Arrèli: 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.
Arrèli
Largest movements
- Receivables within one year +€172,991
up €172,991 (+58.7%), from €294,763 to €467,754
of which Trade receivables: +€166,996
- Tangible fixed assets +€64,535
up €64,535 (+13.6%), from €473,597 to €538,132
of which Furniture and vehicles: +€83,847
- Receivables after one year +€60,000
up €60,000 (+107.1%), from €56,000 to €116,000
- Cash -€16,679
down €16,679 (-3.6%), from €459,879 to €443,200
mainly Receivables within one year (-€172,991) and Investment in fixed assets (net) (-€122,331)
- Trade debts +€122,765
up €122,765 (+27.2%), from €451,329 to €574,094
- Reserves +€69,821
up €69,821 (+36.4%), from €191,765 to €261,586
- Debts after one year +€58,289
up €58,289 (+15.9%), from €366,315 to €424,604
- Current portion of long-term debt +€24,202
up €24,202 (+48.2%), from €50,252 to €74,454
- Gross operating margin +€51,037
up €51,037 (+21.4%), from €238,438 to €289,475
- Write-downs +€50,803
new in 2025: €50,803
- Staff costs +€27,354
up €27,354 (+135.5%), from €20,189 to €47,543
- Depreciation -€18,725
down €18,725 (-23.8%), from €78,610 to €59,885
- Financial charges +€3,204
up €3,204 (+15.1%), from €21,211 to €24,415
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 | €1,340,670 | €1,625,054 | +€284,384 | +21.2% |
| Fixed assets | 21/28 | €478,398 | €540,845 | +€62,447 | +13.1% |
| Intangible fixed assets | 21 | €2,801 | €713 | -€2,088 | -74.5% |
| Tangible fixed assets | 22/27 | €473,597 | €538,132 | +€64,535 | +13.6% |
| Land and buildings | 22 | €340,479 | €332,977 | -€7,503 | -2.2% |
| Plant, machinery and equipment | 23 | €43,038 | €31,229 | -€11,809 | -27.4% |
| Furniture and vehicles | 24 | €90,079 | €173,926 | +€83,847 | +93.1% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €862,272 | €1,084,209 | +€221,937 | +25.7% |
| Amounts receivable after more than one year | 29 | €56,000 | €116,000 | +€60,000 | +107.1% |
| Other amounts receivable | 291 | €56,000 | €116,000 | +€60,000 | +107.1% |
| Stocks and contracts in progress | 3 | €47,431 | €52,366 | +€4,936 | +10.4% |
| Stocks | 30/36 | €47,431 | €52,366 | +€4,936 | +10.4% |
| Amounts receivable within one year | 40/41 | €294,763 | €467,754 | +€172,991 | +58.7% |
| Trade receivables | 40 | €294,395 | €461,391 | +€166,996 | +56.7% |
| Other amounts receivable | 41 | €368 | €6,363 | +€5,995 | +1628.3% |
| Cash at bank and in hand | 54/58 | €459,879 | €443,200 | -€16,679 | -3.6% |
| Deferred charges and accrued income | 490/1 | €4,199 | €4,888 | +€689 | +16.4% |
| Total equity and liabilities | 10/49 | €1,340,670 | €1,625,054 | +€284,384 | +21.2% |
| Equity | 10/15 | €194,287 | €264,108 | +€69,821 | +35.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €191,765 | €261,586 | +€69,821 | +36.4% |
| Distributable reserves | 133 | €191,765 | €261,586 | +€69,821 | +36.4% |
| Profit (loss) carried forward | 14 | €22 | €22 | = | 0.0% |
| Amounts payable | 17/49 | €1,146,383 | €1,360,946 | +€214,563 | +18.7% |
| Amounts payable after more than one year | 17 | €366,315 | €424,604 | +€58,289 | +15.9% |
| Financial debts | 170/4 | €366,315 | €424,604 | +€58,289 | +15.9% |
| Amounts payable within one year | 42/48 | €778,314 | €934,588 | +€156,274 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €50,252 | €74,454 | +€24,202 | +48.2% |
| Trade debts | 44 | €451,329 | €574,094 | +€122,765 | +27.2% |
| Suppliers | 440/4 | €451,329 | €574,094 | +€122,765 | +27.2% |
| Advances received on contracts in progress | 46 | €237,037 | €235,626 | -€1,411 | -0.6% |
| Taxes, remuneration and social security | 45 | €39,531 | €50,361 | +€10,831 | +27.4% |
| Taxes | 450/3 | €39,531 | €42,728 | +€3,198 | +8.1% |
| Remuneration and social security | 454/9 | €0 | €7,633 | +€7,633 | |
| Other amounts payable | 47/48 | €166 | €53 | -€113 | -68.1% |
| Accrued charges and deferred income | 492/3 | €1,754 | €1,754 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €20,189 | €47,543 | +€27,354 | +135.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,610 | €59,885 | -€18,725 | -23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,803 | +€50,803 | |
| Other operating charges | 640/8 | €5,335 | €7,200 | +€1,865 | +35.0% |
| Gross operating margin | 9900 | €238,438 | €289,475 | +€51,037 | +21.4% |
| Operating profit (loss) | 9901 | €134,304 | €124,045 | -€10,259 | -7.6% |
| Financial income | 75/76B | €8,670 | €7,814 | -€856 | -9.9% |
| Recurring financial income | 75 | €8,670 | €7,814 | -€856 | -9.9% |
| Financial charges | 65/66B | €21,211 | €24,415 | +€3,204 | +15.1% |
| Recurring financial charges | 65 | €21,211 | €24,415 | +€3,204 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €121,763 | €107,444 | -€14,320 | -11.8% |
| Income taxes | 67/77 | €36,154 | €37,622 | +€1,468 | +4.1% |
| Profit (loss) for the period | 9904 | €85,609 | €69,821 | -€15,788 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €85,609 | €69,821 | -€15,788 | -18.4% |
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 12 October 2026 via checked.be.