ARCOGES: 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.
ARCOGES
Largest movements
- Receivables within one year -€149,175
down €149,175 (-67.0%), from €222,762 to €73,587
of which Other amounts receivable: -€155,393
- Tangible fixed assets -€14,639
down €14,639 (-2.8%), from €521,060 to €506,420
of which Land and buildings: -€9,188
- Profit (loss) carried forward -€141,396
down €141,396, from €130,636 to -€10,760
- Reserves -€14,446
down €14,446 (-51.3%), from €28,146 to €13,700
of which Distributable reserves: -€14,446
- Depreciation -€20,304
down €20,304 (-58.1%), from €34,944 to €14,639
- Gross operating margin -€16,810
down €16,810 (-31.7%), from €52,976 to €36,165
- Financial charges +€14,559
up €14,559 (+149.2%), from €9,757 to €24,315
- Other operating charges -€3,611
down €3,611 (-54.2%), from €6,664 to €3,053
- Taxes -€625
no longer reported in 2025 (was €625)
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 | €777,530 | €616,004 | -€161,526 | -20.8% |
| Fixed assets | 21/28 | €521,062 | €506,423 | -€14,639 | -2.8% |
| Tangible fixed assets | 22/27 | €521,060 | €506,420 | -€14,639 | -2.8% |
| Land and buildings | 22 | €476,598 | €467,410 | -€9,188 | -1.9% |
| Plant, machinery and equipment | 23 | €44,462 | €39,010 | -€5,452 | -12.3% |
| Financial fixed assets | 28 | €2 | €2 | = | 0.0% |
| Current assets | 29/58 | €256,467 | €109,581 | -€146,887 | -57.3% |
| Amounts receivable within one year | 40/41 | €222,762 | €73,587 | -€149,175 | -67.0% |
| Trade receivables | 40 | - | €6,218 | +€6,218 | |
| Other amounts receivable | 41 | €222,762 | €67,369 | -€155,393 | -69.8% |
| Cash at bank and in hand | 54/58 | €33,706 | €35,338 | +€1,632 | +4.8% |
| Deferred charges and accrued income | 490/1 | - | €656 | +€656 | |
| Total equity and liabilities | 10/49 | €777,530 | €616,004 | -€161,526 | -20.8% |
| Equity | 10/15 | €295,782 | €139,940 | -€155,842 | -52.7% |
| Contributions | 10/11 | €137,000 | €137,000 | = | 0.0% |
| Capital | 10 | €137,000 | €137,000 | = | 0.0% |
| Issued capital | 100 | €137,000 | €137,000 | = | 0.0% |
| Reserves | 13 | €28,146 | €13,700 | -€14,446 | -51.3% |
| Non-distributable reserves | 130/1 | €13,700 | €13,700 | = | 0.0% |
| Legal reserve | 130 | €13,700 | €13,700 | = | 0.0% |
| Distributable reserves | 133 | €14,446 | - | -€14,446 | |
| Profit (loss) carried forward | 14 | €130,636 | -€10,760 | -€141,396 | |
| Amounts payable | 17/49 | €481,748 | €476,064 | -€5,684 | -1.2% |
| Amounts payable after more than one year | 17 | €7,926 | €3,826 | -€4,100 | -51.7% |
| Financial debts | 170/4 | €7,926 | €3,826 | -€4,100 | -51.7% |
| Amounts payable within one year | 42/48 | €471,058 | €468,300 | -€2,758 | -0.6% |
| Current portion of amounts payable after more than one year | 42 | €459,025 | €459,100 | +€75 | 0.0% |
| Trade debts | 44 | €7,949 | €8,470 | +€521 | +6.6% |
| Suppliers | 440/4 | €7,949 | €8,470 | +€521 | +6.6% |
| Taxes, remuneration and social security | 45 | €3,979 | €625 | -€3,354 | -84.3% |
| Taxes | 450/3 | €3,979 | €625 | -€3,354 | -84.3% |
| Other amounts payable | 47/48 | €105 | €105 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,764 | €3,938 | +€1,174 | +42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,944 | €14,639 | -€20,304 | -58.1% |
| Other operating charges | 640/8 | €6,664 | €3,053 | -€3,611 | -54.2% |
| Gross operating margin | 9900 | €52,976 | €36,165 | -€16,810 | -31.7% |
| Operating profit (loss) | 9901 | €11,368 | €18,473 | +€7,106 | +62.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €9,757 | €24,315 | +€14,559 | +149.2% |
| Recurring financial charges | 65 | €9,757 | €24,315 | +€14,559 | +149.2% |
| Profit (loss) for the period before taxes | 9903 | €1,611 | -€5,842 | -€7,453 | |
| Income taxes | 67/77 | €625 | - | -€625 | |
| Profit (loss) for the period | 9904 | €986 | -€5,842 | -€6,828 | |
| Profit (loss) for the period to be appropriated | 9905 | €986 | -€5,842 | -€6,828 |
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 2 October 2026 via checked.be.