% |
| Deferred charges and accrued income | 490/1 | - | €960 | +€960 | |
| Total equity and liabilities | 10/49 | €409,457 | €465,379 | +€55,922 | +13.7% |
| Equity | 10/15 | -€86,363 | -€253,306 | -€166,943 | -193.3% |
| Contributions | 10/11 | €3,332 | €3,332 | +€0 | 0.0% |
| Capital | 10 | €3,332 | - | -€3,332 | |
| Issued capital | 100 | €3,332 | - | -€3,332 | |
| Reserves | 13 | €3,966 | €3,966 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €248 | €248 | +€0 | 0.0% |
| Legal reserve | 130 | €248 | - | -€248 | |
| Reserves not available under the articles | 1311 | - | €248 | +€248 | |
| Distributable reserves | 133 | €3,718 | €3,718 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€93,661 | -€260,604 | -€166,943 | -178.2% |
| Amounts payable | 17/49 | €495,819 | €718,685 | +€222,866 | +44.9% |
| Amounts payable after more than one year | 17 | - | €232,726 | +€232,726 | |
| Financial debts | 170/4 | - | €232,726 | +€232,726 | |
| Amounts payable within one year | 42/48 | €495,819 | €485,210 | -€10,609 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €185,000 | €4,053 | -€180,947 | -97.8% |
| Financial debts | 43 | - | €2,634 | +€2,634 | |
| Credit institutions | 430/8 | - | €2,634 | +€2,634 | |
| Trade debts | 44 | €18,444 | €217,473 | +€199,029 | +1079.1% |
| Suppliers | 440/4 | €18,444 | €217,473 | +€199,029 | +1079.1% |
| Taxes, remuneration and social security | 45 | €110,882 | €144,466 | +€33,584 | +30.3% |
| Taxes | 450/3 | €110,882 | €144,298 | +€33,416 | +30.1% |
| Remuneration and social security | 454/9 | - | €168 | +€168 | |
| Other amounts payable | 47/48 | €181,493 | €116,584 | -€64,909 | -35.8% |
| Accrued charges and deferred income | 492/3 | - | €749 | +€749 | |
| Non-recurring operating income | 76A | €4,496 | €72 | -€4,424 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41 | €17,065 | +€17,024 | +41797.9% |
| Other operating charges | 640/8 | - | €28,218 | +€28,218 | |
| Gross operating margin | 9900 | €179,733 | -€887 | -€180,620 | |
| Operating profit (loss) | 9901 | €179,693 | -€46,170 | -€225,863 | |
| Financial income | 75/76B | €0 | €2 | +€2 | +6566.7% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +6566.7% |
| Financial charges | 65/66B | €180 | €49,099 | +€48,919 | +27113.7% |
| Recurring financial charges | 65 | €180 | €49,099 | +€48,919 | +27113.7% |
| Profit (loss) for the period before taxes | 9903 | €179,512 | -€95,267 | -€274,779 | |
| Income taxes | 67/77 | - | €219 | +€219 | |
| Profit (loss) for the period | 9904 | €179,512 | -€95,486 | -€274,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,512 | -€95,486 | -€274,998 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2021 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.