ARSAC: 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.
ARSAC
Largest movements
- Cash +€55,452
up €55,452 (+5.8%), from €958,215 to €1.0m
mainly Net result for the year (+€142,874) and Depreciation (+€46,716)
- Tangible fixed assets -€37,351
down €37,351 (-10.1%), from €369,557 to €332,205
- Reserves +€95,051
up €95,051 (+12.8%), from €740,108 to €835,159
of which Distributable reserves: +€95,051
- Trade debts -€75,250
down €75,250 (-17.5%), from €430,623 to €355,373
- Other debts +€42,124
up €42,124 (+92.7%), from €45,448 to €87,572
- Advances received -€39,533
down €39,533 (-67.0%), from €58,998 to €19,466
- Gross operating margin -€263,817
down €263,817 (-48.8%), from €540,471 to €276,653
- Taxes -€67,278
down €67,278 (-49.3%), from €136,350 to €69,072
- Staff costs -€48,016
down €48,016 (-96.2%), from €49,888 to €1,871
- Financial charges -€7,969
down €7,969 (-86.7%), from €9,190 to €1,221
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 | €1,357,048 | €1,378,561 | +€21,513 | +1.6% |
| Fixed assets | 21/28 | €369,582 | €332,230 | -€37,351 | -10.1% |
| Tangible fixed assets | 22/27 | €369,557 | €332,205 | -€37,351 | -10.1% |
| Land and buildings | 22 | €261,998 | €245,003 | -€16,995 | -6.5% |
| Plant, machinery and equipment | 23 | €27,754 | €23,365 | -€4,389 | -15.8% |
| Furniture and vehicles | 24 | €79,805 | €63,837 | -€15,968 | -20.0% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €987,466 | €1,046,331 | +€58,865 | +6.0% |
| Amounts receivable within one year | 40/41 | €29,251 | €32,664 | +€3,413 | +11.7% |
| Trade receivables | 40 | €0 | €2,416 | +€2,416 | |
| Other amounts receivable | 41 | €29,251 | €30,248 | +€997 | +3.4% |
| Cash at bank and in hand | 54/58 | €958,215 | €1,013,667 | +€55,452 | +5.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,357,048 | €1,378,561 | +€21,513 | +1.6% |
| Equity | 10/15 | €802,437 | €897,487 | +€95,051 | +11.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €740,108 | €835,159 | +€95,051 | +12.8% |
| Non-distributable reserves | 130/1 | €14,750 | €14,750 | = | 0.0% |
| Legal reserve | 130 | €14,750 | €14,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,277 | €16,277 | = | 0.0% |
| Distributable reserves | 133 | €709,082 | €804,132 | +€95,051 | +13.4% |
| Profit (loss) carried forward | 14 | €829 | €829 | = | 0.0% |
| Amounts payable | 17/49 | €554,611 | €481,074 | -€73,537 | -13.3% |
| Amounts payable within one year | 42/48 | €554,611 | €481,074 | -€73,537 | -13.3% |
| Trade debts | 44 | €430,623 | €355,373 | -€75,250 | -17.5% |
| Suppliers | 440/4 | €430,623 | €355,373 | -€75,250 | -17.5% |
| Advances received on contracts in progress | 46 | €58,998 | €19,466 | -€39,533 | -67.0% |
| Taxes, remuneration and social security | 45 | €19,542 | €18,663 | -€878 | -4.5% |
| Taxes | 450/3 | €11,411 | €18,663 | +€7,252 | +63.6% |
| Remuneration and social security | 454/9 | €8,130 | €0 | -€8,130 | -100.0% |
| Other amounts payable | 47/48 | €45,448 | €87,572 | +€42,124 | +92.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €49,888 | €1,871 | -€48,016 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,483 | €46,716 | +€233 | +0.5% |
| Other operating charges | 640/8 | €15,413 | €20,583 | +€5,170 | +33.5% |
| Gross operating margin | 9900 | €540,471 | €276,653 | -€263,817 | -48.8% |
| Operating profit (loss) | 9901 | €428,688 | €207,483 | -€221,204 | -51.6% |
| Financial income | 75/76B | €3,726 | €5,684 | +€1,958 | +52.5% |
| Recurring financial income | 75 | €3,726 | €5,684 | +€1,958 | +52.5% |
| Financial charges | 65/66B | €9,190 | €1,221 | -€7,969 | -86.7% |
| Recurring financial charges | 65 | €9,190 | €1,221 | -€7,969 | -86.7% |
| Profit (loss) for the period before taxes | 9903 | €423,223 | €211,946 | -€211,277 | -49.9% |
| Income taxes | 67/77 | €136,350 | €69,072 | -€67,278 | -49.3% |
| Profit (loss) for the period | 9904 | €286,873 | €142,874 | -€143,999 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €286,873 | €142,874 | -€143,999 | -50.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.