ARFELOS: 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.
ARFELOS
Largest movements
- Receivables within one year +€478,352
up €478,352 (+56.6%), from €845,346 to €1.3m
of which Trade receivables: +€548,861
- Receivables after one year +€135,000
up €135,000 (+40.9%), from €330,000 to €465,000
- Tangible fixed assets +€59,272
up €59,272 (+2.0%), from €2.9m to €3.0m
of which Land and buildings: +€77,389
- Trade debts +€314,354
up €314,354 (+62.0%), from €507,037 to €821,391
- Short-term financial debts +€300,000
new in 2025: €300,000
- Debts after one year -€170,141
down €170,141 (-9.4%), from €1.8m to €1.6m
- Other debts +€156,211
up €156,211 (+108.3%), from €144,235 to €300,446
- Tax, wage and social debts +€99,171
up €99,171 (+407.7%), from €24,326 to €123,497
- Gross operating margin +€83,908
up €83,908 (+36.1%), from €232,616 to €316,524
- Taxes +€44,721
up €44,721 (+207.1%), from €21,592 to €66,313
- Depreciation -€18,493
down €18,493 (-10.5%), from €176,378 to €157,885
- Financial charges +€11,575
up €11,575 (+18.6%), from €62,281 to €73,856
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 | €4,446,567 | €5,175,642 | +€729,075 | +16.4% |
| Fixed assets | 21/28 | €2,937,371 | €2,996,643 | +€59,272 | +2.0% |
| Tangible fixed assets | 22/27 | €2,918,758 | €2,978,030 | +€59,272 | +2.0% |
| Land and buildings | 22 | €2,807,995 | €2,885,384 | +€77,389 | +2.8% |
| Plant, machinery and equipment | 23 | €963 | - | -€963 | |
| Furniture and vehicles | 24 | €79,800 | €62,645 | -€17,155 | -21.5% |
| Other tangible fixed assets | 26 | €30,000 | €30,000 | = | 0.0% |
| Financial fixed assets | 28 | €18,613 | €18,613 | = | 0.0% |
| Current assets | 29/58 | €1,509,196 | €2,178,999 | +€669,803 | +44.4% |
| Amounts receivable after more than one year | 29 | €330,000 | €465,000 | +€135,000 | +40.9% |
| Other amounts receivable | 291 | €330,000 | €465,000 | +€135,000 | +40.9% |
| Amounts receivable within one year | 40/41 | €845,346 | €1,323,698 | +€478,352 | +56.6% |
| Trade receivables | 40 | €762,797 | €1,311,658 | +€548,861 | +72.0% |
| Other amounts receivable | 41 | €82,549 | €12,040 | -€70,509 | -85.4% |
| Cash at bank and in hand | 54/58 | €33,851 | €80,302 | +€46,451 | +137.2% |
| Deferred charges and accrued income | 490/1 | €300,000 | €310,000 | +€10,000 | +3.3% |
| Total equity and liabilities | 10/49 | €4,446,567 | €5,175,642 | +€729,075 | +16.4% |
| Equity | 10/15 | €1,489,948 | €1,517,080 | +€27,132 | +1.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,477,448 | €1,504,580 | +€27,132 | +1.8% |
| Tax-exempt reserves | 132 | €916,147 | €886,182 | -€29,965 | -3.3% |
| Distributable reserves | 133 | €561,301 | €618,398 | +€57,097 | +10.2% |
| Provisions and deferred taxes | 16 | €295,594 | €280,158 | -€15,436 | -5.2% |
| Deferred taxes | 168 | €295,594 | €280,158 | -€15,436 | -5.2% |
| Amounts payable | 17/49 | €2,661,025 | €3,378,404 | +€717,379 | +27.0% |
| Amounts payable after more than one year | 17 | €1,803,748 | €1,633,608 | -€170,141 | -9.4% |
| Financial debts | 170/4 | €1,803,748 | €1,633,608 | -€170,141 | -9.4% |
| Amounts payable within one year | 42/48 | €842,646 | €1,715,475 | +€872,829 | +103.6% |
| Current portion of amounts payable after more than one year | 42 | €167,047 | €170,141 | +€3,094 | +1.9% |
| Financial debts | 43 | - | €300,000 | +€300,000 | |
| Credit institutions | 430/8 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €507,037 | €821,391 | +€314,354 | +62.0% |
| Suppliers | 440/4 | €507,037 | €821,391 | +€314,354 | +62.0% |
| Taxes, remuneration and social security | 45 | €24,326 | €123,497 | +€99,171 | +407.7% |
| Taxes | 450/3 | €24,326 | €123,497 | +€99,171 | +407.7% |
| Other amounts payable | 47/48 | €144,235 | €300,446 | +€156,211 | +108.3% |
| Accrued charges and deferred income | 492/3 | €14,631 | €29,322 | +€14,691 | +100.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €176,378 | €157,885 | -€18,493 | -10.5% |
| Other operating charges | 640/8 | €17,187 | €18,915 | +€1,728 | +10.1% |
| Gross operating margin | 9900 | €232,616 | €316,524 | +€83,908 | +36.1% |
| Operating profit (loss) | 9901 | €39,051 | €139,724 | +€100,673 | +257.8% |
| Financial income | 75/76B | €10,572 | €12,141 | +€1,569 | +14.8% |
| Recurring financial income | 75 | €10,572 | €12,141 | +€1,569 | +14.8% |
| Financial charges | 65/66B | €62,281 | €73,856 | +€11,575 | +18.6% |
| Recurring financial charges | 65 | €62,281 | €73,856 | +€11,575 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | -€12,657 | €78,009 | +€90,667 | |
| Transfer from deferred taxes | 780 | €15,000 | €15,436 | +€437 | +2.9% |
| Income taxes | 67/77 | €21,592 | €66,313 | +€44,721 | +207.1% |
| Profit (loss) for the period | 9904 | -€19,250 | €27,132 | +€46,382 | |
| Transfer from tax-exempt reserves | 789 | €29,117 | €29,965 | +€847 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,867 | €57,097 | +€47,229 | +478.6% |
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 10 October 2026 via checked.be.