ARI-THERM: 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.
ARI-THERM
Largest movements
- Receivables within one year -€54,889
down €54,889 (-22.1%), from €248,178 to €193,289
of which Trade receivables: -€89,971
- Cash -€5,092
down €5,092 (-64.4%), from €7,912 to €2,820
mainly Trade debts (-€42,015) and Investment in fixed assets (net) (-€21,062)
- Trade debts -€42,015
down €42,015 (-51.6%), from €81,449 to €39,434
- Profit (loss) carried forward -€14,958
down €14,958 (-8.6%), from €174,891 to €159,933
- Debts after one year -€5,434
down €5,434 (-21.8%), from €24,975 to €19,541
- Advances received +€3,630
new in 2025: €3,630
- Staff costs +€123,604
up €123,604 (+609%), from €20,301 to €143,905
- Taxes -€27,069
no longer reported in 2025 (was €27,069)
- Gross operating margin +€24,673
up €24,673 (+18.6%), from €132,681 to €157,354
- Financial charges -€18,294
down €18,294 (-80.4%), from €22,745 to €4,450
of which Non-recurring financial charges: -€10,725
- Depreciation +€7,467
up €7,467 (+59.3%), from €12,591 to €20,058
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 | €314,480 | €256,877 | -€57,603 | -18.3% |
| Fixed assets | 21/28 | €57,079 | €58,083 | +€1,004 | +1.8% |
| Tangible fixed assets | 22/27 | €57,079 | €55,583 | -€1,496 | -2.6% |
| Plant, machinery and equipment | 23 | €5,550 | €5,737 | +€187 | +3.4% |
| Furniture and vehicles | 24 | €51,529 | €49,845 | -€1,683 | -3.3% |
| Financial fixed assets | 28 | - | €2,500 | +€2,500 | |
| Current assets | 29/58 | €257,401 | €198,794 | -€58,607 | -22.8% |
| Amounts receivable within one year | 40/41 | €248,178 | €193,289 | -€54,889 | -22.1% |
| Trade receivables | 40 | €220,341 | €130,370 | -€89,971 | -40.8% |
| Other amounts receivable | 41 | €27,836 | €62,919 | +€35,082 | +126% |
| Cash at bank and in hand | 54/58 | €7,912 | €2,820 | -€5,092 | -64.4% |
| Deferred charges and accrued income | 490/1 | €1,311 | €2,686 | +€1,374 | +105% |
| Total equity and liabilities | 10/49 | €314,480 | €256,877 | -€57,603 | -18.3% |
| Equity | 10/15 | €193,491 | €178,533 | -€14,958 | -7.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174,891 | €159,933 | -€14,958 | -8.6% |
| Amounts payable | 17/49 | €120,989 | €78,344 | -€42,645 | -35.2% |
| Amounts payable after more than one year | 17 | €24,975 | €19,541 | -€5,434 | -21.8% |
| Financial debts | 170/4 | €24,975 | €19,541 | -€5,434 | -21.8% |
| Amounts payable within one year | 42/48 | €96,014 | €58,803 | -€37,211 | -38.8% |
| Current portion of amounts payable after more than one year | 42 | €7,868 | €10,466 | +€2,599 | +33.0% |
| Trade debts | 44 | €81,449 | €39,434 | -€42,015 | -51.6% |
| Suppliers | 440/4 | €81,449 | €39,434 | -€42,015 | -51.6% |
| Advances received on contracts in progress | 46 | - | €3,630 | +€3,630 | |
| Taxes, remuneration and social security | 45 | €6,698 | €5,273 | -€1,425 | -21.3% |
| Taxes | 450/3 | €668 | €3,273 | +€2,606 | +390% |
| Remuneration and social security | 454/9 | €6,031 | €2,000 | -€4,031 | -66.8% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €20,301 | €143,905 | +€123,604 | +609% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,591 | €20,058 | +€7,467 | +59.3% |
| Other operating charges | 640/8 | €1,449 | €1,300 | -€149 | -10.3% |
| Non-recurring operating charges | 66A | €2,972 | €2,609 | -€363 | -12.2% |
| Gross operating margin | 9900 | €132,681 | €157,354 | +€24,673 | +18.6% |
| Operating profit (loss) | 9901 | €95,369 | -€10,518 | -€105,887 | |
| Financial income | 75/76B | €10 | €10 | +€0 | +2.1% |
| Recurring financial income | 75 | €10 | €10 | +€0 | +2.1% |
| Financial charges | 65/66B | €22,745 | €4,450 | -€18,294 | -80.4% |
| Recurring financial charges | 65 | €10,976 | €3,407 | -€7,569 | -69.0% |
| Non-recurring financial charges | 66B | €11,769 | €1,044 | -€10,725 | -91.1% |
| Profit (loss) for the period before taxes | 9903 | €72,634 | -€14,958 | -€87,592 | |
| Income taxes | 67/77 | €27,069 | - | -€27,069 | |
| Profit (loss) for the period | 9904 | €45,565 | -€14,958 | -€60,523 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,565 | -€14,958 | -€60,523 |
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 15 October 2026 via checked.be.