ARPO: 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.
ARPO
Largest movements
- Receivables within one year -€845,544
down €845,544 (-62.8%), from €1.3m to €500,000
of which Trade receivables: -€1.2m
- Intangible fixed assets -€693,844
down €693,844 (-57.8%), from €1.2m to €507,089
- Tangible fixed assets -€562,254
down €562,254 (-6.1%), from €9.2m to €8.6m
- Other debts -€1.9m
down €1.9m (-97.6%), from €2.0m to €48,457
- Debts after one year -€659,968
down €659,968 (-8.0%), from €8.3m to €7.6m
- Profit (loss) carried forward +€227,961
up €227,961 (+34.7%), from €656,582 to €884,543
- Tax, wage and social debts +€146,209
up €146,209 (+63.6%), from €229,823 to €376,032
- Depreciation +€687,672
up €687,672 (+121.0%), from €568,426 to €1.3m
- Gross operating margin +€325,899
up €325,899 (+20.9%), from €1.6m to €1.9m
- Taxes -€146,867
down €146,867 (-63.9%), from €229,850 to €82,983
- Financial charges +€138,989
up €138,989 (+99.9%), from €139,155 to €278,144
- Other operating charges +€31,683
up €31,683 (+362.5%), from €8,740 to €40,422
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 | €11,789,813 | €9,677,569 | -€2.1m | -17.9% |
| Fixed assets | 21/28 | €10,426,181 | €9,170,083 | -€1.3m | -12.0% |
| Intangible fixed assets | 21 | €1,200,932 | €507,089 | -€693,844 | -57.8% |
| Tangible fixed assets | 22/27 | €9,209,998 | €8,647,744 | -€562,254 | -6.1% |
| Land and buildings | 22 | €9,209,998 | €8,647,744 | -€562,254 | -6.1% |
| Financial fixed assets | 28 | €15,250 | €15,250 | = | 0.0% |
| Current assets | 29/58 | €1,363,633 | €507,486 | -€856,147 | -62.8% |
| Amounts receivable within one year | 40/41 | €1,345,544 | €500,000 | -€845,544 | -62.8% |
| Trade receivables | 40 | €1,200,000 | - | -€1.2m | |
| Other amounts receivable | 41 | €145,544 | €500,000 | +€354,456 | +243.5% |
| Cash at bank and in hand | 54/58 | €18,088 | €7,486 | -€10,602 | -58.6% |
| Total equity and liabilities | 10/49 | €11,789,813 | €9,677,569 | -€2.1m | -17.9% |
| Equity | 10/15 | €741,130 | €969,091 | +€227,961 | +30.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €76,548 | €76,548 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €74,688 | €74,688 | = | 0.0% |
| Profit (loss) carried forward | 14 | €656,582 | €884,543 | +€227,961 | +34.7% |
| Amounts payable | 17/49 | €11,048,684 | €8,708,478 | -€2.3m | -21.2% |
| Amounts payable after more than one year | 17 | €8,252,592 | €7,592,624 | -€659,968 | -8.0% |
| Financial debts | 170/4 | €8,252,592 | €7,592,624 | -€659,968 | -8.0% |
| Amounts payable within one year | 42/48 | €2,796,091 | €1,055,854 | -€1.7m | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €564,641 | €624,664 | +€60,023 | +10.6% |
| Trade debts | 44 | €3,276 | €6,701 | +€3,425 | +104.6% |
| Suppliers | 440/4 | €3,276 | €6,701 | +€3,425 | +104.6% |
| Taxes, remuneration and social security | 45 | €229,823 | €376,032 | +€146,209 | +63.6% |
| Taxes | 450/3 | €229,823 | €376,032 | +€146,209 | +63.6% |
| Other amounts payable | 47/48 | €1,998,352 | €48,457 | -€1.9m | -97.6% |
| Accrued charges and deferred income | 492/3 | - | €60,000 | +€60,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €568,426 | €1,256,098 | +€687,672 | +121.0% |
| Other operating charges | 640/8 | €8,740 | €40,422 | +€31,683 | +362.5% |
| Gross operating margin | 9900 | €1,559,709 | €1,885,609 | +€325,899 | +20.9% |
| Operating profit (loss) | 9901 | €982,543 | €589,088 | -€393,455 | -40.0% |
| Financial charges | 65/66B | €139,155 | €278,144 | +€138,989 | +99.9% |
| Recurring financial charges | 65 | €139,155 | €278,144 | +€138,989 | +99.9% |
| Profit (loss) for the period before taxes | 9903 | €843,388 | €310,944 | -€532,444 | -63.1% |
| Income taxes | 67/77 | €229,850 | €82,983 | -€146,867 | -63.9% |
| Profit (loss) for the period | 9904 | €613,538 | €227,961 | -€385,577 | -62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €613,538 | €227,961 | -€385,577 | -62.8% |
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 10 October 2026 via checked.be.