ARS BELGIUM: 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.
ARS BELGIUM
Largest movements
- Tangible fixed assets +€58,944
up €58,944 (+313.7%), from €18,792 to €77,737
of which Other tangible fixed assets: +€61,627
- Receivables within one year +€34,125
up €34,125 (+431.7%), from €7,905 to €42,030
of which Other amounts receivable: +€24,581
- Cash -€32,405
down €32,405 (-49.6%), from €65,360 to €32,956
mainly Investment in fixed assets (net) (-€136,705) and Receivables within one year (-€34,125)
- Financial fixed assets +€12,000
up €12,000 (+54.1%), from €22,170 to €34,170
- Intangible fixed assets -€10,000
down €10,000 (-4.1%), from €245,833 to €235,833
- Profit (loss) carried forward +€44,319
up €44,319 (+174.1%), from €25,460 to €69,779
- Tax, wage and social debts +€39,923
up €39,923 (+346.3%), from €11,529 to €51,452
of which Remuneration and social security: +€22,990
- Other debts -€16,685
no longer reported in 2025 (was €16,685)
- Gross operating margin +€292,198
up €292,198 (+360.9%), from €80,964 to €373,162
- Staff costs +€187,998
up €187,998 (+397.5%), from €47,294 to €235,292
- Depreciation +€68,845
up €68,845 (+995.5%), from €6,916 to €75,760
- Taxes +€15,020
new in 2025: €15,020
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 | €360,062 | €429,944 | +€69,882 | +19.4% |
| Fixed assets | 21/28 | €286,796 | €347,740 | +€60,944 | +21.3% |
| Intangible fixed assets | 21 | €245,833 | €235,833 | -€10,000 | -4.1% |
| Tangible fixed assets | 22/27 | €18,792 | €77,737 | +€58,944 | +313.7% |
| Plant, machinery and equipment | 23 | €6,726 | €5,163 | -€1,563 | -23.2% |
| Furniture and vehicles | 24 | €4,480 | €3,360 | -€1,120 | -25.0% |
| Other tangible fixed assets | 26 | €7,587 | €69,213 | +€61,627 | +812.3% |
| Financial fixed assets | 28 | €22,170 | €34,170 | +€12,000 | +54.1% |
| Current assets | 29/58 | €73,266 | €82,204 | +€8,938 | +12.2% |
| Stocks and contracts in progress | 3 | - | €5,732 | +€5,732 | |
| Stocks | 30/36 | - | €5,732 | +€5,732 | |
| Amounts receivable within one year | 40/41 | €7,905 | €42,030 | +€34,125 | +431.7% |
| Trade receivables | 40 | €7,295 | €16,839 | +€9,544 | +130.8% |
| Other amounts receivable | 41 | €610 | €25,191 | +€24,581 | +4029.6% |
| Cash at bank and in hand | 54/58 | €65,360 | €32,956 | -€32,405 | -49.6% |
| Deferred charges and accrued income | 490/1 | - | €1,486 | +€1,486 | |
| Total equity and liabilities | 10/49 | €360,062 | €429,944 | +€69,882 | +19.4% |
| Equity | 10/15 | €25,460 | €69,779 | +€44,319 | +174.1% |
| Profit (loss) carried forward | 14 | €25,460 | €69,779 | +€44,319 | +174.1% |
| Amounts payable | 17/49 | €334,602 | €360,165 | +€25,563 | +7.6% |
| Amounts payable within one year | 42/48 | €334,602 | €360,165 | +€25,563 | +7.6% |
| Trade debts | 44 | €306,388 | €308,713 | +€2,325 | +0.8% |
| Suppliers | 440/4 | €306,388 | €308,713 | +€2,325 | +0.8% |
| Taxes, remuneration and social security | 45 | €11,529 | €51,452 | +€39,923 | +346.3% |
| Taxes | 450/3 | €8,068 | €25,001 | +€16,933 | +209.9% |
| Remuneration and social security | 454/9 | €3,461 | €26,451 | +€22,990 | +664.3% |
| Other amounts payable | 47/48 | €16,685 | - | -€16,685 | |
| Remuneration, social security and pensions | 62 | €47,294 | €235,292 | +€187,998 | +397.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,916 | €75,760 | +€68,845 | +995.5% |
| Other operating charges | 640/8 | €1,221 | €2,674 | +€1,453 | +118.9% |
| Gross operating margin | 9900 | €80,964 | €373,162 | +€292,198 | +360.9% |
| Operating profit (loss) | 9901 | €25,534 | €59,436 | +€33,902 | +132.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +12.5% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +12.5% |
| Financial charges | 65/66B | €74 | €97 | +€24 | +31.9% |
| Recurring financial charges | 65 | €74 | €97 | +€24 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €25,460 | €59,338 | +€33,879 | +133.1% |
| Income taxes | 67/77 | - | €15,020 | +€15,020 | |
| Profit (loss) for the period | 9904 | €25,460 | €44,319 | +€18,859 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,460 | €44,319 | +€18,859 | +74.1% |
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 11 October 2026 via checked.be.