ARSU: 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.
What changed
ARSU
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€232,528
2024 · €10.5m-€10.3m
Equity
€27.4m
2024 · €27.1m+€232,528
Cash
€177
2024 · €342-€165
Balance sheet total
€38.4m
2024 · €37.7m+€758,315
Largest movements
Assets
- Financial fixed assets +€652,507
up €652,507 (+2.5%), from €26.5m to €27.2m
of which Affiliated companies: +€652,507
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€10.4m
down €10.4m (-99.6%), from €10.4m to €43,799
of which Financial income: -€10.0m
- Financial charges -€262,306
down €262,306 (-44.5%), from €589,680 to €327,375
- Taxes +€199,716
up €199,716, from -€11,052 to €188,665
of which Taxes: +€165,499
- Staff costs +€178,632
up €178,632 (+29.0%), from €616,206 to €794,838
- Turnover +€150,320
up €150,320 (+34.7%), from €433,764 to €584,085
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.
Result 2024
€10.5m
Turnover
+€150,320
Other operating income
+€116,793
Services and other goods
-€19,594
Staff costs
-€178,632
Depreciation
-€8,219
Other operating charges
-€104,340
Financial income
-€10.4m
Financial charges
+€262,306
Taxes
-€199,716
Deferred taxes and other
+€96,467
Result 2025
€232,528
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.
From operations
+€1.4m
Investment
-€1.6m
Financing
+€203,781
Cash 2024
€342
From operations (derived)
+€1.4m
Net result for the year
+€232,528
Depreciation
+€595,541
Receivables within one year
+€227,398
Provisions
-€121,775
Trade debts
+€344,891
Tax, wage and social debts
+€96,577
Other debts
+€115,143
Accrued charges and deferred income
-€112,830
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€203,781
Debts after one year
+€153,823
Current portion of long-term debt
+€49,958
Cash 2025
€177
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €37,653,481 | €38,411,796 | +€758,315 | +2.0% |
| Fixed assets | 21/28 | €36,904,405 | €37,890,283 | +€985,878 | +2.7% |
| Tangible fixed assets | 22/27 | €10,385,837 | €10,719,208 | +€333,371 | +3.2% |
| Land and buildings | 22 | €8,669,651 | €8,854,177 | +€184,525 | +2.1% |
| Plant, machinery and equipment | 23 | €1,329,584 | €1,462,768 | +€133,183 | +10.0% |
| Furniture and vehicles | 24 | €2,260 | €1,485 | -€775 | -34.3% |
| Other tangible fixed assets | 26 | €384,341 | €400,778 | +€16,438 | +4.3% |
| Financial fixed assets | 28 | €26,518,568 | €27,171,075 | +€652,507 | +2.5% |
| Affiliated companies | 280/1 | €26,507,418 | €27,159,925 | +€652,507 | +2.5% |
| Participating interests | 280 | €26,507,418 | €27,159,925 | +€652,507 | +2.5% |
| Amounts receivable | 281 | €0 | - | = | |
| Other financial fixed assets | 284/8 | €11,150 | €11,150 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €11,150 | €11,150 | = | 0.0% |
| Current assets | 29/58 | €749,076 | €521,513 | -€227,563 | -30.4% |
| Stocks and contracts in progress | 3 | €581 | €581 | = | 0.0% |
| Stocks | 30/36 | €581 | €581 | = | 0.0% |
| Goods purchased for resale | 34 | €581 | €581 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €748,152 | €520,754 | -€227,398 | -30.4% |
| Trade receivables | 40 | €334,627 | €203,045 | -€131,582 | -39.3% |
| Other amounts receivable | 41 | €413,525 | €317,709 | -€95,817 | -23.2% |
| Cash at bank and in hand | 54/58 | €342 | €177 | -€165 | -48.1% |
| Total equity and liabilities | 10/49 | €37,653,481 | €38,411,796 | +€758,315 | +2.0% |
| Equity | 10/15 | €27,139,739 | €27,372,267 | +€232,528 | +0.9% |
| Contributions | 10/11 | €6,325,000 | €6,325,000 | = | 0.0% |
| Capital | 10 | €6,325,000 | €6,325,000 | = | 0.0% |
| Issued capital | 100 | €6,325,000 | €6,325,000 | = | 0.0% |
| Revaluation surpluses | 12 | €85,784 | €77,166 | -€8,618 | -10.0% |
| Reserves | 13 | €20,728,701 | €20,969,494 | +€240,794 | +1.2% |
| Non-distributable reserves | 130/1 | €1,150,222 | €1,150,222 | = | 0.0% |
