STUDIEBUREEL ARPYTEC: 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.
STUDIEBUREEL ARPYTEC
Largest movements
- Tangible fixed assets +€132,112
up €132,112 (+90.9%), from €145,298 to €277,410
of which Other tangible fixed assets: +€154,940
- Cash -€20,186
down €20,186 (-77.4%), from €26,091 to €5,905
mainly Investment in fixed assets (net) (-€209,870) and Receivables within one year (-€16,319)
- Receivables within one year +€16,319
up €16,319 (+12.2%), from €133,332 to €149,652
of which Trade receivables: +€16,319
- Intangible fixed assets +€15,361
new in 2025: €15,361
- Current portion of long-term debt +€50,494
up €50,494 (+278%), from €18,149 to €68,643
- Reserves +€38,380
up €38,380 (+23.6%), from €162,820 to €201,200
- Other debts +€32,959
up €32,959 (+873%), from €3,773 to €36,732
- Debts after one year +€15,102
up €15,102 (+37.5%), from €40,249 to €55,351
- Trade debts +€5,390
up €5,390 (+43.4%), from €12,406 to €17,796
- Depreciation +€41,894
up €41,894 (+204%), from €20,502 to €62,397
- Gross operating margin -€39,894
down €39,894 (-25.5%), from €156,372 to €116,477
- Taxes -€27,082
down €27,082 (-74.7%), from €36,252 to €9,170
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 | €308,884 | €449,186 | +€140,302 | +45.4% |
| Fixed assets | 21/28 | €145,298 | €292,771 | +€147,473 | +101% |
| Intangible fixed assets | 21 | - | €15,361 | +€15,361 | |
| Tangible fixed assets | 22/27 | €145,298 | €277,410 | +€132,112 | +90.9% |
| Plant, machinery and equipment | 23 | €139,976 | €117,876 | -€22,100 | -15.8% |
| Furniture and vehicles | 24 | €5,322 | €4,594 | -€728 | -13.7% |
| Other tangible fixed assets | 26 | - | €154,940 | +€154,940 | |
| Current assets | 29/58 | €163,586 | €156,415 | -€7,171 | -4.4% |
| Amounts receivable within one year | 40/41 | €133,332 | €149,652 | +€16,319 | +12.2% |
| Trade receivables | 40 | €133,332 | €149,652 | +€16,319 | +12.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,091 | €5,905 | -€20,186 | -77.4% |
| Deferred charges and accrued income | 490/1 | €4,162 | €858 | -€3,304 | -79.4% |
| Total equity and liabilities | 10/49 | €308,884 | €449,186 | +€140,302 | +45.4% |
| Equity | 10/15 | €182,820 | €221,200 | +€38,380 | +21.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €162,820 | €201,200 | +€38,380 | +23.6% |
| Distributable reserves | 133 | €162,820 | €201,200 | +€38,380 | +23.6% |
| Amounts payable | 17/49 | €126,064 | €227,986 | +€101,923 | +80.9% |
| Amounts payable after more than one year | 17 | €40,249 | €55,351 | +€15,102 | +37.5% |
| Financial debts | 170/4 | €40,249 | €55,351 | +€15,102 | +37.5% |
| Amounts payable within one year | 42/48 | €85,481 | €172,635 | +€87,155 | +102% |
| Current portion of amounts payable after more than one year | 42 | €18,149 | €68,643 | +€50,494 | +278% |
| Trade debts | 44 | €12,406 | €17,796 | +€5,390 | +43.4% |
| Suppliers | 440/4 | €12,406 | €17,796 | +€5,390 | +43.4% |
| Taxes, remuneration and social security | 45 | €51,152 | €49,464 | -€1,688 | -3.3% |
| Taxes | 450/3 | €49,526 | €47,838 | -€1,688 | -3.4% |
| Remuneration and social security | 454/9 | €1,626 | €1,626 | = | 0.0% |
| Other amounts payable | 47/48 | €3,773 | €36,732 | +€32,959 | +873% |
| Accrued charges and deferred income | 492/3 | €334 | €0 | -€334 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,502 | €62,397 | +€41,894 | +204% |
| Other operating charges | 640/8 | €609 | €1,464 | +€856 | +141% |
| Non-recurring operating charges | 66A | - | €1,304 | +€1,304 | |
| Gross operating margin | 9900 | €156,372 | €116,477 | -€39,894 | -25.5% |
| Operating profit (loss) | 9901 | €135,261 | €51,312 | -€83,949 | -62.1% |
| Financial income | 75/76B | €219 | €16 | -€204 | -92.9% |
| Recurring financial income | 75 | €219 | €16 | -€204 | -92.9% |
| Financial charges | 65/66B | €2,966 | €3,778 | +€812 | +27.4% |
| Recurring financial charges | 65 | €2,966 | €3,778 | +€812 | +27.4% |
| Profit (loss) for the period before taxes | 9903 | €132,514 | €47,549 | -€84,964 | -64.1% |
| Income taxes | 67/77 | €36,252 | €9,170 | -€27,082 | -74.7% |
| Profit (loss) for the period | 9904 | €96,262 | €38,380 | -€57,882 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €96,262 | €38,380 | -€57,882 | -60.1% |
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 26 October 2026 via checked.be.