ARFEOS: 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.
ARFEOS
Largest movements
- Stocks and contracts +€41,179
up €41,179 (+257.3%), from €16,002 to €57,181
- Cash -€13,514
down €13,514 (-91.8%), from €14,718 to €1,204
mainly Stocks and contracts (-€41,179) and Net result for the year (-€36,226)
- Receivables after one year -€12,500
no longer reported in 2025 (was €12,500)
- Receivables within one year +€5,752
new in 2025: €5,752
of which Trade receivables: +€4,350
- Other debts +€62,458
up €62,458 (+2285.3%), from €2,733 to €65,192
- Reserves -€22,836
no longer reported in 2025 (was €22,836)
- Profit (loss) carried forward -€13,391
new in 2025: -€13,391
- Tax, wage and social debts -€6,507
down €6,507 (-41.9%), from €15,529 to €9,023
- Trade debts +€1,191
up €1,191 (+105.7%), from €1,127 to €2,318
- Gross operating margin -€52,868
down €52,868, from €18,916 to -€33,952
- Taxes -€7,741
down €7,741 (-93.6%), from €8,273 to €532
- Other operating charges -€3,330
down €3,330 (-71.9%), from €4,630 to €1,300
- Financial income -€357
down €357 (-95.2%), from €375 to €18
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 | €43,725 | €64,641 | +€20,916 | +47.8% |
| Fixed assets | 21/28 | €505 | €505 | = | 0.0% |
| Financial fixed assets | 28 | €505 | €505 | = | 0.0% |
| Current assets | 29/58 | €43,220 | €64,136 | +€20,916 | +48.4% |
| Amounts receivable after more than one year | 29 | €12,500 | - | -€12,500 | |
| Other amounts receivable | 291 | €12,500 | - | -€12,500 | |
| Stocks and contracts in progress | 3 | €16,002 | €57,181 | +€41,179 | +257.3% |
| Stocks | 30/36 | €16,002 | €57,181 | +€41,179 | +257.3% |
| Amounts receivable within one year | 40/41 | - | €5,752 | +€5,752 | |
| Trade receivables | 40 | - | €4,350 | +€4,350 | |
| Other amounts receivable | 41 | - | €1,402 | +€1,402 | |
| Cash at bank and in hand | 54/58 | €14,718 | €1,204 | -€13,514 | -91.8% |
| Total equity and liabilities | 10/49 | €43,725 | €64,641 | +€20,916 | +47.8% |
| Equity | 10/15 | €24,336 | -€11,891 | -€36,226 | |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €22,836 | - | -€22,836 | |
| Distributable reserves | 133 | €22,836 | - | -€22,836 | |
| Profit (loss) carried forward | 14 | - | -€13,391 | -€13,391 | |
| Amounts payable | 17/49 | €19,389 | €76,532 | +€57,143 | +294.7% |
| Amounts payable within one year | 42/48 | €19,389 | €76,532 | +€57,143 | +294.7% |
| Trade debts | 44 | €1,127 | €2,318 | +€1,191 | +105.7% |
| Suppliers | 440/4 | €1,127 | €2,318 | +€1,191 | +105.7% |
| Taxes, remuneration and social security | 45 | €15,529 | €9,023 | -€6,507 | -41.9% |
| Taxes | 450/3 | €15,529 | €9,023 | -€6,507 | -41.9% |
| Other amounts payable | 47/48 | €2,733 | €65,192 | +€62,458 | +2285.3% |
| Other operating charges | 640/8 | €4,630 | €1,300 | -€3,330 | -71.9% |
| Gross operating margin | 9900 | €18,916 | -€33,952 | -€52,868 | |
| Operating profit (loss) | 9901 | €14,286 | -€35,252 | -€49,538 | |
| Financial income | 75/76B | €375 | €18 | -€357 | -95.2% |
| Recurring financial income | 75 | €375 | €18 | -€357 | -95.2% |
| Financial charges | 65/66B | €132 | €460 | +€328 | +249.1% |
| Recurring financial charges | 65 | €132 | €460 | +€328 | +249.1% |
| Profit (loss) for the period before taxes | 9903 | €14,529 | -€35,694 | -€50,223 | |
| Income taxes | 67/77 | €8,273 | €532 | -€7,741 | -93.6% |
| Profit (loss) for the period | 9904 | €6,255 | -€36,226 | -€42,482 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,255 | -€36,226 | -€42,482 |
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.