ARWEN: 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.
ARWEN
Largest movements
- Cash +€22,598
up €22,598 (+48.4%), from €46,674 to €69,272
mainly Net result for the year (+€17,790) and Receivables within one year (+€12,624)
- Receivables within one year -€12,624
down €12,624 (-78.2%), from €16,145 to €3,520
of which Trade receivables: -€12,645
- Stocks and contracts -€4,758
down €4,758 (-20.6%), from €23,047 to €18,290
- Deferred charges and accrued income -€3,565
down €3,565 (-24.2%), from €14,749 to €11,183
- Reserves +€16,950
up €16,950 (+19.3%), from €87,785 to €104,735
- Trade debts -€10,982
down €10,982 (-56.8%), from €19,329 to €8,347
- Debts after one year -€5,221
down €5,221 (-92.2%), from €5,661 to €440
- Staff costs +€15,877
up €15,877 (+92.5%), from €17,156 to €33,032
- Gross operating margin -€13,652
down €13,652 (-16.9%), from €80,986 to €67,333
- Taxes -€7,558
down €7,558 (-48.6%), from €15,562 to €8,004
- Financial charges -€881
down €881 (-33.3%), from €2,645 to €1,764
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 | €131,102 | €132,457 | +€1,355 | +1.0% |
| Fixed assets | 21/28 | €17,487 | €16,192 | -€1,296 | -7.4% |
| Intangible fixed assets | 21 | €142 | €20 | -€122 | -85.9% |
| Tangible fixed assets | 22/27 | €16,065 | €14,891 | -€1,174 | -7.3% |
| Plant, machinery and equipment | 23 | €4,796 | €3,201 | -€1,595 | -33.2% |
| Furniture and vehicles | 24 | €11,270 | €11,690 | +€421 | +3.7% |
| Financial fixed assets | 28 | €1,280 | €1,280 | = | 0.0% |
| Current assets | 29/58 | €113,615 | €116,265 | +€2,651 | +2.3% |
| Amounts receivable after more than one year | 29 | €13,000 | €14,000 | +€1,000 | +7.7% |
| Other amounts receivable | 291 | €13,000 | €14,000 | +€1,000 | +7.7% |
| Stocks and contracts in progress | 3 | €23,047 | €18,290 | -€4,758 | -20.6% |
| Stocks | 30/36 | €23,047 | €18,290 | -€4,758 | -20.6% |
| Amounts receivable within one year | 40/41 | €16,145 | €3,520 | -€12,624 | -78.2% |
| Trade receivables | 40 | €12,645 | €0 | -€12,645 | -100.0% |
| Other amounts receivable | 41 | €3,500 | €3,520 | +€20 | +0.6% |
| Cash at bank and in hand | 54/58 | €46,674 | €69,272 | +€22,598 | +48.4% |
| Deferred charges and accrued income | 490/1 | €14,749 | €11,183 | -€3,565 | -24.2% |
| Total equity and liabilities | 10/49 | €131,102 | €132,457 | +€1,355 | +1.0% |
| Equity | 10/15 | €91,437 | €108,394 | +€16,957 | +18.5% |
| Contributions | 10/11 | €3,550 | €3,550 | = | 0.0% |
| Reserves | 13 | €87,785 | €104,735 | +€16,950 | +19.3% |
| Distributable reserves | 133 | €87,785 | €104,735 | +€16,950 | +19.3% |
| Profit (loss) carried forward | 14 | €102 | €109 | +€7 | +7.2% |
| Amounts payable | 17/49 | €39,665 | €24,063 | -€15,603 | -39.3% |
| Amounts payable after more than one year | 17 | €5,661 | €440 | -€5,221 | -92.2% |
| Financial debts | 170/4 | €5,661 | €440 | -€5,221 | -92.2% |
| Amounts payable within one year | 42/48 | €34,004 | €23,622 | -€10,382 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €5,103 | €5,221 | +€118 | +2.3% |
| Trade debts | 44 | €19,329 | €8,347 | -€10,982 | -56.8% |
| Suppliers | 440/4 | €19,329 | €8,347 | -€10,982 | -56.8% |
| Advances received on contracts in progress | 46 | €258 | €605 | +€347 | +134.5% |
| Taxes, remuneration and social security | 45 | €8,124 | €8,311 | +€187 | +2.3% |
| Taxes | 450/3 | €8,124 | €8,311 | +€187 | +2.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,190 | €1,139 | -€51 | -4.3% |
| Remuneration, social security and pensions | 62 | €17,156 | €33,032 | +€15,877 | +92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,858 | €5,508 | +€650 | +13.4% |
| Other operating charges | 640/8 | €2,447 | €1,859 | -€588 | -24.0% |
| Non-recurring operating charges | 66A | - | €140 | +€140 | |
| Gross operating margin | 9900 | €80,986 | €67,333 | -€13,652 | -16.9% |
| Operating profit (loss) | 9901 | €56,526 | €26,795 | -€29,732 | -52.6% |
| Financial income | 75/76B | €417 | €763 | +€347 | +83.2% |
| Recurring financial income | 75 | €417 | €763 | +€347 | +83.2% |
| Financial charges | 65/66B | €2,645 | €1,764 | -€881 | -33.3% |
| Recurring financial charges | 65 | €2,645 | €1,764 | -€881 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €54,298 | €25,794 | -€28,503 | -52.5% |
| Income taxes | 67/77 | €15,562 | €8,004 | -€7,558 | -48.6% |
| Profit (loss) for the period | 9904 | €38,736 | €17,790 | -€20,946 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,736 | €17,790 | -€20,946 | -54.1% |
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 5 October 2026 via checked.be.