ARSIC: what changed
Two fiscal 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.
ARSIC
Largest movements
- Cash +€526,724
up €526,724 (+139.6%), from €377,345 to €904,070
mainly Current investments (+€463,156) and Net result for the year (+€201,686)
- Current investments -€463,156
down €463,156 (-14.6%), from €3.2m to €2.7m
- Tangible fixed assets +€136,954
up €136,954 (+43.9%), from €312,181 to €449,135
of which Assets under construction and advance payments: +€149,705
- Reserves +€201,686
up €201,686 (+5.5%), from €3.7m to €3.9m
of which Distributable reserves: +€201,686
- Financial income +€194,389
up €194,389 (+307.2%), from €63,273 to €257,662
- Taxes +€22,063
up €22,063 (+210.8%), from €10,465 to €32,528
- Other operating charges +€6,329
up €6,329 (+92.7%), from €6,827 to €13,155
- Financial charges -€183
down €183 (-5.1%), from €3,606 to €3,424
- Gross operating margin +€134
up €134 (+2.3%), from €5,747 to €5,881
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.
Cash bridge derived
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 | €3,871,378 | €4,074,922 | +€203,544 | +5.3% |
| Fixed assets | 21/28 | €312,181 | €449,135 | +€136,954 | +43.9% |
| Tangible fixed assets | 22/27 | €312,181 | €449,135 | +€136,954 | +43.9% |
| Land and buildings | 22 | €268,943 | €256,192 | -€12,750 | -4.7% |
| Assets under construction and advance payments | 27 | €43,238 | €192,943 | +€149,705 | +346.2% |
| Current assets | 29/58 | €3,559,198 | €3,625,787 | +€66,590 | +1.9% |
| Amounts receivable within one year | 40/41 | €14,989 | €18,011 | +€3,022 | +20.2% |
| Trade receivables | 40 | €6,472 | - | -€6,472 | |
| Other amounts receivable | 41 | €8,517 | €18,011 | +€9,494 | +111.5% |
| Current investments | 50/53 | €3,166,863 | €2,703,707 | -€463,156 | -14.6% |
| Cash at bank and in hand | 54/58 | €377,345 | €904,070 | +€526,724 | +139.6% |
| Total equity and liabilities | 10/49 | €3,871,378 | €4,074,922 | +€203,544 | +5.3% |
| Equity | 10/15 | €3,861,483 | €4,063,169 | +€201,686 | +5.2% |
| Contributions | 10/11 | €163,259 | €163,259 | = | 0.0% |
| Reserves | 13 | €3,698,224 | €3,899,910 | +€201,686 | +5.5% |
| Tax-exempt reserves | 132 | €153,709 | €153,709 | = | 0.0% |
| Distributable reserves | 133 | €3,544,515 | €3,746,201 | +€201,686 | +5.7% |
| Amounts payable | 17/49 | €9,896 | €11,753 | +€1,858 | +18.8% |
| Amounts payable after more than one year | 17 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,896 | €8,753 | +€1,858 | +26.9% |
| Trade debts | 44 | €6,896 | €8,753 | +€1,858 | +26.9% |
| Suppliers | 440/4 | €6,896 | €8,753 | +€1,858 | +26.9% |
| Non-recurring operating income | 76A | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,754 | €12,750 | -€4 | 0.0% |
| Other operating charges | 640/8 | €6,827 | €13,155 | +€6,329 | +92.7% |
| Gross operating margin | 9900 | €5,747 | €5,881 | +€134 | +2.3% |
| Operating profit (loss) | 9901 | -€13,834 | -€20,025 | -€6,190 | -44.7% |
| Financial income | 75/76B | €63,273 | €257,662 | +€194,389 | +307.2% |
| Recurring financial income | 75 | €63,273 | €257,662 | +€194,389 | +307.2% |
| Financial charges | 65/66B | €3,606 | €3,424 | -€183 | -5.1% |
| Recurring financial charges | 65 | €3,606 | €3,424 | -€183 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €45,832 | €234,214 | +€188,382 | +411.0% |
| Income taxes | 67/77 | €10,465 | €32,528 | +€22,063 | +210.8% |
| Profit (loss) for the period | 9904 | €35,368 | €201,686 | +€166,319 | +470.3% |
| Profit (loss) for the period to be appropriated | 9905 | €35,368 | €201,686 | +€166,319 | +470.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.