ARCD: 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.
ARCD
Largest movements
- Cash -€215,629
down €215,629 (-80.6%), from €267,547 to €51,918
mainly Other debts (-€92,271) and Deferred charges and accrued income (-€47,899)
- Deferred charges and accrued income +€47,899
up €47,899 (+4084.3%), from €1,173 to €49,072
- Intangible fixed assets -€31,071
down €31,071 (-10.0%), from €310,621 to €279,550
- Tangible fixed assets -€18,770
down €18,770 (-21.6%), from €87,092 to €68,322
- Other debts -€92,271
down €92,271 (-33.6%), from €274,883 to €182,612
- Short-term financial debts -€42,000
down €42,000 (-100.0%), from €42,000 to €0
- Profit (loss) carried forward -€35,579
new in 2025: -€35,579
- Accrued charges and deferred income -€23,361
down €23,361 (-93.4%), from €25,000 to €1,639
- Debts after one year -€18,928
down €18,928 (-29.5%), from €64,182 to €45,254
- Gross operating margin -€322,467
down €322,467 (-93.6%), from €344,684 to €22,217
- Taxes -€89,314
down €89,314 (-99.7%), from €89,602 to €287
- Depreciation +€37,504
up €37,504 (+261.2%), from €14,359 to €51,863
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 | €699,883 | €484,512 | -€215,372 | -30.8% |
| Formation expenses | 20 | €736 | €0 | -€736 | -100.0% |
| Fixed assets | 21/28 | €397,713 | €347,872 | -€49,841 | -12.5% |
| Intangible fixed assets | 21 | €310,621 | €279,550 | -€31,071 | -10.0% |
| Tangible fixed assets | 22/27 | €87,092 | €68,322 | -€18,770 | -21.6% |
| Furniture and vehicles | 24 | €87,092 | €68,322 | -€18,770 | -21.6% |
| Current assets | 29/58 | €301,435 | €136,640 | -€164,795 | -54.7% |
| Amounts receivable within one year | 40/41 | €32,715 | €35,650 | +€2,934 | +9.0% |
| Trade receivables | 40 | €32,715 | €35,650 | +€2,934 | +9.0% |
| Cash at bank and in hand | 54/58 | €267,547 | €51,918 | -€215,629 | -80.6% |
| Deferred charges and accrued income | 490/1 | €1,173 | €49,072 | +€47,899 | +4084.3% |
| Total equity and liabilities | 10/49 | €699,883 | €484,512 | -€215,372 | -30.8% |
| Equity | 10/15 | €241,394 | €205,815 | -€35,579 | -14.7% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €237,894 | €237,894 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €132,644 | €132,644 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€35,579 | -€35,579 | |
| Amounts payable | 17/49 | €458,489 | €278,697 | -€179,792 | -39.2% |
| Amounts payable after more than one year | 17 | €64,182 | €45,254 | -€18,928 | -29.5% |
| Financial debts | 170/4 | €64,182 | €45,254 | -€18,928 | -29.5% |
| Amounts payable within one year | 42/48 | €369,308 | €231,804 | -€137,504 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €16,768 | €17,500 | +€732 | +4.4% |
| Financial debts | 43 | €42,000 | €0 | -€42,000 | -100.0% |
| Other loans | 439 | €42,000 | €0 | -€42,000 | -100.0% |
| Trade debts | 44 | €2,027 | €554 | -€1,473 | -72.7% |
| Suppliers | 440/4 | €2,027 | €554 | -€1,473 | -72.7% |
| Taxes, remuneration and social security | 45 | €33,629 | €31,138 | -€2,491 | -7.4% |
| Taxes | 450/3 | €29,512 | €31,138 | +€1,626 | +5.5% |
| Remuneration and social security | 454/9 | €4,117 | €0 | -€4,117 | -100.0% |
| Other amounts payable | 47/48 | €274,883 | €182,612 | -€92,271 | -33.6% |
| Accrued charges and deferred income | 492/3 | €25,000 | €1,639 | -€23,361 | -93.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,359 | €51,863 | +€37,504 | +261.2% |
| Other operating charges | 640/8 | €999 | €1,518 | +€519 | +52.0% |
| Gross operating margin | 9900 | €344,684 | €22,217 | -€322,467 | -93.6% |
| Operating profit (loss) | 9901 | €329,326 | -€31,164 | -€360,490 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,830 | €4,128 | +€2,298 | +125.6% |
| Recurring financial charges | 65 | €1,830 | €4,128 | +€2,298 | +125.6% |
| Profit (loss) for the period before taxes | 9903 | €327,496 | -€35,292 | -€362,788 | |
| Income taxes | 67/77 | €89,602 | €287 | -€89,314 | -99.7% |
| Profit (loss) for the period | 9904 | €237,894 | -€35,579 | -€273,474 | |
| Transfer to tax-exempt reserves | 689 | €105,250 | €0 | -€105,250 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €132,644 | -€35,579 | -€168,224 |
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 9 October 2026 via checked.be.