Arpeggi: what changed
What changed
Arpeggi
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€227,315
2024 · €151,900+€75,416
Equity
€553,258
2024 · €455,354+€97,904
Cash
€1,036
2024 · €7,353-€6,316
Balance sheet total
€676,834
2024 · €613,665+€63,168
Largest movements
Assets
- Receivables within one year +€47,990
up €47,990 (+66.1%), from €72,615 to €120,605
of which Trade receivables: +€47,964
- Tangible fixed assets +€28,205
up €28,205 (+160%), from €17,679 to €45,884
of which Furniture and vehicles: +€23,414
- Current investments -€7,387
down €7,387 (-6.4%), from €115,900 to €108,513
Equity and liabilities
- Reserves +€97,904
up €97,904 (+22.4%), from €436,754 to €534,658
- Debts after one year -€50,000
down €50,000 (-57.1%), from €87,500 to €37,500
- Tax, wage and social debts +€14,037
up €14,037 (+70.7%), from €19,863 to €33,900
Income statement
- Financial income +€58,035
up €58,035 (+68.8%), from €84,329 to €142,363
- Gross operating margin +€24,062
up €24,062 (+23.6%), from €102,041 to €126,103
- Taxes +€5,969
up €5,969 (+25.0%), from €23,923 to €29,892
- Depreciation +€1,569
up €1,569 (+26.3%), from €5,956 to €7,525
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.
Result 2024
€151,900
Gross operating margin
+€24,062
Depreciation
-€1,569
Other operating charges
-€373
Financial income
+€58,035
Financial charges
+€1,230
Taxes
-€5,969
Result 2025
€227,315
raises the resultlowers the result
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.
From operations
+€201,438
Investment
-€28,343
Financing
-€179,412
Cash 2024
€7,353
From operations (derived)
+€201,438
Net result for the year
+€227,315
Depreciation
+€7,525
Receivables within one year
-€47,990
Deferred charges and accrued income
-€677
Smaller working-capital items
-€246
Tax, wage and social debts
+€14,037
Other debts
+€1,474
Investment (derived)
-€28,343
Investment in fixed assets (net)
-€35,730
Current investments
+€7,387
Financing
-€179,412
Debts after one year
-€50,000
Contributions, distributions and other
-€129,412
Cash 2025
€1,036
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €613,665 | €676,834 | +€63,168 | +10.3% |
| Fixed assets | 21/28 | €417,679 | €445,884 | +€28,205 | +6.8% |
| Tangible fixed assets | 22/27 | €17,679 | €45,884 | +€28,205 | +160% |
| Plant, machinery and equipment | 23 | - | €4,791 | +€4,791 | |
| Furniture and vehicles | 24 | €17,679 | €41,092 | +€23,414 | +132% |
| Financial fixed assets | 28 | €400,000 | €400,000 | = | 0.0% |
| Current assets | 29/58 | €195,987 | €230,950 | +€34,963 | +17.8% |
| Amounts receivable within one year | 40/41 | €72,615 | €120,605 | +€47,990 | +66.1% |
| Trade receivables | 40 | €72,600 | €120,564 | +€47,964 | +66.1% |
| Other amounts receivable | 41 | €15 | €40 | +€25 | +170% |
| Current investments | 50/53 | €115,900 | €108,513 | -€7,387 | -6.4% |
| Cash at bank and in hand | 54/58 | €7,353 | €1,036 | -€6,316 | -85.9% |
| Deferred charges and accrued income | 490/1 | €119 | €796 | +€677 | +568% |
| Total equity and liabilities | 10/49 | €613,665 | €676,834 | +€63,168 | +10.3% |
| Equity | 10/15 | €455,354 | €553,258 | +€97,904 | +21.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €436,754 | €534,658 | +€97,904 | +22.4% |
| Distributable reserves | 133 | €436,754 | €534,658 | +€97,904 | +22.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €158,311 | €123,576 | -€34,735 | -21.9% |
| Amounts payable after more than one year | 17 | €87,500 | €37,500 | -€50,000 | -57.1% |
| Financial debts | 170/4 | €87,500 | €37,500 | -€50,000 | -57.1% |
| Amounts payable within one year | 42/48 | €70,796 | €86,057 | +€15,262 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €618 | €369 | -€249 | -40.4% |
| Suppliers | 440/4 | €618 | €369 | -€249 | -40.4% |
| Taxes, remuneration and social security | 45 | €19,863 | €33,900 | +€14,037 | +70.7% |
| Taxes | 450/3 | €19,863 | €33,900 | +€14,037 | +70.7% |
| Other amounts payable | 47/48 | €315 | €1,788 | +€1,474 | +468% |
| Accrued charges and deferred income | 492/3 | €15 | €19 | +€3 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,956 | €7,525 | +€1,569 | +26.3% |
| Other operating charges | 640/8 | €387 | €760 | +€373 | +96.2% |
| Gross operating margin | 9900 | €102,041 | €126,103 | +€24,062 | +23.6% |
| Operating profit (loss) | 9901 | €95,697 | €117,818 | +€22,120 | +23.1% |
| Financial income | 75/76B | €84,329 | €142,363 | +€58,035 | +68.8% |
| Recurring financial income | 75 | €84,329 | €142,363 | +€58,035 | +68.8% |
| Financial charges | 65/66B | €4,203 | €2,973 | -€1,230 | -29.3% |
| Recurring financial charges | 65 | €4,203 | €2,973 | -€1,230 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €175,822 | €257,208 | +€81,385 | +46.3% |
| Income taxes | 67/77 | €23,923 | €29,892 | +€5,969 | +25.0% |
| Profit (loss) for the period | 9904 | €151,900 | €227,315 | +€75,416 | +49.6% |
| Profit (loss) for the period to be appropriated | 9905 | €151,900 | €227,315 | +€75,416 | +49.6% |
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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 3 November 2026 via checked.be.