ARSIMA PROJECTS: 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.
ARSIMA PROJECTS
Largest movements
- Receivables within one year +€32,376
up €32,376 (+199.5%), from €16,231 to €48,607
of which Other amounts receivable: +€21,957
- Cash -€30,000
down €30,000 (-73.8%), from €40,641 to €10,641
mainly Receivables within one year (-€32,376) and Contributions, distributions and other (-€15,000)
- Tangible fixed assets -€2,382
down €2,382 (-16.5%), from €14,418 to €12,036
- Deferred charges and accrued income -€912
no longer reported in 2025 (was €912)
- Other debts -€12,000
down €12,000 (-44.4%), from €27,000 to €15,000
- Reserves +€7,000
up €7,000 (+46.7%), from €15,000 to €22,000
- Tax, wage and social debts +€5,341
up €5,341 (+86.1%), from €6,207 to €11,548
- Debts after one year -€3,699
down €3,699 (-56.3%), from €6,566 to €2,867
- Trade debts +€2,550
up €2,550 (+194.5%), from €1,311 to €3,861
- Taxes +€7,510
new in 2025: €7,510
- Gross operating margin +€3,094
up €3,094 (+9.7%), from €31,864 to €34,958
- Depreciation +€1,788
up €1,788 (+301.1%), from €594 to €2,382
- Staff costs +€1,550
new in 2025: €1,550
- Financial income +€608
up €608 (+1248.0%), from €49 to €656
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 | €72,663 | €71,995 | -€668 | -0.9% |
| Fixed assets | 21/28 | €14,878 | €12,746 | -€2,132 | -14.3% |
| Tangible fixed assets | 22/27 | €14,418 | €12,036 | -€2,382 | -16.5% |
| Furniture and vehicles | 24 | €14,418 | €12,036 | -€2,382 | -16.5% |
| Financial fixed assets | 28 | €460 | €710 | +€250 | +54.4% |
| Current assets | 29/58 | €57,784 | €59,249 | +€1,465 | +2.5% |
| Amounts receivable within one year | 40/41 | €16,231 | €48,607 | +€32,376 | +199.5% |
| Trade receivables | 40 | €15,597 | €26,016 | +€10,419 | +66.8% |
| Other amounts receivable | 41 | €634 | €22,591 | +€21,957 | +3460.8% |
| Cash at bank and in hand | 54/58 | €40,641 | €10,641 | -€30,000 | -73.8% |
| Deferred charges and accrued income | 490/1 | €912 | - | -€912 | |
| Total equity and liabilities | 10/49 | €72,663 | €71,995 | -€668 | -0.9% |
| Equity | 10/15 | €28,015 | €35,019 | +€7,005 | +25.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €15,000 | €22,000 | +€7,000 | +46.7% |
| Distributable reserves | 133 | €15,000 | €22,000 | +€7,000 | +46.7% |
| Profit (loss) carried forward | 14 | €615 | €619 | +€5 | +0.7% |
| Amounts payable | 17/49 | €44,648 | €36,975 | -€7,672 | -17.2% |
| Amounts payable after more than one year | 17 | €6,566 | €2,867 | -€3,699 | -56.3% |
| Financial debts | 170/4 | €6,566 | €2,867 | -€3,699 | -56.3% |
| Amounts payable within one year | 42/48 | €38,082 | €34,109 | -€3,973 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €3,564 | €3,699 | +€136 | +3.8% |
| Trade debts | 44 | €1,311 | €3,861 | +€2,550 | +194.5% |
| Suppliers | 440/4 | €1,311 | €3,861 | +€2,550 | +194.5% |
| Taxes, remuneration and social security | 45 | €6,207 | €11,548 | +€5,341 | +86.1% |
| Taxes | 450/3 | €6,207 | €11,548 | +€5,341 | +86.1% |
| Other amounts payable | 47/48 | €27,000 | €15,000 | -€12,000 | -44.4% |
| Remuneration, social security and pensions | 62 | - | €1,550 | +€1,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €594 | €2,382 | +€1,788 | +301.1% |
| Other operating charges | 640/8 | €671 | €984 | +€313 | +46.7% |
| Gross operating margin | 9900 | €31,864 | €34,958 | +€3,094 | +9.7% |
| Operating profit (loss) | 9901 | €30,599 | €30,042 | -€558 | -1.8% |
| Financial income | 75/76B | €49 | €656 | +€608 | +1248.0% |
| Recurring financial income | 75 | €49 | €656 | +€608 | +1248.0% |
| Financial charges | 65/66B | €1,080 | €1,183 | +€103 | +9.6% |
| Recurring financial charges | 65 | €1,080 | €1,183 | +€103 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €29,568 | €29,514 | -€53 | -0.2% |
| Income taxes | 67/77 | - | €7,510 | +€7,510 | |
| Profit (loss) for the period | 9904 | €29,568 | €22,005 | -€7,563 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,568 | €22,005 | -€7,563 | -25.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.