ARBORES: 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
ARBORES
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2024 compared with 2023filed annual accounts (NBB)
Net result for the year
-€110,791
2023 · €351,071-€461,862
Equity
€5.7m
2023 · €5.8m-€110,791
Cash
€10,184
2023 · €8,388+€1,797
Balance sheet total
€12.1m
2023 · €14.0m-€1.9m
Largest movements
Assets
- Receivables within one year -€1.3m
down €1.3m (-69.4%), from €1.8m to €557,959
of which Other amounts receivable: -€1.3m
- Tangible fixed assets -€622,905
down €622,905 (-5.9%), from €10.6m to €10.0m
of which Land and buildings: -€621,996
Equity and liabilities
- Other debts -€1.3m
down €1.3m (-89.2%), from €1.5m to €157,868
- Reserves -€341,390
down €341,390 (-7.8%), from €4.4m to €4.1m
of which Tax-exempt reserves: -€341,390
- Debts after one year -€279,240
down €279,240 (-5.9%), from €4.8m to €4.5m
- Profit (loss) carried forward +€230,600
up €230,600 (+70.9%), from -€325,163 to -€94,563
Income statement
- Gross operating margin -€655,606
down €655,606 (-91.5%), from €716,548 to €60,943
- Financial charges -€351,557
down €351,557 (-76.6%), from €458,912 to €107,354
- Financial income -€49,998
down €49,998 (-95.6%), from €52,293 to €2,295
- Depreciation -€14,893
down €14,893 (-8.9%), from €166,521 to €151,628
From the 2023 result to the 2024 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 2023
€351,071
Gross operating margin
-€655,606
Depreciation
+€14,893
Other operating charges
+€823
Other operating items
-€18,027
Financial income
-€49,998
Financial charges
+€351,557
Taxes
+€4,014
Deferred taxes and other
-€109,519
Result 2024
-€110,791
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€132,041
Investment
+€463,940
Financing
-€330,103
Cash 2023
€8,388
From operations (derived)
-€132,041
Net result for the year
-€110,791
Depreciation
+€151,628
Receivables within one year
+€1.3m
Smaller working-capital items
+€923
Provisions
-€113,797
Trade debts
-€8,989
Other debts
-€1.3m
Accrued charges and deferred income
-€19,252
Investment (derived)
+€463,940
Investment in fixed assets (net)
+€463,940
Financing
-€330,103
Debts after one year
-€279,240
Current portion of long-term debt
+€5,803
Short-term financial debts
-€56,665
Cash 2024
€10,184
brings cash intakes cash out
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,962,507 | €12,080,582 | -€1.9m | -13.5% |
| Fixed assets | 21/28 | €10,626,101 | €10,010,533 | -€615,568 | -5.8% |
| Tangible fixed assets | 22/27 | €10,626,101 | €10,003,196 | -€622,905 | -5.9% |
| Land and buildings | 22 | €10,604,136 | €9,982,139 | -€621,996 | -5.9% |
| Plant, machinery and equipment | 23 | €844 | €263 | -€580 | -68.8% |
| Furniture and vehicles | 24 | €21,122 | €20,793 | -€329 | -1.6% |
| Financial fixed assets | 28 | - | €7,337 | +€7,337 | |
| Current assets | 29/58 | €3,336,406 | €2,070,049 | -€1.3m | -38.0% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,826,197 | €557,959 | -€1.3m | -69.4% |
| Trade receivables | 40 | €4,119 | €11,355 | +€7,236 | +176% |
| Other amounts receivable | 41 | €1,822,078 | €546,605 | -€1.3m | -70.0% |
| Cash at bank and in hand | 54/58 | €8,388 | €10,184 | +€1,797 | +21.4% |
