Arfemag: 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.
Arfemag
Largest movements
- Stocks and contracts +€356,209
up €356,209 (+60.5%), from €588,830 to €945,039
- Tangible fixed assets -€24,144
down €24,144 (-8.8%), from €275,175 to €251,031
of which Land and buildings: -€12,090
- Debts after one year +€202,010
up €202,010 (+35.2%), from €574,194 to €776,205
- Trade debts +€155,355
up €155,355 (+26096.0%), from €595 to €155,950
- Other debts +€115,817
up €115,817 (+283.0%), from €40,919 to €156,736
- Reserves -€93,060
down €93,060 (-85.2%), from €109,173 to €16,113
of which Non-distributable reserves: -€93,060
- Profit (loss) carried forward -€33,939
down €33,939 (-35.0%), from €97,077 to €63,138
- Gross operating margin -€30,639
down €30,639 (-57.5%), from €53,300 to €22,661
- Financial charges +€15,366
up €15,366 (+95.5%), from €16,083 to €31,449
- Other operating charges -€1,320
down €1,320 (-24.2%), from €5,448 to €4,128
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 | €984,043 | €1,321,058 | +€337,015 | +34.2% |
| Fixed assets | 21/28 | €275,175 | €251,031 | -€24,144 | -8.8% |
| Tangible fixed assets | 22/27 | €275,175 | €251,031 | -€24,144 | -8.8% |
| Land and buildings | 22 | €228,890 | €216,800 | -€12,090 | -5.3% |
| Other tangible fixed assets | 26 | €46,285 | €34,231 | -€12,054 | -26.0% |
| Current assets | 29/58 | €708,869 | €1,070,027 | +€361,159 | +50.9% |
| Amounts receivable after more than one year | 29 | €120,000 | €120,000 | = | 0.0% |
| Other amounts receivable | 291 | €120,000 | €120,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €588,830 | €945,039 | +€356,209 | +60.5% |
| Stocks | 30/36 | €588,830 | €945,039 | +€356,209 | +60.5% |
| Cash at bank and in hand | 54/58 | €39 | €1,529 | +€1,490 | +3857.0% |
| Deferred charges and accrued income | 490/1 | - | €3,460 | +€3,460 | |
| Total equity and liabilities | 10/49 | €984,043 | €1,321,058 | +€337,015 | +34.2% |
| Equity | 10/15 | €330,197 | €203,198 | -€126,999 | -38.5% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €109,173 | €16,113 | -€93,060 | -85.2% |
| Non-distributable reserves | 130/1 | €105,454 | €12,395 | -€93,060 | -88.2% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Reserves not available under the articles | 1311 | €93,060 | - | -€93,060 | |
| Distributable reserves | 133 | €3,718 | €3,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,077 | €63,138 | -€33,939 | -35.0% |
| Amounts payable | 17/49 | €653,846 | €1,117,860 | +€464,014 | +71.0% |
| Amounts payable after more than one year | 17 | €574,194 | €776,205 | +€202,010 | +35.2% |
| Financial debts | 170/4 | €574,194 | €776,205 | +€202,010 | +35.2% |
| Amounts payable within one year | 42/48 | €68,581 | €340,676 | +€272,094 | +396.7% |
| Current portion of amounts payable after more than one year | 42 | €27,067 | €27,990 | +€922 | +3.4% |
| Trade debts | 44 | €595 | €155,950 | +€155,355 | +26096.0% |
| Suppliers | 440/4 | €595 | €155,950 | +€155,355 | +26096.0% |
| Other amounts payable | 47/48 | €40,919 | €156,736 | +€115,817 | +283.0% |
| Accrued charges and deferred income | 492/3 | €11,070 | €980 | -€10,090 | -91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,144 | €24,144 | = | 0.0% |
| Other operating charges | 640/8 | €5,448 | €4,128 | -€1,320 | -24.2% |
| Gross operating margin | 9900 | €53,300 | €22,661 | -€30,639 | -57.5% |
| Operating profit (loss) | 9901 | €23,708 | -€5,611 | -€29,319 | |
| Financial income | 75/76B | €3,120 | €3,120 | = | 0.0% |
| Recurring financial income | 75 | €3,120 | €3,120 | = | 0.0% |
| Financial charges | 65/66B | €16,083 | €31,449 | +€15,366 | +95.5% |
| Recurring financial charges | 65 | €16,083 | €31,449 | +€15,366 | +95.5% |
| Profit (loss) for the period before taxes | 9903 | €10,745 | -€33,939 | -€44,684 | |
| Profit (loss) for the period | 9904 | €10,745 | -€33,939 | -€44,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,745 | -€33,939 | -€44,684 |
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 9 October 2026 via checked.be.