ARSACO: 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.
ARSACO
Largest movements
- Cash -€23,371
down €23,371 (-67.1%), from €34,826 to €11,455
mainly Short-term financial debts (-€50,000) and Contributions, distributions and other (-€40,756)
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Other debts +€29,210
up €29,210 (+25.1%), from €116,275 to €145,485
- Debts after one year -€24,520
down €24,520 (-41.7%), from €58,734 to €34,214
- Reserves +€21,938
up €21,938 (+4.9%), from €445,224 to €467,162
of which Distributable reserves: +€22,744
- Financial income -€149,500
no longer reported in 2025 (was €149,500)
- Gross operating margin +€82,442
up €82,442 (+226.3%), from €36,426 to €118,869
- Taxes +€13,406
up €13,406 (+106.9%), from €12,544 to €25,950
- Financial charges -€3,966
down €3,966 (-16.8%), from €23,555 to €19,589
- Other operating charges -€1,206
down €1,206 (-69.7%), from €1,729 to €523
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 | €1,557,372 | €1,538,462 | -€18,910 | -1.2% |
| Fixed assets | 21/28 | €1,323,352 | €1,313,566 | -€9,786 | -0.7% |
| Tangible fixed assets | 22/27 | €244,042 | €234,256 | -€9,786 | -4.0% |
| Land and buildings | 22 | €238,877 | €230,893 | -€7,984 | -3.3% |
| Furniture and vehicles | 24 | €3,187 | €1,816 | -€1,371 | -43.0% |
| Other tangible fixed assets | 26 | €1,978 | €1,547 | -€431 | -21.8% |
| Financial fixed assets | 28 | €1,079,310 | €1,079,310 | = | 0.0% |
| Current assets | 29/58 | €234,020 | €224,896 | -€9,125 | -3.9% |
| Amounts receivable within one year | 40/41 | €198,927 | €212,926 | +€14,000 | +7.0% |
| Trade receivables | 40 | €75,000 | €42,000 | -€33,000 | -44.0% |
| Other amounts receivable | 41 | €123,927 | €170,926 | +€47,000 | +37.9% |
| Cash at bank and in hand | 54/58 | €34,826 | €11,455 | -€23,371 | -67.1% |
| Deferred charges and accrued income | 490/1 | €268 | €514 | +€246 | +92.0% |
| Total equity and liabilities | 10/49 | €1,557,372 | €1,538,462 | -€18,910 | -1.2% |
| Equity | 10/15 | €1,293,251 | €1,315,784 | +€22,533 | +1.7% |
| Contributions | 10/11 | €290,098 | €290,098 | = | 0.0% |
| Reserves | 13 | €445,224 | €467,162 | +€21,938 | +4.9% |
| Non-distributable reserves | 130/1 | €9,288 | €9,288 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,288 | €9,288 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,000 | €17,194 | -€806 | -4.5% |
| Distributable reserves | 133 | €417,936 | €440,679 | +€22,744 | +5.4% |
| Profit (loss) carried forward | 14 | €557,929 | €558,525 | +€596 | +0.1% |
| Provisions and deferred taxes | 16 | €6,000 | €5,731 | -€269 | -4.5% |
| Deferred taxes | 168 | €6,000 | €5,731 | -€269 | -4.5% |
| Amounts payable | 17/49 | €258,121 | €216,946 | -€41,175 | -16.0% |
| Amounts payable after more than one year | 17 | €58,734 | €34,214 | -€24,520 | -41.7% |
| Financial debts | 170/4 | €58,734 | €34,214 | -€24,520 | -41.7% |
| Amounts payable within one year | 42/48 | €190,343 | €174,908 | -€15,435 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €23,134 | €24,473 | +€1,339 | +5.8% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €274 | - | -€274 | |
| Suppliers | 440/4 | €274 | - | -€274 | |
| Taxes, remuneration and social security | 45 | €660 | €4,950 | +€4,290 | +650.3% |
| Taxes | 450/3 | €660 | €4,950 | +€4,290 | +650.3% |
| Other amounts payable | 47/48 | €116,275 | €145,485 | +€29,210 | +25.1% |
| Accrued charges and deferred income | 492/3 | €9,044 | €7,824 | -€1,221 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,941 | €9,786 | -€155 | -1.6% |
| Other operating charges | 640/8 | €1,729 | €523 | -€1,206 | -69.7% |
| Gross operating margin | 9900 | €36,426 | €118,869 | +€82,442 | +226.3% |
| Operating profit (loss) | 9901 | €24,756 | €108,559 | +€83,803 | +338.5% |
| Financial income | 75/76B | €149,500 | - | -€149,500 | |
| Recurring financial income | 75 | €149,500 | - | -€149,500 | |
| Financial charges | 65/66B | €23,555 | €19,589 | -€3,966 | -16.8% |
| Recurring financial charges | 65 | €23,555 | €19,589 | -€3,966 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €150,701 | €88,971 | -€61,730 | -41.0% |
| Transfer from deferred taxes | 780 | €269 | €269 | = | 0.0% |
| Income taxes | 67/77 | €12,544 | €25,950 | +€13,406 | +106.9% |
| Profit (loss) for the period | 9904 | €138,426 | €63,289 | -€75,136 | -54.3% |
| Transfer from tax-exempt reserves | 789 | €806 | €806 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,232 | €64,096 | -€75,136 | -54.0% |
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.