ARJES: 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.
ARJES
Largest movements
- Cash -€65,968
down €65,968 (-50.2%), from €131,307 to €65,339
mainly Debts after one year (-€68,785) and Net result for the year (-€52,764)
- Tangible fixed assets -€31,314
down €31,314 (-16.6%), from €188,287 to €156,974
of which Furniture and vehicles: -€30,101
- Intangible fixed assets -€31,094
down €31,094 (-37.2%), from €83,590 to €52,496
- Receivables within one year +€9,276
up €9,276 (+939%), from €988 to €10,263
- Debts after one year -€68,785
down €68,785 (-56.8%), from €121,087 to €52,302
- Profit (loss) carried forward -€52,764
down €52,764 (-544%), from -€9,693 to -€62,457
- Tax, wage and social debts +€16,059
up €16,059 (+166%), from €9,656 to €25,715
of which Remuneration and social security: +€16,231
- Other debts -€13,619
down €13,619 (-15.7%), from €86,631 to €73,012
- Trade debts -€8,518
down €8,518 (-5.6%), from €153,264 to €144,746
- Gross operating margin -€18,348
down €18,348 (-4.0%), from €460,506 to €442,158
- Financial charges -€17,525
down €17,525 (-15.2%), from €115,642 to €98,118
- Staff costs -€12,728
down €12,728 (-3.8%), from €331,866 to €319,138
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 | €528,659 | €402,103 | -€126,556 | -23.9% |
| Fixed assets | 21/28 | €304,103 | €241,696 | -€62,408 | -20.5% |
| Intangible fixed assets | 21 | €83,590 | €52,496 | -€31,094 | -37.2% |
| Tangible fixed assets | 22/27 | €188,287 | €156,974 | -€31,314 | -16.6% |
| Plant, machinery and equipment | 23 | €6,838 | €6,953 | +€115 | +1.7% |
| Furniture and vehicles | 24 | €171,964 | €141,863 | -€30,101 | -17.5% |
| Other tangible fixed assets | 26 | €9,485 | €8,157 | -€1,328 | -14.0% |
| Financial fixed assets | 28 | €32,226 | €32,226 | = | 0.0% |
| Current assets | 29/58 | €224,555 | €160,408 | -€64,148 | -28.6% |
| Stocks and contracts in progress | 3 | €77,667 | €72,953 | -€4,714 | -6.1% |
| Stocks | 30/36 | €77,667 | €72,953 | -€4,714 | -6.1% |
| Amounts receivable within one year | 40/41 | €988 | €10,263 | +€9,276 | +939% |
| Other amounts receivable | 41 | €988 | €10,263 | +€9,276 | +939% |
| Cash at bank and in hand | 54/58 | €131,307 | €65,339 | -€65,968 | -50.2% |
| Deferred charges and accrued income | 490/1 | €14,595 | €11,852 | -€2,742 | -18.8% |
| Total equity and liabilities | 10/49 | €528,659 | €402,103 | -€126,556 | -23.9% |
| Equity | 10/15 | €90,307 | €37,543 | -€52,764 | -58.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,693 | -€62,457 | -€52,764 | -544% |
| Amounts payable | 17/49 | €438,352 | €364,560 | -€73,791 | -16.8% |
| Amounts payable after more than one year | 17 | €121,087 | €52,302 | -€68,785 | -56.8% |
| Financial debts | 170/4 | €121,087 | €52,302 | -€68,785 | -56.8% |
| Amounts payable within one year | 42/48 | €317,265 | €312,258 | -€5,007 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €67,713 | €68,785 | +€1,072 | +1.6% |
| Trade debts | 44 | €153,264 | €144,746 | -€8,518 | -5.6% |
| Suppliers | 440/4 | €153,264 | €144,746 | -€8,518 | -5.6% |
| Taxes, remuneration and social security | 45 | €9,656 | €25,715 | +€16,059 | +166% |
| Taxes | 450/3 | €4,324 | €4,152 | -€172 | -4.0% |
| Remuneration and social security | 454/9 | €5,332 | €21,563 | +€16,231 | +304% |
| Other amounts payable | 47/48 | €86,631 | €73,012 | -€13,619 | -15.7% |
| Non-recurring operating income | 76A | €32 | €0 | -€32 | -100% |
| Remuneration, social security and pensions | 62 | €331,866 | €319,138 | -€12,728 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,027 | €69,818 | -€209 | -0.3% |
| Other operating charges | 640/8 | €4,657 | €4,939 | +€282 | +6.1% |
| Non-recurring operating charges | 66A | €0 | €2,588 | +€2,588 | |
| Gross operating margin | 9900 | €460,506 | €442,158 | -€18,348 | -4.0% |
| Operating profit (loss) | 9901 | €53,956 | €45,674 | -€8,282 | -15.3% |
| Financial income | 75/76B | €60 | €6 | -€54 | -89.6% |
| Recurring financial income | 75 | €60 | €6 | -€54 | -89.6% |
| Financial charges | 65/66B | €115,642 | €98,118 | -€17,525 | -15.2% |
| Recurring financial charges | 65 | €115,642 | €98,118 | -€17,525 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | -€61,627 | -€52,438 | +€9,189 | +14.9% |
| Income taxes | 67/77 | €3,288 | €327 | -€2,961 | -90.1% |
| Profit (loss) for the period | 9904 | -€64,915 | -€52,764 | +€12,150 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€64,915 | -€52,764 | +€12,150 | +18.7% |
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 24 October 2026 via checked.be.