Arjulo: 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.
Arjulo
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+280%), from €579,382 to €2.2m
of which Land and buildings: +€1.7m
- Cash -€221,462
down €221,462 (-50.6%), from €438,041 to €216,578
mainly Investment in fixed assets (net) (-€1.9m) and Contributions, distributions and other (-€160,429)
- Receivables after one year -€150,000
no longer reported in 2025 (was €150,000)
- Receivables within one year +€106,971
up €106,971 (+47.6%), from €224,913 to €331,884
of which Other amounts receivable: +€111,171
- Debts after one year +€1.4m
new in 2025: €1.4m
- Reserves -€102,270
down €102,270 (-5.5%), from €1.9m to €1.7m
of which Distributable reserves: -€102,270
- Depreciation +€210,275
up €210,275 (+435%), from €48,293 to €258,568
- Taxes -€92,837
down €92,837 (-76.7%), from €121,021 to €28,184
- Gross operating margin -€35,113
down €35,113 (-8.1%), from €431,676 to €396,563
- Financial charges +€27,979
up €27,979 (+593%), from €4,716 to €32,695
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 | €2,424,240 | €3,784,491 | +€1.4m | +56.1% |
| Fixed assets | 21/28 | €1,579,882 | €3,204,151 | +€1.6m | +103% |
| Tangible fixed assets | 22/27 | €579,382 | €2,203,651 | +€1.6m | +280% |
| Land and buildings | 22 | €473,944 | €2,198,710 | +€1.7m | +364% |
| Plant, machinery and equipment | 23 | €963 | €189 | -€775 | -80.4% |
| Furniture and vehicles | 24 | €104,475 | €4,752 | -€99,723 | -95.5% |
| Financial fixed assets | 28 | €1,000,500 | €1,000,500 | = | 0.0% |
| Current assets | 29/58 | €844,358 | €580,340 | -€264,018 | -31.3% |
| Amounts receivable after more than one year | 29 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 291 | €150,000 | - | -€150,000 | |
| Amounts receivable within one year | 40/41 | €224,913 | €331,884 | +€106,971 | +47.6% |
| Trade receivables | 40 | €120,190 | €115,990 | -€4,200 | -3.5% |
| Other amounts receivable | 41 | €104,723 | €215,894 | +€111,171 | +106% |
| Cash at bank and in hand | 54/58 | €438,041 | €216,578 | -€221,462 | -50.6% |
| Deferred charges and accrued income | 490/1 | €31,405 | €31,878 | +€473 | +1.5% |
| Total equity and liabilities | 10/49 | €2,424,240 | €3,784,491 | +€1.4m | +56.1% |
| Equity | 10/15 | €2,278,148 | €2,175,877 | -€102,270 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,851,576 | €1,749,305 | -€102,270 | -5.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,832,826 | €1,730,555 | -€102,270 | -5.6% |
| Profit (loss) carried forward | 14 | €407,972 | €407,972 | = | 0.0% |
| Amounts payable | 17/49 | €146,092 | €1,608,614 | +€1.5m | +1,001% |
| Amounts payable after more than one year | 17 | - | €1,430,000 | +€1.4m | |
| Financial debts | 170/4 | - | €1,430,000 | +€1.4m | |
| Amounts payable within one year | 42/48 | €145,329 | €165,475 | +€20,147 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €69,840 | €103,280 | +€33,440 | +47.9% |
| Trade debts | 44 | €27,197 | €29,283 | +€2,087 | +7.7% |
| Suppliers | 440/4 | €27,197 | €29,283 | +€2,087 | +7.7% |
| Taxes, remuneration and social security | 45 | €48,292 | €28,863 | -€19,429 | -40.2% |
| Taxes | 450/3 | €48,292 | €28,863 | -€19,429 | -40.2% |
| Other amounts payable | 47/48 | - | €4,049 | +€4,049 | |
| Accrued charges and deferred income | 492/3 | €764 | €13,139 | +€12,375 | +1,620% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,293 | €258,568 | +€210,275 | +435% |
| Other operating charges | 640/8 | €2,531 | €4,877 | +€2,345 | +92.7% |
| Non-recurring operating charges | 66A | - | €18,120 | +€18,120 | |
| Gross operating margin | 9900 | €431,676 | €396,563 | -€35,113 | -8.1% |
| Operating profit (loss) | 9901 | €380,851 | €114,998 | -€265,854 | -69.8% |
| Financial income | 75/76B | €8,101 | €4,039 | -€4,062 | -50.1% |
| Recurring financial income | 75 | €8,101 | €4,039 | -€4,062 | -50.1% |
| Financial charges | 65/66B | €4,716 | €32,695 | +€27,979 | +593% |
| Recurring financial charges | 65 | €4,716 | €32,695 | +€27,979 | +593% |
| Profit (loss) for the period before taxes | 9903 | €384,236 | €86,342 | -€297,894 | -77.5% |
| Income taxes | 67/77 | €121,021 | €28,184 | -€92,837 | -76.7% |
| Profit (loss) for the period | 9904 | €263,215 | €58,158 | -€205,057 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €263,215 | €58,158 | -€205,057 | -77.9% |
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 16 October 2026 via checked.be.