ARSEMM: 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.
ARSEMM
Largest movements
- Tangible fixed assets +€14,622
up €14,622 (+4.1%), from €354,605 to €369,227
of which Land and buildings: +€14,450
- Receivables within one year -€14,373
down €14,373 (-32.6%), from €44,041 to €29,668
of which Trade receivables: -€15,201
- Other debts -€36,382
no longer reported in 2026 (was €36,382)
- Reserves +€30,060
up €30,060 (+77.1%), from €38,967 to €69,026
- Current portion of long-term debt +€6,713
up €6,713 (+31.4%), from €21,380 to €28,092
- Trade debts -€6,531
down €6,531 (-78.7%), from €8,296 to €1,765
- Debts after one year +€6,181
up €6,181 (+2.1%), from €298,659 to €304,839
- Gross operating margin -€17,083
down €17,083 (-17.4%), from €98,241 to €81,158
- Other operating charges +€3,204
up €3,204 (+605%), from €529 to €3,733
- Taxes -€1,567
down €1,567 (-8.9%), from €17,555 to €15,988
- Depreciation +€1,551
up €1,551 (+9.6%), from €16,237 to €17,788
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.
Derived cash bridge
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 | €425,430 | €423,334 | -€2,096 | -0.5% |
| Fixed assets | 21/28 | €354,605 | €369,227 | +€14,622 | +4.1% |
| Tangible fixed assets | 22/27 | €354,605 | €369,227 | +€14,622 | +4.1% |
| Land and buildings | 22 | €348,411 | €362,861 | +€14,450 | +4.1% |
| Plant, machinery and equipment | 23 | €1,742 | €2,613 | +€872 | +50.1% |
| Furniture and vehicles | 24 | €4,453 | €3,753 | -€700 | -15.7% |
| Current assets | 29/58 | €70,825 | €54,107 | -€16,718 | -23.6% |
| Amounts receivable within one year | 40/41 | €44,041 | €29,668 | -€14,373 | -32.6% |
| Trade receivables | 40 | €44,027 | €28,826 | -€15,201 | -34.5% |
| Other amounts receivable | 41 | €14 | €841 | +€827 | +5,992% |
| Cash at bank and in hand | 54/58 | €26,784 | €24,440 | -€2,345 | -8.8% |
| Total equity and liabilities | 10/49 | €425,430 | €423,334 | -€2,096 | -0.5% |
| Equity | 10/15 | €41,967 | €72,026 | +€30,060 | +71.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €38,967 | €69,026 | +€30,060 | +77.1% |
| Distributable reserves | 133 | €38,967 | €69,026 | +€30,060 | +77.1% |
| Amounts payable | 17/49 | €383,464 | €351,308 | -€32,156 | -8.4% |
| Amounts payable after more than one year | 17 | €298,659 | €304,839 | +€6,181 | +2.1% |
| Financial debts | 170/4 | €298,659 | €304,839 | +€6,181 | +2.1% |
| Amounts payable within one year | 42/48 | €84,805 | €46,469 | -€38,336 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €21,380 | €28,092 | +€6,713 | +31.4% |
| Trade debts | 44 | €8,296 | €1,765 | -€6,531 | -78.7% |
| Suppliers | 440/4 | €8,296 | €1,765 | -€6,531 | -78.7% |
| Taxes, remuneration and social security | 45 | €18,748 | €16,612 | -€2,136 | -11.4% |
| Taxes | 450/3 | €18,748 | €16,612 | -€2,136 | -11.4% |
| Other amounts payable | 47/48 | €36,382 | - | -€36,382 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,237 | €17,788 | +€1,551 | +9.6% |
| Other operating charges | 640/8 | €529 | €3,733 | +€3,204 | +605% |
| Gross operating margin | 9900 | €98,241 | €81,158 | -€17,083 | -17.4% |
| Operating profit (loss) | 9901 | €81,475 | €59,636 | -€21,838 | -26.8% |
| Financial charges | 65/66B | €14,291 | €13,588 | -€703 | -4.9% |
| Recurring financial charges | 65 | €14,291 | €13,588 | -€703 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €67,183 | €46,048 | -€21,135 | -31.5% |
| Income taxes | 67/77 | €17,555 | €15,988 | -€1,567 | -8.9% |
| Profit (loss) for the period | 9904 | €49,628 | €30,060 | -€19,568 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,628 | €30,060 | -€19,568 | -39.4% |
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 23 October 2026 via checked.be.