Arcsec: 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.
Arcsec
Largest movements
- Cash -€1.1m
down €1.1m (-62.3%), from €1.7m to €647,228
mainly Investment in fixed assets (net) (-€1.2m) and Receivables within one year (-€770,643)
- Receivables within one year +€770,643
up €770,643 (+84.0%), from €917,723 to €1.7m
of which Other amounts receivable: +€420,749
- Tangible fixed assets +€699,851
up €699,851 (+509.0%), from €137,483 to €837,334
of which Other tangible fixed assets: +€701,436
- Stocks and contracts +€652,271
up €652,271 (+195.0%), from €334,535 to €986,806
- Current investments +€250,000
new in 2025: €250,000
- Debts after one year +€453,537
new in 2025: €453,537
- Accrued charges and deferred income +€381,291
up €381,291 (+89.4%), from €426,487 to €807,778
- Profit (loss) carried forward +€301,290
up €301,290 (+14.8%), from €2.0m to €2.3m
- Investment grants +€222,228
up €222,228 (+98.5%), from €225,554 to €447,782
- Current portion of long-term debt +€93,442
new in 2025: €93,442
- Staff costs +€639,965
up €639,965 (+69.4%), from €921,648 to €1.6m
- Taxes -€279,006
down €279,006 (-81.4%), from €342,770 to €63,764
- Depreciation +€148,196
up €148,196 (+60.6%), from €244,746 to €392,942
- Financial charges +€143,513
up €143,513 (+492.4%), from €29,146 to €172,659
of which Financial charges: +€140,657
- Gross operating margin -€104,853
down €104,853 (-4.2%), from €2.5m to €2.4m
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 | €3,761,220 | €5,207,282 | +€1.4m | +38.4% |
| Fixed assets | 21/28 | €717,074 | €1,484,547 | +€767,473 | +107.0% |
| Intangible fixed assets | 21 | €557,806 | €625,429 | +€67,623 | +12.1% |
| Tangible fixed assets | 22/27 | €137,483 | €837,334 | +€699,851 | +509.0% |
| Plant, machinery and equipment | 23 | €14,830 | €16,161 | +€1,331 | +9.0% |
| Furniture and vehicles | 24 | €92,519 | €89,603 | -€2,916 | -3.2% |
| Other tangible fixed assets | 26 | €30,134 | €731,570 | +€701,436 | +2327.7% |
| Financial fixed assets | 28 | €21,785 | €21,785 | = | 0.0% |
| Current assets | 29/58 | €3,044,147 | €3,722,735 | +€678,588 | +22.3% |
| Stocks and contracts in progress | 3 | €334,535 | €986,806 | +€652,271 | +195.0% |
| Stocks | 30/36 | €334,535 | €986,806 | +€652,271 | +195.0% |
| Amounts receivable within one year | 40/41 | €917,723 | €1,688,366 | +€770,643 | +84.0% |
| Trade receivables | 40 | €612,229 | €962,123 | +€349,894 | +57.2% |
| Other amounts receivable | 41 | €305,494 | €726,243 | +€420,749 | +137.7% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €1,718,397 | €647,228 | -€1.1m | -62.3% |
| Deferred charges and accrued income | 490/1 | €73,491 | €150,334 | +€76,843 | +104.6% |
| Total equity and liabilities | 10/49 | €3,761,220 | €5,207,282 | +€1.4m | +38.4% |
| Equity | 10/15 | €2,530,946 | €3,054,464 | +€523,518 | +20.7% |
| Contributions | 10/11 | €250,013 | €250,013 | = | 0.0% |
| Capital | 10 | €250,013 | €250,013 | = | 0.0% |
| Issued capital | 100 | €250,013 | €250,013 | = | 0.0% |
| Reserves | 13 | €25,001 | €25,001 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,001 | €25,001 | = | 0.0% |
| Legal reserve | 130 | €25,001 | €25,001 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,030,378 | €2,331,668 | +€301,290 | +14.8% |
| Investment grants | 15 | €225,554 | €447,782 | +€222,228 | +98.5% |
| Amounts payable | 17/49 | €1,230,274 | €2,152,818 | +€922,544 | +75.0% |
| Amounts payable after more than one year | 17 | - | €453,537 | +€453,537 | |
| Financial debts | 170/4 | - | €453,537 | +€453,537 | |
| Amounts payable within one year | 42/48 | €803,788 | €891,503 | +€87,716 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | - | €93,442 | +€93,442 | |
| Trade debts | 44 | €331,010 | €288,444 | -€42,566 | -12.9% |
| Suppliers | 440/4 | €331,010 | €288,444 | -€42,566 | -12.9% |
| Taxes, remuneration and social security | 45 | €470,440 | €507,280 | +€36,839 | +7.8% |
| Taxes | 450/3 | €358,733 | €311,547 | -€47,186 | -13.2% |
| Remuneration and social security | 454/9 | €111,708 | €195,733 | +€84,026 | +75.2% |
| Other amounts payable | 47/48 | €2,337 | €2,337 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €426,487 | €807,778 | +€381,291 | +89.4% |
| Remuneration, social security and pensions | 62 | €921,648 | €1,561,613 | +€639,965 | +69.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €244,746 | €392,942 | +€148,196 | +60.6% |
| Other operating charges | 640/8 | €1,094 | €3,636 | +€2,543 | +232.5% |
| Non-recurring operating charges | 66A | - | €24,831 | +€24,831 | |
| Gross operating margin | 9900 | €2,499,449 | €2,394,597 | -€104,853 | -4.2% |
| Operating profit (loss) | 9901 | €1,331,962 | €411,575 | -€920,387 | -69.1% |
| Financial income | 75/76B | €85,074 | €126,139 | +€41,065 | +48.3% |
| Recurring financial income | 75 | €85,074 | €126,139 | +€41,065 | +48.3% |
| Financial charges | 65/66B | €29,146 | €172,659 | +€143,513 | +492.4% |
| Recurring financial charges | 65 | €29,146 | €169,803 | +€140,657 | +482.6% |
| Non-recurring financial charges | 66B | - | €2,857 | +€2,857 | |
| Profit (loss) for the period before taxes | 9903 | €1,387,890 | €365,054 | -€1.0m | -73.7% |
| Income taxes | 67/77 | €342,770 | €63,764 | -€279,006 | -81.4% |
| Profit (loss) for the period | 9904 | €1,045,120 | €301,290 | -€743,829 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,045,120 | €301,290 | -€743,829 | -71.2% |
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 4 October 2026 via checked.be.