ARSENAAL CONSTRUCT: what changed
Two fiscal 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.
ARSENAAL CONSTRUCT
Largest movements
- Current investments +€800,000
new in 2025: €800,000
- Stocks and contracts +€527,002
up €527,002 (+21.4%), from €2.5m to €3.0m
- Receivables within one year +€108,281
up €108,281 (+258.5%), from €41,891 to €150,172
of which Trade receivables: +€127,907
- Contributions +€1.9m
up €1.9m (+113.2%), from €1.7m to €3.6m
- Profit (loss) carried forward -€569,379
down €569,379 (-61.7%), from -€923,390 to -€1.5m
- Trade debts +€175,107
up €175,107 (+229.6%), from €76,254 to €251,361
- Other debts -€95,000
no longer reported in 2025 (was €95,000)
- Gross operating margin -€98,804
down €98,804 (-20.8%), from -€474,066 to -€572,870
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.
Cash bridge derived
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 | €2,567,707 | €4,003,435 | +€1.4m | +55.9% |
| Fixed assets | 21/28 | €54,000 | €54,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €4,000 | €4,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €4,000 | €4,000 | = | 0.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €2,513,707 | €3,949,435 | +€1.4m | +57.1% |
| Stocks and contracts in progress | 3 | €2,460,211 | €2,987,213 | +€527,002 | +21.4% |
| Stocks | 30/36 | €2,460,211 | €2,987,213 | +€527,002 | +21.4% |
| Amounts receivable within one year | 40/41 | €41,891 | €150,172 | +€108,281 | +258.5% |
| Trade receivables | 40 | €985 | €128,892 | +€127,907 | +12985.5% |
| Other amounts receivable | 41 | €40,906 | €21,280 | -€19,626 | -48.0% |
| Current investments | 50/53 | - | €800,000 | +€800,000 | |
| Cash at bank and in hand | 54/58 | €11,605 | €12,050 | +€445 | +3.8% |
| Total equity and liabilities | 10/49 | €2,567,707 | €4,003,435 | +€1.4m | +55.9% |
| Equity | 10/15 | €776,610 | €2,132,231 | +€1.4m | +174.6% |
| Contributions | 10/11 | €1,700,000 | €3,625,000 | +€1.9m | +113.2% |
| Capital | 10 | €1,700,000 | €3,625,000 | +€1.9m | +113.2% |
| Issued capital | 100 | €3,000,000 | €5,500,000 | +€2.5m | +83.3% |
| Uncalled capital | 101 | €1,300,000 | €1,875,000 | +€575,000 | +44.2% |
| Profit (loss) carried forward | 14 | -€923,390 | -€1,492,769 | -€569,379 | -61.7% |
| Amounts payable | 17/49 | €1,791,097 | €1,871,204 | +€80,107 | +4.5% |
| Amounts payable within one year | 42/48 | €1,791,097 | €1,871,204 | +€80,107 | +4.5% |
| Trade debts | 44 | €76,254 | €251,361 | +€175,107 | +229.6% |
| Suppliers | 440/4 | €76,254 | €251,361 | +€175,107 | +229.6% |
| Advances received on contracts in progress | 46 | €1,619,843 | €1,619,843 | = | 0.0% |
| Other amounts payable | 47/48 | €95,000 | - | -€95,000 | |
| Other operating charges | 640/8 | €246 | €248 | +€2 | +0.8% |
| Gross operating margin | 9900 | -€474,066 | -€572,870 | -€98,804 | -20.8% |
| Operating profit (loss) | 9901 | -€474,312 | -€573,118 | -€98,806 | -20.8% |
| Financial income | 75/76B | €5,075 | €2,866 | -€2,209 | -43.5% |
| Recurring financial income | 75 | €5,075 | €2,866 | -€2,209 | -43.5% |
| Financial charges | 65/66B | €188 | €639 | +€451 | +239.9% |
| Recurring financial charges | 65 | €188 | €639 | +€451 | +239.9% |
| Profit (loss) for the period before taxes | 9903 | -€469,425 | -€570,891 | -€101,466 | -21.6% |
| Income taxes | 67/77 | €1,365 | -€1,512 | -€2,877 | |
| Profit (loss) for the period | 9904 | -€470,790 | -€569,379 | -€98,589 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€470,790 | -€569,379 | -€98,589 | -20.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.