ARSER: 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.
ARSER
Largest movements
- Tangible fixed assets +€41,031
up €41,031 (+1,109%), from €3,701 to €44,732
of which Furniture and vehicles: +€41,766
- Cash -€17,794
down €17,794 (-99.2%), from €17,946 to €152
mainly Investment in fixed assets (net) (-€48,257) and Debts after one year (-€8,559)
- Stocks and contracts +€7,833
up €7,833 (+183%), from €4,286 to €12,119
- Reserves +€28,000
up €28,000 (+18.6%), from €150,158 to €178,158
of which Distributable reserves: +€28,000
- Debts after one year -€8,559
down €8,559 (-41.7%), from €20,536 to €11,977
of which Other amounts payable: -€18,755
- Trade debts +€8,274
up €8,274 (+859%), from €963 to €9,237
- Financial income +€8,365
up €8,365 (+303%), from €2,761 to €11,126
- Gross operating margin -€3,763
down €3,763 (-7.2%), from €52,374 to €48,611
- Taxes +€1,694
up €1,694 (+11.2%), from €15,124 to €16,818
- Other operating charges -€643
down €643 (-31.3%), from €2,052 to €1,409
- Financial charges +€613
up €613 (+189%), from €325 to €938
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 | €683,694 | €722,839 | +€39,145 | +5.7% |
| Fixed assets | 21/28 | €463,144 | €504,175 | +€41,031 | +8.9% |
| Tangible fixed assets | 22/27 | €3,701 | €44,732 | +€41,031 | +1,109% |
| Plant, machinery and equipment | 23 | €783 | €268 | -€515 | -65.8% |
| Furniture and vehicles | 24 | €2,478 | €44,244 | +€41,766 | +1,685% |
| Other tangible fixed assets | 26 | €440 | €220 | -€220 | -50.0% |
| Financial fixed assets | 28 | €459,443 | €459,443 | = | 0.0% |
| Current assets | 29/58 | €220,550 | €218,664 | -€1,886 | -0.9% |
| Stocks and contracts in progress | 3 | €4,286 | €12,119 | +€7,833 | +183% |
| Stocks | 30/36 | €4,286 | €12,119 | +€7,833 | +183% |
| Amounts receivable within one year | 40/41 | €69,728 | €73,183 | +€3,455 | +5.0% |
| Trade receivables | 40 | €19,355 | €22,674 | +€3,319 | +17.1% |
| Other amounts receivable | 41 | €50,373 | €50,509 | +€136 | +0.3% |
| Current investments | 50/53 | €126,771 | €126,771 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,946 | €152 | -€17,794 | -99.2% |
| Deferred charges and accrued income | 490/1 | €1,819 | €6,439 | +€4,620 | +254% |
| Total equity and liabilities | 10/49 | €683,694 | €722,839 | +€39,145 | +5.7% |
| Equity | 10/15 | €644,755 | €673,101 | +€28,346 | +4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €150,158 | €178,158 | +€28,000 | +18.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,379 | €8,379 | = | 0.0% |
| Distributable reserves | 133 | €139,779 | €167,779 | +€28,000 | +20.0% |
| Profit (loss) carried forward | 14 | €474,597 | €474,943 | +€346 | +0.1% |
| Amounts payable | 17/49 | €38,939 | €49,738 | +€10,799 | +27.7% |
| Amounts payable after more than one year | 17 | €20,536 | €11,977 | -€8,559 | -41.7% |
| Financial debts | 170/4 | €1,781 | €11,977 | +€10,196 | +572% |
| Other amounts payable | 178/9 | €18,755 | - | -€18,755 | |
| Amounts payable within one year | 42/48 | €18,403 | €37,761 | +€19,358 | +105% |
| Current portion of amounts payable after more than one year | 42 | €3,034 | €6,646 | +€3,612 | +119% |
| Trade debts | 44 | €963 | €9,237 | +€8,274 | +859% |
| Suppliers | 440/4 | €963 | €9,237 | +€8,274 | +859% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €9,190 | €11,221 | +€2,031 | +22.1% |
| Taxes | 450/3 | €9,190 | €11,221 | +€2,031 | +22.1% |
| Other amounts payable | 47/48 | €5,216 | €5,657 | +€441 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,545 | €7,226 | -€319 | -4.2% |
| Other operating charges | 640/8 | €2,052 | €1,409 | -€643 | -31.3% |
| Gross operating margin | 9900 | €52,374 | €48,611 | -€3,763 | -7.2% |
| Operating profit (loss) | 9901 | €42,777 | €39,976 | -€2,801 | -6.5% |
| Financial income | 75/76B | €2,761 | €11,126 | +€8,365 | +303% |
| Recurring financial income | 75 | €2,761 | €11,126 | +€8,365 | +303% |
| Financial charges | 65/66B | €325 | €938 | +€613 | +189% |
| Recurring financial charges | 65 | €325 | €938 | +€613 | +189% |
| Profit (loss) for the period before taxes | 9903 | €45,213 | €50,164 | +€4,951 | +11.0% |
| Income taxes | 67/77 | €15,124 | €16,818 | +€1,694 | +11.2% |
| Profit (loss) for the period | 9904 | €30,089 | €33,346 | +€3,257 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,089 | €33,346 | +€3,257 | +10.8% |
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 31 October 2026 via checked.be.