ARBEAU: 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.
ARBEAU
Largest movements
- Tangible fixed assets -€58,666
down €58,666 (-21.6%), from €271,256 to €212,590
of which Land and buildings: -€64,458
- Cash +€7,555
up €7,555 (+20.2%), from €37,361 to €44,917
mainly Depreciation (+€66,454) and Other debts (+€2,857)
- Reserves -€37,659
down €37,659 (-33.2%), from €113,294 to €75,634
- Debts after one year -€6,683
no longer reported in 2025 (was €6,683)
- Short-term financial debts -€6,267
down €6,267 (-48.4%), from €12,949 to €6,683
- Gross operating margin -€3,003
down €3,003 (-7.7%), from €38,759 to €35,756
- Depreciation +€1,362
up €1,362 (+2.1%), from €65,092 to €66,454
- Other operating charges +€703
up €703 (+11.8%), from €5,967 to €6,670
- Financial charges -€556
down €556 (-42.7%), from €1,304 to €748
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.
Cash bridge derived
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 | €313,467 | €267,263 | -€46,205 | -14.7% |
| Fixed assets | 21/28 | €271,256 | €212,590 | -€58,666 | -21.6% |
| Tangible fixed assets | 22/27 | €271,256 | €212,590 | -€58,666 | -21.6% |
| Land and buildings | 22 | €268,106 | €203,649 | -€64,458 | -24.0% |
| Plant, machinery and equipment | 23 | €1,414 | €3,187 | +€1,773 | +125.4% |
| Furniture and vehicles | 24 | €1,735 | €5,755 | +€4,019 | +231.6% |
| Current assets | 29/58 | €42,211 | €54,673 | +€12,461 | +29.5% |
| Amounts receivable within one year | 40/41 | €1,538 | €4,270 | +€2,732 | +177.7% |
| Trade receivables | 40 | €238 | €238 | = | 0.0% |
| Other amounts receivable | 41 | €1,300 | €4,032 | +€2,732 | +210.2% |
| Current investments | 50/53 | €3,313 | €5,486 | +€2,173 | +65.6% |
| Cash at bank and in hand | 54/58 | €37,361 | €44,917 | +€7,555 | +20.2% |
| Total equity and liabilities | 10/49 | €313,467 | €267,263 | -€46,205 | -14.7% |
| Equity | 10/15 | €113,294 | €75,634 | -€37,659 | -33.2% |
| Reserves | 13 | €113,294 | €75,634 | -€37,659 | -33.2% |
| Distributable reserves | 133 | €113,294 | €75,634 | -€37,659 | -33.2% |
| Amounts payable | 17/49 | €200,173 | €191,628 | -€8,545 | -4.3% |
| Amounts payable after more than one year | 17 | €6,683 | - | -€6,683 | |
| Financial debts | 170/4 | €6,683 | - | -€6,683 | |
| Amounts payable within one year | 42/48 | €190,957 | €188,156 | -€2,801 | -1.5% |
| Financial debts | 43 | €12,949 | €6,683 | -€6,267 | -48.4% |
| Credit institutions | 430/8 | €12,949 | €6,683 | -€6,267 | -48.4% |
| Trade debts | 44 | €13 | €292 | +€278 | +2071.0% |
| Suppliers | 440/4 | €13 | €292 | +€278 | +2071.0% |
| Taxes, remuneration and social security | 45 | €330 | €660 | +€330 | +100.1% |
| Taxes | 450/3 | €330 | €660 | +€330 | +100.1% |
| Other amounts payable | 47/48 | €177,665 | €180,522 | +€2,857 | +1.6% |
| Accrued charges and deferred income | 492/3 | €2,533 | €3,472 | +€939 | +37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,092 | €66,454 | +€1,362 | +2.1% |
| Other operating charges | 640/8 | €5,967 | €6,670 | +€703 | +11.8% |
| Gross operating margin | 9900 | €38,759 | €35,756 | -€3,003 | -7.7% |
| Operating profit (loss) | 9901 | -€32,299 | -€37,368 | -€5,068 | -15.7% |
| Financial income | 75/76B | €336 | €593 | +€257 | +76.4% |
| Recurring financial income | 75 | €336 | €593 | +€257 | +76.4% |
| Financial charges | 65/66B | €1,304 | €748 | -€556 | -42.7% |
| Recurring financial charges | 65 | €1,304 | €748 | -€556 | -42.7% |
| Profit (loss) for the period before taxes | 9903 | -€33,268 | -€37,523 | -€4,255 | -12.8% |
| Income taxes | 67/77 | €132 | €137 | +€4 | +3.3% |
| Profit (loss) for the period | 9904 | -€33,400 | -€37,659 | -€4,259 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,400 | -€37,659 | -€4,259 | -12.8% |
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 9 October 2026 via checked.be.