ARNAUD FREBEL: what changed
Two fiscal 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 FREBEL
Largest movements
- Cash +€38,284
up €38,284 (+6060.7%), from €632 to €38,916
mainly Depreciation (+€45,736) and Net result for the year (+€33,714)
- Tangible fixed assets -€34,561
down €34,561 (-17.3%), from €199,360 to €164,800
of which Furniture and vehicles: -€19,120
- Receivables within one year -€11,164
down €11,164 (-32.9%), from €33,971 to €22,807
of which Other amounts receivable: -€11,028
- Debts after one year -€27,475
down €27,475 (-21.0%), from €130,903 to €103,427
- Profit (loss) carried forward +€26,214
up €26,214, from -€25,978 to €236
- Current portion of long-term debt -€9,377
down €9,377 (-25.4%), from €36,852 to €27,475
- Trade debts +€7,727
up €7,727 (+47.2%), from €16,363 to €24,090
- Tax, wage and social debts -€7,501
down €7,501 (-67.4%), from €11,134 to €3,634
- Gross operating margin +€76,808
up €76,808 (+446.2%), from €17,216 to €94,023
- Depreciation +€9,796
up €9,796 (+27.3%), from €35,940 to €45,736
- Financial charges +€2,392
up €2,392 (+46.8%), from €5,110 to €7,501
- Taxes +€2,084
up €2,084, from €0 to €2,084
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.
Cash bridge derived
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 | €235,837 | €229,374 | -€6,463 | -2.7% |
| Fixed assets | 21/28 | €199,765 | €165,205 | -€34,561 | -17.3% |
| Tangible fixed assets | 22/27 | €199,360 | €164,800 | -€34,561 | -17.3% |
| Plant, machinery and equipment | 23 | €24,995 | €18,355 | -€6,640 | -26.6% |
| Furniture and vehicles | 24 | €162,401 | €143,281 | -€19,120 | -11.8% |
| Leasing and similar rights | 25 | €11,964 | €3,164 | -€8,800 | -73.6% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €36,072 | €64,170 | +€28,098 | +77.9% |
| Amounts receivable within one year | 40/41 | €33,971 | €22,807 | -€11,164 | -32.9% |
| Trade receivables | 40 | €17,774 | €17,638 | -€136 | -0.8% |
| Other amounts receivable | 41 | €16,197 | €5,169 | -€11,028 | -68.1% |
| Cash at bank and in hand | 54/58 | €632 | €38,916 | +€38,284 | +6060.7% |
| Deferred charges and accrued income | 490/1 | €1,470 | €2,447 | +€977 | +66.5% |
| Total equity and liabilities | 10/49 | €235,837 | €229,374 | -€6,463 | -2.7% |
| Equity | 10/15 | €32,522 | €66,236 | +€33,714 | +103.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €33,500 | €41,000 | +€7,500 | +22.4% |
| Distributable reserves | 133 | €33,500 | €41,000 | +€7,500 | +22.4% |
| Profit (loss) carried forward | 14 | -€25,978 | €236 | +€26,214 | |
| Amounts payable | 17/49 | €203,315 | €163,138 | -€40,177 | -19.8% |
| Amounts payable after more than one year | 17 | €130,903 | €103,427 | -€27,475 | -21.0% |
| Financial debts | 170/4 | €130,903 | €103,427 | -€27,475 | -21.0% |
| Amounts payable within one year | 42/48 | €72,413 | €59,710 | -€12,702 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €36,852 | €27,475 | -€9,377 | -25.4% |
| Financial debts | 43 | €5,545 | - | -€5,545 | |
| Credit institutions | 430/8 | €5,545 | - | -€5,545 | |
| Trade debts | 44 | €16,363 | €24,090 | +€7,727 | +47.2% |
| Suppliers | 440/4 | €16,363 | €24,090 | +€7,727 | +47.2% |
| Advances received on contracts in progress | 46 | €472 | €455 | -€17 | -3.5% |
| Taxes, remuneration and social security | 45 | €11,134 | €3,634 | -€7,501 | -67.4% |
| Taxes | 450/3 | €11,134 | €3,634 | -€7,501 | -67.4% |
| Other amounts payable | 47/48 | €2,047 | €4,057 | +€2,010 | +98.2% |
| Remuneration, social security and pensions | 62 | €909 | €927 | +€18 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,940 | €45,736 | +€9,796 | +27.3% |
| Other operating charges | 640/8 | €3,301 | €4,061 | +€760 | +23.0% |
| Gross operating margin | 9900 | €17,216 | €94,023 | +€76,808 | +446.2% |
| Operating profit (loss) | 9901 | -€22,935 | €43,299 | +€66,233 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +2500.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +2500.0% |
| Financial charges | 65/66B | €5,110 | €7,501 | +€2,392 | +46.8% |
| Recurring financial charges | 65 | €5,110 | €7,501 | +€2,392 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | -€28,044 | €35,798 | +€63,842 | |
| Income taxes | 67/77 | €0 | €2,084 | +€2,084 | |
| Profit (loss) for the period | 9904 | -€28,044 | €33,714 | +€61,759 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,044 | €33,714 | +€61,759 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.