Ars Bellica: 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 Bellica
Largest movements
- Cash +€410,280
up €410,280 (+555%), from €73,988 to €484,268
mainly Net result for the year (+€290,717) and Receivables within one year (+€266,200)
- Deferred charges and accrued income +€300,000
new in 2025: €300,000
- Receivables within one year -€266,200
down €266,200 (-93.6%), from €284,350 to €18,150
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€27,825
down €27,825 (-22.8%), from €121,940 to €94,115
- Profit (loss) carried forward +€290,717
up €290,717 (+20,085%), from €1,447 to €292,164
- Tax, wage and social debts -€108,317
down €108,317 (-52.0%), from €208,467 to €100,150
- Other debts -€13,020
down €13,020 (-64.5%), from €20,195 to €7,175
- Gross operating margin -€72,430
down €72,430 (-15.2%), from €476,391 to €403,960
- Taxes -€51,467
down €51,467 (-35.2%), from €146,175 to €94,708
- Depreciation +€12,524
up €12,524 (+81.9%), from €15,301 to €27,825
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 | €730,278 | €896,533 | +€166,255 | +22.8% |
| Fixed assets | 21/28 | €121,940 | €94,115 | -€27,825 | -22.8% |
| Tangible fixed assets | 22/27 | €121,940 | €94,115 | -€27,825 | -22.8% |
| Furniture and vehicles | 24 | €121,940 | €94,115 | -€27,825 | -22.8% |
| Current assets | 29/58 | €608,338 | €802,418 | +€194,080 | +31.9% |
| Amounts receivable within one year | 40/41 | €284,350 | €18,150 | -€266,200 | -93.6% |
| Trade receivables | 40 | €284,350 | €18,150 | -€266,200 | -93.6% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €73,988 | €484,268 | +€410,280 | +555% |
| Deferred charges and accrued income | 490/1 | - | €300,000 | +€300,000 | |
| Total equity and liabilities | 10/49 | €730,278 | €896,533 | +€166,255 | +22.8% |
| Equity | 10/15 | €493,947 | €784,664 | +€290,717 | +58.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €492,000 | €492,000 | = | 0.0% |
| Distributable reserves | 133 | €492,000 | €492,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,447 | €292,164 | +€290,717 | +20,085% |
| Amounts payable | 17/49 | €236,330 | €111,868 | -€124,462 | -52.7% |
| Amounts payable within one year | 42/48 | €234,555 | €111,868 | -€122,687 | -52.3% |
| Trade debts | 44 | €5,893 | €4,544 | -€1,349 | -22.9% |
| Suppliers | 440/4 | €5,893 | €4,544 | -€1,349 | -22.9% |
| Taxes, remuneration and social security | 45 | €208,467 | €100,150 | -€108,317 | -52.0% |
| Taxes | 450/3 | €208,467 | €100,150 | -€108,317 | -52.0% |
| Other amounts payable | 47/48 | €20,195 | €7,175 | -€13,020 | -64.5% |
| Accrued charges and deferred income | 492/3 | €1,775 | - | -€1,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,301 | €27,825 | +€12,524 | +81.9% |
| Other operating charges | 640/8 | €855 | €1,295 | +€440 | +51.4% |
| Gross operating margin | 9900 | €476,391 | €403,960 | -€72,430 | -15.2% |
| Operating profit (loss) | 9901 | €460,234 | €374,840 | -€85,394 | -18.6% |
| Financial income | 75/76B | €6,341 | €10,697 | +€4,356 | +68.7% |
| Recurring financial income | 75 | €6,341 | €10,697 | +€4,356 | +68.7% |
| Financial charges | 65/66B | €242 | €112 | -€130 | -53.8% |
| Recurring financial charges | 65 | €242 | €112 | -€130 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | €466,333 | €385,425 | -€80,908 | -17.3% |
| Income taxes | 67/77 | €146,175 | €94,708 | -€51,467 | -35.2% |
| Profit (loss) for the period | 9904 | €320,158 | €290,717 | -€29,441 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €320,158 | €290,717 | -€29,441 | -9.2% |
Source: filed annual accounts (NBB), financial years ended 1 October 2024 and 1 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.