ARNINO: 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.
ARNINO
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+1,596%), from €81,135 to €1.4m
of which Trade receivables: +€1.3m
- Tangible fixed assets +€873,104
up €873,104 (+41.8%), from €2.1m to €3.0m
of which Land and buildings: +€871,221
- Stocks and contracts +€709,211
up €709,211 (+18.9%), from €3.7m to €4.5m
- Cash -€316,737
down €316,737 (-78.9%), from €401,592 to €84,856
mainly Receivables within one year (-€1.3m) and Other debts (-€1.3m)
- Debts after one year +€2.8m
up €2.8m (+84.1%), from €3.3m to €6.1m
of which Financial debts: +€2.8m
- Other debts -€1.3m
down €1.3m (-92.5%), from €1.4m to €102,856
- Advances received +€1.0m
new in 2025: €1.0m
- Current portion of long-term debt -€329,516
down €329,516 (-59.7%), from €551,924 to €222,408
- Short-term financial debts +€250,000
up €250,000, from €0 to €250,000
- Gross operating margin +€155,498
up €155,498 (+60.5%), from €256,851 to €412,349
- Financial charges +€149,211
up €149,211 (+318%), from €46,883 to €196,094
- Depreciation +€76,248
up €76,248 (+62.8%), from €121,506 to €197,754
- Taxes -€28,819
down €28,819 (-96.1%), from €29,979 to €1,159
- Other operating charges -€15,495
down €15,495 (-43.3%), from €35,807 to €20,311
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 | €6,325,732 | €8,900,166 | +€2.6m | +40.7% |
| Fixed assets | 21/28 | €2,087,284 | €2,963,596 | +€876,312 | +42.0% |
| Intangible fixed assets | 21 | - | €3,208 | +€3,208 | |
| Tangible fixed assets | 22/27 | €2,087,284 | €2,960,387 | +€873,104 | +41.8% |
| Land and buildings | 22 | €2,087,284 | €2,958,504 | +€871,221 | +41.7% |
| Plant, machinery and equipment | 23 | - | €1,883 | +€1,883 | |
| Current assets | 29/58 | €4,238,449 | €5,936,571 | +€1.7m | +40.1% |
| Stocks and contracts in progress | 3 | €3,745,355 | €4,454,566 | +€709,211 | +18.9% |
| Stocks | 30/36 | €3,745,355 | €4,454,566 | +€709,211 | +18.9% |
| Amounts receivable within one year | 40/41 | €81,135 | €1,375,743 | +€1.3m | +1,596% |
| Trade receivables | 40 | €63,135 | €1,357,290 | +€1.3m | +2,050% |
| Other amounts receivable | 41 | €18,000 | €18,452 | +€452 | +2.5% |
| Cash at bank and in hand | 54/58 | €401,592 | €84,856 | -€316,737 | -78.9% |
| Deferred charges and accrued income | 490/1 | €10,366 | €21,406 | +€11,040 | +107% |
| Total equity and liabilities | 10/49 | €6,325,732 | €8,900,166 | +€2.6m | +40.7% |
| Equity | 10/15 | €1,008,251 | €1,005,299 | -€2,952 | -0.3% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €945,251 | €942,299 | -€2,952 | -0.3% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €938,951 | €935,999 | -€2,952 | -0.3% |
| Amounts payable | 17/49 | €5,317,481 | €7,894,867 | +€2.6m | +48.5% |
| Amounts payable after more than one year | 17 | €3,338,696 | €6,145,968 | +€2.8m | +84.1% |
| Financial debts | 170/4 | €3,330,323 | €6,127,095 | +€2.8m | +84.0% |
| Other amounts payable | 178/9 | €8,373 | €18,873 | +€10,500 | +125% |
| Amounts payable within one year | 42/48 | €1,955,746 | €1,737,651 | -€218,094 | -11.2% |
| Current portion of amounts payable after more than one year | 42 | €551,924 | €222,408 | -€329,516 | -59.7% |
| Financial debts | 43 | €0 | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | €0 | €250,000 | +€250,000 | |
| Trade debts | 44 | €5,621 | €147,224 | +€141,603 | +2,519% |
| Suppliers | 440/4 | €5,621 | €147,224 | +€141,603 | +2,519% |
| Advances received on contracts in progress | 46 | - | €1,015,162 | +€1.0m | |
| Taxes, remuneration and social security | 45 | €29,972 | €0 | -€29,972 | -100% |
| Taxes | 450/3 | €29,972 | €0 | -€29,972 | -100% |
| Other amounts payable | 47/48 | €1,368,228 | €102,856 | -€1.3m | -92.5% |
| Accrued charges and deferred income | 492/3 | €23,039 | €11,247 | -€11,792 | -51.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,506 | €197,754 | +€76,248 | +62.8% |
| Other operating charges | 640/8 | €35,807 | €20,311 | -€15,495 | -43.3% |
| Gross operating margin | 9900 | €256,851 | €412,349 | +€155,498 | +60.5% |
| Operating profit (loss) | 9901 | €99,538 | €194,284 | +€94,746 | +95.2% |
| Financial income | 75/76B | €21 | €17 | -€4 | -17.3% |
| Recurring financial income | 75 | €21 | €17 | -€4 | -17.3% |
| Financial charges | 65/66B | €46,883 | €196,094 | +€149,211 | +318% |
| Recurring financial charges | 65 | €46,883 | €196,094 | +€149,211 | +318% |
| Profit (loss) for the period before taxes | 9903 | €52,676 | -€1,793 | -€54,468 | |
| Income taxes | 67/77 | €29,979 | €1,159 | -€28,819 | -96.1% |
| Profit (loss) for the period | 9904 | €22,697 | -€2,952 | -€25,649 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €22,697 | -€2,952 | -€25,649 |
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 17 October 2026 via checked.be.