ARFOTEX: 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.
ARFOTEX
Largest movements
- Cash +€15,022
up €15,022 (+156.5%), from €9,601 to €24,623
mainly Trade debts (+€43,231) and Depreciation (+€25,142)
- Receivables within one year +€12,585
up €12,585 (+104.0%), from €12,101 to €24,686
of which Trade receivables: +€11,475
- Stocks and contracts +€8,681
up €8,681 (+5.7%), from €151,700 to €160,381
- Tangible fixed assets -€6,400
down €6,400 (-2.4%), from €266,448 to €260,047
of which Land and buildings: -€15,528
- Trade debts +€43,231
up €43,231 (+107.1%), from €40,379 to €83,611
- Other debts +€21,915
up €21,915 (+120.5%), from €18,191 to €40,107
- Debts after one year -€20,046
down €20,046 (-9.4%), from €213,954 to €193,908
- Tax, wage and social debts -€10,865
down €10,865 (-19.5%), from €55,581 to €44,717
of which Taxes: -€10,771
- Profit (loss) carried forward -€8,930
down €8,930 (-367.7%), from -€2,428 to -€11,358
- Gross operating margin -€40,635
down €40,635 (-33.9%), from €119,810 to €79,175
- Depreciation -€11,283
down €11,283 (-31.0%), from €36,425 to €25,142
- Taxes -€5,571
down €5,571 (-81.1%), from €6,866 to €1,295
- Other operating charges -€2,708
down €2,708 (-36.5%), from €7,415 to €4,707
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,813 | €471,099 | +€23,286 | +5.2% |
| Formation expenses | 20 | €1,117 | - | -€1,117 | |
| Fixed assets | 21/28 | €268,948 | €260,047 | -€8,900 | -3.3% |
| Intangible fixed assets | 21 | €2,500 | €0 | -€2,500 | -100.0% |
| Tangible fixed assets | 22/27 | €266,448 | €260,047 | -€6,400 | -2.4% |
| Land and buildings | 22 | €249,820 | €234,291 | -€15,528 | -6.2% |
| Plant, machinery and equipment | 23 | €14,536 | €24,928 | +€10,392 | +71.5% |
| Furniture and vehicles | 24 | €2,092 | €828 | -€1,264 | -60.4% |
| Current assets | 29/58 | €177,749 | €211,052 | +€33,303 | +18.7% |
| Stocks and contracts in progress | 3 | €151,700 | €160,381 | +€8,681 | +5.7% |
| Stocks | 30/36 | €151,700 | €160,381 | +€8,681 | +5.7% |
| Amounts receivable within one year | 40/41 | €12,101 | €24,686 | +€12,585 | +104.0% |
| Trade receivables | 40 | €2,494 | €13,969 | +€11,475 | +460.2% |
| Other amounts receivable | 41 | €9,607 | €10,717 | +€1,110 | +11.6% |
| Cash at bank and in hand | 54/58 | €9,601 | €24,623 | +€15,022 | +156.5% |
| Deferred charges and accrued income | 490/1 | €4,347 | €1,362 | -€2,985 | -68.7% |
| Total equity and liabilities | 10/49 | €447,813 | €471,099 | +€23,286 | +5.2% |
| Equity | 10/15 | €72,572 | €63,642 | -€8,930 | -12.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,428 | -€11,358 | -€8,930 | -367.7% |
| Amounts payable | 17/49 | €375,241 | €407,457 | +€32,216 | +8.6% |
| Amounts payable after more than one year | 17 | €213,954 | €193,908 | -€20,046 | -9.4% |
| Financial debts | 170/4 | €213,954 | €193,908 | -€20,046 | -9.4% |
| Amounts payable within one year | 42/48 | €161,287 | €213,549 | +€52,262 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €22,140 | €20,120 | -€2,020 | -9.1% |
| Financial debts | 43 | €24,995 | €24,995 | = | 0.0% |
| Credit institutions | 430/8 | €24,995 | €24,995 | = | 0.0% |
| Trade debts | 44 | €40,379 | €83,611 | +€43,231 | +107.1% |
| Suppliers | 440/4 | €40,379 | €83,611 | +€43,231 | +107.1% |
| Taxes, remuneration and social security | 45 | €55,581 | €44,717 | -€10,865 | -19.5% |
| Taxes | 450/3 | €51,929 | €41,157 | -€10,771 | -20.7% |
| Remuneration and social security | 454/9 | €3,653 | €3,560 | -€93 | -2.5% |
| Other amounts payable | 47/48 | €18,191 | €40,107 | +€21,915 | +120.5% |
| Remuneration, social security and pensions | 62 | €46,294 | €46,108 | -€186 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,425 | €25,142 | -€11,283 | -31.0% |
| Other operating charges | 640/8 | €7,415 | €4,707 | -€2,708 | -36.5% |
| Gross operating margin | 9900 | €119,810 | €79,175 | -€40,635 | -33.9% |
| Operating profit (loss) | 9901 | €29,677 | €3,218 | -€26,459 | -89.2% |
| Financial income | 75/76B | €1,241 | €282 | -€960 | -77.3% |
| Recurring financial income | 75 | €1,241 | €282 | -€960 | -77.3% |
| Financial charges | 65/66B | €10,114 | €11,134 | +€1,020 | +10.1% |
| Recurring financial charges | 65 | €10,114 | €11,134 | +€1,020 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €20,804 | -€7,635 | -€28,439 | |
| Income taxes | 67/77 | €6,866 | €1,295 | -€5,571 | -81.1% |
| Profit (loss) for the period | 9904 | €13,938 | -€8,930 | -€22,868 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,938 | -€8,930 | -€22,868 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.