ARCULARIUS: 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
ARCULARIUS
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €3.0m-€2.0m
Equity
€18.9m
2024 · €18.6m+€296,481
Cash
€412,297
2024 · €826,168-€413,872
Balance sheet total
€20.4m
2024 · €20.1m+€297,642
Largest movements
Assets
- Current investments +€1.0m
up €1.0m (+8.3%), from €12.1m to €13.1m
- Cash -€413,872
down €413,872 (-50.1%), from €826,168 to €412,297
mainly Current investments (-€1.0m) and Contributions, distributions and other (-€781,818)
- Receivables within one year -€399,390
down €399,390 (-70.5%), from €566,181 to €166,791
of which Other amounts receivable: -€392,419
Equity and liabilities
- Reserves +€293,182
up €293,182 (+2.7%), from €10.9m to €11.2m
Income statement
- Financial income -€2.1m
down €2.1m (-60.4%), from €3.5m to €1.4m
- Taxes -€250,930
down €250,930 (-75.1%), from €334,323 to €83,392
- Financial charges +€226,569
up €226,569 (+240%), from €94,263 to €320,832
- Provisions -€109,194
down €109,194, from €5,061 to -€104,133
- Gross operating margin +€23,599
up €23,599, from -€23,323 to €276
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.
Result 2024
€3.0m
Gross operating margin
+€23,599
Depreciation
-€592
Provisions
+€109,194
Other operating charges
+€579
Financial income
-€2.1m
Financial charges
-€226,569
Taxes
+€250,930
Result 2025
€1.1m
raises the resultlowers the result
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.
From operations
+€1.4m
Investment
-€1.0m
Financing
-€781,853
Cash 2024
€826,168
From operations (derived)
+€1.4m
Net result for the year
+€1.1m
Depreciation
+€1,701
Receivables after one year
-€85,854
Receivables within one year
+€399,390
Deferred charges and accrued income
-€23,733
Provisions
-€104,133
Trade debts
+€18,289
Tax, wage and social debts
-€60,137
Other debts
+€141,279
Accrued charges and deferred income
+€5,898
Investment (derived)
-€1.0m
Current investments
-€1.0m
Financing
-€781,853
Short-term financial debts
-€35
Contributions, distributions and other
-€781,818
Cash 2025
€412,297
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,112,808 | €20,410,450 | +€297,642 | +1.5% |
| Fixed assets | 21/28 | €6,505,478 | €6,503,777 | -€1,701 | 0.0% |
| Tangible fixed assets | 22/27 | €11,554 | €9,853 | -€1,701 | -14.7% |
| Furniture and vehicles | 24 | €8,960 | €7,259 | -€1,701 | -19.0% |
| Other tangible fixed assets | 26 | €2,594 | €2,594 | = | 0.0% |
| Financial fixed assets | 28 | €6,493,924 | €6,493,924 | = | 0.0% |
| Current assets | 29/58 | €13,607,330 | €13,906,672 | +€299,343 | +2.2% |
| Amounts receivable after more than one year | 29 | €138,550 | €224,404 | +€85,854 | +62.0% |
| Other amounts receivable | 291 | €138,550 | €224,404 | +€85,854 | +62.0% |
| Amounts receivable within one year | 40/41 | €566,181 | €166,791 | -€399,390 | -70.5% |
| Trade receivables | 40 | €9,762 | €2,791 | -€6,971 | -71.4% |
| Other amounts receivable | 41 | €556,419 | €164,000 | -€392,419 | -70.5% |
| Current investments | 50/53 | €12,073,128 | €13,076,146 | +€1.0m | +8.3% |
| Cash at bank and in hand | 54/58 | €826,168 | €412,297 | -€413,872 | -50.1% |
| Deferred charges and accrued income | 490/1 | €3,302 | €27,035 | +€23,733 | +719% |
| Total equity and liabilities | 10/49 | €20,112,808 | €20,410,450 | +€297,642 | +1.5% |
| Equity | 10/15 | €18,633,767 | €18,930,248 | +€296,481 | +1.6% |
| Contributions | 10/11 | €4,067,416 | €4,067,416 | = | 0.0% |
| Reserves | 13 | €10,904,318 | €11,197,500 | +€293,182 | +2.7% |
| Distributable reserves | 133 | €10,904,318 | €11,197,500 | +€293,182 | +2.7% |
| Profit (loss) carried forward | 14 | €3,662,033 | €3,665,332 | +€3,299 | +0.1% |
| Provisions and deferred taxes | 16 | €104,133 | €0 | -€104,133 | -100% |
| Provisions for liabilities and charges | 160/5 | €104,133 | €0 | -€104,133 | -100% |
| Other liabilities and charges | 164/5 | €104,133 | €0 | -€104,133 | -100% |
| Amounts payable | 17/49 | €1,374,908 | €1,480,202 | +€105,294 | +7.7% |
| Amounts payable after more than one year | 17 | €500,000 | €500,000 | = | 0.0% |
| Financial debts | 170/4 | €500,000 | €500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €871,241 | €970,637 | +€99,396 | +11.4% |
| Financial debts | 43 | €1,753 | €1,718 | -€35 | -2.0% |
| Credit institutions | 430/8 | €1,753 | €1,718 | -€35 | -2.0% |
| Trade debts | 44 | €9,401 | €27,690 | +€18,289 | +195% |
| Suppliers | 440/4 | €9,401 | €27,690 | +€18,289 | +195% |
| Taxes, remuneration and social security | 45 | €410,087 | €349,951 | -€60,137 | -14.7% |
| Taxes | 450/3 | €410,087 | €349,951 | -€60,137 | -14.7% |
| Other amounts payable | 47/48 | €450,000 | €591,279 | +€141,279 | +31.4% |
| Accrued charges and deferred income | 492/3 | €3,667 | €9,565 | +€5,898 | +161% |
| Non-recurring operating income | 76A | €962 | €0 | -€962 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,109 | €1,701 | +€592 | +53.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,061 | -€104,133 | -€109,194 | |
| Other operating charges | 640/8 | €11,269 | €10,690 | -€579 | -5.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€23,323 | €276 | +€23,599 | |
| Operating profit (loss) | 9901 | -€40,762 | €92,019 | +€132,780 | |
| Financial income | 75/76B | €3,515,302 | €1,390,505 | -€2.1m | -60.4% |
| Recurring financial income | 75 | €3,515,302 | €1,390,505 | -€2.1m | -60.4% |
| Financial charges | 65/66B | €94,263 | €320,832 | +€226,569 | +240% |
| Recurring financial charges | 65 | €94,263 | €320,832 | +€226,569 | +240% |
| Profit (loss) for the period before taxes | 9903 | €3,380,277 | €1,161,691 | -€2.2m | -65.6% |
| Income taxes | 67/77 | €334,323 | €83,392 | -€250,930 | -75.1% |
| Profit (loss) for the period | 9904 | €3,045,954 | €1,078,299 | -€2.0m | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,045,954 | €1,078,299 | -€2.0m | -64.6% |
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 29 October 2026 via checked.be.