ARJO: 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.
ARJO
Largest movements
- Tangible fixed assets -€29,274
down €29,274 (-27.5%), from €106,292 to €77,017
of which Furniture and vehicles: -€28,575
- Cash +€16,632
up €16,632 (+43.7%), from €38,018 to €54,650
mainly Net result for the year (+€33,835) and Depreciation (+€33,476)
- Receivables after one year +€15,374
up €15,374 (+13.5%), from €113,760 to €129,134
- Receivables within one year -€5,177
down €5,177 (-99.6%), from €5,198 to €22
- Reserves +€23,891
up €23,891 (+14.9%), from €159,985 to €183,876
of which Distributable reserves: +€23,891
- Debts after one year -€20,587
down €20,587 (-54.8%), from €37,598 to €17,012
- Trade debts -€6,994
down €6,994 (-53.7%), from €13,023 to €6,029
- Gross operating margin +€18,998
up €18,998 (+28.7%), from €66,298 to €85,296
- Taxes +€6,916
up €6,916 (+63.1%), from €10,963 to €17,879
- Other operating charges -€1,547
down €1,547 (-48.3%), from €3,204 to €1,657
- Financial charges -€1,270
down €1,270 (-35.9%), from €3,538 to €2,268
- Financial income +€899
up €899 (+30.8%), from €2,920 to €3,818
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 | €265,865 | €263,699 | -€2,167 | -0.8% |
| Fixed assets | 21/28 | €106,292 | €77,017 | -€29,274 | -27.5% |
| Tangible fixed assets | 22/27 | €106,292 | €77,017 | -€29,274 | -27.5% |
| Land and buildings | 22 | €12,973 | €10,881 | -€2,092 | -16.1% |
| Plant, machinery and equipment | 23 | €3,356 | €4,749 | +€1,393 | +41.5% |
| Furniture and vehicles | 24 | €89,963 | €61,387 | -€28,575 | -31.8% |
| Current assets | 29/58 | €159,574 | €186,681 | +€27,108 | +17.0% |
| Amounts receivable after more than one year | 29 | €113,760 | €129,134 | +€15,374 | +13.5% |
| Other amounts receivable | 291 | €113,760 | €129,134 | +€15,374 | +13.5% |
| Amounts receivable within one year | 40/41 | €5,198 | €22 | -€5,177 | -99.6% |
| Other amounts receivable | 41 | €5,198 | €22 | -€5,177 | -99.6% |
| Current investments | 50/53 | €2,597 | €2,873 | +€276 | +10.6% |
| Cash at bank and in hand | 54/58 | €38,018 | €54,650 | +€16,632 | +43.7% |
| Deferred charges and accrued income | 490/1 | - | €2 | +€2 | |
| Total equity and liabilities | 10/49 | €265,865 | €263,699 | -€2,167 | -0.8% |
| Equity | 10/15 | €178,585 | €202,476 | +€23,891 | +13.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €159,985 | €183,876 | +€23,891 | +14.9% |
| Tax-exempt reserves | 132 | €22,684 | €22,684 | = | 0.0% |
| Distributable reserves | 133 | €137,301 | €161,192 | +€23,891 | +17.4% |
| Amounts payable | 17/49 | €87,281 | €61,223 | -€26,058 | -29.9% |
| Amounts payable after more than one year | 17 | €37,598 | €17,012 | -€20,587 | -54.8% |
| Financial debts | 170/4 | €37,598 | €17,012 | -€20,587 | -54.8% |
| Amounts payable within one year | 42/48 | €49,683 | €42,292 | -€7,391 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €19,724 | €20,587 | +€862 | +4.4% |
| Trade debts | 44 | €13,023 | €6,029 | -€6,994 | -53.7% |
| Suppliers | 440/4 | €13,023 | €6,029 | -€6,994 | -53.7% |
| Taxes, remuneration and social security | 45 | €16,936 | €15,676 | -€1,259 | -7.4% |
| Taxes | 450/3 | €16,936 | €15,676 | -€1,259 | -7.4% |
| Accrued charges and deferred income | 492/3 | - | €1,919 | +€1,919 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,910 | €33,476 | +€565 | +1.7% |
| Other operating charges | 640/8 | €3,204 | €1,657 | -€1,547 | -48.3% |
| Gross operating margin | 9900 | €66,298 | €85,296 | +€18,998 | +28.7% |
| Operating profit (loss) | 9901 | €30,183 | €50,163 | +€19,980 | +66.2% |
| Financial income | 75/76B | €2,920 | €3,818 | +€899 | +30.8% |
| Recurring financial income | 75 | €2,920 | €3,818 | +€899 | +30.8% |
| Financial charges | 65/66B | €3,538 | €2,268 | -€1,270 | -35.9% |
| Recurring financial charges | 65 | €3,538 | €2,268 | -€1,270 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €29,565 | €51,713 | +€22,148 | +74.9% |
| Income taxes | 67/77 | €10,963 | €17,879 | +€6,916 | +63.1% |
| Profit (loss) for the period | 9904 | €18,602 | €33,835 | +€15,232 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,602 | €33,835 | +€15,232 | +81.9% |
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 27 October 2026 via checked.be.