ARELFI HOLDING: 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.
ARELFI HOLDING
Largest movements
- Cash -€1.4m
down €1.4m (-80.9%), from €1.8m to €341,193
mainly Debts after one year (-€1.3m) and Investment in fixed assets (net) (-€272,629)
- Financial fixed assets +€250,000
up €250,000 (+9.0%), from €2.8m to €3.0m
- Debts after one year -€1.3m
down €1.3m (-22.4%), from €5.6m to €4.3m
- Reserves +€230,347
up €230,347 (+6.9%), from €3.4m to €3.6m
- Financial income -€47,455
down €47,455 (-15.6%), from €304,601 to €257,146
of which Financial income: -€50,455
- Taxes -€22,545
down €22,545 (-16.0%), from €141,224 to €118,680
- Depreciation +€12,306
up €12,306 (+69.0%), from €17,824 to €30,130
- Gross operating margin -€6,322
down €6,322 (-4.7%), from €135,683 to €129,361
- Other operating charges +€3,715
up €3,715 (+384%), from €968 to €4,682
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 | €12,488,409 | €11,421,451 | -€1.1m | -8.5% |
| Fixed assets | 21/28 | €2,941,873 | €3,184,372 | +€242,499 | +8.2% |
| Tangible fixed assets | 22/27 | €168,397 | €160,896 | -€7,502 | -4.5% |
| Furniture and vehicles | 24 | €115,441 | €106,491 | -€8,950 | -7.8% |
| Other tangible fixed assets | 26 | €52,956 | €54,405 | +€1,449 | +2.7% |
| Financial fixed assets | 28 | €2,773,476 | €3,023,476 | +€250,000 | +9.0% |
| Current assets | 29/58 | €9,546,536 | €8,237,079 | -€1.3m | -13.7% |
| Amounts receivable within one year | 40/41 | €2,019,091 | €2,133,633 | +€114,542 | +5.7% |
| Trade receivables | 40 | €124,696 | €120,000 | -€4,696 | -3.8% |
| Other amounts receivable | 41 | €1,894,395 | €2,013,633 | +€119,239 | +6.3% |
| Current investments | 50/53 | €5,738,930 | €5,753,930 | +€15,000 | +0.3% |
| Cash at bank and in hand | 54/58 | €1,784,457 | €341,193 | -€1.4m | -80.9% |
| Deferred charges and accrued income | 490/1 | €4,058 | €8,323 | +€4,265 | +105% |
| Total equity and liabilities | 10/49 | €12,488,409 | €11,421,451 | -€1.1m | -8.5% |
| Equity | 10/15 | €6,824,799 | €7,055,146 | +€230,347 | +3.4% |
| Contributions | 10/11 | €550,000 | €550,000 | = | 0.0% |
| Reserves | 13 | €3,356,821 | €3,587,168 | +€230,347 | +6.9% |
| Distributable reserves | 133 | €3,356,821 | €3,587,168 | +€230,347 | +6.9% |
| Profit (loss) carried forward | 14 | €2,917,978 | €2,917,978 | = | 0.0% |
| Amounts payable | 17/49 | €5,663,610 | €4,366,305 | -€1.3m | -22.9% |
| Amounts payable after more than one year | 17 | €5,573,701 | €4,323,701 | -€1.3m | -22.4% |
| Financial debts | 170/4 | €5,573,701 | €4,323,701 | -€1.3m | -22.4% |
| Amounts payable within one year | 42/48 | €88,999 | €41,542 | -€47,457 | -53.3% |
| Financial debts | 43 | €1,302 | €11,937 | +€10,635 | +817% |
| Credit institutions | 430/8 | €1,302 | €11,937 | +€10,635 | +817% |
| Trade debts | 44 | €14,146 | €833 | -€13,313 | -94.1% |
| Suppliers | 440/4 | €14,146 | €833 | -€13,313 | -94.1% |
| Taxes, remuneration and social security | 45 | €59,928 | €28,772 | -€31,157 | -52.0% |
| Taxes | 450/3 | €59,928 | €28,772 | -€31,157 | -52.0% |
| Other amounts payable | 47/48 | €13,622 | - | -€13,622 | |
| Accrued charges and deferred income | 492/3 | €911 | €1,062 | +€151 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,824 | €30,130 | +€12,306 | +69.0% |
| Other operating charges | 640/8 | €968 | €4,682 | +€3,715 | +384% |
| Gross operating margin | 9900 | €135,683 | €129,361 | -€6,322 | -4.7% |
| Operating profit (loss) | 9901 | €116,891 | €94,549 | -€22,342 | -19.1% |
| Financial income | 75/76B | €304,601 | €257,146 | -€47,455 | -15.6% |
| Recurring financial income | 75 | €304,601 | €254,146 | -€50,455 | -16.6% |
| Non-recurring financial income | 76B | - | €3,000 | +€3,000 | |
| Financial charges | 65/66B | €2,305 | €2,668 | +€362 | +15.7% |
| Recurring financial charges | 65 | €2,305 | €2,668 | +€362 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €419,187 | €349,027 | -€70,160 | -16.7% |
| Income taxes | 67/77 | €141,224 | €118,680 | -€22,545 | -16.0% |
| Profit (loss) for the period | 9904 | €277,963 | €230,347 | -€47,616 | -17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €277,963 | €230,347 | -€47,616 | -17.1% |
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 25 October 2026 via checked.be.