ARBORETA: 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.
ARBORETA
Largest movements
- Cash +€37,173
up €37,173 (+27.6%), from €134,703 to €171,876
mainly Other debts (+€140,451) and Tax, wage and social debts (+€32,568)
- Receivables within one year -€15,281
down €15,281 (-58.5%), from €26,108 to €10,826
of which Other amounts receivable: -€14,818
- Tangible fixed assets -€12,765
down €12,765 (-40.2%), from €31,771 to €19,006
of which Furniture and vehicles: -€13,041
- Profit (loss) carried forward -€146,759
no longer reported in 2025 (was €146,759)
- Other debts +€140,451
up €140,451 (+4007.2%), from €3,505 to €143,956
- Tax, wage and social debts +€32,568
up €32,568 (+245.9%), from €13,247 to €45,816
of which Taxes: +€30,839
- Trade debts -€13,714
down €13,714 (-74.2%), from €18,487 to €4,774
- Debts after one year -€3,306
down €3,306 (-45.3%), from €7,291 to €3,985
- Gross operating margin -€49,832
down €49,832 (-41.1%), from €121,337 to €71,505
- Depreciation -€36,130
down €36,130 (-67.8%), from €53,323 to €17,193
- Taxes -€6,220
down €6,220 (-35.9%), from €17,346 to €11,126
- Other operating charges -€1,886
down €1,886 (-81.7%), from €2,308 to €422
- Staff costs -€1,849
down €1,849 (-12.4%), from €14,908 to €13,060
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 | €194,947 | €204,336 | +€9,389 | +4.8% |
| Formation expenses | 20 | €81 | - | -€81 | |
| Fixed assets | 21/28 | €31,926 | €19,161 | -€12,765 | -40.0% |
| Tangible fixed assets | 22/27 | €31,771 | €19,006 | -€12,765 | -40.2% |
| Plant, machinery and equipment | 23 | €6,742 | €7,018 | +€276 | +4.1% |
| Furniture and vehicles | 24 | €25,029 | €11,988 | -€13,041 | -52.1% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €162,940 | €185,176 | +€22,236 | +13.6% |
| Amounts receivable within one year | 40/41 | €26,108 | €10,826 | -€15,281 | -58.5% |
| Trade receivables | 40 | €11,290 | €10,826 | -€463 | -4.1% |
| Other amounts receivable | 41 | €14,818 | - | -€14,818 | |
| Cash at bank and in hand | 54/58 | €134,703 | €171,876 | +€37,173 | +27.6% |
| Deferred charges and accrued income | 490/1 | €2,129 | €2,473 | +€344 | +16.2% |
| Total equity and liabilities | 10/49 | €194,947 | €204,336 | +€9,389 | +4.8% |
| Equity | 10/15 | €149,259 | €2,500 | -€146,759 | -98.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €146,759 | - | -€146,759 | |
| Amounts payable | 17/49 | €45,688 | €201,836 | +€156,148 | +341.8% |
| Amounts payable after more than one year | 17 | €7,291 | €3,985 | -€3,306 | -45.3% |
| Financial debts | 170/4 | €7,291 | €3,985 | -€3,306 | -45.3% |
| Amounts payable within one year | 42/48 | €37,097 | €197,851 | +€160,754 | +433.3% |
| Current portion of amounts payable after more than one year | 42 | €1,857 | €3,306 | +€1,449 | +78.0% |
| Trade debts | 44 | €18,487 | €4,774 | -€13,714 | -74.2% |
| Suppliers | 440/4 | €18,487 | €4,774 | -€13,714 | -74.2% |
| Taxes, remuneration and social security | 45 | €13,247 | €45,816 | +€32,568 | +245.9% |
| Taxes | 450/3 | €12,000 | €42,839 | +€30,839 | +257.0% |
| Remuneration and social security | 454/9 | €1,247 | €2,977 | +€1,729 | +138.7% |
| Other amounts payable | 47/48 | €3,505 | €143,956 | +€140,451 | +4007.2% |
| Accrued charges and deferred income | 492/3 | €1,300 | - | -€1,300 | |
| Remuneration, social security and pensions | 62 | €14,908 | €13,060 | -€1,849 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,323 | €17,193 | -€36,130 | -67.8% |
| Other operating charges | 640/8 | €2,308 | €422 | -€1,886 | -81.7% |
| Non-recurring operating charges | 66A | €41 | - | -€41 | |
| Gross operating margin | 9900 | €121,337 | €71,505 | -€49,832 | -41.1% |
| Operating profit (loss) | 9901 | €50,756 | €40,829 | -€9,927 | -19.6% |
| Financial income | 75/76B | - | €208 | +€208 | |
| Recurring financial income | 75 | - | €208 | +€208 | |
| Financial charges | 65/66B | €2,645 | €3,425 | +€780 | +29.5% |
| Recurring financial charges | 65 | €2,645 | €3,425 | +€780 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €48,112 | €37,612 | -€10,500 | -21.8% |
| Income taxes | 67/77 | €17,346 | €11,126 | -€6,220 | -35.9% |
| Profit (loss) for the period | 9904 | €30,766 | €26,487 | -€4,279 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,766 | €26,487 | -€4,279 | -13.9% |
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 5 October 2026 via checked.be.