| Deferred charges and accrued income | 490/1 | €1,822 | €1,905 | +€83 | +4.6% |
| Total equity and liabilities | 10/49 | €13,962,507 | €12,080,582 | -€1.9m | -13.5% |
| Equity | 10/15 | €5,790,395 | €5,679,604 | -€110,791 | -1.9% |
| Contributions | 10/11 | €1,722,628 | €1,722,628 | = | 0.0% |
| Capital | 10 | €1,722,628 | €1,722,628 | = | 0.0% |
| Issued capital | 100 | €1,722,628 | €1,722,628 | = | 0.0% |
| Reserves | 13 | €4,392,929 | €4,051,539 | -€341,390 | -7.8% |
| Non-distributable reserves | 130/1 | €496 | €496 | = | 0.0% |
| Legal reserve | 130 | €496 | €496 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,392,433 | €4,051,043 | -€341,390 | -7.8% |
| Profit (loss) carried forward | 14 | -€325,163 | -€94,563 | +€230,600 | +70.9% |
| Provisions and deferred taxes | 16 | €1,464,144 | €1,350,348 | -€113,797 | -7.8% |
| Deferred taxes | 168 | €1,464,144 | €1,350,348 | -€113,797 | -7.8% |
| Amounts payable | 17/49 | €6,707,968 | €5,050,630 | -€1.7m | -24.7% |
| Amounts payable after more than one year | 17 | €4,754,774 | €4,475,533 | -€279,240 | -5.9% |
| Financial debts | 170/4 | €4,754,774 | €4,475,533 | -€279,240 | -5.9% |
| Amounts payable within one year | 42/48 | €1,933,942 | €575,097 | -€1.4m | -70.3% |
| Current portion of amounts payable after more than one year | 42 | €296,464 | €302,267 | +€5,803 | +2.0% |
| Financial debts | 43 | €160,553 | €103,888 | -€56,665 | -35.3% |
| Credit institutions | 430/8 | €160,553 | €103,888 | -€56,665 | -35.3% |
| Trade debts | 44 | €14,968 | €5,980 | -€8,989 | -60.0% |
| Suppliers | 440/4 | €14,968 | €5,980 | -€8,989 | -60.0% |
| Taxes, remuneration and social security | 45 | €4,088 | €5,094 | +€1,006 | +24.6% |
| Taxes | 450/3 | €4,088 | €5,094 | +€1,006 | +24.6% |
| Other amounts payable | 47/48 | €1,457,868 | €157,868 | -€1.3m | -89.2% |
| Accrued charges and deferred income | 492/3 | €19,252 | €0 | -€19,252 | -100% |
| Non-recurring operating income | 76A | €298,763 | €463 | -€298,299 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,521 | €151,628 | -€14,893 | -8.9% |
| Other operating charges | 640/8 | €11,638 | €10,815 | -€823 | -7.1% |
| Non-recurring operating charges | 66A | - | €18,027 | +€18,027 | |
| Gross operating margin | 9900 | €716,548 | €60,943 | -€655,606 | -91.5% |
| Operating profit (loss) | 9901 | €538,389 | -€119,527 | -€657,916 | |
| Financial income | 75/76B | €52,293 | €2,295 | -€49,998 | -95.6% |
| Recurring financial income | 75 | €52,293 | €2,295 | -€49,998 | -95.6% |
| Financial charges | 65/66B | €458,912 | €107,354 | -€351,557 | -76.6% |
| Recurring financial charges | 65 | €458,912 | €107,354 | -€351,557 | -76.6% |
| Profit (loss) for the period before taxes | 9903 | €131,770 | -€224,587 | -€356,357 | |
| Transfer from deferred taxes | 780 | €223,316 | €113,797 | -€109,519 | -49.0% |
| Income taxes | 67/77 | €4,015 | €0 | -€4,014 | -100.0% |
| Profit (loss) for the period | 9904 | €351,071 | -€110,791 | -€461,862 | |
| Transfer from tax-exempt reserves | 789 | €669,947 | €341,390 | -€328,557 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,021,019 | €230,600 | -€790,419 | -77.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.