ARBORAL: 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.
ARBORAL
Largest movements
- Stocks and contracts -€79,673
down €79,673 (-16.1%), from €494,370 to €414,697
- Cash -€14,749
down €14,749 (-54.1%), from €27,242 to €12,493
mainly Trade debts (-€124,552) and Net result for the year (-€60,253)
- Trade debts -€124,552
down €124,552 (-45.2%), from €275,752 to €151,200
- Profit (loss) carried forward -€60,253
down €60,253 (-8.6%), from -€698,019 to -€758,273
- Other debts +€46,506
up €46,506 (+4.9%), from €953,128 to €999,634
- Accrued charges and deferred income +€21,561
up €21,561 (+2294.5%), from €940 to €22,501
- Tax, wage and social debts +€18,454
up €18,454 (+137.0%), from €13,471 to €31,925
of which Remuneration and social security: +€12,573
- Gross operating margin +€105,127
up €105,127, from -€8,168 to €96,958
- Staff costs -€49,437
down €49,437 (-30.0%), from €164,964 to €115,527
- Financial charges +€23,039
up €23,039 (+257.7%), from €8,939 to €31,977
- Financial income +€2,485
up €2,485 (+50.6%), from €4,913 to €7,398
- Depreciation +€1,421
up €1,421 (+10.8%), from €13,159 to €14,580
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 | €655,231 | €556,946 | -€98,285 | -15.0% |
| Fixed assets | 21/28 | €39,933 | €33,558 | -€6,375 | -16.0% |
| Tangible fixed assets | 22/27 | €39,798 | €33,423 | -€6,375 | -16.0% |
| Plant, machinery and equipment | 23 | €31,124 | €25,290 | -€5,834 | -18.7% |
| Furniture and vehicles | 24 | €8,674 | €8,133 | -€541 | -6.2% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €615,298 | €523,388 | -€91,910 | -14.9% |
| Stocks and contracts in progress | 3 | €494,370 | €414,697 | -€79,673 | -16.1% |
| Stocks | 30/36 | €494,370 | €414,697 | -€79,673 | -16.1% |
| Amounts receivable within one year | 40/41 | €89,591 | €93,497 | +€3,906 | +4.4% |
| Trade receivables | 40 | €89,591 | €93,497 | +€3,906 | +4.4% |
| Current investments | 50/53 | €23 | €0 | -€23 | -100.0% |
| Cash at bank and in hand | 54/58 | €27,242 | €12,493 | -€14,749 | -54.1% |
| Deferred charges and accrued income | 490/1 | €4,073 | €2,701 | -€1,372 | -33.7% |
| Total equity and liabilities | 10/49 | €655,231 | €556,946 | -€98,285 | -15.0% |
| Equity | 10/15 | -€588,059 | -€648,313 | -€60,253 | -10.2% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €51,360 | €51,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,500 | €45,500 | = | 0.0% |
| Distributable reserves | 133 | €5,860 | €5,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€698,019 | -€758,273 | -€60,253 | -8.6% |
| Amounts payable | 17/49 | €1,243,291 | €1,205,258 | -€38,032 | -3.1% |
| Amounts payable within one year | 42/48 | €1,242,351 | €1,182,758 | -€59,593 | -4.8% |
| Trade debts | 44 | €275,752 | €151,200 | -€124,552 | -45.2% |
| Suppliers | 440/4 | €275,752 | €151,200 | -€124,552 | -45.2% |
| Taxes, remuneration and social security | 45 | €13,471 | €31,925 | +€18,454 | +137.0% |
| Taxes | 450/3 | €5,374 | €11,254 | +€5,880 | +109.4% |
| Remuneration and social security | 454/9 | €8,097 | €20,671 | +€12,573 | +155.3% |
| Other amounts payable | 47/48 | €953,128 | €999,634 | +€46,506 | +4.9% |
| Accrued charges and deferred income | 492/3 | €940 | €22,501 | +€21,561 | +2294.5% |
| Remuneration, social security and pensions | 62 | €164,964 | €115,527 | -€49,437 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,159 | €14,580 | +€1,421 | +10.8% |
| Other operating charges | 640/8 | €2,332 | €2,525 | +€192 | +8.2% |
| Gross operating margin | 9900 | -€8,168 | €96,958 | +€105,127 | |
| Operating profit (loss) | 9901 | -€188,624 | -€35,673 | +€152,950 | +81.1% |
| Financial income | 75/76B | €4,913 | €7,398 | +€2,485 | +50.6% |
| Recurring financial income | 75 | €4,913 | €7,398 | +€2,485 | +50.6% |
| Financial charges | 65/66B | €8,939 | €31,977 | +€23,039 | +257.7% |
| Recurring financial charges | 65 | €8,939 | €31,977 | +€23,039 | +257.7% |
| Profit (loss) for the period before taxes | 9903 | -€192,650 | -€60,253 | +€132,397 | +68.7% |
| Profit (loss) for the period | 9904 | -€192,650 | -€60,253 | +€132,397 | +68.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€192,650 | -€60,253 | +€132,397 | +68.7% |
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 10 October 2026 via checked.be.