ARPAUGHEM: 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.
ARPAUGHEM
Largest movements
- Current investments +€1.9m
up €1.9m (+69.7%), from €2.7m to €4.5m
- Receivables within one year -€227,949
down €227,949 (-74.5%), from €306,023 to €78,074
of which Trade receivables: -€142,512
- Cash -€183,727
down €183,727 (-70.8%), from €259,385 to €75,657
mainly Current investments (-€1.9m) and Other debts (-€201,834)
- Reserves +€1.6m
up €1.6m (+51.9%), from €3.1m to €4.7m
of which Distributable reserves: +€1.5m
- Other debts -€201,834
down €201,834 (-26.8%), from €753,513 to €551,679
- Financial income +€1.2m
up €1.2m (+1404.8%), from €88,652 to €1.3m
- Taxes +€149,057
up €149,057 (+77.1%), from €193,205 to €342,263
- Financial charges +€59,676
up €59,676 (+53.3%), from €111,872 to €171,548
- Gross operating margin -€53,146
down €53,146 (-6.2%), from €861,375 to €808,230
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 | €7,797,394 | €9,233,149 | +€1.4m | +18.4% |
| Fixed assets | 21/28 | €4,565,986 | €4,555,066 | -€10,919 | -0.2% |
| Tangible fixed assets | 22/27 | €48,121 | €37,202 | -€10,919 | -22.7% |
| Plant, machinery and equipment | 23 | €10,500 | €10,500 | = | 0.0% |
| Furniture and vehicles | 24 | €37,621 | €26,702 | -€10,919 | -29.0% |
| Financial fixed assets | 28 | €4,517,865 | €4,517,865 | = | 0.0% |
| Current assets | 29/58 | €3,231,408 | €4,678,082 | +€1.4m | +44.8% |
| Amounts receivable within one year | 40/41 | €306,023 | €78,074 | -€227,949 | -74.5% |
| Trade receivables | 40 | €220,586 | €78,074 | -€142,512 | -64.6% |
| Other amounts receivable | 41 | €85,437 | €0 | -€85,437 | -100.0% |
| Current investments | 50/53 | €2,665,237 | €4,522,282 | +€1.9m | +69.7% |
| Cash at bank and in hand | 54/58 | €259,385 | €75,657 | -€183,727 | -70.8% |
| Deferred charges and accrued income | 490/1 | €764 | €2,069 | +€1,305 | +170.9% |
| Total equity and liabilities | 10/49 | €7,797,394 | €9,233,149 | +€1.4m | +18.4% |
| Equity | 10/15 | €6,837,228 | €8,450,072 | +€1.6m | +23.6% |
| Contributions | 10/11 | €3,729,323 | €3,729,323 | = | 0.0% |
| Reserves | 13 | €3,107,905 | €4,720,749 | +€1.6m | +51.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €743,880 | €846,210 | +€102,330 | +13.8% |
| Distributable reserves | 133 | €2,364,025 | €3,874,539 | +€1.5m | +63.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €960,166 | €783,077 | -€177,089 | -18.4% |
| Amounts payable after more than one year | 17 | €28,375 | €13,663 | -€14,712 | -51.8% |
| Financial debts | 170/4 | €28,375 | €13,663 | -€14,712 | -51.8% |
| Amounts payable within one year | 42/48 | €820,684 | €651,148 | -€169,536 | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €14,514 | €14,712 | +€198 | +1.4% |
| Trade debts | 44 | €49,512 | €22,825 | -€26,687 | -53.9% |
| Suppliers | 440/4 | €49,512 | €22,825 | -€26,687 | -53.9% |
| Taxes, remuneration and social security | 45 | €3,146 | €61,932 | +€58,786 | +1868.6% |
| Taxes | 450/3 | €3,146 | €61,932 | +€58,786 | +1868.6% |
| Other amounts payable | 47/48 | €753,513 | €551,679 | -€201,834 | -26.8% |
| Accrued charges and deferred income | 492/3 | €111,107 | €118,266 | +€7,159 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,242 | €14,005 | +€763 | +5.8% |
| Other operating charges | 640/8 | €2,077 | €1,611 | -€466 | -22.4% |
| Gross operating margin | 9900 | €861,375 | €808,230 | -€53,146 | -6.2% |
| Operating profit (loss) | 9901 | €846,057 | €792,614 | -€53,443 | -6.3% |
| Financial income | 75/76B | €88,652 | €1,334,040 | +€1.2m | +1404.8% |
| Recurring financial income | 75 | €88,652 | €1,334,040 | +€1.2m | +1404.8% |
| Financial charges | 65/66B | €111,872 | €171,548 | +€59,676 | +53.3% |
| Recurring financial charges | 65 | €111,872 | €171,548 | +€59,676 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €822,837 | €1,955,106 | +€1.1m | +137.6% |
| Income taxes | 67/77 | €193,205 | €342,263 | +€149,057 | +77.1% |
| Profit (loss) for the period | 9904 | €629,632 | €1,612,844 | +€983,212 | +156.2% |
| Transfer from tax-exempt reserves | 789 | €0 | €265,230 | +€265,230 | |
| Transfer to tax-exempt reserves | 689 | €205,000 | €367,560 | +€162,560 | +79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €424,632 | €1,510,514 | +€1.1m | +255.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.