ARSEC: 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.
ARSEC
Largest movements
- Receivables after one year -€4.6m
down €4.6m (-76.4%), from €6.1m to €1.4m
- Financial fixed assets +€3.1m
up €3.1m (+20.4%), from €15.3m to €18.5m
- Cash +€1.2m
up €1.2m (+12977.7%), from €8,976 to €1.2m
mainly Receivables after one year (+€4.6m) and Net result for the year (+€357,153)
- Receivables within one year +€550,402
new in 2025: €550,402
No liability line moved by more than 1% of the balance sheet total.
- Financial charges +€1.9m
up €1.9m, from -€1.0m to €845,249
of which Financial charges: +€1.0m
- Taxes -€196,176
down €196,176 (-83.5%), from €235,001 to €38,824
- Financial income +€133,009
up €133,009 (+11.8%), from €1.1m to €1.3m
- Gross operating margin -€3,678
down €3,678 (-32.4%), from -€11,349 to -€15,027
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 | €21,600,989 | €21,644,142 | +€43,154 | +0.2% |
| Fixed assets | 21/28 | €15,346,190 | €18,472,895 | +€3.1m | +20.4% |
| Financial fixed assets | 28 | €15,346,190 | €18,472,895 | +€3.1m | +20.4% |
| Current assets | 29/58 | €6,254,799 | €3,171,247 | -€3.1m | -49.3% |
| Amounts receivable after more than one year | 29 | €6,081,000 | €1,432,500 | -€4.6m | -76.4% |
| Other amounts receivable | 291 | €6,081,000 | €1,432,500 | -€4.6m | -76.4% |
| Amounts receivable within one year | 40/41 | - | €550,402 | +€550,402 | |
| Other amounts receivable | 41 | - | €550,402 | +€550,402 | |
| Cash at bank and in hand | 54/58 | €8,976 | €1,173,831 | +€1.2m | +12977.7% |
| Deferred charges and accrued income | 490/1 | €164,823 | €14,514 | -€150,310 | -91.2% |
| Total equity and liabilities | 10/49 | €21,600,989 | €21,644,142 | +€43,154 | +0.2% |
| Equity | 10/15 | €21,577,204 | €21,636,357 | +€59,153 | +0.3% |
| Contributions | 10/11 | €5,209,394 | €5,209,394 | = | 0.0% |
| Reserves | 13 | €16,367,810 | €16,426,963 | +€59,153 | +0.4% |
| Distributable reserves | 133 | €16,367,810 | €16,426,963 | +€59,153 | +0.4% |
| Amounts payable | 17/49 | €23,785 | €7,785 | -€15,999 | -67.3% |
| Amounts payable within one year | 42/48 | €23,785 | €7,785 | -€15,999 | -67.3% |
| Trade debts | 44 | €3,457 | €7,785 | +€4,329 | +125.2% |
| Suppliers | 440/4 | €3,457 | €7,785 | +€4,329 | +125.2% |
| Taxes, remuneration and social security | 45 | €13,328 | - | -€13,328 | |
| Taxes | 450/3 | €13,328 | - | -€13,328 | |
| Other amounts payable | 47/48 | €7,000 | - | -€7,000 | |
| Other operating charges | 640/8 | €1,285 | €1,230 | -€55 | -4.3% |
| Gross operating margin | 9900 | -€11,349 | -€15,027 | -€3,678 | -32.4% |
| Operating profit (loss) | 9901 | -€12,634 | -€16,258 | -€3,623 | -28.7% |
| Financial income | 75/76B | €1,124,474 | €1,257,483 | +€133,009 | +11.8% |
| Recurring financial income | 75 | €1,124,474 | €1,257,483 | +€133,009 | +11.8% |
| Financial charges | 65/66B | -€1,017,351 | €845,249 | +€1.9m | |
| Recurring financial charges | 65 | -€1,017,351 | €1,119 | +€1.0m | |
| Non-recurring financial charges | 66B | - | €844,130 | +€844,130 | |
| Profit (loss) for the period before taxes | 9903 | €2,129,191 | €395,977 | -€1.7m | -81.4% |
| Income taxes | 67/77 | €235,001 | €38,824 | -€196,176 | -83.5% |
| Profit (loss) for the period | 9904 | €1,894,190 | €357,153 | -€1.5m | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,894,190 | €357,153 | -€1.5m | -81.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.