ARSALTIS: 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.
ARSALTIS
Largest movements
- Current investments +€64,202
up €64,202 (+49.5%), from €129,798 to €194,000
- Receivables within one year -€19,805
down €19,805 (-44.2%), from €44,759 to €24,954
of which Trade receivables: -€11,563
- Profit (loss) carried forward +€40,128
up €40,128 (+11.9%), from €336,598 to €376,726
- Financial income +€28,683
up €28,683 (+2451.0%), from €1,170 to €29,853
- Gross operating margin -€22,595
down €22,595 (-18.4%), from €122,606 to €100,011
- Depreciation +€9,058
up €9,058 (+14.3%), from €63,292 to €72,350
- Staff costs -€6,149
down €6,149 (-96.6%), from €6,367 to €218
- Taxes +€1,670
up €1,670 (+12.8%), from €13,085 to €14,755
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €418,470 | €465,630 | +€47,160 | +11.3% |
| Fixed assets | 21/28 | €242,520 | €245,729 | +€3,209 | +1.3% |
| Tangible fixed assets | 22/27 | €242,315 | €245,729 | +€3,414 | +1.4% |
| Plant, machinery and equipment | 23 | €131,745 | €154,668 | +€22,924 | +17.4% |
| Furniture and vehicles | 24 | €55,546 | €40,463 | -€15,083 | -27.2% |
| Other tangible fixed assets | 26 | €55,024 | €50,597 | -€4,427 | -8.0% |
| Financial fixed assets | 28 | €205 | - | -€205 | |
| Current assets | 29/58 | €175,950 | €219,901 | +€43,951 | +25.0% |
| Amounts receivable within one year | 40/41 | €44,759 | €24,954 | -€19,805 | -44.2% |
| Trade receivables | 40 | €34,259 | €22,696 | -€11,563 | -33.8% |
| Other amounts receivable | 41 | €10,500 | €2,258 | -€8,242 | -78.5% |
| Current investments | 50/53 | €129,798 | €194,000 | +€64,202 | +49.5% |
| Cash at bank and in hand | 54/58 | €1,393 | €947 | -€446 | -32.0% |
| Total equity and liabilities | 10/49 | €418,470 | €465,630 | +€47,160 | +11.3% |
| Equity | 10/15 | €407,723 | €447,851 | +€40,128 | +9.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,725 | €58,725 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,865 | €56,865 | = | 0.0% |
| Profit (loss) carried forward | 14 | €336,598 | €376,726 | +€40,128 | +11.9% |
| Amounts payable | 17/49 | €10,746 | €17,779 | +€7,032 | +65.4% |
| Amounts payable within one year | 42/48 | €10,746 | €17,779 | +€7,032 | +65.4% |
| Trade debts | 44 | €1,942 | €2,820 | +€878 | +45.2% |
| Suppliers | 440/4 | €1,942 | €2,820 | +€878 | +45.2% |
| Taxes, remuneration and social security | 45 | €2,629 | €5,400 | +€2,771 | +105.4% |
| Taxes | 450/3 | €2,629 | €5,400 | +€2,771 | +105.4% |
| Other amounts payable | 47/48 | €6,175 | €9,558 | +€3,383 | +54.8% |
| Remuneration, social security and pensions | 62 | €6,367 | €218 | -€6,149 | -96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,292 | €72,350 | +€9,058 | +14.3% |
| Other operating charges | 640/8 | €2,352 | €2,268 | -€84 | -3.6% |
| Gross operating margin | 9900 | €122,606 | €100,011 | -€22,595 | -18.4% |
| Operating profit (loss) | 9901 | €50,595 | €25,174 | -€25,420 | -50.2% |
| Financial income | 75/76B | €1,170 | €29,853 | +€28,683 | +2451.0% |
| Recurring financial income | 75 | €1,170 | €29,853 | +€28,683 | +2451.0% |
| Financial charges | 65/66B | €222 | €145 | -€77 | -34.7% |
| Recurring financial charges | 65 | €222 | €145 | -€77 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €51,543 | €54,882 | +€3,339 | +6.5% |
| Income taxes | 67/77 | €13,085 | €14,755 | +€1,670 | +12.8% |
| Profit (loss) for the period | 9904 | €38,458 | €40,128 | +€1,669 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,458 | €40,128 | +€1,669 | +4.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.