ARPA: what changed
Two fiscal 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.
ARPA
Largest movements
- Tangible fixed assets +€567,698
up €567,698 (+120.8%), from €469,934 to €1.0m
of which Plant, machinery and equipment: +€469,812
- Receivables within one year +€92,418
up €92,418 (+377.9%), from €24,453 to €116,870
of which Trade receivables: +€58,323
- Financial fixed assets +€44,066
up €44,066 (+148.1%), from €29,754 to €73,819
- Debts after one year +€466,947
up €466,947 (+404.0%), from €115,589 to €582,536
- Current portion of long-term debt +€131,731
up €131,731 (+331.7%), from €39,716 to €171,447
- Trade debts +€90,791
up €90,791 (+342.8%), from €26,484 to €117,276
- Reserves +€70,405
up €70,405 (+23.4%), from €300,672 to €371,077
- Tax, wage and social debts -€31,517
down €31,517 (-97.6%), from €32,293 to €775
of which Taxes: -€32,293
- Gross operating margin -€129,212
down €129,212 (-30.8%), from €419,033 to €289,821
- Depreciation +€75,971
up €75,971 (+89.6%), from €84,771 to €160,742
- Taxes -€62,123
down €62,123 (-86.2%), from €72,082 to €9,958
- Financial charges +€18,154
up €18,154 (+104.8%), from €17,320 to €35,474
- Staff costs +€7,128
new in 2025: €7,128
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.
Cash bridge derived
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 | €619,003 | €1,340,254 | +€721,251 | +116.5% |
| Fixed assets | 21/28 | €499,688 | €1,111,451 | +€611,764 | +122.4% |
| Tangible fixed assets | 22/27 | €469,934 | €1,037,632 | +€567,698 | +120.8% |
| Plant, machinery and equipment | 23 | €402,617 | €872,429 | +€469,812 | +116.7% |
| Furniture and vehicles | 24 | €21,581 | €16,007 | -€5,574 | -25.8% |
| Leasing and similar rights | 25 | €41,420 | €149,197 | +€107,777 | +260.2% |
| Other tangible fixed assets | 26 | €4,317 | - | -€4,317 | |
| Financial fixed assets | 28 | €29,754 | €73,819 | +€44,066 | +148.1% |
| Current assets | 29/58 | €119,316 | €228,803 | +€109,487 | +91.8% |
| Stocks and contracts in progress | 3 | €8,747 | €10,854 | +€2,107 | +24.1% |
| Stocks | 30/36 | €8,747 | €10,854 | +€2,107 | +24.1% |
| Amounts receivable within one year | 40/41 | €24,453 | €116,870 | +€92,418 | +377.9% |
| Trade receivables | 40 | €6,529 | €64,852 | +€58,323 | +893.3% |
| Other amounts receivable | 41 | €17,924 | €52,019 | +€34,095 | +190.2% |
| Cash at bank and in hand | 54/58 | €82,051 | €94,769 | +€12,719 | +15.5% |
| Deferred charges and accrued income | 490/1 | €4,065 | €6,309 | +€2,244 | +55.2% |
| Total equity and liabilities | 10/49 | €619,003 | €1,340,254 | +€721,251 | +116.5% |
| Equity | 10/15 | €347,122 | €417,527 | +€70,405 | +20.3% |
| Contributions | 10/11 | €46,450 | €46,450 | = | 0.0% |
| Reserves | 13 | €300,672 | €371,077 | +€70,405 | +23.4% |
| Distributable reserves | 133 | €300,672 | €371,077 | +€70,405 | +23.4% |
| Amounts payable | 17/49 | €271,881 | €922,727 | +€650,846 | +239.4% |
| Amounts payable after more than one year | 17 | €115,589 | €582,536 | +€466,947 | +404.0% |
| Financial debts | 170/4 | €115,589 | €582,536 | +€466,947 | +404.0% |
| Amounts payable within one year | 42/48 | €156,292 | €340,191 | +€183,899 | +117.7% |
| Current portion of amounts payable after more than one year | 42 | €39,716 | €171,447 | +€131,731 | +331.7% |
| Financial debts | 43 | - | €13,590 | +€13,590 | |
| Other loans | 439 | - | €13,590 | +€13,590 | |
| Trade debts | 44 | €26,484 | €117,276 | +€90,791 | +342.8% |
| Suppliers | 440/4 | €26,484 | €117,276 | +€90,791 | +342.8% |
| Taxes, remuneration and social security | 45 | €32,293 | €775 | -€31,517 | -97.6% |
| Taxes | 450/3 | €32,293 | - | -€32,293 | |
| Remuneration and social security | 454/9 | - | €775 | +€775 | |
| Other amounts payable | 47/48 | €57,798 | €37,103 | -€20,695 | -35.8% |
| Remuneration, social security and pensions | 62 | - | €7,128 | +€7,128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,771 | €160,742 | +€75,971 | +89.6% |
| Other operating charges | 640/8 | €5,772 | €6,579 | +€807 | +14.0% |
| Gross operating margin | 9900 | €419,033 | €289,821 | -€129,212 | -30.8% |
| Operating profit (loss) | 9901 | €328,490 | €115,372 | -€213,119 | -64.9% |
| Financial income | 75/76B | €42 | €466 | +€424 | +1015.3% |
| Recurring financial income | 75 | €42 | €466 | +€424 | +1015.3% |
| Financial charges | 65/66B | €17,320 | €35,474 | +€18,154 | +104.8% |
| Recurring financial charges | 65 | €17,320 | €35,474 | +€18,154 | +104.8% |
| Profit (loss) for the period before taxes | 9903 | €311,212 | €80,363 | -€230,848 | -74.2% |
| Income taxes | 67/77 | €72,082 | €9,958 | -€62,123 | -86.2% |
| Profit (loss) for the period | 9904 | €239,130 | €70,405 | -€168,725 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €239,130 | €70,405 | -€168,725 | -70.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.