ARSENAAL: 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.
What changed
ARSENAAL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€221,020
2024 · €237,180-€16,161
Equity
€1.8m
2024 · €1.6m+€221,020
Cash
€59,195
2024 · €38,932+€20,264
Balance sheet total
€8.8m
2024 · €6.8m+€2.0m
Largest movements
Assets
- Tangible fixed assets +€2.5m
up €2.5m (+40.8%), from €6.0m to €8.5m
of which Land and buildings: +€2.5m
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
Equity and liabilities
- Debts after one year +€1.6m
up €1.6m (+32.7%), from €4.8m to €6.4m
of which Financial debts: +€1.6m
- Reserves +€221,020
up €221,020 (+16.8%), from €1.3m to €1.5m
of which Distributable reserves: +€156,367
- Current portion of long-term debt +€114,241
up €114,241 (+62.1%), from €183,847 to €298,088
Income statement
- Gross operating margin +€111,829
up €111,829 (+19.8%), from €563,422 to €675,251
- Depreciation +€99,634
up €99,634 (+63.4%), from €157,138 to €256,773
- Financial charges +€63,111
up €63,111 (+65.6%), from €96,199 to €159,311
- Taxes -€55,289
down €55,289 (-77.8%), from €71,031 to €15,742
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.
Result 2024
€237,180
Gross operating margin
+€111,829
Depreciation
-€99,634
Write-downs
+€6,466
Other operating charges
-€54
Financial income
+€834
Financial charges
-€63,111
Taxes
+€55,289
Deferred taxes and other
-€27,780
Result 2025
€221,020
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€539,804
Investment
-€2.2m
Financing
+€1.7m
Cash 2024
€38,932
From operations (derived)
+€539,804
Net result for the year
+€221,020
Depreciation
+€256,773
Receivables within one year
+€16,160
Smaller working-capital items
-€1,192
Provisions
+€21,551
Trade debts
+€7,661
Accrued charges and deferred income
+€17,832
Investment (derived)
-€2.2m
Investment in fixed assets (net)
-€2.7m
Current investments
+€500,000
Financing
+€1.7m
Debts after one year
+€1.6m
Current portion of long-term debt
+€114,241
Cash 2025
€59,195
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,828,587 | €8,786,054 | +€2.0m | +28.7% |
| Fixed assets | 21/28 | €6,013,220 | €8,466,526 | +€2.5m | +40.8% |
| Tangible fixed assets | 22/27 | €6,013,220 | €8,466,526 | +€2.5m | +40.8% |
| Land and buildings | 22 | €5,997,022 | €8,451,574 | +€2.5m | +40.9% |
| Plant, machinery and equipment | 23 | €16,198 | €14,952 | -€1,246 | -7.7% |
| Current assets | 29/58 | €815,367 | €319,529 | -€495,839 | -60.8% |
| Amounts receivable within one year | 40/41 | €275,213 | €259,053 | -€16,160 | -5.9% |
| Trade receivables | 40 | €232,213 | €230,647 | -€1,566 | -0.7% |
| Other amounts receivable | 41 | €43,000 | €28,406 | -€14,594 | -33.9% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €38,932 | €59,195 | +€20,264 | +52.0% |
| Deferred charges and accrued income | 490/1 | €1,222 | €1,280 | +€57 | +4.7% |
| Total equity and liabilities | 10/49 | €6,828,587 | €8,786,054 | +€2.0m | +28.7% |
| Equity | 10/15 | €1,568,215 | €1,789,234 | +€221,020 | +14.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,318,215 | €1,539,234 | +€221,020 | +16.8% |
| Tax-exempt reserves | 132 | €465,186 | €529,838 | +€64,652 | +13.9% |
| Distributable reserves | 133 | €853,029 | €1,009,396 | +€156,367 | +18.3% |
| Provisions and deferred taxes | 16 | €155,062 | €176,613 | +€21,551 | +13.9% |
| Deferred taxes | 168 | €155,062 | €176,613 | +€21,551 | +13.9% |
| Amounts payable | 17/49 | €5,105,310 | €6,820,207 | +€1.7m | +33.6% |
| Amounts payable after more than one year | 17 | €4,822,606 | €6,398,904 | +€1.6m | +32.7% |
| Financial debts | 170/4 | €4,762,636 | €6,353,364 | +€1.6m | +33.4% |
| Other amounts payable | 178/9 | €59,970 | €45,540 | -€14,430 | -24.1% |
| Amounts payable within one year | 42/48 | €230,776 | €351,543 | +€120,767 | +52.3% |
| Current portion of amounts payable after more than one year | 42 | €183,847 | €298,088 | +€114,241 | +62.1% |
| Trade debts | 44 | €9,484 | €17,145 | +€7,661 | +80.8% |
| Suppliers | 440/4 | €9,484 | €17,145 | +€7,661 | +80.8% |
| Taxes, remuneration and social security | 45 | €37,444 | €36,309 | -€1,135 | -3.0% |
| Taxes | 450/3 | €37,444 | €36,309 | -€1,135 | -3.0% |
| Accrued charges and deferred income | 492/3 | €51,929 | €69,761 | +€17,832 | +34.3% |
| Non-recurring operating income | 76A | €96,545 | €118,185 | +€21,640 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,138 | €256,773 | +€99,634 | +63.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,466 | - | -€6,466 | |
| Other operating charges | 640/8 | €1,638 | €1,692 | +€54 | +3.3% |
| Gross operating margin | 9900 | €563,422 | €675,251 | +€111,829 | +19.8% |
| Operating profit (loss) | 9901 | €398,179 | €416,787 | +€18,607 | +4.7% |
| Financial income | 75/76B | €2 | €836 | +€834 | +41,498% |
| Recurring financial income | 75 | €2 | €836 | +€834 | +41,498% |
| Financial charges | 65/66B | €96,199 | €159,311 | +€63,111 | +65.6% |
| Recurring financial charges | 65 | €96,199 | €159,311 | +€63,111 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €301,982 | €258,312 | -€43,670 | -14.5% |
| Transfer from deferred taxes | 780 | €6,229 | €7,355 | +€1,126 | +18.1% |
| Transfer to deferred taxes | 680 | - | €28,906 | +€28,906 | |
| Income taxes | 67/77 | €71,031 | €15,742 | -€55,289 | -77.8% |
| Profit (loss) for the period | 9904 | €237,180 | €221,020 | -€16,161 | -6.8% |
| Transfer from tax-exempt reserves | 789 | €18,687 | €22,066 | +€3,378 | +18.1% |
| Transfer to tax-exempt reserves | 689 | - | €86,718 | +€86,718 | |
| Profit (loss) for the period to be appropriated | 9905 | €255,867 | €156,367 | -€99,500 | -38.9% |
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 18 October 2026 via checked.be.