ARS: 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.
ARS
Largest movements
- Tangible fixed assets +€105,824
up €105,824 (+17.7%), from €597,577 to €703,400
of which Other tangible fixed assets: +€95,754
- Receivables within one year +€15,151
up €15,151 (+22.9%), from €66,298 to €81,449
of which Other amounts receivable: +€20,000
- Other debts +€146,768
up €146,768 (+99.6%), from €147,420 to €294,188
- Profit (loss) carried forward -€85,931
down €85,931 (-41.7%), from €206,009 to €120,078
- Debts after one year +€35,361
up €35,361 (+10.0%), from €353,155 to €388,516
- Current portion of long-term debt +€21,188
up €21,188 (+64.4%), from €32,895 to €54,082
- Tax, wage and social debts +€16,576
up €16,576 (+20.9%), from €79,454 to €96,029
of which Remuneration and social security: +€10,848
- Staff costs +€131,524
up €131,524 (+30.3%), from €433,603 to €565,126
- Gross operating margin +€58,430
up €58,430 (+5.6%), from €1.1m to €1.1m
- Depreciation -€26,959
down €26,959 (-23.9%), from €113,001 to €86,042
- Taxes -€15,192
down €15,192 (-12.5%), from €121,067 to €105,875
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 | €963,929 | €1,081,838 | +€117,910 | +12.2% |
| Fixed assets | 21/28 | €606,577 | €710,900 | +€104,324 | +17.2% |
| Intangible fixed assets | 21 | €9,000 | €7,500 | -€1,500 | -16.7% |
| Tangible fixed assets | 22/27 | €597,577 | €703,400 | +€105,824 | +17.7% |
| Land and buildings | 22 | €448,372 | €437,332 | -€11,040 | -2.5% |
| Plant, machinery and equipment | 23 | €35,511 | €51,137 | +€15,626 | +44.0% |
| Furniture and vehicles | 24 | €34,815 | €40,299 | +€5,484 | +15.8% |
| Other tangible fixed assets | 26 | €78,879 | €174,632 | +€95,754 | +121% |
| Current assets | 29/58 | €357,352 | €370,938 | +€13,586 | +3.8% |
| Stocks and contracts in progress | 3 | €13,680 | €14,483 | +€803 | +5.9% |
| Stocks | 30/36 | €13,680 | €14,483 | +€803 | +5.9% |
| Amounts receivable within one year | 40/41 | €66,298 | €81,449 | +€15,151 | +22.9% |
| Trade receivables | 40 | €4,981 | €132 | -€4,849 | -97.4% |
| Other amounts receivable | 41 | €61,317 | €81,317 | +€20,000 | +32.6% |
| Cash at bank and in hand | 54/58 | €273,333 | €269,833 | -€3,500 | -1.3% |
| Deferred charges and accrued income | 490/1 | €4,041 | €5,174 | +€1,133 | +28.0% |
| Total equity and liabilities | 10/49 | €963,929 | €1,081,838 | +€117,910 | +12.2% |
| Equity | 10/15 | €277,891 | €191,960 | -€85,931 | -30.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €61,882 | €61,882 | = | 0.0% |
| Distributable reserves | 133 | €61,882 | €61,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,009 | €120,078 | -€85,931 | -41.7% |
| Amounts payable | 17/49 | €686,038 | €889,878 | +€203,840 | +29.7% |
| Amounts payable after more than one year | 17 | €353,155 | €388,516 | +€35,361 | +10.0% |
| Financial debts | 170/4 | €353,155 | €388,516 | +€35,361 | +10.0% |
| Amounts payable within one year | 42/48 | €332,883 | €501,363 | +€168,479 | +50.6% |
| Current portion of amounts payable after more than one year | 42 | €32,895 | €54,082 | +€21,188 | +64.4% |
| Trade debts | 44 | €73,115 | €56,931 | -€16,184 | -22.1% |
| Suppliers | 440/4 | €73,115 | €56,931 | -€16,184 | -22.1% |
| Advances received on contracts in progress | 46 | - | €132 | +€132 | |
| Taxes, remuneration and social security | 45 | €79,454 | €96,029 | +€16,576 | +20.9% |
| Taxes | 450/3 | €31,846 | €37,574 | +€5,728 | +18.0% |
| Remuneration and social security | 454/9 | €47,608 | €58,456 | +€10,848 | +22.8% |
| Other amounts payable | 47/48 | €147,420 | €294,188 | +€146,768 | +99.6% |
| Remuneration, social security and pensions | 62 | €433,603 | €565,126 | +€131,524 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,001 | €86,042 | -€26,959 | -23.9% |
| Other operating charges | 640/8 | €5,349 | €5,706 | +€358 | +6.7% |
| Gross operating margin | 9900 | €1,052,529 | €1,110,959 | +€58,430 | +5.6% |
| Operating profit (loss) | 9901 | €500,577 | €454,084 | -€46,493 | -9.3% |
| Financial income | 75/76B | €583 | €5 | -€578 | -99.1% |
| Recurring financial income | 75 | €583 | €5 | -€578 | -99.1% |
| Financial charges | 65/66B | €26,663 | €28,136 | +€1,473 | +5.5% |
| Recurring financial charges | 65 | €18,525 | €28,136 | +€9,611 | +51.9% |
| Non-recurring financial charges | 66B | €8,139 | - | -€8,139 | |
| Profit (loss) for the period before taxes | 9903 | €474,496 | €425,953 | -€48,543 | -10.2% |
| Income taxes | 67/77 | €121,067 | €105,875 | -€15,192 | -12.5% |
| Profit (loss) for the period | 9904 | €353,429 | €320,078 | -€33,351 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €353,429 | €320,078 | -€33,351 | -9.4% |
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 23 October 2026 via checked.be.