ARS-INVEST: 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-INVEST
Largest movements
- Tangible fixed assets -€8,571
down €8,571 (-3.9%), from €217,465 to €208,895
of which Land and buildings: -€8,375
- Cash +€3,685
up €3,685 (+248%), from €1,488 to €5,172
mainly Depreciation (+€8,571) and Trade debts (+€285)
- Reserves -€2,255
down €2,255 (-1.8%), from €122,535 to €120,281
of which Tax-exempt reserves: -€3,456
- Gross operating margin +€9,481
up €9,481, from -€3,246 to €6,235
- Depreciation -€715
down €715 (-7.7%), from €9,286 to €8,571
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 | €218,953 | €214,067 | -€4,886 | -2.2% |
| Fixed assets | 21/28 | €217,465 | €208,895 | -€8,571 | -3.9% |
| Tangible fixed assets | 22/27 | €217,465 | €208,895 | -€8,571 | -3.9% |
| Land and buildings | 22 | €217,186 | €208,811 | -€8,375 | -3.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €279 | €84 | -€196 | -70.0% |
| Current assets | 29/58 | €1,488 | €5,172 | +€3,685 | +248% |
| Cash at bank and in hand | 54/58 | €1,488 | €5,172 | +€3,685 | +248% |
| Total equity and liabilities | 10/49 | €218,953 | €214,067 | -€4,886 | -2.2% |
| Equity | 10/15 | €183,435 | €181,181 | -€2,255 | -1.2% |
| Contributions | 10/11 | €60,900 | €60,900 | = | 0.0% |
| Reserves | 13 | €122,535 | €120,281 | -€2,255 | -1.8% |
| Tax-exempt reserves | 132 | €68,810 | €65,355 | -€3,456 | -5.0% |
| Distributable reserves | 133 | €53,725 | €54,926 | +€1,201 | +2.2% |
| Provisions and deferred taxes | 16 | €30,274 | €28,493 | -€1,780 | -5.9% |
| Deferred taxes | 168 | €30,274 | €28,493 | -€1,780 | -5.9% |
| Amounts payable | 17/49 | €5,244 | €4,393 | -€851 | -16.2% |
| Amounts payable within one year | 42/48 | €5,244 | €4,393 | -€851 | -16.2% |
| Trade debts | 44 | €115 | €400 | +€285 | +248% |
| Suppliers | 440/4 | €115 | €400 | +€285 | +248% |
| Other amounts payable | 47/48 | €5,129 | €3,993 | -€1,136 | -22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,286 | €8,571 | -€715 | -7.7% |
| Other operating charges | 640/8 | €1,509 | €1,555 | +€46 | +3.1% |
| Gross operating margin | 9900 | -€3,246 | €6,235 | +€9,481 | |
| Operating profit (loss) | 9901 | -€14,040 | -€3,891 | +€10,149 | +72.3% |
| Financial charges | 65/66B | €135 | €144 | +€9 | +6.8% |
| Recurring financial charges | 65 | €135 | €144 | +€9 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€14,175 | -€4,035 | +€10,140 | +71.5% |
| Transfer from deferred taxes | 780 | €1,932 | €1,780 | -€152 | -7.9% |
| Profit (loss) for the period | 9904 | -€12,243 | -€2,255 | +€9,988 | +81.6% |
| Transfer from tax-exempt reserves | 789 | €3,750 | €3,456 | -€295 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,493 | €1,201 | +€9,694 |
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 25 October 2026 via checked.be.