ARTHUR SEGERS: 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.
ARTHUR SEGERS
Largest movements
- Tangible fixed assets +€972,553
up €972,553 (+47.7%), from €2.0m to €3.0m
of which Land and buildings: +€881,158
- Cash -€46,266
down €46,266 (-7.5%), from €620,906 to €574,640
mainly Investment in fixed assets (net) (-€1.1m) and Other debts (-€528,370)
- Debts after one year +€794,137
up €794,137 (+43.7%), from €1.8m to €2.6m
- Contributions +€700,000
up €700,000 (+3,763%), from €18,600 to €718,600
- Other debts -€528,370
down €528,370 (-60.5%), from €872,771 to €344,401
- Profit (loss) carried forward -€198,250
down €198,250 (-51.5%), from €385,241 to €186,992
- Trade debts +€80,410
up €80,410 (+137%), from €58,491 to €138,901
- Gross operating margin +€79,068
up €79,068 (+10.4%), from €758,487 to €837,556
- Financial charges +€35,444
up €35,444 (+70.1%), from €50,533 to €85,977
- Staff costs +€33,097
up €33,097 (+7.6%), from €434,952 to €468,049
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 | €3,478,064 | €4,398,393 | +€920,329 | +26.5% |
| Fixed assets | 21/28 | €2,037,343 | €3,009,895 | +€972,553 | +47.7% |
| Tangible fixed assets | 22/27 | €2,037,343 | €3,009,895 | +€972,553 | +47.7% |
| Land and buildings | 22 | €1,883,011 | €2,764,169 | +€881,158 | +46.8% |
| Plant, machinery and equipment | 23 | €34,660 | €103,523 | +€68,863 | +199% |
| Furniture and vehicles | 24 | €119,672 | €142,203 | +€22,531 | +18.8% |
| Current assets | 29/58 | €1,440,722 | €1,388,498 | -€52,224 | -3.6% |
| Amounts receivable within one year | 40/41 | €799,242 | €798,104 | -€1,138 | -0.1% |
| Trade receivables | 40 | €786,765 | €780,527 | -€6,239 | -0.8% |
| Other amounts receivable | 41 | €12,477 | €17,577 | +€5,101 | +40.9% |
| Cash at bank and in hand | 54/58 | €620,906 | €574,640 | -€46,266 | -7.5% |
| Deferred charges and accrued income | 490/1 | €20,574 | €15,754 | -€4,820 | -23.4% |
| Total equity and liabilities | 10/49 | €3,478,064 | €4,398,393 | +€920,329 | +26.5% |
| Equity | 10/15 | €405,701 | €907,452 | +€501,750 | +124% |
| Contributions | 10/11 | €18,600 | €718,600 | +€700,000 | +3,763% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €385,241 | €186,992 | -€198,250 | -51.5% |
| Amounts payable | 17/49 | €3,072,363 | €3,490,941 | +€418,579 | +13.6% |
| Amounts payable after more than one year | 17 | €1,819,069 | €2,613,206 | +€794,137 | +43.7% |
| Financial debts | 170/4 | €1,819,069 | €2,613,206 | +€794,137 | +43.7% |
| Amounts payable within one year | 42/48 | €1,253,293 | €866,766 | -€386,527 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €163,826 | €223,276 | +€59,450 | +36.3% |
| Trade debts | 44 | €58,491 | €138,901 | +€80,410 | +137% |
| Suppliers | 440/4 | €58,491 | €138,901 | +€80,410 | +137% |
| Taxes, remuneration and social security | 45 | €158,206 | €160,188 | +€1,983 | +1.3% |
| Taxes | 450/3 | €86,711 | €73,012 | -€13,699 | -15.8% |
| Remuneration and social security | 454/9 | €71,495 | €87,176 | +€15,681 | +21.9% |
| Other amounts payable | 47/48 | €872,771 | €344,401 | -€528,370 | -60.5% |
| Accrued charges and deferred income | 492/3 | - | €10,969 | +€10,969 | |
| Non-recurring operating income | 76A | €48,714 | - | -€48,714 | |
| Remuneration, social security and pensions | 62 | €434,952 | €468,049 | +€33,097 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,642 | €144,399 | +€7,757 | +5.7% |
| Other operating charges | 640/8 | €6,007 | €10,182 | +€4,175 | +69.5% |
| Non-recurring operating charges | 66A | - | €1,482 | +€1,482 | |
| Gross operating margin | 9900 | €758,487 | €837,556 | +€79,068 | +10.4% |
| Operating profit (loss) | 9901 | €180,887 | €213,445 | +€32,557 | +18.0% |
| Financial income | 75/76B | €175 | €300 | +€125 | +71.5% |
| Recurring financial income | 75 | €175 | €300 | +€125 | +71.5% |
| Financial charges | 65/66B | €50,533 | €85,977 | +€35,444 | +70.1% |
| Recurring financial charges | 65 | €50,533 | €85,977 | +€35,444 | +70.1% |
| Profit (loss) for the period before taxes | 9903 | €130,529 | €127,768 | -€2,761 | -2.1% |
| Income taxes | 67/77 | €33,291 | €28,958 | -€4,332 | -13.0% |
| Profit (loss) for the period | 9904 | €97,238 | €98,809 | +€1,571 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €97,238 | €98,809 | +€1,571 | +1.6% |
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.