ARSI: 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.
ARSI
Largest movements
- Tangible fixed assets +€28,550
up €28,550 (+20.3%), from €140,795 to €169,344
of which Furniture and vehicles: +€43,320
- Other debts +€33,010
up €33,010 (+107%), from €30,958 to €63,968
- Reserves -€8,436
down €8,436 (-12.3%), from €68,849 to €60,414
of which Distributable reserves: -€8,436
- Current portion of long-term debt +€7,454
up €7,454 (+34.4%), from €21,697 to €29,151
- Debts after one year +€5,286
up €5,286 (+2.7%), from €194,926 to €200,212
- Depreciation +€7,938
up €7,938 (+46.2%), from €17,168 to €25,106
- Gross operating margin -€4,574
down €4,574 (-11.1%), from €41,123 to €36,549
- Taxes -€3,342
down €3,342 (-87.7%), from €3,813 to €471
- Staff costs -€2,224
down €2,224, from €2,219 to -€5
- Financial charges +€2,217
up €2,217 (+39.2%), from €5,648 to €7,864
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 | €341,233 | €375,852 | +€34,620 | +10.1% |
| Fixed assets | 21/28 | €329,615 | €358,165 | +€28,550 | +8.7% |
| Tangible fixed assets | 22/27 | €140,795 | €169,344 | +€28,550 | +20.3% |
| Land and buildings | 22 | €140,663 | €123,975 | -€16,688 | -11.9% |
| Plant, machinery and equipment | 23 | - | €1,918 | +€1,918 | |
| Furniture and vehicles | 24 | €132 | €43,452 | +€43,320 | +32,916% |
| Financial fixed assets | 28 | €188,820 | €188,820 | = | 0.0% |
| Current assets | 29/58 | €11,618 | €17,687 | +€6,070 | +52.2% |
| Amounts receivable within one year | 40/41 | €8,311 | €10,822 | +€2,511 | +30.2% |
| Trade receivables | 40 | €7,744 | €7,793 | +€49 | +0.6% |
| Other amounts receivable | 41 | €567 | €3,029 | +€2,462 | +434% |
| Current investments | 50/53 | €1,980 | €3,075 | +€1,095 | +55.3% |
| Cash at bank and in hand | 54/58 | €1,326 | €3,717 | +€2,391 | +180% |
| Deferred charges and accrued income | 490/1 | €0 | €73 | +€73 | |
| Total equity and liabilities | 10/49 | €341,233 | €375,852 | +€34,620 | +10.1% |
| Equity | 10/15 | €87,441 | €79,006 | -€8,436 | -9.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €68,849 | €60,414 | -€8,436 | -12.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €68,849 | €60,414 | -€8,436 | -12.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €253,791 | €296,847 | +€43,055 | +17.0% |
| Amounts payable after more than one year | 17 | €194,926 | €200,212 | +€5,286 | +2.7% |
| Financial debts | 170/4 | €194,926 | €200,212 | +€5,286 | +2.7% |
| Amounts payable within one year | 42/48 | €58,865 | €96,635 | +€37,770 | +64.2% |
| Current portion of amounts payable after more than one year | 42 | €21,697 | €29,151 | +€7,454 | +34.4% |
| Trade debts | 44 | €3,372 | €1,314 | -€2,058 | -61.0% |
| Suppliers | 440/4 | €3,372 | €1,314 | -€2,058 | -61.0% |
| Taxes, remuneration and social security | 45 | €2,838 | €2,202 | -€636 | -22.4% |
| Taxes | 450/3 | €2,838 | €2,202 | -€636 | -22.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €30,958 | €63,968 | +€33,010 | +107% |
| Remuneration, social security and pensions | 62 | €2,219 | -€5 | -€2,224 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,168 | €25,106 | +€7,938 | +46.2% |
| Other operating charges | 640/8 | €3,416 | €2,716 | -€700 | -20.5% |
| Gross operating margin | 9900 | €41,123 | €36,549 | -€4,574 | -11.1% |
| Operating profit (loss) | 9901 | €18,320 | €8,732 | -€9,588 | -52.3% |
| Financial income | 75/76B | €0 | €1 | +€1 | |
| Recurring financial income | 75 | €0 | €1 | +€1 | |
| Financial charges | 65/66B | €5,648 | €7,864 | +€2,217 | +39.2% |
| Recurring financial charges | 65 | €5,648 | €7,864 | +€2,217 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €12,672 | €868 | -€11,804 | -93.1% |
| Income taxes | 67/77 | €3,813 | €471 | -€3,342 | -87.7% |
| Profit (loss) for the period | 9904 | €8,860 | €398 | -€8,462 | -95.5% |
| Profit (loss) for the period to be appropriated | 9905 | €8,860 | €398 | -€8,462 | -95.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.