ARFIBO: 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.
ARFIBO
Largest movements
- Current investments +€148,853
up €148,853 (+61.4%), from €242,500 to €391,353
- Cash -€24,303
down €24,303 (-21.3%), from €114,330 to €90,027
mainly Current investments (-€148,853) and Contributions, distributions and other (-€120,000)
- Tangible fixed assets +€13,790
up €13,790 (+27.5%), from €50,145 to €63,935
of which Furniture and vehicles: +€9,559
- Deferred charges and accrued income +€8,257
up €8,257 (+165%), from €5,007 to €13,264
- Profit (loss) carried forward +€127,281
up €127,281 (+77.7%), from €163,827 to €291,108
- Trade debts +€19,530
up €19,530 (+52.7%), from €37,045 to €56,575
- Tax, wage and social debts +€18,753
up €18,753 (+23.6%), from €79,451 to €98,204
of which Remuneration and social security: +€9,441
- Current portion of long-term debt -€12,096
down €12,096 (-7.6%), from €158,524 to €146,428
- Gross operating margin +€212,430
up €212,430 (+29.3%), from €724,337 to €936,767
- Staff costs +€102,863
up €102,863 (+20.6%), from €499,611 to €602,474
- Taxes +€20,530
up €20,530 (+44.3%), from €46,376 to €66,906
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 | €620,852 | €772,615 | +€151,763 | +24.4% |
| Fixed assets | 21/28 | €50,145 | €63,935 | +€13,790 | +27.5% |
| Tangible fixed assets | 22/27 | €50,145 | €63,935 | +€13,790 | +27.5% |
| Land and buildings | 22 | €23,861 | €23,861 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,814 | €9,045 | +€4,231 | +87.9% |
| Furniture and vehicles | 24 | €21,471 | €31,030 | +€9,559 | +44.5% |
| Current assets | 29/58 | €570,706 | €708,680 | +€137,973 | +24.2% |
| Amounts receivable within one year | 40/41 | €208,870 | €214,036 | +€5,166 | +2.5% |
| Trade receivables | 40 | €198,005 | €213,901 | +€15,896 | +8.0% |
| Other amounts receivable | 41 | €10,865 | €135 | -€10,730 | -98.8% |
| Current investments | 50/53 | €242,500 | €391,353 | +€148,853 | +61.4% |
| Cash at bank and in hand | 54/58 | €114,330 | €90,027 | -€24,303 | -21.3% |
| Deferred charges and accrued income | 490/1 | €5,007 | €13,264 | +€8,257 | +165% |
| Total equity and liabilities | 10/49 | €620,852 | €772,615 | +€151,763 | +24.4% |
| Equity | 10/15 | €201,174 | €328,456 | +€127,281 | +63.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €18,348 | €18,348 | = | 0.0% |
| Distributable reserves | 133 | €18,348 | €18,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,827 | €291,108 | +€127,281 | +77.7% |
| Amounts payable | 17/49 | €419,677 | €444,159 | +€24,482 | +5.8% |
| Amounts payable after more than one year | 17 | €1,261 | €0 | -€1,261 | -100% |
| Financial debts | 170/4 | €1,261 | €0 | -€1,261 | -100% |
| Amounts payable within one year | 42/48 | €416,889 | €443,076 | +€26,187 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €158,524 | €146,428 | -€12,096 | -7.6% |
| Trade debts | 44 | €37,045 | €56,575 | +€19,530 | +52.7% |
| Suppliers | 440/4 | €37,045 | €56,575 | +€19,530 | +52.7% |
| Taxes, remuneration and social security | 45 | €79,451 | €98,204 | +€18,753 | +23.6% |
| Taxes | 450/3 | €31,457 | €40,768 | +€9,312 | +29.6% |
| Remuneration and social security | 454/9 | €47,995 | €57,436 | +€9,441 | +19.7% |
| Other amounts payable | 47/48 | €141,868 | €141,868 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,528 | €1,084 | -€444 | -29.1% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €499,611 | €602,474 | +€102,863 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,224 | €12,821 | -€3,404 | -21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,519 | €1,984 | +€3,503 | |
| Other operating charges | 640/8 | €5,927 | €2,815 | -€3,112 | -52.5% |
| Gross operating margin | 9900 | €724,337 | €936,767 | +€212,430 | +29.3% |
| Operating profit (loss) | 9901 | €204,093 | €316,673 | +€112,580 | +55.2% |
| Financial income | 75/76B | €836 | €3,918 | +€3,081 | +368% |
| Recurring financial income | 75 | €836 | €3,918 | +€3,081 | +368% |
| Financial charges | 65/66B | €9,068 | €6,404 | -€2,664 | -29.4% |
| Recurring financial charges | 65 | €9,068 | €6,404 | -€2,664 | -29.4% |
| Profit (loss) for the period before taxes | 9903 | €195,862 | €314,187 | +€118,325 | +60.4% |
| Income taxes | 67/77 | €46,376 | €66,906 | +€20,530 | +44.3% |
| Profit (loss) for the period | 9904 | €149,486 | €247,281 | +€97,796 | +65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,486 | €247,281 | +€97,796 | +65.4% |
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 20 October 2026 via checked.be.