ArNaSa: 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.
ArNaSa
Largest movements
- Stocks and contracts +€353,845
new in 2025: €353,845
- Receivables within one year -€271,136
down €271,136 (-89.1%), from €304,187 to €33,051
of which Other amounts receivable: -€244,155
- Tangible fixed assets +€114,593
up €114,593 (+24.2%), from €472,613 to €587,206
of which Land and buildings: +€585,111
- Cash +€77,677
new in 2025: €77,677
mainly Receivables within one year (+€271,136) and Short-term financial debts (+€233,333)
- Deferred charges and accrued income -€19,795
no longer reported in 2025 (was €19,795)
- Short-term financial debts +€233,333
new in 2025: €233,333
- Reserves +€90,047
up €90,047 (+27.6%), from €325,737 to €415,783
- Other debts -€47,976
down €47,976 (-31.0%), from €154,859 to €106,883
- Debts after one year -€28,327
down €28,327 (-10.7%), from €263,818 to €235,491
- Tax, wage and social debts +€20,520
up €20,520 (+146%), from €14,064 to €34,584
- Gross operating margin +€28,594
up €28,594 (+21.7%), from €131,495 to €160,089
- Taxes +€15,257
up €15,257 (+62.8%), from €24,307 to €39,564
- Depreciation +€7,748
up €7,748 (+1,415%), from €548 to €8,296
- Other operating charges +€7,130
up €7,130 (+580%), from €1,229 to €8,359
- Financial charges -€4,148
down €4,148 (-23.1%), from €17,972 to €13,824
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 | €802,595 | €1,057,779 | +€255,185 | +31.8% |
| Fixed assets | 21/28 | €478,613 | €593,206 | +€114,593 | +23.9% |
| Tangible fixed assets | 22/27 | €472,613 | €587,206 | +€114,593 | +24.2% |
| Land and buildings | 22 | - | €585,111 | +€585,111 | |
| Plant, machinery and equipment | 23 | - | €986 | +€986 | |
| Furniture and vehicles | 24 | €1,657 | €1,109 | -€548 | -33.1% |
| Assets under construction and advance payments | 27 | €470,957 | - | -€470,957 | |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €323,981 | €464,573 | +€140,592 | +43.4% |
| Stocks and contracts in progress | 3 | - | €353,845 | +€353,845 | |
| Stocks | 30/36 | - | €353,845 | +€353,845 | |
| Amounts receivable within one year | 40/41 | €304,187 | €33,051 | -€271,136 | -89.1% |
| Trade receivables | 40 | €60,032 | €33,051 | -€26,981 | -44.9% |
| Other amounts receivable | 41 | €244,155 | - | -€244,155 | |
| Cash at bank and in hand | 54/58 | - | €77,677 | +€77,677 | |
| Deferred charges and accrued income | 490/1 | €19,795 | - | -€19,795 | |
| Total equity and liabilities | 10/49 | €802,595 | €1,057,779 | +€255,185 | +31.8% |
| Equity | 10/15 | €327,737 | €417,783 | +€90,047 | +27.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €325,737 | €415,783 | +€90,047 | +27.6% |
| Distributable reserves | 133 | €325,737 | €415,783 | +€90,047 | +27.6% |
| Amounts payable | 17/49 | €474,858 | €639,996 | +€165,138 | +34.8% |
| Amounts payable after more than one year | 17 | €263,818 | €235,491 | -€28,327 | -10.7% |
| Financial debts | 170/4 | €263,818 | €235,491 | -€28,327 | -10.7% |
| Amounts payable within one year | 42/48 | €199,405 | €404,471 | +€205,066 | +103% |
| Current portion of amounts payable after more than one year | 42 | €28,020 | €28,327 | +€307 | +1.1% |
| Financial debts | 43 | - | €233,333 | +€233,333 | |
| Credit institutions | 430/8 | - | €233,333 | +€233,333 | |
| Trade debts | 44 | €2,462 | €1,344 | -€1,118 | -45.4% |
| Suppliers | 440/4 | €2,462 | €1,344 | -€1,118 | -45.4% |
| Taxes, remuneration and social security | 45 | €14,064 | €34,584 | +€20,520 | +146% |
| Taxes | 450/3 | €14,064 | €34,584 | +€20,520 | +146% |
| Other amounts payable | 47/48 | €154,859 | €106,883 | -€47,976 | -31.0% |
| Accrued charges and deferred income | 492/3 | €11,635 | €34 | -€11,601 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | €8,296 | +€7,748 | +1,415% |
| Other operating charges | 640/8 | €1,229 | €8,359 | +€7,130 | +580% |
| Gross operating margin | 9900 | €131,495 | €160,089 | +€28,594 | +21.7% |
| Operating profit (loss) | 9901 | €129,718 | €143,434 | +€13,716 | +10.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €17,972 | €13,824 | -€4,148 | -23.1% |
| Recurring financial charges | 65 | €17,972 | €13,824 | -€4,148 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €111,746 | €129,610 | +€17,865 | +16.0% |
| Income taxes | 67/77 | €24,307 | €39,564 | +€15,257 | +62.8% |
| Profit (loss) for the period | 9904 | €87,439 | €90,047 | +€2,608 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,439 | €90,047 | +€2,608 | +3.0% |
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 14 October 2026 via checked.be.