ARBAGO: 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.
ARBAGO
Largest movements
- Financial fixed assets +€1.1m
up €1.1m (+58.1%), from €1.9m to €3.0m
- Tangible fixed assets +€72,694
up €72,694 (+206%), from €35,213 to €107,907
of which Furniture and vehicles: +€73,172
- Debts after one year +€804,867
up €804,867 (+73.9%), from €1.1m to €1.9m
of which Financial debts: +€719,867
- Other debts +€230,242
up €230,242 (+120%), from €191,691 to €421,933
- Current portion of long-term debt +€91,813
up €91,813 (+54.3%), from €168,992 to €260,806
- Reserves +€75,023
up €75,023 (+15.7%), from €477,353 to €552,376
- Financial income +€26,634
up €26,634 (+25.9%), from €102,890 to €129,524
- Depreciation +€13,938
up €13,938 (+136%), from €10,268 to €24,206
- Financial charges -€7,462
down €7,462 (-12.3%), from €60,905 to €53,443
- Gross operating margin -€4,285
down €4,285 (-2.4%), from €181,050 to €176,765
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 | €1,968,648 | €3,173,287 | +€1.2m | +61.2% |
| Fixed assets | 21/28 | €1,935,213 | €3,112,529 | +€1.2m | +60.8% |
| Tangible fixed assets | 22/27 | €35,213 | €107,907 | +€72,694 | +206% |
| Plant, machinery and equipment | 23 | €1,015 | €537 | -€478 | -47.1% |
| Furniture and vehicles | 24 | €34,198 | €107,370 | +€73,172 | +214% |
| Financial fixed assets | 28 | €1,900,000 | €3,004,622 | +€1.1m | +58.1% |
| Current assets | 29/58 | €33,436 | €60,758 | +€27,322 | +81.7% |
| Amounts receivable within one year | 40/41 | €9,512 | €19,984 | +€10,472 | +110% |
| Other amounts receivable | 41 | €9,512 | €19,984 | +€10,472 | +110% |
| Cash at bank and in hand | 54/58 | €21,305 | €37,729 | +€16,424 | +77.1% |
| Deferred charges and accrued income | 490/1 | €2,619 | €3,045 | +€426 | +16.3% |
| Total equity and liabilities | 10/49 | €1,968,648 | €3,173,287 | +€1.2m | +61.2% |
| Equity | 10/15 | €497,353 | €572,376 | +€75,023 | +15.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €477,353 | €552,376 | +€75,023 | +15.7% |
| Distributable reserves | 133 | €477,353 | €552,376 | +€75,023 | +15.7% |
| Amounts payable | 17/49 | €1,471,295 | €2,600,911 | +€1.1m | +76.8% |
| Amounts payable after more than one year | 17 | €1,089,175 | €1,894,041 | +€804,867 | +73.9% |
| Financial debts | 170/4 | €489,175 | €1,209,041 | +€719,867 | +147% |
| Other amounts payable | 178/9 | €600,000 | €685,000 | +€85,000 | +14.2% |
| Amounts payable within one year | 42/48 | €382,121 | €706,870 | +€324,749 | +85.0% |
| Current portion of amounts payable after more than one year | 42 | €168,992 | €260,806 | +€91,813 | +54.3% |
| Trade debts | 44 | €2,618 | €3,063 | +€444 | +17.0% |
| Suppliers | 440/4 | €2,618 | €3,063 | +€444 | +17.0% |
| Taxes, remuneration and social security | 45 | €18,819 | €21,068 | +€2,249 | +12.0% |
| Taxes | 450/3 | €15,719 | €17,968 | +€2,249 | +14.3% |
| Remuneration and social security | 454/9 | €3,100 | €3,100 | = | 0.0% |
| Other amounts payable | 47/48 | €191,691 | €421,933 | +€230,242 | +120% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,268 | €24,206 | +€13,938 | +136% |
| Other operating charges | 640/8 | €1,508 | €1,693 | +€186 | +12.3% |
| Gross operating margin | 9900 | €181,050 | €176,765 | -€4,285 | -2.4% |
| Operating profit (loss) | 9901 | €169,274 | €150,866 | -€18,408 | -10.9% |
| Financial income | 75/76B | €102,890 | €129,524 | +€26,634 | +25.9% |
| Recurring financial income | 75 | €102,890 | €129,524 | +€26,634 | +25.9% |
| Financial charges | 65/66B | €60,905 | €53,443 | -€7,462 | -12.3% |
| Recurring financial charges | 65 | €60,905 | €53,443 | -€7,462 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €211,259 | €226,947 | +€15,688 | +7.4% |
| Income taxes | 67/77 | €40,488 | €39,528 | -€960 | -2.4% |
| Profit (loss) for the period | 9904 | €170,772 | €187,420 | +€16,648 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €170,772 | €187,420 | +€16,648 | +9.7% |
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 30 October 2026 via checked.be.