ARNAUD: 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.
ARNAUD
Largest movements
- Cash +€298,059
up €298,059 (+1,597%), from €18,659 to €316,719
- Financial fixed assets -€230,000
down €230,000 (-99.2%), from €231,800 to €1,800
- Receivables within one year +€203,131
up €203,131 (+99.7%), from €203,687 to €406,818
of which Other amounts receivable: +€316,815
- Tangible fixed assets -€104,279
down €104,279 (-40.2%), from €259,339 to €155,059
of which Land and buildings: -€104,279
- Profit (loss) carried forward +€138,279
up €138,279 (+35.8%), from €386,103 to €524,382
- Accrued charges and deferred income +€136,345
new in 2025: €136,345
- Other debts -€28,966
down €28,966 (-31.3%), from €92,587 to €63,621
- Debts after one year -€20,616
down €20,616 (-22.6%), from €91,156 to €70,540
- Current portion of long-term debt -€17,731
no longer reported in 2025 (was €17,731)
- Gross operating margin +€95,415
up €95,415 (+234%), from €40,780 to €136,195
- Financial income +€32,175
up €32,175 (+267%), from €12,032 to €44,207
- Taxes +€24,226
up €24,226 (+123%), from €19,723 to €43,950
- Depreciation -€6,616
down €6,616 (-40.6%), from €16,295 to €9,679
- Other operating charges -€3,771
down €3,771 (-46.8%), from €8,063 to €4,292
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €716,374 | €880,774 | +€164,401 | +22.9% |
| Fixed assets | 21/28 | €491,138 | €156,859 | -€334,279 | -68.1% |
| Tangible fixed assets | 22/27 | €259,339 | €155,059 | -€104,279 | -40.2% |
| Land and buildings | 22 | €259,339 | €155,059 | -€104,279 | -40.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €231,800 | €1,800 | -€230,000 | -99.2% |
| Current assets | 29/58 | €225,235 | €723,915 | +€498,680 | +221% |
| Stocks and contracts in progress | 3 | €2,244 | - | -€2,244 | |
| Stocks | 30/36 | €2,244 | - | -€2,244 | |
| Amounts receivable within one year | 40/41 | €203,687 | €406,818 | +€203,131 | +99.7% |
| Trade receivables | 40 | €132,342 | €18,658 | -€113,684 | -85.9% |
| Other amounts receivable | 41 | €71,345 | €388,160 | +€316,815 | +444% |
| Cash at bank and in hand | 54/58 | €18,659 | €316,719 | +€298,059 | +1,597% |
| Deferred charges and accrued income | 490/1 | €645 | €379 | -€266 | -41.3% |
| Total equity and liabilities | 10/49 | €716,374 | €880,774 | +€164,401 | +22.9% |
| Equity | 10/15 | €426,862 | €559,909 | +€133,048 | +31.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €22,167 | €16,935 | -€5,232 | -23.6% |
| Tax-exempt reserves | 132 | €20,308 | €15,076 | -€5,232 | -25.8% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €386,103 | €524,382 | +€138,279 | +35.8% |
| Provisions and deferred taxes | 16 | €7,670 | - | -€7,670 | |
| Deferred taxes | 168 | €7,670 | - | -€7,670 | |
| Amounts payable | 17/49 | €281,842 | €320,865 | +€39,023 | +13.8% |
| Amounts payable after more than one year | 17 | €91,156 | €70,540 | -€20,616 | -22.6% |
| Financial debts | 170/4 | €91,156 | €70,540 | -€20,616 | -22.6% |
| Amounts payable within one year | 42/48 | €190,686 | €113,980 | -€76,706 | -40.2% |
| Current portion of amounts payable after more than one year | 42 | €17,731 | - | -€17,731 | |
| Financial debts | 43 | €16,924 | - | -€16,924 | |
| Credit institutions | 430/8 | €16,924 | - | -€16,924 | |
| Trade debts | 44 | €15,159 | €6,258 | -€8,901 | -58.7% |
| Suppliers | 440/4 | €15,159 | €6,258 | -€8,901 | -58.7% |
| Taxes, remuneration and social security | 45 | €48,284 | €44,101 | -€4,183 | -8.7% |
| Taxes | 450/3 | €24,201 | €44,101 | +€19,900 | +82.2% |
| Remuneration and social security | 454/9 | €24,084 | - | -€24,084 | |
| Other amounts payable | 47/48 | €92,587 | €63,621 | -€28,966 | -31.3% |
| Accrued charges and deferred income | 492/3 | - | €136,345 | +€136,345 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,295 | €9,679 | -€6,616 | -40.6% |
| Other operating charges | 640/8 | €8,063 | €4,292 | -€3,771 | -46.8% |
| Gross operating margin | 9900 | €40,780 | €136,195 | +€95,415 | +234% |
| Operating profit (loss) | 9901 | €16,422 | €122,224 | +€105,802 | +644% |
| Financial income | 75/76B | €12,032 | €44,207 | +€32,175 | +267% |
| Recurring financial income | 75 | €12,032 | €44,207 | +€32,175 | +267% |
| Financial charges | 65/66B | €6,696 | €4,590 | -€2,106 | -31.5% |
| Recurring financial charges | 65 | €6,696 | €4,590 | -€2,106 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | €21,758 | €161,841 | +€140,083 | +644% |
| Transfer from deferred taxes | 780 | €10,406 | - | -€10,406 | |
| Income taxes | 67/77 | €19,723 | €43,950 | +€24,226 | +123% |
| Profit (loss) for the period | 9904 | €12,440 | €117,892 | +€105,451 | +848% |
| Transfer from tax-exempt reserves | 789 | €51,040 | - | -€51,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,480 | €117,892 | +€54,411 | +85.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.