Arena Management: 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.
Arena Management
Largest movements
- Cash -€51,812
down €51,812 (-78.8%), from €65,723 to €13,911
mainly Contributions, distributions and other (-€125,346) and Investment in fixed assets (net) (-€40,523)
- Intangible fixed assets +€39,324
new in 2025: €39,324
- Receivables within one year -€23,595
down €23,595 (-33.9%), from €69,590 to €45,995
of which Other amounts receivable: -€38,582
- Tangible fixed assets -€14,221
down €14,221 (-92.0%), from €15,463 to €1,242
- Deferred charges and accrued income +€10,000
new in 2025: €10,000
- Reserves -€121,288
down €121,288 (-96.8%), from €125,346 to €4,057
- Other debts +€58,163
new in 2025: €58,163
- Debts after one year +€27,299
up €27,299, from €0 to €27,299
- Current portion of long-term debt -€4,367
down €4,367 (-31.3%), from €13,951 to €9,584
- Gross operating margin -€28,766
down €28,766 (-51.7%), from €55,673 to €26,907
- Taxes -€6,191
down €6,191 (-64.2%), from €9,649 to €3,458
- Financial income -€1,396
down €1,396 (-99.3%), from €1,407 to €10
- Depreciation +€924
up €924 (+6.4%), from €14,496 to €15,420
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 | €150,776 | €110,471 | -€40,305 | -26.7% |
| Fixed assets | 21/28 | €15,463 | €40,565 | +€25,103 | +162% |
| Intangible fixed assets | 21 | - | €39,324 | +€39,324 | |
| Tangible fixed assets | 22/27 | €15,463 | €1,242 | -€14,221 | -92.0% |
| Furniture and vehicles | 24 | €15,463 | €1,242 | -€14,221 | -92.0% |
| Current assets | 29/58 | €135,313 | €69,906 | -€65,407 | -48.3% |
| Amounts receivable within one year | 40/41 | €69,590 | €45,995 | -€23,595 | -33.9% |
| Trade receivables | 40 | €24,157 | €39,144 | +€14,987 | +62.0% |
| Other amounts receivable | 41 | €45,433 | €6,851 | -€38,582 | -84.9% |
| Cash at bank and in hand | 54/58 | €65,723 | €13,911 | -€51,812 | -78.8% |
| Deferred charges and accrued income | 490/1 | - | €10,000 | +€10,000 | |
| Total equity and liabilities | 10/49 | €150,776 | €110,471 | -€40,305 | -26.7% |
| Equity | 10/15 | €130,346 | €9,057 | -€121,288 | -93.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €125,346 | €4,057 | -€121,288 | -96.8% |
| Distributable reserves | 133 | €125,346 | €4,057 | -€121,288 | -96.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,430 | €101,414 | +€80,984 | +396% |
| Amounts payable after more than one year | 17 | €0 | €27,299 | +€27,299 | |
| Financial debts | 170/4 | €0 | €27,299 | +€27,299 | |
| Amounts payable within one year | 42/48 | €20,430 | €74,116 | +€53,685 | +263% |
| Current portion of amounts payable after more than one year | 42 | €13,951 | €9,584 | -€4,367 | -31.3% |
| Trade debts | 44 | €1,358 | €966 | -€392 | -28.9% |
| Suppliers | 440/4 | €1,358 | €966 | -€392 | -28.9% |
| Taxes, remuneration and social security | 45 | €5,122 | €5,403 | +€281 | +5.5% |
| Taxes | 450/3 | €5,122 | €5,403 | +€281 | +5.5% |
| Other amounts payable | 47/48 | - | €58,163 | +€58,163 | |
| Remuneration, social security and pensions | 62 | €1,848 | €1,874 | +€26 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,496 | €15,420 | +€924 | +6.4% |
| Other operating charges | 640/8 | €718 | €747 | +€30 | +4.1% |
| Gross operating margin | 9900 | €55,673 | €26,907 | -€28,766 | -51.7% |
| Operating profit (loss) | 9901 | €38,612 | €8,866 | -€29,746 | -77.0% |
| Financial income | 75/76B | €1,407 | €10 | -€1,396 | -99.3% |
| Recurring financial income | 75 | €1,407 | €10 | -€1,396 | -99.3% |
| Financial charges | 65/66B | €1,144 | €1,361 | +€218 | +19.0% |
| Recurring financial charges | 65 | €1,144 | €1,361 | +€218 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €38,875 | €7,515 | -€31,360 | -80.7% |
| Income taxes | 67/77 | €9,649 | €3,458 | -€6,191 | -64.2% |
| Profit (loss) for the period | 9904 | €29,226 | €4,057 | -€25,168 | -86.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,226 | €4,057 | -€25,168 | -86.1% |
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.