ARSADI: what changed
Two fiscal 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.
ARSADI
Largest movements
- Cash +€18,484
up €18,484 (+77.3%), from €23,906 to €42,390
mainly Net result for the year (+€15,020) and Depreciation (+€8,608)
- Current investments +€10,641
up €10,641 (+10.6%), from €100,032 to €110,673
- Tangible fixed assets -€6,332
down €6,332 (-17.6%), from €36,059 to €29,727
of which Other tangible fixed assets: -€6,777
- Reserves +€15,020
up €15,020 (+19.0%), from €78,881 to €93,901
- Tax, wage and social debts +€4,740
up €4,740 (+52.0%), from €9,110 to €13,850
- Other debts +€4,154
up €4,154 (+18.8%), from €22,096 to €26,250
- Taxes +€1,983
up €1,983 (+30.4%), from €6,529 to €8,512
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 | €194,087 | €218,048 | +€23,962 | +12.3% |
| Fixed assets | 21/28 | €36,059 | €29,727 | -€6,332 | -17.6% |
| Tangible fixed assets | 22/27 | €36,059 | €29,727 | -€6,332 | -17.6% |
| Plant, machinery and equipment | 23 | €1,376 | €1,821 | +€445 | +32.4% |
| Other tangible fixed assets | 26 | €34,684 | €27,906 | -€6,777 | -19.5% |
| Current assets | 29/58 | €158,027 | €188,321 | +€30,294 | +19.2% |
| Amounts receivable within one year | 40/41 | €30,865 | €32,497 | +€1,632 | +5.3% |
| Trade receivables | 40 | €30,865 | €32,497 | +€1,632 | +5.3% |
| Current investments | 50/53 | €100,032 | €110,673 | +€10,641 | +10.6% |
| Cash at bank and in hand | 54/58 | €23,906 | €42,390 | +€18,484 | +77.3% |
| Deferred charges and accrued income | 490/1 | €3,225 | €2,762 | -€463 | -14.4% |
| Total equity and liabilities | 10/49 | €194,087 | €218,048 | +€23,962 | +12.3% |
| Equity | 10/15 | €122,881 | €137,901 | +€15,020 | +12.2% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €78,881 | €93,901 | +€15,020 | +19.0% |
| Distributable reserves | 133 | €78,881 | €93,901 | +€15,020 | +19.0% |
| Amounts payable | 17/49 | €71,206 | €80,147 | +€8,941 | +12.6% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €31,206 | €40,147 | +€8,941 | +28.7% |
| Trade debts | 44 | - | €47 | +€47 | |
| Suppliers | 440/4 | - | €47 | +€47 | |
| Taxes, remuneration and social security | 45 | €9,110 | €13,850 | +€4,740 | +52.0% |
| Taxes | 450/3 | €9,110 | €13,850 | +€4,740 | +52.0% |
| Other amounts payable | 47/48 | €22,096 | €26,250 | +€4,154 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,614 | €8,608 | -€6 | -0.1% |
| Other operating charges | 640/8 | €814 | €872 | +€58 | +7.1% |
| Gross operating margin | 9900 | €37,203 | €37,097 | -€105 | -0.3% |
| Operating profit (loss) | 9901 | €27,775 | €27,617 | -€157 | -0.6% |
| Financial income | 75/76B | €675 | €429 | -€246 | -36.5% |
| Recurring financial income | 75 | €675 | €429 | -€246 | -36.5% |
| Financial charges | 65/66B | €4,817 | €4,514 | -€303 | -6.3% |
| Recurring financial charges | 65 | €4,817 | €4,514 | -€303 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €23,633 | €23,532 | -€101 | -0.4% |
| Income taxes | 67/77 | €6,529 | €8,512 | +€1,983 | +30.4% |
| Profit (loss) for the period | 9904 | €17,104 | €15,020 | -€2,083 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,104 | €15,020 | -€2,083 | -12.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.