ARVES: 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.
ARVES
Largest movements
- Tangible fixed assets +€64,398
up €64,398 (+85.6%), from €75,221 to €139,620
of which Land and buildings: +€78,107
- Cash +€7,830
up €7,830 (+142%), from €5,528 to €13,357
mainly Debts after one year (+€61,277) and Depreciation (+€30,549)
- Receivables within one year +€6,902
up €6,902 (+9.7%), from €70,999 to €77,900
of which Trade receivables: +€11,330
- Debts after one year +€61,277
up €61,277 (+396%), from €15,461 to €76,738
- Reserves +€6,785
up €6,785 (+11.8%), from €57,627 to €64,412
- Accrued charges and deferred income +€6,048
up €6,048 (+142%), from €4,273 to €10,320
- Gross operating margin +€17,680
up €17,680 (+60.4%), from €29,250 to €46,930
- Depreciation +€4,015
up €4,015 (+15.1%), from €26,534 to €30,549
- Taxes +€3,052
up €3,052 (+1,008%), from €303 to €3,355
- Financial charges +€1,365
up €1,365 (+42.8%), from €3,191 to €4,556
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 | €155,715 | €234,508 | +€78,793 | +50.6% |
| Fixed assets | 21/28 | €75,221 | €139,620 | +€64,398 | +85.6% |
| Tangible fixed assets | 22/27 | €75,221 | €139,620 | +€64,398 | +85.6% |
| Land and buildings | 22 | €23,306 | €101,413 | +€78,107 | +335% |
| Plant, machinery and equipment | 23 | €1,002 | €344 | -€658 | -65.7% |
| Furniture and vehicles | 24 | €18,763 | €9,925 | -€8,838 | -47.1% |
| Other tangible fixed assets | 26 | €32,150 | €27,938 | -€4,213 | -13.1% |
| Current assets | 29/58 | €80,493 | €94,888 | +€14,395 | +17.9% |
| Amounts receivable within one year | 40/41 | €70,999 | €77,900 | +€6,902 | +9.7% |
| Trade receivables | 40 | €35,777 | €47,107 | +€11,330 | +31.7% |
| Other amounts receivable | 41 | €35,222 | €30,793 | -€4,429 | -12.6% |
| Current investments | 50/53 | €3,027 | €3,027 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €5,528 | €13,357 | +€7,830 | +142% |
| Deferred charges and accrued income | 490/1 | €940 | €603 | -€336 | -35.8% |
| Total equity and liabilities | 10/49 | €155,715 | €234,508 | +€78,793 | +50.6% |
| Equity | 10/15 | €107,387 | €114,172 | +€6,785 | +6.3% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €57,627 | €64,412 | +€6,785 | +11.8% |
| Distributable reserves | 133 | €57,627 | €64,412 | +€6,785 | +11.8% |
| Profit (loss) carried forward | 14 | €36,760 | €36,760 | -€0 | 0.0% |
| Amounts payable | 17/49 | €48,328 | €120,336 | +€72,008 | +149% |
| Amounts payable after more than one year | 17 | €15,461 | €76,738 | +€61,277 | +396% |
| Financial debts | 170/4 | €15,461 | €76,738 | +€61,277 | +396% |
| Amounts payable within one year | 42/48 | €28,594 | €33,277 | +€4,683 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €18,039 | €20,382 | +€2,344 | +13.0% |
| Trade debts | 44 | €4,424 | €6,169 | +€1,745 | +39.4% |
| Suppliers | 440/4 | €4,424 | €6,169 | +€1,745 | +39.4% |
| Taxes, remuneration and social security | 45 | €6,132 | €6,727 | +€595 | +9.7% |
| Taxes | 450/3 | €3,032 | €3,627 | +€595 | +19.6% |
| Remuneration and social security | 454/9 | €3,100 | €3,100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,273 | €10,320 | +€6,048 | +142% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,534 | €30,549 | +€4,015 | +15.1% |
| Other operating charges | 640/8 | €1,586 | €1,685 | +€99 | +6.2% |
| Gross operating margin | 9900 | €29,250 | €46,930 | +€17,680 | +60.4% |
| Operating profit (loss) | 9901 | €1,130 | €14,696 | +€13,566 | +1,201% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.7% |
| Financial charges | 65/66B | €3,191 | €4,556 | +€1,365 | +42.8% |
| Recurring financial charges | 65 | €3,191 | €4,556 | +€1,365 | +42.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,058 | €10,141 | +€12,199 | |
| Income taxes | 67/77 | €303 | €3,355 | +€3,052 | +1,008% |
| Profit (loss) for the period | 9904 | -€2,361 | €6,785 | +€9,146 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,361 | €6,785 | +€9,146 |
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 14 October 2026 via checked.be.