ARCOSER: 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.
ARCOSER
Largest movements
- Tangible fixed assets -€48,970
down €48,970 (-5.0%), from €989,247 to €940,278
of which Land and buildings: -€45,871
- Cash +€31,597
up €31,597 (+47.8%), from €66,163 to €97,760
mainly Net result for the year (+€127,609) and Depreciation (+€55,232)
- Debts after one year -€62,475
down €62,475 (-12.8%), from €486,693 to €424,219
- Tax, wage and social debts +€29,898
up €29,898 (+362%), from €8,248 to €38,146
of which Taxes: +€29,790
- Reserves +€27,600
up €27,600 (+7.5%), from €367,660 to €395,260
of which Distributable reserves: +€27,600
- Gross operating margin +€102,625
up €102,625 (+66.2%), from €154,969 to €257,594
- Taxes +€32,723
up €32,723 (+154%), from €21,255 to €53,978
- Financial charges -€2,778
down €2,778 (-14.8%), from €18,803 to €16,025
of which Financial charges: -€2,778
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 | €1,100,105 | €1,085,246 | -€14,859 | -1.4% |
| Fixed assets | 21/28 | €989,247 | €940,278 | -€48,970 | -5.0% |
| Tangible fixed assets | 22/27 | €989,247 | €940,278 | -€48,970 | -5.0% |
| Land and buildings | 22 | €967,353 | €921,482 | -€45,871 | -4.7% |
| Plant, machinery and equipment | 23 | €4,378 | €7,754 | +€3,376 | +77.1% |
| Furniture and vehicles | 24 | €15,881 | €9,407 | -€6,474 | -40.8% |
| Other tangible fixed assets | 26 | €1,635 | €1,635 | = | 0.0% |
| Current assets | 29/58 | €110,858 | €144,968 | +€34,110 | +30.8% |
| Amounts receivable within one year | 40/41 | €32,098 | €41,648 | +€9,550 | +29.8% |
| Trade receivables | 40 | €28,039 | €37,903 | +€9,864 | +35.2% |
| Other amounts receivable | 41 | €4,058 | €3,745 | -€313 | -7.7% |
| Cash at bank and in hand | 54/58 | €66,163 | €97,760 | +€31,597 | +47.8% |
| Deferred charges and accrued income | 490/1 | €12,597 | €5,560 | -€7,037 | -55.9% |
| Total equity and liabilities | 10/49 | €1,100,105 | €1,085,246 | -€14,859 | -1.4% |
| Equity | 10/15 | €417,134 | €444,743 | +€27,609 | +6.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €367,660 | €395,260 | +€27,600 | +7.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €6,600 | €6,600 | = | 0.0% |
| Distributable reserves | 133 | €361,060 | €388,660 | +€27,600 | +7.6% |
| Profit (loss) carried forward | 14 | €30,924 | €30,933 | +€9 | 0.0% |
| Amounts payable | 17/49 | €682,971 | €640,503 | -€42,468 | -6.2% |
| Amounts payable after more than one year | 17 | €486,693 | €424,219 | -€62,475 | -12.8% |
| Financial debts | 170/4 | €486,693 | €424,219 | -€62,475 | -12.8% |
| Amounts payable within one year | 42/48 | €188,573 | €211,266 | +€22,694 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €61,775 | €62,475 | +€700 | +1.1% |
| Trade debts | 44 | €12,182 | €14,513 | +€2,331 | +19.1% |
| Suppliers | 440/4 | €12,182 | €14,513 | +€2,331 | +19.1% |
| Taxes, remuneration and social security | 45 | €8,248 | €38,146 | +€29,898 | +362% |
| Taxes | 450/3 | €5,569 | €35,359 | +€29,790 | +535% |
| Remuneration and social security | 454/9 | €2,679 | €2,787 | +€108 | +4.0% |
| Other amounts payable | 47/48 | €106,368 | €96,133 | -€10,234 | -9.6% |
| Accrued charges and deferred income | 492/3 | €7,706 | €5,018 | -€2,688 | -34.9% |
| Non-recurring operating income | 76A | €5,925 | €14,661 | +€8,736 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,788 | €55,232 | -€1,556 | -2.7% |
| Other operating charges | 640/8 | €5,143 | €4,751 | -€392 | -7.6% |
| Gross operating margin | 9900 | €154,969 | €257,594 | +€102,625 | +66.2% |
| Operating profit (loss) | 9901 | €93,038 | €197,611 | +€104,574 | +112% |
| Financial income | 75/76B | €0 | €0 | -€0 | -93.8% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -93.8% |
| Financial charges | 65/66B | €18,803 | €16,025 | -€2,778 | -14.8% |
| Recurring financial charges | 65 | €18,803 | €16,025 | -€2,778 | -14.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €74,236 | €181,586 | +€107,351 | +145% |
| Income taxes | 67/77 | €21,255 | €53,978 | +€32,723 | +154% |
| Profit (loss) for the period | 9904 | €52,981 | €127,609 | +€74,628 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €52,981 | €127,609 | +€74,628 | +141% |
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 13 October 2026 via checked.be.