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 +€208,098
up €208,098 (+15.8%), from €1.3m to €1.5m
of which Land and buildings: +€124,613
- Cash -€105,137
down €105,137 (-82.9%), from €126,874 to €21,737
mainly Investment in fixed assets (net) (-€357,052) and Stocks and contracts (-€70,317)
- Stocks and contracts +€70,317
up €70,317 (+35.9%), from €195,760 to €266,077
- Debts after one year +€84,429
up €84,429 (+6.8%), from €1.2m to €1.3m
- Reserves +€69,234
up €69,234 (+31.0%), from €223,230 to €292,464
of which Distributable reserves: +€69,234
- Accrued charges and deferred income +€24,216
new in 2025: €24,216
- Short-term financial debts +€20,000
new in 2025: €20,000
- Gross operating margin +€274,875
up €274,875 (+57.4%), from €478,504 to €753,379
- Staff costs +€175,267
up €175,267 (+59.4%), from €295,153 to €470,419
- Depreciation +€98,848
up €98,848 (+198.5%), from €49,806 to €148,654
- Financial charges +€21,303
up €21,303 (+63.9%), from €33,317 to €54,619
- Financial income +€17,228
up €17,228 (+7185.5%), from €240 to €17,468
of which Non-recurring financial income: +€16,868
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 | €1,710,091 | €1,879,645 | +€169,554 | +9.9% |
| Fixed assets | 21/28 | €1,321,348 | €1,529,747 | +€208,398 | +15.8% |
| Tangible fixed assets | 22/27 | €1,320,984 | €1,529,083 | +€208,098 | +15.8% |
| Land and buildings | 22 | €1,216,463 | €1,341,076 | +€124,613 | +10.2% |
| Plant, machinery and equipment | 23 | €83,980 | €134,078 | +€50,099 | +59.7% |
| Furniture and vehicles | 24 | €14,677 | €19,839 | +€5,162 | +35.2% |
| Leasing and similar rights | 25 | €5,865 | €34,089 | +€28,224 | +481.3% |
| Financial fixed assets | 28 | €364 | €664 | +€300 | +82.4% |
| Current assets | 29/58 | €388,743 | €349,899 | -€38,844 | -10.0% |
| Stocks and contracts in progress | 3 | €195,760 | €266,077 | +€70,317 | +35.9% |
| Stocks | 30/36 | €195,760 | €266,077 | +€70,317 | +35.9% |
| Amounts receivable within one year | 40/41 | €65,970 | €58,618 | -€7,353 | -11.1% |
| Trade receivables | 40 | €30,871 | €41,147 | +€10,276 | +33.3% |
| Other amounts receivable | 41 | €35,099 | €17,471 | -€17,628 | -50.2% |
| Cash at bank and in hand | 54/58 | €126,874 | €21,737 | -€105,137 | -82.9% |
| Deferred charges and accrued income | 490/1 | €139 | €3,467 | +€3,328 | +2400.1% |
| Total equity and liabilities | 10/49 | €1,710,091 | €1,879,645 | +€169,554 | +9.9% |
| Equity | 10/15 | €229,459 | €298,693 | +€69,234 | +30.2% |
| Contributions | 10/11 | €6,229 | €6,229 | = | 0.0% |
| Reserves | 13 | €223,230 | €292,464 | +€69,234 | +31.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €221,370 | €290,604 | +€69,234 | +31.3% |
| Amounts payable | 17/49 | €1,480,633 | €1,580,953 | +€100,320 | +6.8% |
| Amounts payable after more than one year | 17 | €1,249,792 | €1,334,221 | +€84,429 | +6.8% |
| Financial debts | 170/4 | €1,249,792 | €1,334,221 | +€84,429 | +6.8% |
| Amounts payable within one year | 42/48 | €230,840 | €222,516 | -€8,325 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €80,475 | €90,680 | +€10,205 | +12.7% |
| Financial debts | 43 | - | €20,000 | +€20,000 | |
| Credit institutions | 430/8 | - | €20,000 | +€20,000 | |
| Trade debts | 44 | €67,768 | €50,075 | -€17,693 | -26.1% |
| Suppliers | 440/4 | €67,768 | €50,075 | -€17,693 | -26.1% |
| Taxes, remuneration and social security | 45 | €50,738 | €42,451 | -€8,287 | -16.3% |
| Taxes | 450/3 | €20,542 | €7,180 | -€13,362 | -65.0% |
| Remuneration and social security | 454/9 | €30,196 | €35,271 | +€5,075 | +16.8% |
| Other amounts payable | 47/48 | €31,860 | €19,309 | -€12,551 | -39.4% |
| Accrued charges and deferred income | 492/3 | - | €24,216 | +€24,216 | |
| Remuneration, social security and pensions | 62 | €295,153 | €470,419 | +€175,267 | +59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,806 | €148,654 | +€98,848 | +198.5% |
| Other operating charges | 640/8 | €6,265 | €5,391 | -€873 | -13.9% |
| Gross operating margin | 9900 | €478,504 | €753,379 | +€274,875 | +57.4% |
| Operating profit (loss) | 9901 | €127,281 | €128,915 | +€1,634 | +1.3% |
| Financial income | 75/76B | €240 | €17,468 | +€17,228 | +7185.5% |
| Recurring financial income | 75 | €240 | €600 | +€361 | +150.4% |
| Non-recurring financial income | 76B | - | €16,868 | +€16,868 | |
| Financial charges | 65/66B | €33,317 | €54,619 | +€21,303 | +63.9% |
| Recurring financial charges | 65 | €33,317 | €54,619 | +€21,303 | +63.9% |
| Profit (loss) for the period before taxes | 9903 | €94,204 | €91,763 | -€2,441 | -2.6% |
| Income taxes | 67/77 | €14,901 | €22,529 | +€7,628 | +51.2% |
| Profit (loss) for the period | 9904 | €79,303 | €69,234 | -€10,069 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,303 | €69,234 | -€10,069 | -12.7% |
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 7 October 2026 via checked.be.