ARPEGGIO: 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.
ARPEGGIO
Largest movements
- Cash -€229,392
down €229,392 (-61.7%), from €371,885 to €142,493
mainly Contributions, distributions and other (-€300,000) and Receivables within one year (-€170,800)
- Receivables within one year +€170,800
up €170,800 (+51.0%), from €334,828 to €505,628
of which Trade receivables: +€159,193
- Tangible fixed assets -€12,056
down €12,056 (-37.5%), from €32,123 to €20,067
- Profit (loss) carried forward -€91,630
down €91,630 (-100%), from €91,630 to €0
- Reserves -€53,643
down €53,643 (-22.1%), from €242,464 to €188,820
of which Distributable reserves: -€53,643
- Accrued charges and deferred income +€49,831
up €49,831 (+425%), from €11,713 to €61,544
- Other debts +€28,796
up €28,796 (+15.9%), from €181,350 to €210,146
- Trade debts +€22,884
up €22,884 (+42.6%), from €53,734 to €76,618
- Gross operating margin -€112,246
down €112,246 (-12.8%), from €875,628 to €763,382
- Taxes -€23,356
down €23,356 (-25.2%), from €92,769 to €69,413
- Staff costs -€14,500
down €14,500 (-2.8%), from €515,763 to €501,262
- Depreciation -€13,095
down €13,095 (-34.9%), from €37,493 to €24,399
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 | €765,182 | €704,394 | -€60,788 | -7.9% |
| Fixed assets | 21/28 | €40,504 | €34,359 | -€6,145 | -15.2% |
| Intangible fixed assets | 21 | - | €5,911 | +€5,911 | |
| Tangible fixed assets | 22/27 | €32,123 | €20,067 | -€12,056 | -37.5% |
| Furniture and vehicles | 24 | €32,123 | €20,067 | -€12,056 | -37.5% |
| Financial fixed assets | 28 | €8,382 | €8,382 | = | 0.0% |
| Current assets | 29/58 | €724,678 | €670,035 | -€54,643 | -7.5% |
| Amounts receivable within one year | 40/41 | €334,828 | €505,628 | +€170,800 | +51.0% |
| Trade receivables | 40 | €333,526 | €492,719 | +€159,193 | +47.7% |
| Other amounts receivable | 41 | €1,301 | €12,909 | +€11,607 | +892% |
| Cash at bank and in hand | 54/58 | €371,885 | €142,493 | -€229,392 | -61.7% |
| Deferred charges and accrued income | 490/1 | €17,965 | €21,914 | +€3,949 | +22.0% |
| Total equity and liabilities | 10/49 | €765,182 | €704,394 | -€60,788 | -7.9% |
| Equity | 10/15 | €352,686 | €207,412 | -€145,274 | -41.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €242,464 | €188,820 | -€53,643 | -22.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €240,604 | €186,961 | -€53,643 | -22.3% |
| Profit (loss) carried forward | 14 | €91,630 | €0 | -€91,630 | -100% |
| Amounts payable | 17/49 | €412,496 | €496,982 | +€84,485 | +20.5% |
| Amounts payable within one year | 42/48 | €400,784 | €435,438 | +€34,654 | +8.6% |
| Financial debts | 43 | €19,757 | €21,269 | +€1,512 | +7.7% |
| Credit institutions | 430/8 | €19,757 | €21,269 | +€1,512 | +7.7% |
| Trade debts | 44 | €53,734 | €76,618 | +€22,884 | +42.6% |
| Suppliers | 440/4 | €53,734 | €76,618 | +€22,884 | +42.6% |
| Taxes, remuneration and social security | 45 | €145,943 | €127,405 | -€18,538 | -12.7% |
| Taxes | 450/3 | €73,301 | €78,245 | +€4,944 | +6.7% |
| Remuneration and social security | 454/9 | €72,642 | €49,160 | -€23,482 | -32.3% |
| Other amounts payable | 47/48 | €181,350 | €210,146 | +€28,796 | +15.9% |
| Accrued charges and deferred income | 492/3 | €11,713 | €61,544 | +€49,831 | +425% |
| Non-recurring operating income | 76A | €31,551 | €9,907 | -€21,645 | -68.6% |
| Remuneration, social security and pensions | 62 | €515,763 | €501,262 | -€14,500 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,493 | €24,399 | -€13,095 | -34.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €4,460 | +€4,460 | |
| Other operating charges | 640/8 | €7,981 | €6,916 | -€1,065 | -13.3% |
| Non-recurring operating charges | 66A | €1,600 | €1,035 | -€565 | -35.3% |
| Gross operating margin | 9900 | €875,628 | €763,382 | -€112,246 | -12.8% |
| Operating profit (loss) | 9901 | €312,791 | €225,309 | -€87,482 | -28.0% |
| Financial income | 75/76B | €798 | €874 | +€76 | +9.5% |
| Recurring financial income | 75 | €798 | €874 | +€76 | +9.5% |
| Financial charges | 65/66B | €3,608 | €2,043 | -€1,564 | -43.4% |
| Recurring financial charges | 65 | €3,608 | €2,043 | -€1,564 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €309,982 | €224,140 | -€85,842 | -27.7% |
| Income taxes | 67/77 | €92,769 | €69,413 | -€23,356 | -25.2% |
| Profit (loss) for the period | 9904 | €217,213 | €154,726 | -€62,486 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €217,213 | €154,726 | -€62,486 | -28.8% |
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 15 October 2026 via checked.be.