ARJ: 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.
ARJ
Largest movements
- Tangible fixed assets -€22,000
down €22,000 (-4.2%), from €521,912 to €499,912
- Other debts -€40,914
down €40,914 (-10.4%), from €393,072 to €352,159
- Profit (loss) carried forward +€13,752
up €13,752 (+16.5%), from -€83,550 to -€69,798
- Taxes +€5,000
no longer reported in 2025 (was -€5,000)
- Gross operating margin +€3,903
up €3,903 (+7.8%), from €50,021 to €53,924
- Financial charges -€1,569
down €1,569 (-9.8%), from €16,044 to €14,475
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 | €535,167 | €508,084 | -€27,083 | -5.1% |
| Fixed assets | 21/28 | €521,912 | €499,912 | -€22,000 | -4.2% |
| Tangible fixed assets | 22/27 | €521,912 | €499,912 | -€22,000 | -4.2% |
| Land and buildings | 22 | €521,912 | €499,912 | -€22,000 | -4.2% |
| Current assets | 29/58 | €13,255 | €8,171 | -€5,083 | -38.3% |
| Cash at bank and in hand | 54/58 | €13,255 | €8,171 | -€5,083 | -38.3% |
| Total equity and liabilities | 10/49 | €535,167 | €508,084 | -€27,083 | -5.1% |
| Equity | 10/15 | €141,617 | €155,368 | +€13,752 | +9.7% |
| Contributions | 10/11 | €145,000 | €145,000 | = | 0.0% |
| Reserves | 13 | €80,166 | €80,166 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €78,166 | €78,166 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,550 | -€69,798 | +€13,752 | +16.5% |
| Amounts payable | 17/49 | €393,550 | €352,716 | -€40,835 | -10.4% |
| Amounts payable within one year | 42/48 | €393,550 | €352,716 | -€40,835 | -10.4% |
| Trade debts | 44 | €478 | €557 | +€79 | +16.5% |
| Suppliers | 440/4 | €478 | €557 | +€79 | +16.5% |
| Other amounts payable | 47/48 | €393,072 | €352,159 | -€40,914 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,000 | €22,000 | = | 0.0% |
| Other operating charges | 640/8 | €3,586 | €3,697 | +€111 | +3.1% |
| Gross operating margin | 9900 | €50,021 | €53,924 | +€3,903 | +7.8% |
| Operating profit (loss) | 9901 | €24,435 | €28,227 | +€3,791 | +15.5% |
| Financial charges | 65/66B | €16,044 | €14,475 | -€1,569 | -9.8% |
| Recurring financial charges | 65 | €16,044 | €14,475 | -€1,569 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €8,392 | €13,752 | +€5,360 | +63.9% |
| Income taxes | 67/77 | -€5,000 | - | +€5,000 | |
| Profit (loss) for the period | 9904 | €13,392 | €13,752 | +€360 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,392 | €13,752 | +€360 | +2.7% |
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 28 September 2026 via checked.be.