Arfides: what changed
Two fiscal 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.
Arfides
Largest movements
- Cash -€109,430
down €109,430 (-94.0%), from €116,475 to €7,045
mainly Contributions, distributions and other (-€96,738) and Receivables within one year (-€67,377)
- Receivables within one year +€67,377
up €67,377 (+19.0%), from €355,416 to €422,792
of which Trade receivables: +€99,825
- Tangible fixed assets +€20,091
up €20,091 (+17.3%), from €115,951 to €136,042
of which Other tangible fixed assets: +€21,085
- Trade debts -€36,898
down €36,898 (-60.4%), from €61,091 to €24,193
- Gross operating margin -€120,962
down €120,962 (-40.3%), from €299,992 to €179,030
- Taxes -€45,995
down €45,995 (-49.5%), from €92,955 to €46,960
- Financial income -€37,598
down €37,598 (-59.5%), from €63,234 to €25,636
- Staff costs +€7,340
up €7,340 (+24.7%), from €29,667 to €37,007
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 | €1,829,012 | €1,819,556 | -€9,456 | -0.5% |
| Fixed assets | 21/28 | €168,451 | €188,542 | +€20,091 | +11.9% |
| Tangible fixed assets | 22/27 | €115,951 | €136,042 | +€20,091 | +17.3% |
| Furniture and vehicles | 24 | €2,983 | €1,989 | -€994 | -33.3% |
| Other tangible fixed assets | 26 | €112,968 | €134,053 | +€21,085 | +18.7% |
| Financial fixed assets | 28 | €52,500 | €52,500 | = | 0.0% |
| Current assets | 29/58 | €1,660,561 | €1,631,014 | -€29,547 | -1.8% |
| Amounts receivable within one year | 40/41 | €355,416 | €422,792 | +€67,377 | +19.0% |
| Trade receivables | 40 | €308,550 | €408,375 | +€99,825 | +32.4% |
| Other amounts receivable | 41 | €46,866 | €14,417 | -€32,448 | -69.2% |
| Current investments | 50/53 | €1,185,670 | €1,198,762 | +€13,092 | +1.1% |
| Cash at bank and in hand | 54/58 | €116,475 | €7,045 | -€109,430 | -94.0% |
| Deferred charges and accrued income | 490/1 | €3,001 | €2,415 | -€586 | -19.5% |
| Total equity and liabilities | 10/49 | €1,829,012 | €1,819,556 | -€9,456 | -0.5% |
| Equity | 10/15 | €1,658,585 | €1,673,399 | +€14,814 | +0.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,169,939 | €1,184,753 | +€14,814 | +1.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €176 | €176 | = | 0.0% |
| Distributable reserves | 133 | €1,163,563 | €1,178,377 | +€14,814 | +1.3% |
| Profit (loss) carried forward | 14 | €426,646 | €426,646 | = | 0.0% |
| Amounts payable | 17/49 | €170,427 | €146,157 | -€24,270 | -14.2% |
| Amounts payable within one year | 42/48 | €170,427 | €146,157 | -€24,270 | -14.2% |
| Trade debts | 44 | €61,091 | €24,193 | -€36,898 | -60.4% |
| Suppliers | 440/4 | €61,091 | €24,193 | -€36,898 | -60.4% |
| Taxes, remuneration and social security | 45 | €109,336 | €106,964 | -€2,372 | -2.2% |
| Taxes | 450/3 | €105,238 | €100,180 | -€5,059 | -4.8% |
| Remuneration and social security | 454/9 | €4,098 | €6,784 | +€2,686 | +65.6% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Remuneration, social security and pensions | 62 | €29,667 | €37,007 | +€7,340 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,661 | €4,887 | +€226 | +4.8% |
| Other operating charges | 640/8 | €3,136 | €3,750 | +€614 | +19.6% |
| Gross operating margin | 9900 | €299,992 | €179,030 | -€120,962 | -40.3% |
| Operating profit (loss) | 9901 | €262,528 | €133,387 | -€129,141 | -49.2% |
| Financial income | 75/76B | €63,234 | €25,636 | -€37,598 | -59.5% |
| Recurring financial income | 75 | €63,234 | €25,636 | -€37,598 | -59.5% |
| Financial charges | 65/66B | €547 | €510 | -€36 | -6.6% |
| Recurring financial charges | 65 | €547 | €510 | -€36 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €325,215 | €158,512 | -€166,702 | -51.3% |
| Income taxes | 67/77 | €92,955 | €46,960 | -€45,995 | -49.5% |
| Profit (loss) for the period | 9904 | €232,260 | €111,552 | -€120,708 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €232,260 | €111,552 | -€120,708 | -52.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.