Arvaro: 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.
Arvaro
Largest movements
- Tangible fixed assets +€405,961
up €405,961 (+58.2%), from €697,922 to €1.1m
of which Land and buildings: +€409,210
- Stocks and contracts +€201,666
up €201,666 (+62.7%), from €321,480 to €523,146
- Receivables within one year +€156,507
up €156,507 (+237.8%), from €65,809 to €222,315
of which Trade receivables: +€156,507
- Cash +€56,758
up €56,758 (+64.1%), from €88,597 to €145,356
mainly Trade debts (+€292,139) and Net result for the year (+€270,139)
- Trade debts +€292,139
up €292,139 (+7494.5%), from €3,898 to €296,037
- Profit (loss) carried forward +€270,139
up €270,139 (+966.4%), from €27,953 to €298,092
- Short-term financial debts +€250,000
new in 2025: €250,000
- Tax, wage and social debts +€67,875
up €67,875 (+188.3%), from €36,042 to €103,917
- Debts after one year -€45,956
down €45,956 (-11.4%), from €403,132 to €357,176
- Purchases and services +€821,876
up €821,876 (+34.1%), from €2.4m to €3.2m
- Gross operating margin +€111,582
up €111,582 (+30.4%), from €367,065 to €478,647
- Depreciation -€19,542
down €19,542 (-32.0%), from €61,100 to €41,558
- Taxes +€5,813
up €5,813 (+7.3%), from €79,187 to €85,000
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 | €1,174,208 | €1,995,100 | +€820,892 | +69.9% |
| Fixed assets | 21/28 | €698,322 | €1,104,283 | +€405,961 | +58.1% |
| Tangible fixed assets | 22/27 | €697,922 | €1,103,883 | +€405,961 | +58.2% |
| Land and buildings | 22 | €681,836 | €1,091,046 | +€409,210 | +60.0% |
| Plant, machinery and equipment | 23 | €6,326 | €4,752 | -€1,574 | -24.9% |
| Furniture and vehicles | 24 | €9,760 | €8,085 | -€1,675 | -17.2% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €475,886 | €890,817 | +€414,931 | +87.2% |
| Stocks and contracts in progress | 3 | €321,480 | €523,146 | +€201,666 | +62.7% |
| Stocks | 30/36 | €321,480 | €523,146 | +€201,666 | +62.7% |
| Amounts receivable within one year | 40/41 | €65,809 | €222,315 | +€156,507 | +237.8% |
| Trade receivables | 40 | €64,334 | €220,841 | +€156,507 | +243.3% |
| Other amounts receivable | 41 | €1,474 | €1,474 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €88,597 | €145,356 | +€56,758 | +64.1% |
| Total equity and liabilities | 10/49 | €1,174,208 | €1,995,100 | +€820,892 | +69.9% |
| Equity | 10/15 | €618,593 | €888,732 | +€270,139 | +43.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €578,240 | €578,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €577,000 | €577,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,953 | €298,092 | +€270,139 | +966.4% |
| Amounts payable | 17/49 | €555,615 | €1,106,368 | +€550,753 | +99.1% |
| Amounts payable after more than one year | 17 | €403,132 | €357,176 | -€45,956 | -11.4% |
| Financial debts | 170/4 | €403,132 | €357,176 | -€45,956 | -11.4% |
| Amounts payable within one year | 42/48 | €93,454 | €721,640 | +€628,187 | +672.2% |
| Current portion of amounts payable after more than one year | 42 | €53,514 | €71,687 | +€18,173 | +34.0% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €3,898 | €296,037 | +€292,139 | +7494.5% |
| Suppliers | 440/4 | €3,898 | €296,037 | +€292,139 | +7494.5% |
| Taxes, remuneration and social security | 45 | €36,042 | €103,917 | +€67,875 | +188.3% |
| Taxes | 450/3 | €36,042 | €103,917 | +€67,875 | +188.3% |
| Accrued charges and deferred income | 492/3 | €59,030 | €27,552 | -€31,478 | -53.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,413,602 | €3,235,478 | +€821,876 | +34.1% |
| Remuneration, social security and pensions | 62 | €54,904 | €54,599 | -€305 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,100 | €41,558 | -€19,542 | -32.0% |
| Other operating charges | 640/8 | €9,157 | €8,343 | -€815 | -8.9% |
| Non-recurring operating charges | 66A | €17,535 | - | -€17,535 | |
| Gross operating margin | 9900 | €367,065 | €478,647 | +€111,582 | +30.4% |
| Operating profit (loss) | 9901 | €224,368 | €374,147 | +€149,779 | +66.8% |
| Financial charges | 65/66B | €21,834 | €19,008 | -€2,826 | -12.9% |
| Recurring financial charges | 65 | €21,834 | €19,008 | -€2,826 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €202,534 | €355,139 | +€152,605 | +75.3% |
| Income taxes | 67/77 | €79,187 | €85,000 | +€5,813 | +7.3% |
| Profit (loss) for the period | 9904 | €123,347 | €270,139 | +€146,792 | +119.0% |
| Profit (loss) for the period to be appropriated | 9905 | €123,347 | €270,139 | +€146,792 | +119.0% |
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.