ARSO: 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.
ARSO
Largest movements
- Receivables within one year +€9,924
up €9,924 (+94.8%), from €10,465 to €20,389
of which Trade receivables: +€11,379
- Tangible fixed assets -€8,463
down €8,463 (-13.9%), from €60,961 to €52,498
of which Furniture and vehicles: -€7,126
- Cash -€4,584
down €4,584 (-44.8%), from €10,229 to €5,645
mainly Net result for the year (-€9,933) and Receivables within one year (-€9,924)
- Intangible fixed assets +€3,690
new in 2025: €3,690
- Stocks and contracts -€3,625
down €3,625 (-40.2%), from €9,018 to €5,394
- Trade debts +€12,255
up €12,255 (+111,814%), from €11 to €12,266
- Profit (loss) carried forward -€9,933
down €9,933 (-41.8%), from -€23,768 to -€33,701
- Debts after one year -€6,985
down €6,985 (-31.8%), from €21,965 to €14,980
- Other debts -€1,885
down €1,885 (-5.9%), from €31,994 to €30,109
- Gross operating margin +€12,621
up €12,621, from -€8,510 to €4,111
- Financial charges -€714
down €714 (-21.1%), from €3,389 to €2,675
- Depreciation -€510
down €510 (-5.3%), from €9,658 to €9,148
- Taxes +€183
up €183 (+75.0%), from €244 to €426
- Other operating charges -€172
down €172 (-8.8%), from €1,967 to €1,795
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 | €104,331 | €98,071 | -€6,259 | -6.0% |
| Fixed assets | 21/28 | €60,961 | €56,188 | -€4,773 | -7.8% |
| Intangible fixed assets | 21 | - | €3,690 | +€3,690 | |
| Tangible fixed assets | 22/27 | €60,961 | €52,498 | -€8,463 | -13.9% |
| Plant, machinery and equipment | 23 | €29,636 | €29,636 | = | 0.0% |
| Furniture and vehicles | 24 | €27,903 | €20,777 | -€7,126 | -25.5% |
| Other tangible fixed assets | 26 | €3,422 | €2,085 | -€1,337 | -39.1% |
| Current assets | 29/58 | €43,370 | €41,884 | -€1,486 | -3.4% |
| Stocks and contracts in progress | 3 | €9,018 | €5,394 | -€3,625 | -40.2% |
| Stocks | 30/36 | €9,018 | €5,394 | -€3,625 | -40.2% |
| Amounts receivable within one year | 40/41 | €10,465 | €20,389 | +€9,924 | +94.8% |
| Trade receivables | 40 | €3,362 | €14,741 | +€11,379 | +338% |
| Other amounts receivable | 41 | €7,103 | €5,648 | -€1,455 | -20.5% |
| Cash at bank and in hand | 54/58 | €10,229 | €5,645 | -€4,584 | -44.8% |
| Deferred charges and accrued income | 490/1 | €13,657 | €10,456 | -€3,201 | -23.4% |
| Total equity and liabilities | 10/49 | €104,331 | €98,071 | -€6,259 | -6.0% |
| Equity | 10/15 | €43,037 | €33,104 | -€9,933 | -23.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €65,806 | €65,806 | = | 0.0% |
| Distributable reserves | 133 | €65,806 | €65,806 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,768 | -€33,701 | -€9,933 | -41.8% |
| Amounts payable | 17/49 | €61,293 | €64,967 | +€3,674 | +6.0% |
| Amounts payable after more than one year | 17 | €21,965 | €14,980 | -€6,985 | -31.8% |
| Financial debts | 170/4 | €21,965 | €14,980 | -€6,985 | -31.8% |
| Amounts payable within one year | 42/48 | €39,290 | €49,936 | +€10,645 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €6,669 | €6,985 | +€316 | +4.7% |
| Trade debts | 44 | €11 | €12,266 | +€12,255 | +111,814% |
| Suppliers | 440/4 | €11 | €12,266 | +€12,255 | +111,814% |
| Taxes, remuneration and social security | 45 | €617 | €576 | -€41 | -6.6% |
| Taxes | 450/3 | €617 | €576 | -€41 | -6.6% |
| Other amounts payable | 47/48 | €31,994 | €30,109 | -€1,885 | -5.9% |
| Accrued charges and deferred income | 492/3 | €38 | €51 | +€13 | +35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,658 | €9,148 | -€510 | -5.3% |
| Other operating charges | 640/8 | €1,967 | €1,795 | -€172 | -8.8% |
| Gross operating margin | 9900 | -€8,510 | €4,111 | +€12,621 | |
| Operating profit (loss) | 9901 | -€20,136 | -€6,832 | +€13,304 | +66.1% |
| Financial income | 75/76B | €0 | €1 | +€1 | +5,900% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +5,900% |
| Financial charges | 65/66B | €3,389 | €2,675 | -€714 | -21.1% |
| Recurring financial charges | 65 | €3,389 | €2,675 | -€714 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€23,525 | -€9,507 | +€14,018 | +59.6% |
| Income taxes | 67/77 | €244 | €426 | +€183 | +75.0% |
| Profit (loss) for the period | 9904 | -€23,768 | -€9,933 | +€13,835 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,768 | -€9,933 | +€13,835 | +58.2% |
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 21 October 2026 via checked.be.