ARCA: 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.
ARCA
Largest movements
- Receivables within one year -€484,252
down €484,252 (-90.1%), from €537,259 to €53,008
of which Trade receivables: -€480,663
- Receivables after one year +€300,000
new in 2025: €300,000
- Cash +€103,995
up €103,995 (+470%), from €22,121 to €126,116
- Stocks and contracts -€97,142
down €97,142 (-100%), from €97,142 to €0
- Tangible fixed assets -€33,343
down €33,343 (-100%), from €33,343 to €0
of which Plant, machinery and equipment: -€33,181
- Trade debts -€198,879
down €198,879 (-99.7%), from €199,432 to €554
- Reserves +€31,050
up €31,050 (+13.9%), from €223,532 to €254,582
of which Distributable reserves: +€31,050
- Other debts -€27,091
down €27,091 (-18.2%), from €148,643 to €121,552
- Debts after one year -€19,052
down €19,052 (-34.0%), from €56,028 to €36,976
- Tax, wage and social debts -€8,132
down €8,132 (-58.2%), from €13,977 to €5,845
of which Remuneration and social security: -€11,074
- Write-downs +€148,788
up €148,788 (+26,014%), from €572 to €149,360
- Staff costs -€117,741
down €117,741 (-89.2%), from €132,011 to €14,270
- Gross operating margin +€93,689
up €93,689 (+59.9%), from €156,292 to €249,981
- Depreciation -€17,734
down €17,734 (-100%), from €17,734 to €0
- Taxes +€10,770
up €10,770 (+820%), from €1,314 to €12,083
From the 2023 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.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €703,612 | €482,146 | -€221,466 | -31.5% |
| Fixed assets | 21/28 | €45,955 | €2,479 | -€43,476 | -94.6% |
| Intangible fixed assets | 21 | €9,998 | €0 | -€9,998 | -100% |
| Tangible fixed assets | 22/27 | €33,343 | €0 | -€33,343 | -100% |
| Plant, machinery and equipment | 23 | €33,181 | €0 | -€33,181 | -100% |
| Furniture and vehicles | 24 | €162 | €0 | -€162 | -100% |
| Financial fixed assets | 28 | €2,614 | €2,479 | -€135 | -5.2% |
| Current assets | 29/58 | €657,657 | €479,667 | -€177,990 | -27.1% |
| Amounts receivable after more than one year | 29 | - | €300,000 | +€300,000 | |
| Other amounts receivable | 291 | - | €300,000 | +€300,000 | |
| Stocks and contracts in progress | 3 | €97,142 | €0 | -€97,142 | -100% |
| Stocks | 30/36 | €97,142 | €0 | -€97,142 | -100% |
| Amounts receivable within one year | 40/41 | €537,259 | €53,008 | -€484,252 | -90.1% |
| Trade receivables | 40 | €530,411 | €49,748 | -€480,663 | -90.6% |
| Other amounts receivable | 41 | €6,848 | €3,260 | -€3,588 | -52.4% |
| Cash at bank and in hand | 54/58 | €22,121 | €126,116 | +€103,995 | +470% |
| Deferred charges and accrued income | 490/1 | €1,135 | €543 | -€592 | -52.1% |
| Total equity and liabilities | 10/49 | €703,612 | €482,146 | -€221,466 | -31.5% |
| Equity | 10/15 | €285,532 | €316,582 | +€31,050 | +10.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €223,532 | €254,582 | +€31,050 | +13.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,189 | €43,189 | = | 0.0% |
| Distributable reserves | 133 | €174,143 | €205,193 | +€31,050 | +17.8% |
| Amounts payable | 17/49 | €418,080 | €165,564 | -€252,516 | -60.4% |
| Amounts payable after more than one year | 17 | €56,028 | €36,976 | -€19,052 | -34.0% |
| Other amounts payable | 178/9 | €56,028 | €36,976 | -€19,052 | -34.0% |
| Amounts payable within one year | 42/48 | €362,052 | €128,588 | -€233,464 | -64.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €638 | +€638 | |
| Credit institutions | 430/8 | - | €638 | +€638 | |
| Trade debts | 44 | €199,432 | €554 | -€198,879 | -99.7% |
| Suppliers | 440/4 | €199,432 | €554 | -€198,879 | -99.7% |
| Taxes, remuneration and social security | 45 | €13,977 | €5,845 | -€8,132 | -58.2% |
| Taxes | 450/3 | €2,903 | €5,845 | +€2,942 | +101% |
| Remuneration and social security | 454/9 | €11,074 | €0 | -€11,074 | -100% |
| Other amounts payable | 47/48 | €148,643 | €121,552 | -€27,091 | -18.2% |
| Non-recurring operating income | 76A | - | €314,666 | +€314,666 | |
| Remuneration, social security and pensions | 62 | €132,011 | €14,270 | -€117,741 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,734 | €0 | -€17,734 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €572 | €149,360 | +€148,788 | +26,014% |
| Other operating charges | 640/8 | €2,127 | €9,439 | +€7,312 | +344% |
| Non-recurring operating charges | 66A | - | €33,181 | +€33,181 | |
| Gross operating margin | 9900 | €156,292 | €249,981 | +€93,689 | +59.9% |
| Operating profit (loss) | 9901 | €3,849 | €43,732 | +€39,883 | +1,036% |
| Financial income | 75/76B | €2,732 | €1,097 | -€1,635 | -59.8% |
| Recurring financial income | 75 | €2,732 | €1,097 | -€1,635 | -59.8% |
| Financial charges | 65/66B | €4,702 | €1,695 | -€3,007 | -64.0% |
| Recurring financial charges | 65 | €4,702 | €1,695 | -€3,007 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €1,879 | €43,134 | +€41,255 | +2,196% |
| Income taxes | 67/77 | €1,314 | €12,083 | +€10,770 | +820% |
| Profit (loss) for the period | 9904 | €565 | €31,050 | +€30,485 | +5,393% |
| Profit (loss) for the period to be appropriated | 9905 | €565 | €31,050 | +€30,485 | +5,393% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.