ARSY 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.
ARSY PROJECTS
Largest movements
- Receivables after one year -€176,206
down €176,206 (-79.7%), from €221,206 to €45,000
- Tangible fixed assets +€41,542
up €41,542 (+112.5%), from €36,928 to €78,470
of which Land and buildings: +€53,333
- Cash +€11,353
up €11,353 (+33.6%), from €33,781 to €45,135
mainly Receivables after one year (+€176,206) and Depreciation (+€25,057)
- Receivables within one year +€8,502
up €8,502 (+90.6%), from €9,380 to €17,882
of which Other amounts receivable: +€9,724
- Stocks and contracts +€3,515
new in 2025: €3,515
- Other debts -€87,710
down €87,710 (-64.6%), from €135,775 to €48,065
- Tax, wage and social debts -€24,488
down €24,488 (-95.6%), from €25,621 to €1,134
- Current portion of long-term debt -€7,765
down €7,765 (-100.0%), from €7,765 to €0
- Trade debts +€6,940
up €6,940 (+69.3%), from €10,008 to €16,948
- Gross operating margin -€78,441
down €78,441 (-70.1%), from €111,912 to €33,471
- Taxes -€17,911
down €17,911 (-100.0%), from €17,911 to €0
- Depreciation +€10,601
up €10,601 (+73.3%), from €14,456 to €25,057
- Financial charges +€2,075
up €2,075 (+50.9%), from €4,078 to €6,153
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 | €303,859 | €192,330 | -€111,529 | -36.7% |
| Fixed assets | 21/28 | €36,928 | €78,470 | +€41,542 | +112.5% |
| Tangible fixed assets | 22/27 | €36,928 | €78,470 | +€41,542 | +112.5% |
| Land and buildings | 22 | €0 | €53,333 | +€53,333 | |
| Plant, machinery and equipment | 23 | €35,369 | €21,945 | -€13,424 | -38.0% |
| Furniture and vehicles | 24 | €0 | €2,193 | +€2,193 | |
| Other tangible fixed assets | 26 | €1,559 | €999 | -€560 | -35.9% |
| Current assets | 29/58 | €266,932 | €113,860 | -€153,072 | -57.3% |
| Amounts receivable after more than one year | 29 | €221,206 | €45,000 | -€176,206 | -79.7% |
| Trade receivables | 290 | €221,206 | €45,000 | -€176,206 | -79.7% |
| Stocks and contracts in progress | 3 | - | €3,515 | +€3,515 | |
| Stocks | 30/36 | - | €3,515 | +€3,515 | |
| Amounts receivable within one year | 40/41 | €9,380 | €17,882 | +€8,502 | +90.6% |
| Trade receivables | 40 | €1,222 | €0 | -€1,222 | -100.0% |
| Other amounts receivable | 41 | €8,157 | €17,882 | +€9,724 | +119.2% |
| Cash at bank and in hand | 54/58 | €33,781 | €45,135 | +€11,353 | +33.6% |
| Deferred charges and accrued income | 490/1 | €2,564 | €2,329 | -€235 | -9.2% |
| Total equity and liabilities | 10/49 | €303,859 | €192,330 | -€111,529 | -36.7% |
| Equity | 10/15 | €117,710 | €118,782 | +€1,072 | +0.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €114,710 | €115,782 | +€1,072 | +0.9% |
| Distributable reserves | 133 | €114,710 | €115,782 | +€1,072 | +0.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €5,000 | €5,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €5,000 | €5,000 | = | 0.0% |
| Environmental obligations | 163 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €181,150 | €68,549 | -€112,601 | -62.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €179,169 | €66,146 | -€113,023 | -63.1% |
| Current portion of amounts payable after more than one year | 42 | €7,765 | €0 | -€7,765 | -100.0% |
| Trade debts | 44 | €10,008 | €16,948 | +€6,940 | +69.3% |
| Suppliers | 440/4 | €10,008 | €16,948 | +€6,940 | +69.3% |
| Taxes, remuneration and social security | 45 | €25,621 | €1,134 | -€24,488 | -95.6% |
| Taxes | 450/3 | €25,621 | €1,134 | -€24,488 | -95.6% |
| Other amounts payable | 47/48 | €135,775 | €48,065 | -€87,710 | -64.6% |
| Accrued charges and deferred income | 492/3 | €1,981 | €2,402 | +€422 | +21.3% |
| Non-recurring operating income | 76A | €67,667 | €27,333 | -€40,333 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,456 | €25,057 | +€10,601 | +73.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,399 | €1,948 | +€548 | +39.2% |
| Non-recurring operating charges | 66A | €680 | €0 | -€680 | -100.0% |
| Gross operating margin | 9900 | €111,912 | €33,471 | -€78,441 | -70.1% |
| Operating profit (loss) | 9901 | €95,377 | €6,466 | -€88,911 | -93.2% |
| Financial income | 75/76B | €1,182 | €759 | -€423 | -35.8% |
| Recurring financial income | 75 | €1,182 | €759 | -€423 | -35.8% |
| Financial charges | 65/66B | €4,078 | €6,153 | +€2,075 | +50.9% |
| Recurring financial charges | 65 | €4,078 | €6,153 | +€2,075 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €92,481 | €1,072 | -€91,409 | -98.8% |
| Income taxes | 67/77 | €17,911 | €0 | -€17,911 | -100.0% |
| Profit (loss) for the period | 9904 | €74,570 | €1,072 | -€73,498 | -98.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,570 | €1,072 | -€73,498 | -98.6% |
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 3 October 2026 via checked.be.