ARSOVAL: 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.
ARSOVAL
Largest movements
- Deferred charges and accrued income +€15,326
up €15,326 (+570%), from €2,691 to €18,017
- Cash -€10,944
down €10,944 (-45.7%), from €23,945 to €13,001
mainly Contributions, distributions and other (-€35,123) and Debts after one year (-€18,771)
- Receivables within one year +€8,116
up €8,116 (+51.5%), from €15,762 to €23,878
of which Trade receivables: +€8,053
- Other debts +€42,876
up €42,876 (+1,246%), from €3,441 to €46,317
- Debts after one year -€18,771
down €18,771 (-19.0%), from €98,900 to €80,129
- Profit (loss) carried forward -€9,854
no longer reported in 2025 (was €9,854)
- Gross operating margin +€21,622
up €21,622 (+57.3%), from €37,750 to €59,372
- Taxes +€3,391
up €3,391 (+74.6%), from €4,546 to €7,937
- Financial charges +€2,076
up €2,076 (+175%), from €1,185 to €3,261
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 | €152,854 | €166,814 | +€13,960 | +9.1% |
| Fixed assets | 21/28 | €9,259 | €10,720 | +€1,461 | +15.8% |
| Tangible fixed assets | 22/27 | €9,259 | €10,720 | +€1,461 | +15.8% |
| Plant, machinery and equipment | 23 | €3,729 | €3,290 | -€439 | -11.8% |
| Furniture and vehicles | 24 | €5,530 | €7,430 | +€1,900 | +34.4% |
| Current assets | 29/58 | €143,595 | €156,094 | +€12,499 | +8.7% |
| Stocks and contracts in progress | 3 | €101,197 | €101,197 | = | 0.0% |
| Stocks | 30/36 | €101,197 | €101,197 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,762 | €23,878 | +€8,116 | +51.5% |
| Trade receivables | 40 | €8,308 | €16,361 | +€8,053 | +96.9% |
| Other amounts receivable | 41 | €7,454 | €7,517 | +€63 | +0.8% |
| Cash at bank and in hand | 54/58 | €23,945 | €13,001 | -€10,944 | -45.7% |
| Deferred charges and accrued income | 490/1 | €2,691 | €18,017 | +€15,326 | +570% |
| Total equity and liabilities | 10/49 | €152,854 | €166,814 | +€13,960 | +9.1% |
| Equity | 10/15 | €19,514 | €9,660 | -€9,854 | -50.5% |
| Contributions | 10/11 | €9,660 | €9,660 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,854 | - | -€9,854 | |
| Amounts payable | 17/49 | €133,340 | €157,154 | +€23,814 | +17.9% |
| Amounts payable after more than one year | 17 | €98,900 | €80,129 | -€18,771 | -19.0% |
| Financial debts | 170/4 | €98,900 | €80,129 | -€18,771 | -19.0% |
| Amounts payable within one year | 42/48 | €34,440 | €77,025 | +€42,585 | +124% |
| Current portion of amounts payable after more than one year | 42 | €18,309 | €18,771 | +€462 | +2.5% |
| Trade debts | 44 | €2,672 | €1,422 | -€1,250 | -46.8% |
| Suppliers | 440/4 | €2,672 | €1,422 | -€1,250 | -46.8% |
| Taxes, remuneration and social security | 45 | €10,019 | €10,516 | +€497 | +5.0% |
| Taxes | 450/3 | €7,501 | €7,893 | +€393 | +5.2% |
| Remuneration and social security | 454/9 | €2,518 | €2,622 | +€104 | +4.1% |
| Other amounts payable | 47/48 | €3,441 | €46,317 | +€42,876 | +1,246% |
| Remuneration, social security and pensions | 62 | €19,616 | €20,204 | +€588 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,163 | €2,302 | +€139 | +6.4% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €37,750 | €59,372 | +€21,622 | +57.3% |
| Operating profit (loss) | 9901 | €15,584 | €36,466 | +€20,882 | +134% |
| Financial income | 75/76B | €0 | €2 | +€1 | +515% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +515% |
| Financial charges | 65/66B | €1,185 | €3,261 | +€2,076 | +175% |
| Recurring financial charges | 65 | €1,185 | €3,261 | +€2,076 | +175% |
| Profit (loss) for the period before taxes | 9903 | €14,400 | €33,206 | +€18,807 | +131% |
| Income taxes | 67/77 | €4,546 | €7,937 | +€3,391 | +74.6% |
| Profit (loss) for the period | 9904 | €9,854 | €25,270 | +€15,416 | +156% |
| Profit (loss) for the period to be appropriated | 9905 | €9,854 | €25,270 | +€15,416 | +156% |
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 17 October 2026 via checked.be.