Arnaud BOSCOLO: 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 BOSCOLO
Largest movements
- Cash -€28,437
down €28,437 (-100%), from €28,437 to €0
mainly Receivables within one year (-€22,285) and Net result for the year (-€19,291)
- Receivables within one year +€22,285
up €22,285 (+29.9%), from €74,450 to €96,735
of which Trade receivables: +€40,803
- Tangible fixed assets -€13,527
down €13,527 (-26.7%), from €50,695 to €37,168
- Deferred charges and accrued income +€2,196
up €2,196 (+4,002%), from €55 to €2,251
- Tax, wage and social debts +€25,900
up €25,900 (+152%), from €17,079 to €42,979
of which Taxes: +€25,632
- Profit (loss) carried forward -€19,291
down €19,291 (-39.4%), from €48,950 to €29,659
- Debts after one year -€11,316
down €11,316 (-25.2%), from €44,882 to €33,566
- Accrued charges and deferred income -€6,613
no longer reported in 2025 (was €6,613)
- Trade debts -€5,100
down €5,100 (-20.9%), from €24,437 to €19,337
- Gross operating margin -€21,571
down €21,571 (-64.5%), from €33,454 to €11,883
- Depreciation +€9,538
up €9,538 (+125%), from €7,623 to €17,161
- Staff costs +€7,910
new in 2025: €7,910
- Taxes -€5,071
no longer reported in 2025 (was €5,071)
- Write-downs +€3,362
new in 2025: €3,362
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 | €153,637 | €136,154 | -€17,483 | -11.4% |
| Fixed assets | 21/28 | €50,695 | €37,168 | -€13,527 | -26.7% |
| Tangible fixed assets | 22/27 | €50,695 | €37,168 | -€13,527 | -26.7% |
| Furniture and vehicles | 24 | €50,695 | €37,168 | -€13,527 | -26.7% |
| Current assets | 29/58 | €102,942 | €98,986 | -€3,956 | -3.8% |
| Amounts receivable within one year | 40/41 | €74,450 | €96,735 | +€22,285 | +29.9% |
| Trade receivables | 40 | €34,862 | €75,664 | +€40,803 | +117% |
| Other amounts receivable | 41 | €39,588 | €21,070 | -€18,518 | -46.8% |
| Cash at bank and in hand | 54/58 | €28,437 | €0 | -€28,437 | -100% |
| Deferred charges and accrued income | 490/1 | €55 | €2,251 | +€2,196 | +4,002% |
| Total equity and liabilities | 10/49 | €153,637 | €136,154 | -€17,483 | -11.4% |
| Equity | 10/15 | €52,950 | €33,659 | -€19,291 | -36.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,950 | €29,659 | -€19,291 | -39.4% |
| Amounts payable | 17/49 | €100,687 | €102,494 | +€1,808 | +1.8% |
| Amounts payable after more than one year | 17 | €44,882 | €33,566 | -€11,316 | -25.2% |
| Financial debts | 170/4 | €44,882 | €33,566 | -€11,316 | -25.2% |
| Amounts payable within one year | 42/48 | €49,192 | €68,929 | +€19,736 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €7,676 | €6,612 | -€1,064 | -13.9% |
| Trade debts | 44 | €24,437 | €19,337 | -€5,100 | -20.9% |
| Suppliers | 440/4 | €24,437 | €19,337 | -€5,100 | -20.9% |
| Taxes, remuneration and social security | 45 | €17,079 | €42,979 | +€25,900 | +152% |
| Taxes | 450/3 | €17,079 | €42,710 | +€25,632 | +150% |
| Remuneration and social security | 454/9 | - | €269 | +€269 | |
| Accrued charges and deferred income | 492/3 | €6,613 | - | -€6,613 | |
| Remuneration, social security and pensions | 62 | - | €7,910 | +€7,910 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,623 | €17,161 | +€9,538 | +125% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,362 | +€3,362 | |
| Other operating charges | 640/8 | €2,327 | €791 | -€1,536 | -66.0% |
| Gross operating margin | 9900 | €33,454 | €11,883 | -€21,571 | -64.5% |
| Operating profit (loss) | 9901 | €23,504 | -€17,341 | -€40,845 | |
| Financial income | 75/76B | - | €796 | +€796 | |
| Recurring financial income | 75 | - | €796 | +€796 | |
| Financial charges | 65/66B | €2,725 | €2,746 | +€21 | +0.8% |
| Recurring financial charges | 65 | €2,725 | €2,746 | +€21 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €20,779 | -€19,291 | -€40,070 | |
| Income taxes | 67/77 | €5,071 | - | -€5,071 | |
| Profit (loss) for the period | 9904 | €15,708 | -€19,291 | -€34,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,708 | -€19,291 | -€34,998 |
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 16 October 2026 via checked.be.