| Legal reserve | 130 | €1,139,831 | €1,139,831 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,390 | €10,390 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,457,571 | €2,092,247 | -€365,324 | -14.9% |
| Distributable reserves | 133 | €17,120,908 | €17,727,025 | +€606,118 | +3.5% |
| Profit (loss) carried forward | 14 | €255 | €607 | +€352 | +138.2% |
| Provisions and deferred taxes | 16 | €819,139 | €697,364 | -€121,775 | -14.9% |
| Deferred taxes | 168 | €819,139 | €697,364 | -€121,775 | -14.9% |
| Amounts payable | 17/49 | €9,694,602 | €10,342,164 | +€647,562 | +6.7% |
| Amounts payable after more than one year | 17 | €2,195,736 | €2,349,559 | +€153,823 | +7.0% |
| Financial debts | 170/4 | €2,147,381 | €2,283,684 | +€136,303 | +6.3% |
| Credit institutions | 173 | €2,147,381 | €2,283,684 | +€136,303 | +6.3% |
| Other amounts payable | 178/9 | €48,355 | €65,875 | +€17,520 | +36.2% |
| Amounts payable within one year | 42/48 | €7,153,645 | €7,760,214 | +€606,569 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €260,446 | €310,404 | +€49,958 | +19.2% |
| Trade debts | 44 | €175,871 | €520,762 | +€344,891 | +196.1% |
| Suppliers | 440/4 | €175,871 | €520,762 | +€344,891 | +196.1% |
| Taxes, remuneration and social security | 45 | €71,918 | €168,495 | +€96,577 | +134.3% |
| Taxes | 450/3 | €15,586 | €71,598 | +€56,012 | +359.4% |
| Remuneration and social security | 454/9 | €56,332 | €96,897 | +€40,565 | +72.0% |
| Other amounts payable | 47/48 | €6,645,409 | €6,760,553 | +€115,143 | +1.7% |
| Accrued charges and deferred income | 492/3 | €345,222 | €232,392 | -€112,830 | -32.7% |
| Operating income | 70/76A | €2,346,915 | €2,614,028 | +€267,113 | +11.4% |
| Turnover | 70 | €433,764 | €584,085 | +€150,320 | +34.7% |
| Other operating income | 74 | €1,913,151 | €2,029,943 | +€116,793 | +6.1% |
| Operating charges | 60/66A | €1,720,249 | €2,031,034 | +€310,785 | +18.1% |
| Services and other goods | 61 | €239,264 | €258,859 | +€19,594 | +8.2% |
| Remuneration, social security and pensions | 62 | €616,206 | €794,838 | +€178,632 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €587,322 | €595,541 | +€8,219 | +1.4% |
| Other operating charges | 640/8 | €277,457 | €381,796 | +€104,340 | +37.6% |
| Operating profit (loss) | 9901 | €626,666 | €582,994 | -€43,672 | -7.0% |
| Financial income | 75/76B | €10,421,195 | €43,799 | -€10.4m | -99.6% |
| Recurring financial income | 75 | €10,081,195 | €43,799 | -€10.0m | -99.6% |
| Income from financial fixed assets | 750 | €10,069,644 | €42,040 | -€10.0m | -99.6% |
| Income from current assets | 751 | €10,104 | €0 | -€10,104 | -100.0% |
| Other financial income | 752/9 | €1,447 | €1,759 | +€312 | +21.6% |
| Non-recurring financial income | 76B | €340,000 | €0 | -€340,000 | -100.0% |
| Financial charges | 65/66B | €589,680 | €327,375 | -€262,306 | -44.5% |
| Recurring financial charges | 65 | €589,680 | €327,375 | -€262,306 | -44.5% |
| Debt charges | 650 | €588,461 | €326,074 | -€262,387 | -44.6% |
| Other financial charges | 652/9 | €1,220 | €1,301 | +€81 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €10,458,181 | €299,418 | -€10.2m | -97.1% |
| Transfer from deferred taxes | 780 | €75,834 | €121,775 | +€45,941 | +60.6% |
| Transfer to deferred taxes | 680 | €50,527 | €0 | -€50,527 | -100.0% |
| Income taxes | 67/77 | -€11,052 | €188,665 | +€199,716 | |
| Taxes | 670/3 | €23,166 | €188,665 | +€165,499 | +714.4% |
| Tax adjustments and reversals of tax provisions | 77 | €34,217 | €0 | -€34,217 | -100.0% |
| Profit (loss) for the period | 9904 | €10,494,540 | €232,528 | -€10.3m | -97.8% |
| Transfer from tax-exempt reserves | 789 | €227,502 | €365,324 | +€137,822 | +60.6% |
| Transfer to tax-exempt reserves | 689 | €151,580 | €0 | -€151,580 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,570,462 | €597,852 | -€10.0m | -94.3% |
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 8 October 2026 via checked.be.