"ARCADES RED": 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.
"ARCADES RED"
Largest movements
- Stocks and contracts +€2.5m
up €2.5m (+81.6%), from €3.1m to €5.6m
of which Stocks: +€5.6m
- Financial fixed assets +€1.3m
up €1.3m (+1,791%), from €71,790 to €1.4m
- Receivables within one year -€876,241
down €876,241 (-97.0%), from €903,570 to €27,329
of which Other amounts receivable: -€811,754
- Cash +€158,115
up €158,115 (+319%), from €49,586 to €207,700
mainly Debts after one year (+€1.2m) and Short-term financial debts (+€1.1m)
- Debts after one year +€1.2m
up €1.2m (+62.5%), from €1.9m to €3.0m
- Short-term financial debts +€1.1m
up €1.1m (+48.5%), from €2.2m to €3.3m
- Other debts +€960,306
up €960,306 (+253%), from €379,936 to €1.3m
- Profit (loss) carried forward -€136,989
down €136,989 (-1,357%), from -€10,098 to -€147,087
- Trade debts +€89,423
up €89,423 (+77.0%), from €116,088 to €205,511
- Gross operating margin -€58,903
down €58,903 (-2,217%), from -€2,656 to -€61,559
- Financial charges -€31,668
down €31,668 (-25.7%), from €123,387 to €91,719
- Financial income +€10,322
up €10,322 (+59.6%), from €17,333 to €27,655
- Depreciation +€8,138
new in 2025: €8,138
- Write-downs -€7,763
new in 2025: -€7,763
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.
Derived cash bridge
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 | €4,746,852 | €7,831,545 | +€3.1m | +65.0% |
| Fixed assets | 21/28 | €71,790 | €1,390,052 | +€1.3m | +1,836% |
| Intangible fixed assets | 21 | €0 | €32,552 | +€32,552 | |
| Financial fixed assets | 28 | €71,790 | €1,357,500 | +€1.3m | +1,791% |
| Current assets | 29/58 | €4,675,062 | €6,441,493 | +€1.8m | +37.8% |
| Amounts receivable after more than one year | 29 | €607,326 | €558,829 | -€48,497 | -8.0% |
| Other amounts receivable | 291 | €607,326 | €558,829 | -€48,497 | -8.0% |
| Stocks and contracts in progress | 3 | €3,109,997 | €5,646,800 | +€2.5m | +81.6% |
| Stocks | 30/36 | - | €5,646,800 | +€5.6m | |
| Contracts in progress | 37 | €3,109,997 | - | -€3.1m | |
| Amounts receivable within one year | 40/41 | €903,570 | €27,329 | -€876,241 | -97.0% |
| Trade receivables | 40 | €79,860 | €15,373 | -€64,487 | -80.8% |
| Other amounts receivable | 41 | €823,710 | €11,956 | -€811,754 | -98.5% |
| Cash at bank and in hand | 54/58 | €49,586 | €207,700 | +€158,115 | +319% |
| Deferred charges and accrued income | 490/1 | €4,583 | €835 | -€3,748 | -81.8% |
| Total equity and liabilities | 10/49 | €4,746,852 | €7,831,545 | +€3.1m | +65.0% |
| Equity | 10/15 | €132,502 | -€4,487 | -€136,989 | |
| Contributions | 10/11 | €142,600 | €142,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,098 | -€147,087 | -€136,989 | -1,357% |
| Provisions and deferred taxes | 16 | €13,138 | €5,375 | -€7,763 | -59.1% |
| Provisions for liabilities and charges | 160/5 | €13,138 | €5,375 | -€7,763 | -59.1% |
| Major repairs and maintenance | 162 | €13,138 | - | -€13,138 | |
| Other liabilities and charges | 164/5 | - | €5,375 | +€5,375 | |
| Amounts payable | 17/49 | €4,601,212 | €7,830,657 | +€3.2m | +70.2% |
| Amounts payable after more than one year | 17 | €1,856,000 | €3,016,000 | +€1.2m | +62.5% |
| Other amounts payable | 178/9 | €1,856,000 | €3,016,000 | +€1.2m | +62.5% |
| Amounts payable within one year | 42/48 | €2,699,702 | €4,812,719 | +€2.1m | +78.3% |
| Financial debts | 43 | €2,200,000 | €3,266,967 | +€1.1m | +48.5% |
| Credit institutions | 430/8 | €2,200,000 | €3,266,967 | +€1.1m | +48.5% |
| Trade debts | 44 | €116,088 | €205,511 | +€89,423 | +77.0% |
| Suppliers | 440/4 | €116,088 | €205,511 | +€89,423 | +77.0% |
| Taxes, remuneration and social security | 45 | €3,678 | - | -€3,678 | |
| Taxes | 450/3 | €3,678 | - | -€3,678 | |
| Other amounts payable | 47/48 | €379,936 | €1,340,242 | +€960,306 | +253% |
| Accrued charges and deferred income | 492/3 | €45,510 | €1,938 | -€43,573 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,138 | +€8,138 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,763 | -€7,763 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,775 | - | -€4,775 | |
| Other operating charges | 640/8 | - | €85 | +€85 | |
| Gross operating margin | 9900 | -€2,656 | -€61,559 | -€58,903 | -2,217% |
| Operating profit (loss) | 9901 | -€7,431 | -€62,020 | -€54,588 | -735% |
| Financial income | 75/76B | €17,333 | €27,655 | +€10,322 | +59.6% |
| Recurring financial income | 75 | €17,333 | €27,655 | +€10,322 | +59.6% |
| Financial charges | 65/66B | €123,387 | €91,719 | -€31,668 | -25.7% |
| Recurring financial charges | 65 | €123,387 | €91,719 | -€31,668 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | -€113,486 | -€126,084 | -€12,598 | -11.1% |
| Profit (loss) for the period | 9904 | -€113,486 | -€126,084 | -€12,598 | -11.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€113,486 | -€126,084 | -€12,598 | -11.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.