ARKADI et ASHOT: what changed
ARKADI et ASHOT
Largest movements
- Tangible fixed assets +€92,756
up €92,756 (+224%), from €41,451 to €134,206
of which Furniture and vehicles: +€95,277
- Stocks and contracts -€56,726
down €56,726 (-47.7%), from €118,823 to €62,097
- Cash +€31,484
up €31,484 (+88.4%), from €35,606 to €67,089
mainly Stocks and contracts (+€56,726) and Tax, wage and social debts (+€20,159)
- Tax, wage and social debts +€20,159
up €20,159 (+22.5%), from €89,470 to €109,629
of which Taxes: +€12,335
- Trade debts +€18,467
up €18,467 (+114%), from €16,182 to €34,650
- Reserves +€14,610
up €14,610 (+146%), from €9,996 to €24,606
of which Distributable reserves: +€14,610
- Other debts +€13,412
up €13,412 (+30.2%), from €44,421 to €57,832
- Staff costs -€57,573
down €57,573 (-15.7%), from €366,627 to €309,055
- Gross operating margin -€37,871
down €37,871 (-9.3%), from €405,995 to €368,124
- Other operating charges +€5,078
up €5,078 (+173%), from €2,931 to €8,009
- Taxes +€4,756
up €4,756 (+130%), from €3,666 to €8,422
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €219,428 | €286,077 | +€66,649 | +30.4% |
| Fixed assets | 21/28 | €49,041 | €141,796 | +€92,756 | +189% |
| Tangible fixed assets | 22/27 | €41,451 | €134,206 | +€92,756 | +224% |
| Plant, machinery and equipment | 23 | €12,849 | €9,756 | -€3,093 | -24.1% |
| Furniture and vehicles | 24 | €28,601 | €123,878 | +€95,277 | +333% |
| Other tangible fixed assets | 26 | - | €572 | +€572 | |
| Financial fixed assets | 28 | €7,590 | €7,590 | = | 0.0% |
| Current assets | 29/58 | €170,388 | €144,280 | -€26,107 | -15.3% |
| Stocks and contracts in progress | 3 | €118,823 | €62,097 | -€56,726 | -47.7% |
| Stocks | 30/36 | €118,823 | €62,097 | -€56,726 | -47.7% |
| Amounts receivable within one year | 40/41 | €15,163 | €14,348 | -€815 | -5.4% |
| Trade receivables | 40 | €12,366 | €11,592 | -€774 | -6.3% |
| Other amounts receivable | 41 | €2,797 | €2,757 | -€40 | -1.4% |
| Cash at bank and in hand | 54/58 | €35,606 | €67,089 | +€31,484 | +88.4% |
| Deferred charges and accrued income | 490/1 | €796 | €745 | -€50 | -6.3% |
| Total equity and liabilities | 10/49 | €219,428 | €286,077 | +€66,649 | +30.4% |
| Equity | 10/15 | €69,355 | €83,965 | +€14,610 | +21.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,996 | €24,606 | +€14,610 | +146% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,136 | €22,746 | +€14,610 | +180% |
| Profit (loss) carried forward | 14 | €40,759 | €40,759 | = | 0.0% |
| Amounts payable | 17/49 | €150,073 | €202,112 | +€52,038 | +34.7% |
| Amounts payable within one year | 42/48 | €150,073 | €202,112 | +€52,038 | +34.7% |
| Trade debts | 44 | €16,182 | €34,650 | +€18,467 | +114% |
| Suppliers | 440/4 | €16,182 | €34,650 | +€18,467 | +114% |
| Taxes, remuneration and social security | 45 | €89,470 | €109,629 | +€20,159 | +22.5% |
| Taxes | 450/3 | €19,466 | €31,801 | +€12,335 | +63.4% |
| Remuneration and social security | 454/9 | €70,004 | €77,828 | +€7,824 | +11.2% |
| Other amounts payable | 47/48 | €44,421 | €57,832 | +€13,412 | +30.2% |
| Non-recurring operating income | 76A | - | €12,230 | +€12,230 | |
| Remuneration, social security and pensions | 62 | €366,627 | €309,055 | -€57,573 | -15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,467 | €19,779 | -€2,688 | -12.0% |
| Other operating charges | 640/8 | €2,931 | €8,009 | +€5,078 | +173% |
| Non-recurring operating charges | 66A | - | €842 | +€842 | |
| Gross operating margin | 9900 | €405,995 | €368,124 | -€37,871 | -9.3% |
| Operating profit (loss) | 9901 | €13,969 | €30,439 | +€16,470 | +118% |
| Financial income | 75/76B | - | €224 | +€224 | |
| Recurring financial income | 75 | - | €224 | +€224 | |
| Financial charges | 65/66B | €5,738 | €7,631 | +€1,892 | +33.0% |
| Recurring financial charges | 65 | €5,738 | €7,631 | +€1,892 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | €8,231 | €23,032 | +€14,802 | +180% |
| Income taxes | 67/77 | €3,666 | €8,422 | +€4,756 | +130% |
| Profit (loss) for the period | 9904 | €4,565 | €14,610 | +€10,045 | +220% |
| Profit (loss) for the period to be appropriated | 9905 | €4,565 | €14,610 | +€10,045 | +220% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.