ARPES: 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.
ARPES
Largest movements
- Current investments +€50,000
up €50,000 (+25.0%), from €200,000 to €250,000
- Cash +€43,171
up €43,171 (+87.3%), from €49,465 to €92,636
mainly Other debts (+€278,466) and Net result for the year (+€88,161)
- Deferred charges and accrued income -€8,108
down €8,108 (-94.3%), from €8,600 to €492
- Other debts +€278,466
up €278,466 (+3383.1%), from €8,231 to €286,697
- Profit (loss) carried forward -€241,839
down €241,839 (-92.2%), from €262,438 to €20,599
- Tax, wage and social debts +€49,282
up €49,282 (+470.3%), from €10,479 to €59,761
- Gross operating margin +€7,049
up €7,049 (+6.5%), from €108,393 to €115,442
- Financial income -€3,311
down €3,311 (-81.4%), from €4,069 to €758
- Depreciation +€1,412
up €1,412 (+93.1%), from €1,516 to €2,928
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 | €291,274 | €377,057 | +€85,783 | +29.5% |
| Fixed assets | 21/28 | €12,063 | €10,091 | -€1,972 | -16.3% |
| Tangible fixed assets | 22/27 | €12,063 | €10,091 | -€1,972 | -16.3% |
| Plant, machinery and equipment | 23 | €11,181 | €8,693 | -€2,488 | -22.3% |
| Furniture and vehicles | 24 | €882 | €1,398 | +€516 | +58.5% |
| Current assets | 29/58 | €279,211 | €366,966 | +€87,755 | +31.4% |
| Amounts receivable within one year | 40/41 | €21,146 | €23,838 | +€2,692 | +12.7% |
| Trade receivables | 40 | €17,424 | €15,972 | -€1,452 | -8.3% |
| Other amounts receivable | 41 | €3,722 | €7,866 | +€4,144 | +111.3% |
| Current investments | 50/53 | €200,000 | €250,000 | +€50,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €49,465 | €92,636 | +€43,171 | +87.3% |
| Deferred charges and accrued income | 490/1 | €8,600 | €492 | -€8,108 | -94.3% |
| Total equity and liabilities | 10/49 | €291,274 | €377,057 | +€85,783 | +29.5% |
| Equity | 10/15 | €272,438 | €30,599 | -€241,839 | -88.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €262,438 | €20,599 | -€241,839 | -92.2% |
| Amounts payable | 17/49 | €18,836 | €346,458 | +€327,622 | +1739.3% |
| Amounts payable within one year | 42/48 | €18,836 | €346,458 | +€327,622 | +1739.3% |
| Trade debts | 44 | €126 | - | -€126 | |
| Suppliers | 440/4 | €126 | - | -€126 | |
| Taxes, remuneration and social security | 45 | €10,479 | €59,761 | +€49,282 | +470.3% |
| Taxes | 450/3 | €10,479 | €59,761 | +€49,282 | +470.3% |
| Other amounts payable | 47/48 | €8,231 | €286,697 | +€278,466 | +3383.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,516 | €2,928 | +€1,412 | +93.1% |
| Other operating charges | 640/8 | €768 | €863 | +€95 | +12.4% |
| Gross operating margin | 9900 | €108,393 | €115,442 | +€7,049 | +6.5% |
| Operating profit (loss) | 9901 | €106,109 | €111,651 | +€5,542 | +5.2% |
| Financial income | 75/76B | €4,069 | €758 | -€3,311 | -81.4% |
| Recurring financial income | 75 | €4,069 | €758 | -€3,311 | -81.4% |
| Financial charges | 65/66B | €417 | €94 | -€323 | -77.5% |
| Recurring financial charges | 65 | €417 | €94 | -€323 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €109,761 | €112,315 | +€2,554 | +2.3% |
| Income taxes | 67/77 | €23,688 | €24,154 | +€466 | +2.0% |
| Profit (loss) for the period | 9904 | €86,073 | €88,161 | +€2,088 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €86,073 | €88,161 | +€2,088 | +2.4% |
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 7 October 2026 via checked.be.