ARBO: 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.
What changed
ARBO
NACE 25.120, Manufacture of fabricated metal products, except machinery and equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€72,486
2024 · €783-€73,269
Equity
€1.0m
2024 · €1.1m-€72,486
Cash
€279,611
2024 · €265,393+€14,218
Balance sheet total
€3.3m
2024 · €3.0m+€231,946
Largest movements
Assets
- Receivables within one year +€121,673
up €121,673 (+6.6%), from €1.8m to €2.0m
of which Trade receivables: +€120,487
- Stocks and contracts +€111,809
up €111,809 (+14.3%), from €781,896 to €893,706
Equity and liabilities
- Trade debts +€344,832
up €344,832 (+102%), from €338,335 to €683,167
- Reserves -€71,190
down €71,190 (-100%), from €71,190 to €0
- Tax, wage and social debts +€59,131
up €59,131 (+26.0%), from €227,862 to €286,993
of which Remuneration and social security: +€37,114
- Short-term financial debts -€57,135
down €57,135 (-19.6%), from €290,887 to €233,751
- Debts after one year -€42,826
down €42,826 (-6.4%), from €667,363 to €624,537
of which Financial debts: -€65,145
Income statement
- Staff costs +€143,248
up €143,248 (+15.0%), from €955,600 to €1.1m
- Gross operating margin +€43,661
up €43,661 (+4.0%), from €1.1m to €1.1m
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.
Result 2024
€783
Gross operating margin
+€43,661
Staff costs
-€143,248
Depreciation
+€3,316
Write-downs
-€8,497
Other operating charges
-€654
Other operating items
+€27,875
Financial income
+€2,385
Financial charges
+€2,432
Taxes
-€538
Result 2025
-€72,486
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€158,392
Investment
-€40,325
Financing
-€103,849
Cash 2024
€265,393
From operations (derived)
+€158,392
Net result for the year
-€72,486
Depreciation
+€52,248
Stocks and contracts
-€111,809
Receivables within one year
-€121,673
Deferred charges and accrued income
+€3,832
Trade debts
+€344,832
Tax, wage and social debts
+€59,131
Other debts
+€4,482
Accrued charges and deferred income
-€164
Investment (derived)
-€40,325
Investment in fixed assets (net)
-€40,325
Financing
-€103,849
Debts after one year
-€42,826
Current portion of long-term debt
-€3,888
Short-term financial debts
-€57,135
Cash 2025
€279,611
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,035,789 | €3,267,734 | +€231,946 | +7.6% |
| Fixed assets | 21/28 | €132,815 | €120,892 | -€11,923 | -9.0% |
| Intangible fixed assets | 21 | €11,727 | €7,540 | -€4,187 | -35.7% |
| Tangible fixed assets | 22/27 | €120,889 | €113,154 | -€7,735 | -6.4% |
| Land and buildings | 22 | €23,293 | €17,181 | -€6,113 | -26.2% |
| Plant, machinery and equipment | 23 | €83,802 | €65,374 | -€18,428 | -22.0% |
| Furniture and vehicles | 24 | €13,794 | €30,599 | +€16,805 | +122% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €2,902,974 | €3,146,843 | +€243,869 | +8.4% |
| Stocks and contracts in progress | 3 | €781,896 | €893,706 | +€111,809 | +14.3% |
| Stocks | 30/36 | €781,896 | €893,706 | +€111,809 | +14.3% |
| Amounts receivable within one year | 40/41 | €1,847,561 | €1,969,234 | +€121,673 | +6.6% |
| Trade receivables | 40 | €1,725,682 | €1,846,169 | +€120,487 | +7.0% |
| Other amounts receivable | 41 | €121,879 | €123,065 | +€1,186 | +1.0% |
| Cash at bank and in hand | 54/58 | €265,393 | €279,611 | +€14,218 | +5.4% |
| Deferred charges and accrued income | 490/1 | €8,124 | €4,292 | -€3,832 | -47.2% |
| Total equity and liabilities | 10/49 | €3,035,789 | €3,267,734 | +€231,946 | +7.6% |
| Equity | 10/15 | €1,118,121 | €1,045,635 | -€72,486 | -6.5% |
| Contributions | 10/11 | €1,046,931 | €1,046,931 | = | 0.0% |
| Reserves | 13 | €71,190 | €0 | -€71,190 | -100% |
| Distributable reserves | 133 | €71,190 | €0 | -€71,190 | -100% |
| Profit (loss) carried forward | 14 | - | -€1,296 | -€1,296 | |
| Amounts payable | 17/49 | €1,917,667 | €2,222,099 | +€304,432 | +15.9% |
| Amounts payable after more than one year | 17 | €667,363 | €624,537 | -€42,826 | -6.4% |
| Financial debts | 170/4 | €109,391 | €44,245 | -€65,145 | -59.6% |
| Other amounts payable | 178/9 | €557,973 | €580,292 | +€22,319 | +4.0% |
| Amounts payable within one year | 42/48 | €1,238,195 | €1,585,617 | +€347,422 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €69,033 | €65,145 | -€3,888 | -5.6% |
| Financial debts | 43 | €290,887 | €233,751 | -€57,135 | -19.6% |
| Credit institutions | 430/8 | €290,887 | €233,751 | -€57,135 | -19.6% |
| Trade debts | 44 | €338,335 | €683,167 | +€344,832 | +102% |
| Suppliers | 440/4 | €338,335 | €683,167 | +€344,832 | +102% |
| Taxes, remuneration and social security | 45 | €227,862 | €286,993 | +€59,131 | +26.0% |
| Taxes | 450/3 | €54,218 | €76,235 | +€22,016 | +40.6% |
| Remuneration and social security | 454/9 | €173,644 | €210,758 | +€37,114 | +21.4% |
| Other amounts payable | 47/48 | €312,079 | €316,560 | +€4,482 | +1.4% |
| Accrued charges and deferred income | 492/3 | €12,109 | €11,945 | -€164 | -1.4% |
| Non-recurring operating income | 76A | €27,875 | €7,000 | -€20,875 | -74.9% |
| Remuneration, social security and pensions | 62 | €955,600 | €1,098,848 | +€143,248 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,564 | €52,248 | -€3,316 | -6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,497 | +€8,497 | |
| Other operating charges | 640/8 | €13,299 | €13,954 | +€654 | +4.9% |
| Non-recurring operating charges | 66A | €27,875 | €0 | -€27,875 | -100% |
| Gross operating margin | 9900 | €1,100,093 | €1,143,753 | +€43,661 | +4.0% |
| Operating profit (loss) | 9901 | €47,754 | -€29,793 | -€77,548 | |
| Financial income | 75/76B | €23,902 | €26,287 | +€2,385 | +10.0% |
| Recurring financial income | 75 | €23,902 | €26,287 | +€2,385 | +10.0% |
| Financial charges | 65/66B | €70,288 | €67,857 | -€2,432 | -3.5% |
| Recurring financial charges | 65 | €70,288 | €67,857 | -€2,432 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €1,368 | -€71,363 | -€72,731 | |
| Income taxes | 67/77 | €585 | €1,123 | +€538 | +92.0% |
| Profit (loss) for the period | 9904 | €783 | -€72,486 | -€73,269 | |
| Profit (loss) for the period to be appropriated | 9905 | €783 | -€72,486 | -€73,269 |
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 14 October 2026 via checked.be.