ARSTEY: 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.
ARSTEY
Largest movements
- Receivables after one year -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Tangible fixed assets -€44,006
down €44,006 (-13.4%), from €329,475 to €285,469
of which Furniture and vehicles: -€23,677
- Receivables within one year -€28,618
down €28,618 (-28.5%), from €100,457 to €71,839
of which Trade receivables: -€28,684
- Reserves -€145,209
down €145,209 (-88.2%), from €164,581 to €19,372
of which Distributable reserves: -€145,209
- Other debts +€82,228
up €82,228 (+1263.0%), from €6,510 to €88,738
- Debts after one year -€53,270
down €53,270 (-24.6%), from €216,239 to €162,969
- Trade debts -€14,894
down €14,894 (-58.7%), from €25,373 to €10,480
- Tax, wage and social debts +€5,677
up €5,677 (+20.8%), from €27,288 to €32,964
of which Remuneration and social security: +€5,358
- Gross operating margin +€19,410
up €19,410 (+16.6%), from €117,257 to €136,667
- Staff costs +€6,928
up €6,928 (+11.4%), from €60,723 to €67,651
- Depreciation +€2,793
up €2,793 (+6.8%), from €41,214 to €44,006
- Taxes -€1,859
down €1,859 (-21.4%), from €8,698 to €6,839
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 | €513,431 | €386,393 | -€127,038 | -24.7% |
| Fixed assets | 21/28 | €329,638 | €285,632 | -€44,006 | -13.3% |
| Tangible fixed assets | 22/27 | €329,475 | €285,469 | -€44,006 | -13.4% |
| Land and buildings | 22 | €178,042 | €168,953 | -€9,089 | -5.1% |
| Plant, machinery and equipment | 23 | €172 | €0 | -€172 | -100.0% |
| Furniture and vehicles | 24 | €50,249 | €26,572 | -€23,677 | -47.1% |
| Other tangible fixed assets | 26 | €101,011 | €89,943 | -€11,068 | -11.0% |
| Financial fixed assets | 28 | €163 | €163 | = | 0.0% |
| Current assets | 29/58 | €183,793 | €100,761 | -€83,032 | -45.2% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100.0% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €100,457 | €71,839 | -€28,618 | -28.5% |
| Trade receivables | 40 | €88,279 | €59,595 | -€28,684 | -32.5% |
| Other amounts receivable | 41 | €12,178 | €12,244 | +€66 | +0.5% |
| Cash at bank and in hand | 54/58 | €32,685 | €28,353 | -€4,332 | -13.3% |
| Deferred charges and accrued income | 490/1 | €651 | €569 | -€82 | -12.6% |
| Total equity and liabilities | 10/49 | €513,431 | €386,393 | -€127,038 | -24.7% |
| Equity | 10/15 | €183,181 | €37,972 | -€145,209 | -79.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,581 | €19,372 | -€145,209 | -88.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €164,581 | €19,372 | -€145,209 | -88.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €330,250 | €348,421 | +€18,171 | +5.5% |
| Amounts payable after more than one year | 17 | €216,239 | €162,969 | -€53,270 | -24.6% |
| Financial debts | 170/4 | €216,239 | €162,969 | -€53,270 | -24.6% |
| Amounts payable within one year | 42/48 | €114,011 | €185,452 | +€71,441 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €54,840 | €53,270 | -€1,570 | -2.9% |
| Trade debts | 44 | €25,373 | €10,480 | -€14,894 | -58.7% |
| Suppliers | 440/4 | €25,373 | €10,480 | -€14,894 | -58.7% |
| Taxes, remuneration and social security | 45 | €27,288 | €32,964 | +€5,677 | +20.8% |
| Taxes | 450/3 | €19,165 | €19,484 | +€319 | +1.7% |
| Remuneration and social security | 454/9 | €8,122 | €13,480 | +€5,358 | +66.0% |
| Other amounts payable | 47/48 | €6,510 | €88,738 | +€82,228 | +1263.0% |
| Remuneration, social security and pensions | 62 | €60,723 | €67,651 | +€6,928 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,214 | €44,006 | +€2,793 | +6.8% |
| Other operating charges | 640/8 | €4,014 | €4,132 | +€118 | +2.9% |
| Gross operating margin | 9900 | €117,257 | €136,667 | +€19,410 | +16.6% |
| Operating profit (loss) | 9901 | €11,306 | €20,878 | +€9,572 | +84.7% |
| Financial income | 75/76B | €651 | €348 | -€303 | -46.5% |
| Recurring financial income | 75 | €651 | €348 | -€303 | -46.5% |
| Financial charges | 65/66B | €5,472 | €4,596 | -€875 | -16.0% |
| Recurring financial charges | 65 | €5,472 | €4,596 | -€875 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €6,485 | €16,630 | +€10,145 | +156.4% |
| Income taxes | 67/77 | €8,698 | €6,839 | -€1,859 | -21.4% |
| Profit (loss) for the period | 9904 | -€2,213 | €9,791 | +€12,004 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,213 | €9,791 | +€12,004 |
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 9 October 2026 via checked.be.