ARBUTUM DULCE: 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.
ARBUTUM DULCE
Largest movements
- Tangible fixed assets -€20,666
down €20,666 (-18.3%), from €112,742 to €92,076
- Cash +€10,379
up €10,379 (+2.8%), from €367,216 to €377,594
mainly Net result for the year (+€24,872) and Depreciation (+€22,073)
- Receivables within one year -€10,153
down €10,153 (-49.7%), from €20,432 to €10,279
- Trade debts -€48,432
down €48,432 (-83.1%), from €58,292 to €9,859
- Reserves +€24,872
up €24,872 (+14.1%), from €176,443 to €201,315
- Tax, wage and social debts +€12,705
up €12,705 (+64,824%), from €20 to €12,725
of which Taxes: +€12,723
- Current portion of long-term debt -€6,417
no longer reported in 2026 (was €6,417)
- Gross operating margin -€116,461
down €116,461 (-42.9%), from €271,371 to €154,910
- Taxes -€24,019
down €24,019 (-65.5%), from €36,693 to €12,674
- Staff costs -€21,429
down €21,429 (-19.3%), from €111,057 to €89,629
- Depreciation +€5,122
up €5,122 (+30.2%), from €16,951 to €22,073
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €507,111 | €488,317 | -€18,793 | -3.7% |
| Fixed assets | 21/28 | €112,742 | €92,076 | -€20,666 | -18.3% |
| Tangible fixed assets | 22/27 | €112,742 | €92,076 | -€20,666 | -18.3% |
| Land and buildings | 22 | €42,810 | €33,983 | -€8,828 | -20.6% |
| Plant, machinery and equipment | 23 | €47,469 | €42,044 | -€5,426 | -11.4% |
| Furniture and vehicles | 24 | €22,462 | €16,049 | -€6,413 | -28.6% |
| Current assets | 29/58 | €394,368 | €396,242 | +€1,873 | +0.5% |
| Stocks and contracts in progress | 3 | €1,718 | €1,062 | -€656 | -38.2% |
| Stocks | 30/36 | €1,718 | €1,062 | -€656 | -38.2% |
| Amounts receivable within one year | 40/41 | €20,432 | €10,279 | -€10,153 | -49.7% |
| Other amounts receivable | 41 | €20,432 | €10,279 | -€10,153 | -49.7% |
| Current investments | 50/53 | €800 | €800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €367,216 | €377,594 | +€10,379 | +2.8% |
| Deferred charges and accrued income | 490/1 | €4,203 | €6,507 | +€2,304 | +54.8% |
| Total equity and liabilities | 10/49 | €507,111 | €488,317 | -€18,793 | -3.7% |
| Equity | 10/15 | €432,089 | €455,471 | +€23,382 | +5.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €176,443 | €201,315 | +€24,872 | +14.1% |
| Distributable reserves | 133 | €176,443 | €201,315 | +€24,872 | +14.1% |
| Profit (loss) carried forward | 14 | €54,156 | €54,156 | = | 0.0% |
| Investment grants | 15 | €1,490 | - | -€1,490 | |
| Provisions and deferred taxes | 16 | €497 | - | -€497 | |
| Deferred taxes | 168 | €497 | - | -€497 | |
| Amounts payable | 17/49 | €74,525 | €32,846 | -€41,679 | -55.9% |
| Amounts payable within one year | 42/48 | €74,064 | €31,920 | -€42,144 | -56.9% |
| Current portion of amounts payable after more than one year | 42 | €6,417 | - | -€6,417 | |
| Trade debts | 44 | €58,292 | €9,859 | -€48,432 | -83.1% |
| Suppliers | 440/4 | €58,292 | €9,859 | -€48,432 | -83.1% |
| Taxes, remuneration and social security | 45 | €20 | €12,725 | +€12,705 | +64,824% |
| Taxes | 450/3 | €2 | €12,725 | +€12,723 | +605,855% |
| Remuneration and social security | 454/9 | €18 | - | -€18 | |
| Other amounts payable | 47/48 | €9,335 | €9,335 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €461 | €927 | +€465 | +101% |
| Remuneration, social security and pensions | 62 | €111,057 | €89,629 | -€21,429 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,951 | €22,073 | +€5,122 | +30.2% |
| Other operating charges | 640/8 | €7,193 | €7,715 | +€522 | +7.3% |
| Gross operating margin | 9900 | €271,371 | €154,910 | -€116,461 | -42.9% |
| Operating profit (loss) | 9901 | €136,170 | €35,493 | -€100,677 | -73.9% |
| Financial income | 75/76B | €4,016 | €2,261 | -€1,755 | -43.7% |
| Recurring financial income | 75 | €4,016 | €2,261 | -€1,755 | -43.7% |
| Financial charges | 65/66B | €756 | €704 | -€52 | -6.9% |
| Recurring financial charges | 65 | €756 | €704 | -€52 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €139,429 | €37,050 | -€102,379 | -73.4% |
| Transfer from deferred taxes | 780 | €842 | €497 | -€346 | -41.0% |
| Income taxes | 67/77 | €36,693 | €12,674 | -€24,019 | -65.5% |
| Profit (loss) for the period | 9904 | €103,578 | €24,872 | -€78,706 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,578 | €24,872 | -€78,706 | -76.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.