B-ARENA: 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.
B-ARENA
Largest movements
- Total assets -€560.9m
down €560.9m (-100.0%), from €560.9m to €62
of which Current assets: -€559.6m
- Total equity and liabilities -€560.9m
down €560.9m (-100.0%), from €560.9m to €62
of which Debts: -€560.8m
- Financial charges -€11.7m
no longer reported in 2025 (was €11.7m)
From the 2018 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Derived cash bridge
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2018 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €560,920,026 | €62 | -€560.9m | -100.0% |
| Formation expenses | 20 | €1,312,268 | €373 | -€1.3m | -100.0% |
| Current assets | 29/58 | €559,607,758 | €62 | -€559.6m | -100.0% |
| Amounts receivable after more than one year | 29 | €480,795,945 | - | -€480.8m | |
| Other amounts receivable | 291 | €480,795,945 | - | -€480.8m | |
| Amounts receivable within one year | 40/41 | €40,931,429 | €271 | -€40.9m | -100.0% |
| Other amounts receivable | 41 | €40,931,429 | €271 | -€40.9m | -100.0% |
| Cash at bank and in hand | 54/58 | €37,577,272 | €61 | -€37.6m | -100.0% |
| Deferred charges and accrued income | 490/1 | €303,112 | - | -€303,112 | |
| Total equity and liabilities | 10/49 | €560,920,026 | €62 | -€560.9m | -100.0% |
| Equity | 10/15 | €86,100 | - | -€86,100 | |
| Contributions | 10/11 | €86,100 | - | -€86,100 | |
| Capital | 10 | €86,100 | - | -€86,100 | |
| Issued capital | 100 | €86,100 | - | -€86,100 | |
| Amounts payable | 17/49 | €560,833,926 | - | -€560.8m | |
| Amounts payable after more than one year | 17 | €514,924,955 | - | -€514.9m | |
| Financial debts | 170/4 | €514,924,955 | - | -€514.9m | |
| Subordinated loans | 170 | €13,884,532 | - | -€13.9m | |
| Unsubordinated bonds | 171 | €501,040,423 | - | -€501.0m | |
| Amounts payable within one year | 42/48 | €45,562,222 | - | -€45.6m | |
| Current portion of amounts payable after more than one year | 42 | €40,021,637 | - | -€40.0m | |
| Other amounts payable | 47/48 | €5,540,585 | €529 | -€5.5m | -100.0% |
| Accrued charges and deferred income | 492/3 | €346,749 | - | -€346,749 | |
| Operating charges | 60/66A | €622,046 | €540 | -€621,506 | -99.9% |
| Services and other goods | 61 | €277,223 | €353 | -€276,870 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344,823 | €187 | -€344,636 | -99.9% |
| Operating profit (loss) | 9901 | -€622,046 | -€540 | +€621,506 | +99.9% |
| Recurring financial income | 75 | €12,273,166 | - | -€12.3m | |
| Income from current assets | 751 | €12,273,166 | - | -€12.3m | |
| Financial charges | 65/66B | €11,651,120 | - | -€11.7m | |
| Recurring financial charges | 65 | €11,651,120 | - | -€11.7m | |
| Debt charges | 650 | €1,775,153 | - | -€1.8m | |
| Other financial charges | 652/9 | €9,875,967 | - | -€9.9m |
Source: filed annual accounts (NBB), financial years ended 31 December 2018 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.