ARBOWAR: 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.
ARBOWAR
Largest movements
- Receivables within one year -€409,007
down €409,007 (-25.5%), from €1.6m to €1.2m
of which Trade receivables: -€464,691
- Cash +€93,408
up €93,408 (+36.0%), from €259,687 to €353,095
mainly Receivables within one year (+€409,007) and Depreciation (+€103,017)
- Tangible fixed assets +€91,794
up €91,794 (+18.3%), from €502,701 to €594,495
of which Furniture and vehicles: +€111,655
- Trade debts -€171,801
down €171,801 (-15.1%), from €1.1m to €967,844
- Other debts -€72,346
down €72,346 (-48.5%), from €149,151 to €76,805
- Tax, wage and social debts -€49,396
down €49,396 (-48.4%), from €102,090 to €52,694
of which Remuneration and social security: -€39,964
- Debts after one year +€33,655
up €33,655 (+19.3%), from €174,180 to €207,835
- Current portion of long-term debt +€29,639
up €29,639 (+32.5%), from €91,202 to €120,841
- Gross operating margin -€111,116
down €111,116 (-6.6%), from €1.7m to €1.6m
- Depreciation -€47,144
down €47,144 (-31.4%), from €150,162 to €103,017
- Financial income -€19,765
down €19,765 (-77.7%), from €25,453 to €5,688
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 | €2,534,962 | €2,317,368 | -€217,594 | -8.6% |
| Fixed assets | 21/28 | €502,701 | €594,495 | +€91,794 | +18.3% |
| Tangible fixed assets | 22/27 | €502,701 | €594,495 | +€91,794 | +18.3% |
| Land and buildings | 22 | €2,399 | €339 | -€2,060 | -85.9% |
| Plant, machinery and equipment | 23 | €65,640 | €42,613 | -€23,027 | -35.1% |
| Furniture and vehicles | 24 | €93,060 | €204,714 | +€111,655 | +120.0% |
| Leasing and similar rights | 25 | €318,639 | €329,888 | +€11,248 | +3.5% |
| Other tangible fixed assets | 26 | €22,963 | €16,941 | -€6,022 | -26.2% |
| Current assets | 29/58 | €2,032,261 | €1,722,873 | -€309,387 | -15.2% |
| Stocks and contracts in progress | 3 | €152,750 | €159,943 | +€7,193 | +4.7% |
| Stocks | 30/36 | €152,750 | €159,943 | +€7,193 | +4.7% |
| Amounts receivable within one year | 40/41 | €1,602,525 | €1,193,518 | -€409,007 | -25.5% |
| Trade receivables | 40 | €1,600,856 | €1,136,164 | -€464,691 | -29.0% |
| Other amounts receivable | 41 | €1,670 | €57,354 | +€55,684 | +3335.0% |
| Cash at bank and in hand | 54/58 | €259,687 | €353,095 | +€93,408 | +36.0% |
| Deferred charges and accrued income | 490/1 | €17,298 | €16,317 | -€981 | -5.7% |
| Total equity and liabilities | 10/49 | €2,534,962 | €2,317,368 | -€217,594 | -8.6% |
| Equity | 10/15 | €517,866 | €510,459 | -€7,407 | -1.4% |
| Contributions | 10/11 | €218,025 | €218,025 | = | 0.0% |
| Capital | 10 | €218,025 | €218,025 | = | 0.0% |
| Issued capital | 100 | €218,025 | €218,025 | = | 0.0% |
| Reserves | 13 | €50,364 | €50,364 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,802 | €21,802 | = | 0.0% |
| Legal reserve | 130 | €21,802 | €21,802 | = | 0.0% |
| Distributable reserves | 133 | €28,561 | €28,561 | = | 0.0% |
| Profit (loss) carried forward | 14 | €249,478 | €242,070 | -€7,407 | -3.0% |
| Amounts payable | 17/49 | €2,017,096 | €1,806,909 | -€210,186 | -10.4% |
| Amounts payable after more than one year | 17 | €174,180 | €207,835 | +€33,655 | +19.3% |
| Financial debts | 170/4 | €174,180 | €207,835 | +€33,655 | +19.3% |
| Amounts payable within one year | 42/48 | €1,832,088 | €1,568,185 | -€263,903 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €91,202 | €120,841 | +€29,639 | +32.5% |
| Financial debts | 43 | €350,000 | €350,000 | = | 0.0% |
| Credit institutions | 430/8 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €1,139,645 | €967,844 | -€171,801 | -15.1% |
| Suppliers | 440/4 | €1,139,645 | €967,844 | -€171,801 | -15.1% |
| Taxes, remuneration and social security | 45 | €102,090 | €52,694 | -€49,396 | -48.4% |
| Taxes | 450/3 | €16,866 | €7,435 | -€9,431 | -55.9% |
| Remuneration and social security | 454/9 | €85,224 | €45,260 | -€39,964 | -46.9% |
| Other amounts payable | 47/48 | €149,151 | €76,805 | -€72,346 | -48.5% |
| Accrued charges and deferred income | 492/3 | €10,828 | €30,890 | +€20,062 | +185.3% |
| Non-recurring operating income | 76A | €5,072 | €31,600 | +€26,528 | +523.0% |
| Remuneration, social security and pensions | 62 | €1,398,636 | €1,406,765 | +€8,129 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,162 | €103,017 | -€47,144 | -31.4% |
| Other operating charges | 640/8 | €28,904 | €36,828 | +€7,924 | +27.4% |
| Gross operating margin | 9900 | €1,689,386 | €1,578,270 | -€111,116 | -6.6% |
| Operating profit (loss) | 9901 | €111,684 | €31,659 | -€80,025 | -71.7% |
| Financial income | 75/76B | €25,453 | €5,688 | -€19,765 | -77.7% |
| Recurring financial income | 75 | €25,453 | €5,688 | -€19,765 | -77.7% |
| Financial charges | 65/66B | €51,929 | €37,320 | -€14,609 | -28.1% |
| Recurring financial charges | 65 | €51,929 | €37,320 | -€14,609 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €85,208 | €27 | -€85,181 | -100.0% |
| Income taxes | 67/77 | €13 | €7,435 | +€7,422 | +57712.5% |
| Profit (loss) for the period | 9904 | €85,195 | -€7,407 | -€92,602 | |
| Profit (loss) for the period to be appropriated | 9905 | €85,195 | -€7,407 | -€92,602 |
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.