Arvo: 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.
Arvo
Largest movements
- Cash -€68,194
down €68,194 (-32.1%), from €212,348 to €144,154
mainly Contributions, distributions and other (-€130,000) and Investment in fixed assets (net) (-€65,980)
- Intangible fixed assets -€61,144
down €61,144 (-16.0%), from €382,213 to €321,069
- Receivables within one year +€61,112
up €61,112 (+31.2%), from €195,889 to €257,001
of which Trade receivables: +€71,194
- Tangible fixed assets +€45,457
up €45,457 (+45.0%), from €101,044 to €146,501
of which Land and buildings: +€37,350
- Deferred charges and accrued income +€29,180
up €29,180 (+656.9%), from €4,442 to €33,622
- Current portion of long-term debt +€62,298
up €62,298 (+89.1%), from €69,909 to €132,206
- Tax, wage and social debts -€39,438
down €39,438 (-76.0%), from €51,908 to €12,469
of which Taxes: -€38,133
- Trade debts -€31,864
down €31,864 (-19.9%), from €160,043 to €128,178
- Profit (loss) carried forward +€31,014
up €31,014 (+7.5%), from €413,195 to €444,209
- Debts after one year -€15,399
down €15,399 (-8.1%), from €190,876 to €175,477
- Gross operating margin -€26,709
down €26,709 (-7.5%), from €356,439 to €329,729
- Taxes +€26,215
up €26,215 (+101.6%), from €25,797 to €52,012
- Write-downs -€21,205
down €21,205, from €11,918 to -€9,287
- Other operating charges +€6,944
up €6,944 (+4942.3%), from €141 to €7,084
- Financial income +€5,959
up €5,959 (+179.4%), from €3,321 to €9,280
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 | €895,936 | €902,347 | +€6,411 | +0.7% |
| Fixed assets | 21/28 | €483,257 | €467,570 | -€15,687 | -3.2% |
| Intangible fixed assets | 21 | €382,213 | €321,069 | -€61,144 | -16.0% |
| Tangible fixed assets | 22/27 | €101,044 | €146,501 | +€45,457 | +45.0% |
| Land and buildings | 22 | - | €37,350 | +€37,350 | |
| Plant, machinery and equipment | 23 | €2,227 | €3,724 | +€1,497 | +67.2% |
| Furniture and vehicles | 24 | €11,465 | €27,145 | +€15,679 | +136.8% |
| Other tangible fixed assets | 26 | €87,352 | €78,282 | -€9,070 | -10.4% |
| Current assets | 29/58 | €412,679 | €434,776 | +€22,098 | +5.4% |
| Amounts receivable within one year | 40/41 | €195,889 | €257,001 | +€61,112 | +31.2% |
| Trade receivables | 40 | €177,018 | €248,212 | +€71,194 | +40.2% |
| Other amounts receivable | 41 | €18,871 | €8,789 | -€10,082 | -53.4% |
| Cash at bank and in hand | 54/58 | €212,348 | €144,154 | -€68,194 | -32.1% |
| Deferred charges and accrued income | 490/1 | €4,442 | €33,622 | +€29,180 | +656.9% |
| Total equity and liabilities | 10/49 | €895,936 | €902,347 | +€6,411 | +0.7% |
| Equity | 10/15 | €415,195 | €446,209 | +€31,014 | +7.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €413,195 | €444,209 | +€31,014 | +7.5% |
| Amounts payable | 17/49 | €480,741 | €456,138 | -€24,603 | -5.1% |
| Amounts payable after more than one year | 17 | €190,876 | €175,477 | -€15,399 | -8.1% |
| Financial debts | 170/4 | €190,876 | €175,477 | -€15,399 | -8.1% |
| Amounts payable within one year | 42/48 | €283,313 | €274,339 | -€8,974 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €69,909 | €132,206 | +€62,298 | +89.1% |
| Trade debts | 44 | €160,043 | €128,178 | -€31,864 | -19.9% |
| Suppliers | 440/4 | €160,043 | €128,178 | -€31,864 | -19.9% |
| Taxes, remuneration and social security | 45 | €51,908 | €12,469 | -€39,438 | -76.0% |
| Taxes | 450/3 | €46,734 | €8,601 | -€38,133 | -81.6% |
| Remuneration and social security | 454/9 | €5,173 | €3,868 | -€1,305 | -25.2% |
| Other amounts payable | 47/48 | €1,454 | €1,485 | +€31 | +2.1% |
| Accrued charges and deferred income | 492/3 | €6,552 | €6,322 | -€230 | -3.5% |
| Remuneration, social security and pensions | 62 | €34,489 | €38,045 | +€3,556 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,564 | €81,666 | +€5,102 | +6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,918 | -€9,287 | -€21,205 | |
| Other operating charges | 640/8 | €141 | €7,084 | +€6,944 | +4942.3% |
| Gross operating margin | 9900 | €356,439 | €329,729 | -€26,709 | -7.5% |
| Operating profit (loss) | 9901 | €233,327 | €212,221 | -€21,106 | -9.0% |
| Financial income | 75/76B | €3,321 | €9,280 | +€5,959 | +179.4% |
| Recurring financial income | 75 | €3,321 | €9,280 | +€5,959 | +179.4% |
| Financial charges | 65/66B | €8,411 | €8,476 | +€64 | +0.8% |
| Recurring financial charges | 65 | €8,411 | €8,476 | +€64 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €228,236 | €213,026 | -€15,211 | -6.7% |
| Income taxes | 67/77 | €25,797 | €52,012 | +€26,215 | +101.6% |
| Profit (loss) for the period | 9904 | €202,439 | €161,014 | -€41,425 | -20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €202,439 | €161,014 | -€41,425 | -20.5% |
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 9 October 2026 via checked.be.