ARSELT: 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.
ARSELT
Largest movements
- Tangible fixed assets +€663,361
up €663,361 (+23.2%), from €2.9m to €3.5m
of which Plant, machinery and equipment: +€648,025
- Receivables within one year -€43,687
down €43,687 (-50.1%), from €87,119 to €43,432
of which Trade receivables: -€76,363
- Cash +€37,749
up €37,749 (+27,500%), from €137 to €37,886
mainly Debts after one year (+€357,180) and Depreciation (+€322,667)
- Debts after one year +€357,180
up €357,180 (+31.4%), from €1.1m to €1.5m
- Reserves +€187,486
up €187,486 (+28.8%), from €650,800 to €838,286
- Current portion of long-term debt +€53,741
up €53,741 (+20.0%), from €268,245 to €321,986
- Other debts +€50,570
up €50,570 (+48.2%), from €104,887 to €155,457
- Gross operating margin +€107,742
up €107,742 (+20.0%), from €538,945 to €646,687
- Depreciation +€25,591
up €25,591 (+8.6%), from €297,076 to €322,667
- Financial charges -€9,260
down €9,260 (-10.1%), from €91,983 to €82,723
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 | €3,018,146 | €3,679,712 | +€661,567 | +21.9% |
| Fixed assets | 21/28 | €2,930,282 | €3,578,256 | +€647,974 | +22.1% |
| Intangible fixed assets | 21 | €66,621 | €50,884 | -€15,737 | -23.6% |
| Tangible fixed assets | 22/27 | €2,863,661 | €3,527,022 | +€663,361 | +23.2% |
| Land and buildings | 22 | €2,454,426 | €2,472,776 | +€18,350 | +0.7% |
| Plant, machinery and equipment | 23 | €398,893 | €1,046,919 | +€648,025 | +162% |
| Furniture and vehicles | 24 | €10,342 | €7,328 | -€3,014 | -29.1% |
| Financial fixed assets | 28 | - | €350 | +€350 | |
| Current assets | 29/58 | €87,864 | €101,456 | +€13,592 | +15.5% |
| Amounts receivable within one year | 40/41 | €87,119 | €43,432 | -€43,687 | -50.1% |
| Trade receivables | 40 | €76,363 | €0 | -€76,363 | -100% |
| Other amounts receivable | 41 | €10,756 | €43,432 | +€32,676 | +304% |
| Cash at bank and in hand | 54/58 | €137 | €37,886 | +€37,749 | +27,500% |
| Deferred charges and accrued income | 490/1 | €608 | €20,139 | +€19,531 | +3,214% |
| Total equity and liabilities | 10/49 | €3,018,146 | €3,679,712 | +€661,567 | +21.9% |
| Equity | 10/15 | €861,682 | €1,049,168 | +€187,486 | +21.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €650,800 | €838,286 | +€187,486 | +28.8% |
| Distributable reserves | 133 | €650,800 | €838,286 | +€187,486 | +28.8% |
| Profit (loss) carried forward | 14 | €10,882 | €10,882 | = | 0.0% |
| Amounts payable | 17/49 | €2,156,464 | €2,630,544 | +€474,080 | +22.0% |
| Amounts payable after more than one year | 17 | €1,137,041 | €1,494,222 | +€357,180 | +31.4% |
| Financial debts | 170/4 | €1,137,041 | €1,494,222 | +€357,180 | +31.4% |
| Amounts payable within one year | 42/48 | €1,013,027 | €1,132,044 | +€119,018 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €268,245 | €321,986 | +€53,741 | +20.0% |
| Financial debts | 43 | €605,000 | €600,004 | -€4,996 | -0.8% |
| Credit institutions | 430/8 | €605,000 | €600,004 | -€4,996 | -0.8% |
| Trade debts | 44 | €15,171 | €18,988 | +€3,817 | +25.2% |
| Suppliers | 440/4 | €15,171 | €18,988 | +€3,817 | +25.2% |
| Taxes, remuneration and social security | 45 | €19,723 | €35,609 | +€15,886 | +80.5% |
| Taxes | 450/3 | €19,723 | €35,609 | +€15,886 | +80.5% |
| Other amounts payable | 47/48 | €104,887 | €155,457 | +€50,570 | +48.2% |
| Accrued charges and deferred income | 492/3 | €6,396 | €4,278 | -€2,117 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €297,076 | €322,667 | +€25,591 | +8.6% |
| Other operating charges | 640/8 | €19,095 | €19,958 | +€863 | +4.5% |
| Gross operating margin | 9900 | €538,945 | €646,687 | +€107,742 | +20.0% |
| Operating profit (loss) | 9901 | €222,773 | €304,062 | +€81,288 | +36.5% |
| Financial income | 75/76B | €11 | €23 | +€12 | +102% |
| Recurring financial income | 75 | €11 | €23 | +€12 | +102% |
| Financial charges | 65/66B | €91,983 | €82,723 | -€9,260 | -10.1% |
| Recurring financial charges | 65 | €91,983 | €82,723 | -€9,260 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €130,801 | €221,361 | +€90,560 | +69.2% |
| Income taxes | 67/77 | €37,502 | €33,875 | -€3,627 | -9.7% |
| Profit (loss) for the period | 9904 | €93,299 | €187,486 | +€94,187 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €93,299 | €187,486 | +€94,187 | +101% |
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 16 October 2026 via checked.be.