ARPEGGIO: 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.
ARPEGGIO
Largest movements
- Receivables within one year +€2.6m
up €2.6m (+108.9%), from €2.4m to €5.0m
of which Other amounts receivable: +€2.6m
- Cash -€2.1m
down €2.1m (-94.0%), from €2.3m to €134,384
mainly Contributions, distributions and other (-€5.9m) and Receivables within one year (-€2.6m)
- Other debts +€490,000
up €490,000 (+9.1%), from €5.4m to €5.9m
- Financial income +€3.1m
up €3.1m (+110.1%), from €2.8m to €5.9m
- Gross operating margin +€4,674
up €4,674 (+20.0%), from -€23,391 to -€18,718
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 | €5,426,182 | €5,912,818 | +€486,636 | +9.0% |
| Fixed assets | 21/28 | €785,193 | €785,193 | = | 0.0% |
| Financial fixed assets | 28 | €785,193 | €785,193 | = | 0.0% |
| Current assets | 29/58 | €4,640,988 | €5,127,625 | +€486,636 | +10.5% |
| Amounts receivable within one year | 40/41 | €2,390,493 | €4,993,241 | +€2.6m | +108.9% |
| Trade receivables | 40 | - | €1,957 | +€1,957 | |
| Other amounts receivable | 41 | €2,390,493 | €4,991,284 | +€2.6m | +108.8% |
| Cash at bank and in hand | 54/58 | €2,250,495 | €134,384 | -€2.1m | -94.0% |
| Total equity and liabilities | 10/49 | €5,426,182 | €5,912,818 | +€486,636 | +9.0% |
| Equity | 10/15 | €31,195 | €25,395 | -€5,800 | -18.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,195 | €3,395 | -€5,800 | -63.1% |
| Amounts payable | 17/49 | €5,394,987 | €5,887,423 | +€492,436 | +9.1% |
| Amounts payable within one year | 42/48 | €5,394,987 | €5,887,423 | +€492,436 | +9.1% |
| Trade debts | 44 | €10,003 | €12,439 | +€2,436 | +24.4% |
| Suppliers | 440/4 | €10,003 | €12,439 | +€2,436 | +24.4% |
| Other amounts payable | 47/48 | €5,384,984 | €5,874,984 | +€490,000 | +9.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€23,391 | -€18,718 | +€4,674 | +20.0% |
| Operating profit (loss) | 9901 | -€24,359 | -€19,716 | +€4,643 | +19.1% |
| Financial income | 75/76B | €2,800,000 | €5,884,032 | +€3.1m | +110.1% |
| Recurring financial income | 75 | €2,800,000 | €5,884,032 | +€3.1m | +110.1% |
| Financial charges | 65/66B | €89 | €116 | +€27 | +30.7% |
| Recurring financial charges | 65 | €89 | €116 | +€27 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €2,775,553 | €5,864,200 | +€3.1m | +111.3% |
| Profit (loss) for the period | 9904 | €2,775,553 | €5,864,200 | +€3.1m | +111.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,775,553 | €5,864,200 | +€3.1m | +111.3% |
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 1 October 2026 via checked.be.