ARBORA: 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.
ARBORA
Largest movements
- Cash -€109,682
down €109,682 (-76.7%), from €143,005 to €33,323
mainly Short-term financial debts (-€100,000) and Accrued charges and deferred income (-€12,441)
- Receivables within one year -€19,585
down €19,585 (-19.8%), from €98,959 to €79,375
of which Other amounts receivable: -€36,880
- Tangible fixed assets -€5,510
down €5,510 (-34.5%), from €15,972 to €10,462
- Short-term financial debts -€100,000
no longer reported in 2025 (was €100,000)
- Accrued charges and deferred income -€12,441
down €12,441 (-89.2%), from €13,941 to €1,500
- Trade debts -€11,271
down €11,271 (-48.5%), from €23,264 to €11,992
- Reserves -€7,489
down €7,489 (-30.6%), from €24,507 to €17,019
of which Distributable reserves: -€7,489
- Debts after one year -€5,012
down €5,012 (-51.4%), from €9,749 to €4,737
- Gross operating margin -€13,068
down €13,068, from €6,545 to -€6,523
- Depreciation +€4,953
up €4,953 (+889.2%), from €557 to €5,510
- Financial income +€3,895
up €3,895 (+69.6%), from €5,600 to €9,494
- Financial charges +€2,775
up €2,775 (+173.1%), from €1,603 to €4,379
- Taxes -€857
no longer reported in 2025 (was €857)
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 | €258,987 | €123,643 | -€135,344 | -52.3% |
| Fixed assets | 21/28 | €15,972 | €10,462 | -€5,510 | -34.5% |
| Tangible fixed assets | 22/27 | €15,972 | €10,462 | -€5,510 | -34.5% |
| Furniture and vehicles | 24 | €15,972 | €10,462 | -€5,510 | -34.5% |
| Current assets | 29/58 | €243,015 | €113,181 | -€129,834 | -53.4% |
| Amounts receivable within one year | 40/41 | €98,959 | €79,375 | -€19,585 | -19.8% |
| Trade receivables | 40 | €2,576 | €19,871 | +€17,295 | +671.4% |
| Other amounts receivable | 41 | €96,384 | €59,504 | -€36,880 | -38.3% |
| Cash at bank and in hand | 54/58 | €143,005 | €33,323 | -€109,682 | -76.7% |
| Deferred charges and accrued income | 490/1 | €1,050 | €483 | -€567 | -54.0% |
| Total equity and liabilities | 10/49 | €258,987 | €123,643 | -€135,344 | -52.3% |
| Equity | 10/15 | €106,312 | €98,823 | -€7,489 | -7.0% |
| Contributions | 10/11 | €81,805 | €81,805 | = | 0.0% |
| Capital | 10 | €81,805 | €81,805 | = | 0.0% |
| Issued capital | 100 | €81,805 | €81,805 | = | 0.0% |
| Reserves | 13 | €24,507 | €17,019 | -€7,489 | -30.6% |
| Non-distributable reserves | 130/1 | €8,180 | €8,180 | = | 0.0% |
| Legal reserve | 130 | €8,180 | €8,180 | = | 0.0% |
| Distributable reserves | 133 | €16,327 | €8,838 | -€7,489 | -45.9% |
| Amounts payable | 17/49 | €152,675 | €24,820 | -€127,855 | -83.7% |
| Amounts payable after more than one year | 17 | €9,749 | €4,737 | -€5,012 | -51.4% |
| Financial debts | 170/4 | €9,749 | €4,737 | -€5,012 | -51.4% |
| Amounts payable within one year | 42/48 | €128,986 | €18,583 | -€110,403 | -85.6% |
| Current portion of amounts payable after more than one year | 42 | €4,854 | €5,012 | +€158 | +3.3% |
| Financial debts | 43 | €100,000 | - | -€100,000 | |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Trade debts | 44 | €23,264 | €11,992 | -€11,271 | -48.5% |
| Suppliers | 440/4 | €23,264 | €11,992 | -€11,271 | -48.5% |
| Taxes, remuneration and social security | 45 | €868 | €1,579 | +€711 | +81.9% |
| Taxes | 450/3 | €868 | €1,579 | +€711 | +81.9% |
| Accrued charges and deferred income | 492/3 | €13,941 | €1,500 | -€12,441 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557 | €5,510 | +€4,953 | +889.2% |
| Other operating charges | 640/8 | €557 | €572 | +€14 | +2.6% |
| Gross operating margin | 9900 | €6,545 | -€6,523 | -€13,068 | |
| Operating profit (loss) | 9901 | €5,431 | -€12,604 | -€18,035 | |
| Financial income | 75/76B | €5,600 | €9,494 | +€3,895 | +69.6% |
| Recurring financial income | 75 | €5,600 | €9,494 | +€3,895 | +69.6% |
| Financial charges | 65/66B | €1,603 | €4,379 | +€2,775 | +173.1% |
| Recurring financial charges | 65 | €1,603 | €4,379 | +€2,775 | +173.1% |
| Profit (loss) for the period before taxes | 9903 | €9,427 | -€7,489 | -€16,916 | |
| Income taxes | 67/77 | €857 | - | -€857 | |
| Profit (loss) for the period | 9904 | €8,570 | -€7,489 | -€16,059 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,570 | -€7,489 | -€16,059 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.