ARNAUD URBAIN: 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 URBAIN
Largest movements
- Tangible fixed assets +€376,733
up €376,733 (+136%), from €276,956 to €653,689
of which Land and buildings: +€316,913
- Receivables within one year -€79,563
down €79,563 (-87.6%), from €90,851 to €11,289
- Cash +€12,238
up €12,238 (+7.6%), from €161,789 to €174,028
mainly Debts after one year (+€233,591) and Depreciation (+€131,791)
- Debts after one year +€233,591
new in 2025: €233,591
- Profit (loss) carried forward +€97,567
up €97,567 (+94.3%), from €103,421 to €200,988
- Other debts -€61,554
down €61,554 (-28.6%), from €215,370 to €153,816
- Tax, wage and social debts +€51,846
up €51,846 (+44.3%), from €117,137 to €168,982
of which Taxes: +€61,018
- Trade debts -€27,559
down €27,559 (-36.0%), from €76,567 to €49,008
- Gross operating margin +€119,177
up €119,177 (+17.7%), from €671,466 to €790,643
- Depreciation +€68,765
up €68,765 (+109%), from €63,025 to €131,791
- Staff costs +€34,628
up €34,628 (+7.5%), from €464,097 to €498,726
- Other operating charges +€10,877
up €10,877 (+237%), from €4,599 to €15,476
- Financial charges +€7,959
up €7,959 (+233%), from €3,419 to €11,378
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 | €532,494 | €847,908 | +€315,414 | +59.2% |
| Fixed assets | 21/28 | €276,956 | €655,189 | +€378,233 | +137% |
| Tangible fixed assets | 22/27 | €276,956 | €653,689 | +€376,733 | +136% |
| Land and buildings | 22 | €8,407 | €325,319 | +€316,913 | +3,770% |
| Plant, machinery and equipment | 23 | €170,593 | €131,795 | -€38,799 | -22.7% |
| Furniture and vehicles | 24 | €97,956 | €196,575 | +€98,619 | +101% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €255,539 | €192,720 | -€62,819 | -24.6% |
| Stocks and contracts in progress | 3 | €2,499 | €3,454 | +€955 | +38.2% |
| Stocks | 30/36 | €2,499 | €3,454 | +€955 | +38.2% |
| Amounts receivable within one year | 40/41 | €90,851 | €11,289 | -€79,563 | -87.6% |
| Trade receivables | 40 | €90,851 | €11,289 | -€79,563 | -87.6% |
| Cash at bank and in hand | 54/58 | €161,789 | €174,028 | +€12,238 | +7.6% |
| Deferred charges and accrued income | 490/1 | €399 | €3,949 | +€3,550 | +890% |
| Total equity and liabilities | 10/49 | €532,494 | €847,908 | +€315,414 | +59.2% |
| Equity | 10/15 | €123,421 | €220,988 | +€97,567 | +79.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,421 | €200,988 | +€97,567 | +94.3% |
| Amounts payable | 17/49 | €409,073 | €626,920 | +€217,847 | +53.3% |
| Amounts payable after more than one year | 17 | - | €233,591 | +€233,591 | |
| Financial debts | 170/4 | - | €233,591 | +€233,591 | |
| Amounts payable within one year | 42/48 | €409,073 | €393,034 | -€16,039 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | - | €21,227 | +€21,227 | |
| Trade debts | 44 | €76,567 | €49,008 | -€27,559 | -36.0% |
| Suppliers | 440/4 | €76,567 | €49,008 | -€27,559 | -36.0% |
| Taxes, remuneration and social security | 45 | €117,137 | €168,982 | +€51,846 | +44.3% |
| Taxes | 450/3 | €57,804 | €118,821 | +€61,018 | +106% |
| Remuneration and social security | 454/9 | €59,333 | €50,161 | -€9,172 | -15.5% |
| Other amounts payable | 47/48 | €215,370 | €153,816 | -€61,554 | -28.6% |
| Accrued charges and deferred income | 492/3 | - | €295 | +€295 | |
| Remuneration, social security and pensions | 62 | €464,097 | €498,726 | +€34,628 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,025 | €131,791 | +€68,765 | +109% |
| Other operating charges | 640/8 | €4,599 | €15,476 | +€10,877 | +237% |
| Gross operating margin | 9900 | €671,466 | €790,643 | +€119,177 | +17.7% |
| Operating profit (loss) | 9901 | €139,744 | €144,651 | +€4,907 | +3.5% |
| Financial income | 75/76B | - | €282 | +€282 | |
| Recurring financial income | 75 | - | €282 | +€282 | |
| Financial charges | 65/66B | €3,419 | €11,378 | +€7,959 | +233% |
| Recurring financial charges | 65 | €3,419 | €11,378 | +€7,959 | +233% |
| Profit (loss) for the period before taxes | 9903 | €136,325 | €133,555 | -€2,771 | -2.0% |
| Income taxes | 67/77 | €32,904 | €35,988 | +€3,084 | +9.4% |
| Profit (loss) for the period | 9904 | €103,421 | €97,567 | -€5,854 | -5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €103,421 | €97,567 | -€5,854 | -5.7% |
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 25 October 2026 via checked.be.