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ARJEL: 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.

What changed

ARJEL

BE 0734.670.971
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,541
2024 · -€2,144+€603
Equity
€540,072
2024 · €50,170+€489,902
Cash
€1,877
2024 · €2,993-€1,116
Balance sheet total
€1.3m
2024 · €809,113+€490,355

Largest movements

2024 to 2025
Assets
  • Financial fixed assets +€491,443

    up €491,443 (+61.0%), from €806,057 to €1.3m

Equity and liabilities
  • Revaluation surpluses +€491,443

    new in 2025: €491,443

  • Other debts +€47,027

    up €47,027 (+6.6%), from €710,191 to €757,218

  • Current portion of long-term debt -€25,715

    no longer reported in 2025 (was €25,715)

  • Debts after one year -€21,689

    no longer reported in 2025 (was €21,689)

Income statement

No income-statement line moved by more than 1% of the activity.

    From the 2024 result to the 2025 result

    effect on the 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.

    Result 2024 -€2,144
    Staff costs +€375
    Other operating charges -€687
    Financial charges +€915
    Result 2025 -€1,541
    raises the resultlowers the result

    Derived cash bridge

    cash 2024 to 2025

    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.

    From operations +€46,288
    Investment -€491,443
    Financing +€444,039
    Cash 2024 €2,993
    Net result for the year -€1,541
    Smaller working-capital items +€802
    Other debts +€47,027
    Investment in fixed assets (net) -€491,443
    Debts after one year -€21,689
    Current portion of long-term debt -€25,715
    Contributions, distributions and other +€491,443
    Cash 2025 €1,877
    brings cash intakes cash out
    Every line side by side 32 lines
    Line Code 2024 2025 Change %
    Total assets 20/58 €809,113 €1,299,467 +€490,355 +60.6%
    Fixed assets 21/28 €806,057 €1,297,500 +€491,443 +61.0%
    Financial fixed assets 28 €806,057 €1,297,500 +€491,443 +61.0%
    Current assets 29/58 €3,056 €1,967 -€1,088 -35.6%
    Cash at bank and in hand 54/58 €2,993 €1,877 -€1,116 -37.3%
    Deferred charges and accrued income 490/1 €63 €91 +€28 +44.4%
    Total equity and liabilities 10/49 €809,113 €1,299,467 +€490,355 +60.6%
    Equity 10/15 €50,170 €540,072 +€489,902 +976%
    Contributions 10/11 €20,000 €20,000 = 0.0%
    Contributions outside capital 11 €20,000 €20,000 = 0.0%
    Other 1109/19 €20,000 €20,000 = 0.0%
    Revaluation surpluses 12 - €491,443 +€491,443
    Reserves 13 €15,690 €15,690 = 0.0%
    Distributable reserves 133 €15,690 €15,690 = 0.0%
    Profit (loss) carried forward 14 €14,480 €12,938 -€1,541 -10.6%
    Amounts payable 17/49 €758,943 €759,396 +€453 +0.1%
    Amounts payable after more than one year 17 €21,689 - -€21,689
    Financial debts 170/4 €21,689 - -€21,689
    Amounts payable within one year 42/48 €737,254 €759,396 +€22,142 +3.0%
    Current portion of amounts payable after more than one year 42 €25,715 - -€25,715
    Trade debts 44 €1,348 €2,178 +€830 +61.6%
    Suppliers 440/4 €1,348 €2,178 +€830 +61.6%
    Other amounts payable 47/48 €710,191 €757,218 +€47,027 +6.6%
    Remuneration, social security and pensions 62 €775 €400 -€375 -48.4%
    Other operating charges 640/8 €141 €828 +€687 +489%
    Gross operating margin 9900 €0 - =
    Operating profit (loss) 9901 -€915 -€1,227 -€312 -34.1%
    Financial charges 65/66B €1,229 €314 -€915 -74.4%
    Recurring financial charges 65 €1,229 €314 -€915 -74.4%
    Profit (loss) for the period before taxes 9903 -€2,144 -€1,541 +€603 +28.1%
    Profit (loss) for the period 9904 -€2,144 -€1,541 +€603 +28.1%
    Profit (loss) for the period to be appropriated 9905 -€2,144 -€1,541 +€603 +28.1%

    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 18 October 2026 via checked.be.