ARSA CONSTRUCT: 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.
ARSA CONSTRUCT
Largest movements
- Financial fixed assets -€50,001
down €50,001 (-14.0%), from €356,213 to €306,212
- Cash +€44,676
up €44,676 (+571%), from €7,829 to €52,505
mainly Investment in fixed assets (net) (+€45,722) and Receivables within one year (+€15,629)
- Receivables within one year -€15,629
down €15,629 (-82.9%), from €18,862 to €3,233
of which Trade receivables: -€15,770
- Tangible fixed assets -€5,294
down €5,294 (-13.6%), from €38,918 to €33,624
of which Furniture and vehicles: -€9,366
- Other debts -€16,081
no longer reported in 2025 (was €16,081)
- Debts after one year -€9,827
down €9,827 (-23.7%), from €41,449 to €31,622
- Accrued charges and deferred income -€9,333
no longer reported in 2025 (was €9,333)
- Profit (loss) carried forward +€7,182
up €7,182 (+2.3%), from €315,339 to €322,521
- Taxes +€8,319
up €8,319 (+104%), from €8,000 to €16,319
- Gross operating margin -€5,299
down €5,299 (-13.0%), from €40,866 to €35,567
- Other operating charges -€3,056
down €3,056 (-72.9%), from €4,191 to €1,135
- Financial charges -€1,237
down €1,237 (-45.2%), from €2,739 to €1,502
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 | €421,822 | €397,998 | -€23,824 | -5.6% |
| Fixed assets | 21/28 | €395,131 | €339,836 | -€55,295 | -14.0% |
| Tangible fixed assets | 22/27 | €38,918 | €33,624 | -€5,294 | -13.6% |
| Land and buildings | 22 | - | €4,072 | +€4,072 | |
| Furniture and vehicles | 24 | €38,918 | €29,552 | -€9,366 | -24.1% |
| Financial fixed assets | 28 | €356,213 | €306,212 | -€50,001 | -14.0% |
| Current assets | 29/58 | €26,691 | €58,162 | +€31,471 | +118% |
| Amounts receivable within one year | 40/41 | €18,862 | €3,233 | -€15,629 | -82.9% |
| Trade receivables | 40 | €16,335 | €565 | -€15,770 | -96.5% |
| Other amounts receivable | 41 | €2,527 | €2,668 | +€141 | +5.6% |
| Cash at bank and in hand | 54/58 | €7,829 | €52,505 | +€44,676 | +571% |
| Deferred charges and accrued income | 490/1 | - | €2,424 | +€2,424 | |
| Total equity and liabilities | 10/49 | €421,822 | €397,998 | -€23,824 | -5.6% |
| Equity | 10/15 | €335,799 | €342,981 | +€7,182 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,339 | €322,521 | +€7,182 | +2.3% |
| Amounts payable | 17/49 | €86,023 | €55,017 | -€31,006 | -36.0% |
| Amounts payable after more than one year | 17 | €41,449 | €31,622 | -€9,827 | -23.7% |
| Financial debts | 170/4 | €41,449 | €31,622 | -€9,827 | -23.7% |
| Amounts payable within one year | 42/48 | €35,241 | €23,395 | -€11,846 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €9,436 | €9,827 | +€391 | +4.1% |
| Trade debts | 44 | €6,713 | €8,644 | +€1,931 | +28.8% |
| Suppliers | 440/4 | €6,713 | €8,644 | +€1,931 | +28.8% |
| Taxes, remuneration and social security | 45 | €3,011 | €4,924 | +€1,913 | +63.5% |
| Taxes | 450/3 | €3,011 | €4,924 | +€1,913 | +63.5% |
| Other amounts payable | 47/48 | €16,081 | - | -€16,081 | |
| Accrued charges and deferred income | 492/3 | €9,333 | - | -€9,333 | |
| Non-recurring operating income | 76A | €1,641 | - | -€1,641 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,946 | €9,573 | -€373 | -3.8% |
| Other operating charges | 640/8 | €4,191 | €1,135 | -€3,056 | -72.9% |
| Gross operating margin | 9900 | €40,866 | €35,567 | -€5,299 | -13.0% |
| Operating profit (loss) | 9901 | €26,729 | €24,859 | -€1,870 | -7.0% |
| Financial income | 75/76B | €91 | €144 | +€53 | +58.2% |
| Recurring financial income | 75 | €91 | €144 | +€53 | +58.2% |
| Financial charges | 65/66B | €2,739 | €1,502 | -€1,237 | -45.2% |
| Recurring financial charges | 65 | €2,739 | €1,502 | -€1,237 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €24,081 | €23,501 | -€580 | -2.4% |
| Income taxes | 67/77 | €8,000 | €16,319 | +€8,319 | +104% |
| Profit (loss) for the period | 9904 | €16,081 | €7,182 | -€8,899 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,081 | €7,182 | -€8,899 | -55.3% |
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 20 October 2026 via checked.be.