ARSALIS: 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.
ARSALIS
Largest movements
- Stocks and contracts +€109,064
up €109,064 (+212%), from €51,463 to €160,527
- Cash -€66,307
down €66,307 (-75.3%), from €88,089 to €21,782
mainly Stocks and contracts (-€109,064) and Trade debts (-€50,626)
- Receivables within one year +€24,325
up €24,325 (+21.2%), from €114,861 to €139,186
of which Trade receivables: +€34,003
- Tangible fixed assets -€16,714
down €16,714 (-26.0%), from €64,220 to €47,506
- Reserves +€196,000
up €196,000 (+26.7%), from €733,376 to €929,376
of which Distributable reserves: +€196,000
- Trade debts -€50,626
down €50,626 (-86.5%), from €58,558 to €7,932
- Other debts -€45,223
down €45,223 (-28.3%), from €159,975 to €114,752
- Profit (loss) carried forward -€14,023
down €14,023 (-7.3%), from €191,594 to €177,571
- Gross operating margin +€75,118
up €75,118 (+17.9%), from €419,534 to €494,652
- Staff costs -€16,343
down €16,343 (-6.1%), from €267,515 to €251,172
- Depreciation +€5,676
up €5,676 (+41.1%), from €13,801 to €19,477
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 | €1,227,116 | €1,307,736 | +€80,621 | +6.6% |
| Fixed assets | 21/28 | €75,500 | €80,714 | +€5,214 | +6.9% |
| Intangible fixed assets | 21 | €8,015 | €17,553 | +€9,538 | +119% |
| Tangible fixed assets | 22/27 | €64,220 | €47,506 | -€16,714 | -26.0% |
| Furniture and vehicles | 24 | €64,220 | €47,506 | -€16,714 | -26.0% |
| Financial fixed assets | 28 | €3,265 | €15,655 | +€12,390 | +379% |
| Current assets | 29/58 | €1,151,616 | €1,227,023 | +€75,407 | +6.5% |
| Stocks and contracts in progress | 3 | €51,463 | €160,527 | +€109,064 | +212% |
| Stocks | 30/36 | €51,463 | €160,527 | +€109,064 | +212% |
| Amounts receivable within one year | 40/41 | €114,861 | €139,186 | +€24,325 | +21.2% |
| Trade receivables | 40 | €95,861 | €129,864 | +€34,003 | +35.5% |
| Other amounts receivable | 41 | €19,000 | €9,322 | -€9,678 | -50.9% |
| Current investments | 50/53 | €891,091 | €899,075 | +€7,984 | +0.9% |
| Cash at bank and in hand | 54/58 | €88,089 | €21,782 | -€66,307 | -75.3% |
| Deferred charges and accrued income | 490/1 | €6,112 | €6,453 | +€341 | +5.6% |
| Total equity and liabilities | 10/49 | €1,227,116 | €1,307,736 | +€80,621 | +6.6% |
| Equity | 10/15 | €943,520 | €1,125,497 | +€181,977 | +19.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €733,376 | €929,376 | +€196,000 | +26.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,521 | €8,521 | = | 0.0% |
| Distributable reserves | 133 | €723,000 | €919,000 | +€196,000 | +27.1% |
| Profit (loss) carried forward | 14 | €191,594 | €177,571 | -€14,023 | -7.3% |
| Amounts payable | 17/49 | €283,596 | €182,239 | -€101,356 | -35.7% |
| Amounts payable within one year | 42/48 | €283,596 | €182,239 | -€101,356 | -35.7% |
| Trade debts | 44 | €58,558 | €7,932 | -€50,626 | -86.5% |
| Suppliers | 440/4 | €58,558 | €7,932 | -€50,626 | -86.5% |
| Taxes, remuneration and social security | 45 | €65,063 | €59,555 | -€5,508 | -8.5% |
| Taxes | 450/3 | €16,665 | €8,254 | -€8,411 | -50.5% |
| Remuneration and social security | 454/9 | €48,398 | €51,301 | +€2,903 | +6.0% |
| Other amounts payable | 47/48 | €159,975 | €114,752 | -€45,223 | -28.3% |
| Remuneration, social security and pensions | 62 | €267,515 | €251,172 | -€16,343 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,801 | €19,477 | +€5,676 | +41.1% |
| Other operating charges | 640/8 | €1,203 | €2,115 | +€912 | +75.9% |
| Gross operating margin | 9900 | €419,534 | €494,652 | +€75,118 | +17.9% |
| Operating profit (loss) | 9901 | €137,016 | €221,889 | +€84,873 | +61.9% |
| Financial income | 75/76B | €11,409 | €11,649 | +€240 | +2.1% |
| Recurring financial income | 75 | €11,409 | €11,649 | +€240 | +2.1% |
| Financial charges | 65/66B | €2,401 | €291 | -€2,110 | -87.9% |
| Recurring financial charges | 65 | €2,401 | €291 | -€2,110 | -87.9% |
| Profit (loss) for the period before taxes | 9903 | €146,024 | €233,247 | +€87,222 | +59.7% |
| Income taxes | 67/77 | €23,132 | €23,190 | +€58 | +0.2% |
| Profit (loss) for the period | 9904 | €122,892 | €210,057 | +€87,165 | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,892 | €210,057 | +€87,165 | +70.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.