ARFA: 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.
ARFA
Largest movements
- Stocks and contracts -€7,739
down €7,739 (-6.1%), from €127,792 to €120,053
- Deferred charges and accrued income -€3,602
down €3,602 (-74.3%), from €4,845 to €1,243
- Tangible fixed assets -€3,124
down €3,124 (-18.2%), from €17,180 to €14,056
of which Other tangible fixed assets: -€1,734
- Cash +€1,933
up €1,933 (+6.4%), from €29,965 to €31,897
mainly Stocks and contracts (+€7,739) and Depreciation (+€6,183)
- Profit (loss) carried forward -€8,141
down €8,141 (-16.3%), from €50,038 to €41,897
- Tax, wage and social debts -€6,414
down €6,414 (-34.4%), from €18,619 to €12,205
of which Taxes: -€3,563
- Other debts +€4,421
new in 2024: €4,421
- Gross operating margin -€33,163
down €33,163 (-83.1%), from €39,922 to €6,759
- Taxes -€7,670
down €7,670 (-99.7%), from €7,693 to €23
- Other operating charges -€2,295
down €2,295 (-31.7%), from €7,248 to €4,952
- Depreciation -€1,017
down €1,017 (-14.1%), from €7,200 to €6,183
- Financial charges +€475
up €475 (+23.7%), from €1,998 to €2,473
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,933 | €174,641 | -€11,292 | -6.1% |
| Fixed assets | 21/28 | €17,365 | €14,133 | -€3,232 | -18.6% |
| Intangible fixed assets | 21 | €186 | €77 | -€109 | -58.6% |
| Tangible fixed assets | 22/27 | €17,180 | €14,056 | -€3,124 | -18.2% |
| Furniture and vehicles | 24 | €4,302 | €2,912 | -€1,390 | -32.3% |
| Other tangible fixed assets | 26 | €12,878 | €11,144 | -€1,734 | -13.5% |
| Current assets | 29/58 | €168,567 | €160,508 | -€8,060 | -4.8% |
| Stocks and contracts in progress | 3 | €127,792 | €120,053 | -€7,739 | -6.1% |
| Stocks | 30/36 | €127,792 | €120,053 | -€7,739 | -6.1% |
| Amounts receivable within one year | 40/41 | €5,966 | €7,314 | +€1,348 | +22.6% |
| Trade receivables | 40 | - | €690 | +€690 | |
| Other amounts receivable | 41 | €5,966 | €6,624 | +€658 | +11.0% |
| Cash at bank and in hand | 54/58 | €29,965 | €31,897 | +€1,933 | +6.4% |
| Deferred charges and accrued income | 490/1 | €4,845 | €1,243 | -€3,602 | -74.3% |
| Total equity and liabilities | 10/49 | €185,933 | €174,641 | -€11,292 | -6.1% |
| Equity | 10/15 | €123,845 | €115,704 | -€8,141 | -6.6% |
| Reserves | 13 | €73,807 | €73,807 | = | 0.0% |
| Tax-exempt reserves | 132 | €177 | €177 | = | 0.0% |
| Distributable reserves | 133 | €73,630 | €73,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,038 | €41,897 | -€8,141 | -16.3% |
| Amounts payable | 17/49 | €62,088 | €58,936 | -€3,151 | -5.1% |
| Amounts payable within one year | 42/48 | €62,088 | €58,936 | -€3,151 | -5.1% |
| Trade debts | 44 | €43,468 | €42,310 | -€1,158 | -2.7% |
| Suppliers | 440/4 | €43,468 | €42,310 | -€1,158 | -2.7% |
| Taxes, remuneration and social security | 45 | €18,619 | €12,205 | -€6,414 | -34.4% |
| Taxes | 450/3 | €15,769 | €12,205 | -€3,563 | -22.6% |
| Remuneration and social security | 454/9 | €2,851 | - | -€2,851 | |
| Other amounts payable | 47/48 | - | €4,421 | +€4,421 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,200 | €6,183 | -€1,017 | -14.1% |
| Other operating charges | 640/8 | €7,248 | €4,952 | -€2,295 | -31.7% |
| Gross operating margin | 9900 | €39,922 | €6,759 | -€33,163 | -83.1% |
| Operating profit (loss) | 9901 | €25,474 | -€4,377 | -€29,851 | |
| Financial income | 75/76B | €462 | €450 | -€13 | -2.8% |
| Recurring financial income | 75 | €462 | €450 | -€13 | -2.8% |
| Financial charges | 65/66B | €1,998 | €2,473 | +€475 | +23.7% |
| Recurring financial charges | 65 | €1,998 | €2,473 | +€475 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €23,938 | -€6,400 | -€30,338 | |
| Income taxes | 67/77 | €7,693 | €23 | -€7,670 | -99.7% |
| Profit (loss) for the period | 9904 | €16,245 | -€6,423 | -€22,668 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,245 | -€6,423 | -€22,668 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.