ARNAUD CORTISSE: 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 CORTISSE
Largest movements
- Tangible fixed assets -€10,931
down €10,931 (-72.9%), from €15,003 to €4,071
- Receivables within one year -€8,166
down €8,166 (-70.2%), from €11,628 to €3,461
of which Trade receivables: -€7,847
- Cash -€2,127
down €2,127 (-3.0%), from €71,757 to €69,630
mainly Net result for the year (-€17,663) and Debts after one year (-€5,305)
- Profit (loss) carried forward -€17,663
new in 2025: -€17,663
- Debts after one year -€5,305
down €5,305 (-69.8%), from €7,606 to €2,301
- Trade debts +€1,696
up €1,696 (+339%), from €500 to €2,196
- Gross operating margin -€80,981
down €80,981, from €76,010 to -€4,971
- Taxes -€13,947
down €13,947 (-98.3%), from €14,193 to €246
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 | €99,828 | €78,899 | -€20,929 | -21.0% |
| Fixed assets | 21/28 | €15,003 | €4,071 | -€10,931 | -72.9% |
| Tangible fixed assets | 22/27 | €15,003 | €4,071 | -€10,931 | -72.9% |
| Furniture and vehicles | 24 | €15,003 | €4,071 | -€10,931 | -72.9% |
| Current assets | 29/58 | €84,825 | €74,828 | -€9,997 | -11.8% |
| Amounts receivable within one year | 40/41 | €11,628 | €3,461 | -€8,166 | -70.2% |
| Trade receivables | 40 | €11,028 | €3,181 | -€7,847 | -71.2% |
| Other amounts receivable | 41 | €600 | €281 | -€319 | -53.2% |
| Cash at bank and in hand | 54/58 | €71,757 | €69,630 | -€2,127 | -3.0% |
| Deferred charges and accrued income | 490/1 | €1,441 | €1,736 | +€296 | +20.5% |
| Total equity and liabilities | 10/49 | €99,828 | €78,899 | -€20,929 | -21.0% |
| Equity | 10/15 | €86,515 | €68,852 | -€17,663 | -20.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €83,515 | €83,515 | = | 0.0% |
| Distributable reserves | 133 | €83,515 | €83,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€17,663 | -€17,663 | |
| Amounts payable | 17/49 | €13,312 | €10,047 | -€3,265 | -24.5% |
| Amounts payable after more than one year | 17 | €7,606 | €2,301 | -€5,305 | -69.8% |
| Financial debts | 170/4 | €7,606 | €2,301 | -€5,305 | -69.8% |
| Amounts payable within one year | 42/48 | €5,706 | €7,746 | +€2,040 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €5,014 | €5,305 | +€292 | +5.8% |
| Trade debts | 44 | €500 | €2,196 | +€1,696 | +339% |
| Suppliers | 440/4 | €500 | €2,196 | +€1,696 | +339% |
| Taxes, remuneration and social security | 45 | €193 | €246 | +€53 | +27.2% |
| Taxes | 450/3 | €193 | €246 | +€53 | +27.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,042 | €10,931 | -€111 | -1.0% |
| Other operating charges | 640/8 | €511 | €692 | +€181 | +35.4% |
| Gross operating margin | 9900 | €76,010 | -€4,971 | -€80,981 | |
| Operating profit (loss) | 9901 | €64,457 | -€16,594 | -€81,051 | |
| Financial charges | 65/66B | €889 | €824 | -€65 | -7.3% |
| Recurring financial charges | 65 | €889 | €824 | -€65 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €63,568 | -€17,418 | -€80,986 | |
| Income taxes | 67/77 | €14,193 | €246 | -€13,947 | -98.3% |
| Profit (loss) for the period | 9904 | €49,375 | -€17,663 | -€67,038 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,375 | -€17,663 | -€67,038 |
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 18 October 2026 via checked.be.