ARK: 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.
ARK
Largest movements
- Tangible fixed assets +€426,682
up €426,682 (+55.0%), from €775,749 to €1.2m
of which Land and buildings: +€368,410
- Receivables within one year -€75,977
down €75,977 (-51.2%), from €148,533 to €72,556
of which Trade receivables: -€76,699
- Cash -€16,194
down €16,194 (-70.7%), from €22,919 to €6,724
mainly Investment in fixed assets (net) (-€536,683) and Deferred charges and accrued income (-€15,666)
- Deferred charges and accrued income +€15,666
up €15,666 (+272%), from €5,762 to €21,428
- Debts after one year +€317,707
up €317,707 (+50.7%), from €626,334 to €944,041
- Current portion of long-term debt +€29,529
up €29,529 (+62.5%), from €47,279 to €76,808
- Reserves +€14,281
up €14,281 (+23.4%), from €60,963 to €75,243
- Gross operating margin -€28,367
down €28,367 (-10.8%), from €263,831 to €235,465
- Depreciation +€21,650
up €21,650 (+24.5%), from €88,351 to €110,001
- Taxes -€16,531
down €16,531 (-71.0%), from €23,274 to €6,742
- Financial charges +€9,795
up €9,795 (+36.6%), from €26,783 to €36,579
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 | €964,923 | €1,311,695 | +€346,772 | +35.9% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €775,749 | €1,202,431 | +€426,682 | +55.0% |
| Tangible fixed assets | 22/27 | €775,749 | €1,202,431 | +€426,682 | +55.0% |
| Land and buildings | 22 | €679,430 | €1,047,840 | +€368,410 | +54.2% |
| Plant, machinery and equipment | 23 | €79,775 | €84,148 | +€4,373 | +5.5% |
| Furniture and vehicles | 24 | €16,084 | €70,442 | +€54,358 | +338% |
| Leasing and similar rights | 25 | €459 | €0 | -€459 | -100% |
| Current assets | 29/58 | €189,175 | €109,264 | -€79,911 | -42.2% |
| Stocks and contracts in progress | 3 | €11,961 | €8,555 | -€3,406 | -28.5% |
| Stocks | 30/36 | €11,961 | €8,555 | -€3,406 | -28.5% |
| Amounts receivable within one year | 40/41 | €148,533 | €72,556 | -€75,977 | -51.2% |
| Trade receivables | 40 | €145,378 | €68,679 | -€76,699 | -52.8% |
| Other amounts receivable | 41 | €3,154 | €3,877 | +€723 | +22.9% |
| Cash at bank and in hand | 54/58 | €22,919 | €6,724 | -€16,194 | -70.7% |
| Deferred charges and accrued income | 490/1 | €5,762 | €21,428 | +€15,666 | +272% |
| Total equity and liabilities | 10/49 | €964,923 | €1,311,695 | +€346,772 | +35.9% |
| Equity | 10/15 | €180,191 | €194,472 | +€14,281 | +7.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €60,963 | €75,243 | +€14,281 | +23.4% |
| Distributable reserves | 133 | €60,963 | €75,243 | +€14,281 | +23.4% |
| Profit (loss) carried forward | 14 | €19,229 | €19,229 | = | 0.0% |
| Amounts payable | 17/49 | €784,732 | €1,117,223 | +€332,491 | +42.4% |
| Amounts payable after more than one year | 17 | €626,334 | €944,041 | +€317,707 | +50.7% |
| Financial debts | 170/4 | €626,334 | €944,041 | +€317,707 | +50.7% |
| Amounts payable within one year | 42/48 | €158,398 | €169,736 | +€11,338 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €47,279 | €76,808 | +€29,529 | +62.5% |
| Trade debts | 44 | €63,332 | €58,254 | -€5,078 | -8.0% |
| Suppliers | 440/4 | €63,332 | €58,254 | -€5,078 | -8.0% |
| Taxes, remuneration and social security | 45 | €47,786 | €34,674 | -€13,113 | -27.4% |
| Taxes | 450/3 | €35,289 | €31,555 | -€3,734 | -10.6% |
| Remuneration and social security | 454/9 | €12,497 | €3,119 | -€9,378 | -75.0% |
| Accrued charges and deferred income | 492/3 | - | €3,446 | +€3,446 | |
| Remuneration, social security and pensions | 62 | €59,010 | €60,534 | +€1,524 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,351 | €110,001 | +€21,650 | +24.5% |
| Other operating charges | 640/8 | €5,562 | €7,334 | +€1,772 | +31.9% |
| Gross operating margin | 9900 | €263,831 | €235,465 | -€28,367 | -10.8% |
| Operating profit (loss) | 9901 | €110,908 | €57,596 | -€53,312 | -48.1% |
| Financial income | 75/76B | €111 | €5 | -€106 | -95.3% |
| Recurring financial income | 75 | €111 | €5 | -€106 | -95.3% |
| Financial charges | 65/66B | €26,783 | €36,579 | +€9,795 | +36.6% |
| Recurring financial charges | 65 | €26,783 | €36,579 | +€9,795 | +36.6% |
| Profit (loss) for the period before taxes | 9903 | €84,236 | €21,023 | -€63,214 | -75.0% |
| Income taxes | 67/77 | €23,274 | €6,742 | -€16,531 | -71.0% |
| Profit (loss) for the period | 9904 | €60,963 | €14,281 | -€46,682 | -76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,963 | €14,281 | -€46,682 | -76.6% |
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 22 October 2026 via checked.be.