ARS EN THEMIS: 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 EN THEMIS
Largest movements
- Cash +€448,939
up €448,939 (+1,157%), from €38,800 to €487,739
mainly Net result for the year (+€895,044) and Tax, wage and social debts (+€358,868)
- Stocks and contracts +€393,368
up €393,368 (+22.7%), from €1.7m to €2.1m
- Receivables within one year -€232,562
down €232,562 (-69.7%), from €333,859 to €101,297
of which Trade receivables: -€232,562
- Tangible fixed assets -€54,286
down €54,286 (-55.3%), from €98,166 to €43,880
- Profit (loss) carried forward +€895,044
up €895,044 (+26,486%), from €3,379 to €898,423
- Short-term financial debts -€811,809
down €811,809 (-100%), from €811,809 to €0
- Tax, wage and social debts +€358,868
up €358,868 (+715%), from €50,175 to €409,043
- Other debts +€112,823
up €112,823 (+10.8%), from €1.0m to €1.2m
- Gross operating margin +€1.1m
up €1.1m (+714%), from €156,778 to €1.3m
- Taxes +€318,895
up €318,895 (+4,608%), from €6,920 to €325,815
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 | €2,209,025 | €2,762,196 | +€553,171 | +25.0% |
| Fixed assets | 21/28 | €98,166 | €43,880 | -€54,286 | -55.3% |
| Tangible fixed assets | 22/27 | €98,166 | €43,880 | -€54,286 | -55.3% |
| Land and buildings | 22 | €98,166 | €43,880 | -€54,286 | -55.3% |
| Current assets | 29/58 | €2,110,859 | €2,718,316 | +€607,457 | +28.8% |
| Stocks and contracts in progress | 3 | €1,732,969 | €2,126,337 | +€393,368 | +22.7% |
| Stocks | 30/36 | €1,732,969 | €2,126,337 | +€393,368 | +22.7% |
| Amounts receivable within one year | 40/41 | €333,859 | €101,297 | -€232,562 | -69.7% |
| Trade receivables | 40 | €333,859 | €101,297 | -€232,562 | -69.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €656 | €656 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €38,800 | €487,739 | +€448,939 | +1,157% |
| Deferred charges and accrued income | 490/1 | €4,575 | €2,288 | -€2,288 | -50.0% |
| Total equity and liabilities | 10/49 | €2,209,025 | €2,762,196 | +€553,171 | +25.0% |
| Equity | 10/15 | €283,879 | €1,178,923 | +€895,044 | +315% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Capital | 10 | €255,000 | €255,000 | = | 0.0% |
| Issued capital | 100 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €25,500 | €25,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,500 | €25,500 | = | 0.0% |
| Legal reserve | 130 | €25,500 | €25,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,379 | €898,423 | +€895,044 | +26,486% |
| Amounts payable | 17/49 | €1,925,146 | €1,583,273 | -€341,872 | -17.8% |
| Amounts payable within one year | 42/48 | €1,925,146 | €1,583,273 | -€341,872 | -17.8% |
| Financial debts | 43 | €811,809 | €0 | -€811,809 | -100% |
| Credit institutions | 430/8 | €811,809 | €0 | -€811,809 | -100% |
| Trade debts | 44 | €23,161 | €21,408 | -€1,754 | -7.6% |
| Suppliers | 440/4 | €23,161 | €21,408 | -€1,754 | -7.6% |
| Taxes, remuneration and social security | 45 | €50,175 | €409,043 | +€358,868 | +715% |
| Taxes | 450/3 | €50,175 | €409,043 | +€358,868 | +715% |
| Other amounts payable | 47/48 | €1,040,000 | €1,152,823 | +€112,823 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €8,092 | €8,796 | +€704 | +8.7% |
| Gross operating margin | 9900 | €156,778 | €1,276,160 | +€1.1m | +714% |
| Operating profit (loss) | 9901 | €148,686 | €1,267,363 | +€1.1m | +752% |
| Financial income | 75/76B | €77 | €86 | +€10 | +12.5% |
| Recurring financial income | 75 | €77 | €86 | +€10 | +12.5% |
| Financial charges | 65/66B | €48,843 | €46,591 | -€2,252 | -4.6% |
| Recurring financial charges | 65 | €48,843 | €46,591 | -€2,252 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €99,919 | €1,220,859 | +€1.1m | +1,122% |
| Income taxes | 67/77 | €6,920 | €325,815 | +€318,895 | +4,608% |
| Profit (loss) for the period | 9904 | €92,999 | €895,044 | +€802,044 | +862% |
| Profit (loss) for the period to be appropriated | 9905 | €92,999 | €895,044 | +€802,044 | +862% |
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 15 October 2026 via checked.be.