ARRIMAX: 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.
ARRIMAX
Largest movements
- Receivables after one year -€64,162
down €64,162 (-82.6%), from €77,686 to €13,524
- Stocks and contracts +€30,039
up €30,039 (+82.8%), from €36,301 to €66,340
- Receivables within one year -€18,316
down €18,316 (-21.0%), from €87,344 to €69,027
of which Trade receivables: -€13,063
- Cash -€10,610
down €10,610 (-26.9%), from €39,450 to €28,840
mainly Contributions, distributions and other (-€87,885) and Stocks and contracts (-€30,039)
- Tangible fixed assets -€5,559
down €5,559 (-38.1%), from €14,590 to €9,031
of which Furniture and vehicles: -€7,713
- Reserves -€44,162
down €44,162 (-49.2%), from €89,740 to €45,578
of which Distributable reserves: -€44,162
- Tax, wage and social debts -€29,506
down €29,506 (-74.2%), from €39,792 to €10,286
of which Remuneration and social security: -€25,216
- Current portion of long-term debt +€9,089
up €9,089 (+131%), from €6,948 to €16,036
- Trade debts +€6,454
up €6,454 (+32.0%), from €20,171 to €26,625
- Debts after one year -€6,036
down €6,036 (-100%), from €6,036 to €0
- Staff costs -€132,871
down €132,871 (-49.4%), from €269,053 to €136,182
- Gross operating margin -€62,485
down €62,485 (-22.9%), from €273,043 to €210,558
- Taxes +€17,122
up €17,122 (+506%), from €3,381 to €20,503
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.
Derived cash bridge
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 | €260,565 | €194,383 | -€66,182 | -25.4% |
| Fixed assets | 21/28 | €16,394 | €13,778 | -€2,616 | -16.0% |
| Intangible fixed assets | 21 | €844 | €288 | -€557 | -66.0% |
| Tangible fixed assets | 22/27 | €14,590 | €9,031 | -€5,559 | -38.1% |
| Furniture and vehicles | 24 | €14,590 | €6,876 | -€7,713 | -52.9% |
| Other tangible fixed assets | 26 | - | €2,155 | +€2,155 | |
| Financial fixed assets | 28 | €960 | €4,460 | +€3,500 | +365% |
| Current assets | 29/58 | €244,171 | €180,605 | -€63,566 | -26.0% |
| Amounts receivable after more than one year | 29 | €77,686 | €13,524 | -€64,162 | -82.6% |
| Trade receivables | 290 | €77,686 | €13,524 | -€64,162 | -82.6% |
| Stocks and contracts in progress | 3 | €36,301 | €66,340 | +€30,039 | +82.8% |
| Stocks | 30/36 | €36,301 | €66,340 | +€30,039 | +82.8% |
| Amounts receivable within one year | 40/41 | €87,344 | €69,027 | -€18,316 | -21.0% |
| Trade receivables | 40 | €82,090 | €69,027 | -€13,063 | -15.9% |
| Other amounts receivable | 41 | €5,253 | €0 | -€5,253 | -100% |
| Cash at bank and in hand | 54/58 | €39,450 | €28,840 | -€10,610 | -26.9% |
| Deferred charges and accrued income | 490/1 | €3,391 | €2,874 | -€518 | -15.3% |
| Total equity and liabilities | 10/49 | €260,565 | €194,383 | -€66,182 | -25.4% |
| Equity | 10/15 | €185,597 | €141,435 | -€44,162 | -23.8% |
| Contributions | 10/11 | €6,493 | €6,493 | = | 0.0% |
| Reserves | 13 | €89,740 | €45,578 | -€44,162 | -49.2% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €87,885 | €43,723 | -€44,162 | -50.2% |
| Profit (loss) carried forward | 14 | €89,364 | €89,364 | = | 0.0% |
| Amounts payable | 17/49 | €74,968 | €52,948 | -€22,020 | -29.4% |
| Amounts payable after more than one year | 17 | €6,036 | €0 | -€6,036 | -100% |
| Financial debts | 170/4 | €6,036 | €0 | -€6,036 | -100% |
| Amounts payable within one year | 42/48 | €68,931 | €52,948 | -€15,984 | -23.2% |
| Current portion of amounts payable after more than one year | 42 | €6,948 | €16,036 | +€9,089 | +131% |
| Trade debts | 44 | €20,171 | €26,625 | +€6,454 | +32.0% |
| Suppliers | 440/4 | €20,171 | €26,625 | +€6,454 | +32.0% |
| Taxes, remuneration and social security | 45 | €39,792 | €10,286 | -€29,506 | -74.2% |
| Taxes | 450/3 | €13,925 | €9,635 | -€4,290 | -30.8% |
| Remuneration and social security | 454/9 | €25,867 | €651 | -€25,216 | -97.5% |
| Other amounts payable | 47/48 | €2,021 | €0 | -€2,021 | -100% |
| Non-recurring operating income | 76A | €115 | €0 | -€115 | -100% |
| Remuneration, social security and pensions | 62 | €269,053 | €136,182 | -€132,871 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,778 | €9,354 | -€423 | -4.3% |
| Other operating charges | 640/8 | €1,078 | €2,368 | +€1,290 | +120% |
| Non-recurring operating charges | 66A | €732 | €0 | -€732 | -100% |
| Gross operating margin | 9900 | €273,043 | €210,558 | -€62,485 | -22.9% |
| Operating profit (loss) | 9901 | -€7,598 | €62,654 | +€70,252 | |
| Financial income | 75/76B | €4,447 | €2,885 | -€1,562 | -35.1% |
| Recurring financial income | 75 | €4,447 | €2,885 | -€1,562 | -35.1% |
| Financial charges | 65/66B | €1,536 | €1,313 | -€223 | -14.5% |
| Recurring financial charges | 65 | €1,536 | €1,313 | -€223 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,687 | €64,226 | +€68,913 | |
| Income taxes | 67/77 | €3,381 | €20,503 | +€17,122 | +506% |
| Profit (loss) for the period | 9904 | -€8,068 | €43,723 | +€51,791 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,068 | €43,723 | +€51,791 |
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 21 October 2026 via checked.be.