ARR: 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.
ARR
Largest movements
- Tangible fixed assets +€96,105
up €96,105 (+23.6%), from €407,583 to €503,688
of which Land and buildings: +€367,234
- Receivables within one year -€26,746
down €26,746 (-16.5%), from €162,283 to €135,537
of which Other amounts receivable: -€15,340
- Debts after one year +€73,701
up €73,701 (+22.0%), from €334,884 to €408,585
- Trade debts -€11,094
down €11,094 (-42.1%), from €26,384 to €15,289
- Gross operating margin -€37,942
down €37,942 (-39.9%), from €95,183 to €57,241
- Staff costs -€18,587
down €18,587 (-60.6%), from €30,693 to €12,107
- Taxes -€7,117
down €7,117 (-70.5%), from €10,096 to €2,979
- Write-downs -€6,959
down €6,959 (-73.2%), from €9,513 to €2,554
- Financial charges +€5,444
up €5,444 (+46.1%), from €11,819 to €17,263
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 | €573,767 | €644,155 | +€70,388 | +12.3% |
| Fixed assets | 21/28 | €408,100 | €503,688 | +€95,588 | +23.4% |
| Intangible fixed assets | 21 | €518 | - | -€518 | |
| Tangible fixed assets | 22/27 | €407,583 | €503,688 | +€96,105 | +23.6% |
| Land and buildings | 22 | €130,693 | €497,927 | +€367,234 | +281.0% |
| Plant, machinery and equipment | 23 | €2,046 | €850 | -€1,196 | -58.5% |
| Furniture and vehicles | 24 | €8,435 | €4,911 | -€3,524 | -41.8% |
| Assets under construction and advance payments | 27 | €266,409 | - | -€266,409 | |
| Current assets | 29/58 | €165,667 | €140,467 | -€25,200 | -15.2% |
| Amounts receivable within one year | 40/41 | €162,283 | €135,537 | -€26,746 | -16.5% |
| Trade receivables | 40 | €142,639 | €131,233 | -€11,406 | -8.0% |
| Other amounts receivable | 41 | €19,644 | €4,304 | -€15,340 | -78.1% |
| Cash at bank and in hand | 54/58 | €765 | €3,432 | +€2,667 | +348.6% |
| Deferred charges and accrued income | 490/1 | €2,619 | €1,498 | -€1,121 | -42.8% |
| Total equity and liabilities | 10/49 | €573,767 | €644,155 | +€70,388 | +12.3% |
| Equity | 10/15 | €156,138 | €161,227 | +€5,089 | +3.3% |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €143,538 | €148,627 | +€5,089 | +3.5% |
| Distributable reserves | 133 | €143,538 | €148,627 | +€5,089 | +3.5% |
| Amounts payable | 17/49 | €417,629 | €482,928 | +€65,299 | +15.6% |
| Amounts payable after more than one year | 17 | €334,884 | €408,585 | +€73,701 | +22.0% |
| Financial debts | 170/4 | €334,884 | €408,585 | +€73,701 | +22.0% |
| Amounts payable within one year | 42/48 | €82,570 | €74,231 | -€8,339 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €22,804 | €23,628 | +€824 | +3.6% |
| Financial debts | 43 | €15,505 | €14,205 | -€1,300 | -8.4% |
| Credit institutions | 430/8 | €15,505 | €14,205 | -€1,300 | -8.4% |
| Trade debts | 44 | €26,384 | €15,289 | -€11,094 | -42.1% |
| Suppliers | 440/4 | €26,384 | €15,289 | -€11,094 | -42.1% |
| Taxes, remuneration and social security | 45 | €17,877 | €19,420 | +€1,543 | +8.6% |
| Taxes | 450/3 | €8,817 | €10,622 | +€1,805 | +20.5% |
| Remuneration and social security | 454/9 | €9,060 | €8,798 | -€262 | -2.9% |
| Other amounts payable | 47/48 | - | €1,689 | +€1,689 | |
| Accrued charges and deferred income | 492/3 | €175 | €112 | -€63 | -36.0% |
| Remuneration, social security and pensions | 62 | €30,693 | €12,107 | -€18,587 | -60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,855 | €15,520 | +€3,665 | +30.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,513 | €2,554 | -€6,959 | -73.2% |
| Other operating charges | 640/8 | €1,160 | €887 | -€273 | -23.5% |
| Non-recurring operating charges | 66A | - | €983 | +€983 | |
| Gross operating margin | 9900 | €95,183 | €57,241 | -€37,942 | -39.9% |
| Operating profit (loss) | 9901 | €41,963 | €25,191 | -€16,772 | -40.0% |
| Financial income | 75/76B | €442 | €140 | -€302 | -68.3% |
| Recurring financial income | 75 | €442 | €140 | -€302 | -68.3% |
| Financial charges | 65/66B | €11,819 | €17,263 | +€5,444 | +46.1% |
| Recurring financial charges | 65 | €11,819 | €17,263 | +€5,444 | +46.1% |
| Profit (loss) for the period before taxes | 9903 | €30,586 | €8,067 | -€22,519 | -73.6% |
| Income taxes | 67/77 | €10,096 | €2,979 | -€7,117 | -70.5% |
| Profit (loss) for the period | 9904 | €20,491 | €5,089 | -€15,402 | -75.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,491 | €5,089 | -€15,402 | -75.2% |
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.