ARC: 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.
ARC
Largest movements
- Tangible fixed assets -€54,759
down €54,759 (-22.8%), from €240,544 to €185,786
of which Leasing and similar rights: -€51,995
- Stocks and contracts +€51,744
up €51,744 (+36.5%), from €141,717 to €193,462
- Receivables within one year -€43,218
down €43,218 (-6.7%), from €646,399 to €603,181
of which Trade receivables: -€45,004
- Receivables after one year -€25,000
down €25,000 (-8.4%), from €296,171 to €271,171
- Intangible fixed assets +€21,085
up €21,085, from €0 to €21,085
- Profit (loss) carried forward -€87,653
down €87,653 (-155.1%), from -€56,502 to -€144,155
- Trade debts +€59,843
up €59,843 (+23.7%), from €252,261 to €312,104
- Debts after one year -€58,120
down €58,120 (-19.6%), from €296,790 to €238,670
- Tax, wage and social debts +€20,543
up €20,543 (+15.6%), from €131,579 to €152,122
of which Remuneration and social security: +€15,882
- Staff costs +€177,388
up €177,388 (+18.6%), from €953,483 to €1.1m
- Gross operating margin +€91,329
up €91,329 (+8.5%), from €1.1m to €1.2m
- Depreciation +€32,087
up €32,087 (+141.5%), from €22,672 to €54,759
- Taxes -€20,719
down €20,719 (-98.7%), from €20,991 to €272
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 | €1,357,628 | €1,296,740 | -€60,888 | -4.5% |
| Fixed assets | 21/28 | €240,794 | €207,121 | -€33,674 | -14.0% |
| Intangible fixed assets | 21 | €0 | €21,085 | +€21,085 | |
| Tangible fixed assets | 22/27 | €240,544 | €185,786 | -€54,759 | -22.8% |
| Plant, machinery and equipment | 23 | €3,489 | €2,161 | -€1,329 | -38.1% |
| Furniture and vehicles | 24 | €3,270 | €1,960 | -€1,310 | -40.1% |
| Leasing and similar rights | 25 | €233,660 | €181,665 | -€51,995 | -22.3% |
| Other tangible fixed assets | 26 | €125 | €0 | -€125 | -100.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,116,834 | €1,089,619 | -€27,215 | -2.4% |
| Amounts receivable after more than one year | 29 | €296,171 | €271,171 | -€25,000 | -8.4% |
| Trade receivables | 290 | €296,171 | €271,171 | -€25,000 | -8.4% |
| Stocks and contracts in progress | 3 | €141,717 | €193,462 | +€51,744 | +36.5% |
| Stocks | 30/36 | €141,717 | €193,462 | +€51,744 | +36.5% |
| Amounts receivable within one year | 40/41 | €646,399 | €603,181 | -€43,218 | -6.7% |
| Trade receivables | 40 | €578,035 | €533,031 | -€45,004 | -7.8% |
| Other amounts receivable | 41 | €68,363 | €70,150 | +€1,787 | +2.6% |
| Cash at bank and in hand | 54/58 | €12,111 | €12,336 | +€226 | +1.9% |
| Deferred charges and accrued income | 490/1 | €20,437 | €9,469 | -€10,967 | -53.7% |
| Total equity and liabilities | 10/49 | €1,357,628 | €1,296,740 | -€60,888 | -4.5% |
| Equity | 10/15 | €167,498 | €79,845 | -€87,653 | -52.3% |
| Contributions | 10/11 | €224,000 | €224,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€56,502 | -€144,155 | -€87,653 | -155.1% |
| Amounts payable | 17/49 | €1,190,130 | €1,216,894 | +€26,765 | +2.2% |
| Amounts payable after more than one year | 17 | €296,790 | €238,670 | -€58,120 | -19.6% |
| Financial debts | 170/4 | €296,790 | €238,670 | -€58,120 | -19.6% |
| Amounts payable within one year | 42/48 | €893,340 | €978,067 | +€84,728 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €55,873 | €58,120 | +€2,247 | +4.0% |
| Financial debts | 43 | €423,446 | €425,531 | +€2,085 | +0.5% |
| Credit institutions | 430/8 | €423,446 | €425,531 | +€2,085 | +0.5% |
| Trade debts | 44 | €252,261 | €312,104 | +€59,843 | +23.7% |
| Suppliers | 440/4 | €252,261 | €312,104 | +€59,843 | +23.7% |
| Taxes, remuneration and social security | 45 | €131,579 | €152,122 | +€20,543 | +15.6% |
| Taxes | 450/3 | €39,114 | €43,775 | +€4,661 | +11.9% |
| Remuneration and social security | 454/9 | €92,465 | €108,346 | +€15,882 | +17.2% |
| Other amounts payable | 47/48 | €30,181 | €30,191 | +€10 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €157 | +€157 | |
| Remuneration, social security and pensions | 62 | €953,483 | €1,130,871 | +€177,388 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,672 | €54,759 | +€32,087 | +141.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,467 | €8,070 | -€1,397 | -14.8% |
| Gross operating margin | 9900 | €1,078,437 | €1,169,765 | +€91,329 | +8.5% |
| Operating profit (loss) | 9901 | €92,815 | -€23,934 | -€116,749 | |
| Financial income | 75/76B | €1,743 | €2,500 | +€757 | +43.5% |
| Recurring financial income | 75 | €1,743 | €2,500 | +€757 | +43.5% |
| Financial charges | 65/66B | €56,602 | €65,947 | +€9,345 | +16.5% |
| Recurring financial charges | 65 | €56,602 | €65,947 | +€9,345 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €37,956 | -€87,381 | -€125,337 | |
| Income taxes | 67/77 | €20,991 | €272 | -€20,719 | -98.7% |
| Profit (loss) for the period | 9904 | €16,964 | -€87,653 | -€104,618 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,964 | -€87,653 | -€104,618 |
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 4 October 2026 via checked.be.