Arnaud Van de Putte: 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 Van de Putte
Largest movements
- Current investments +€120,319
up €120,319 (+240.4%), from €50,058 to €170,377
- Receivables within one year -€12,880
no longer reported in 2025 (was €12,880)
- Cash -€10,658
down €10,658 (-41.1%), from €25,959 to €15,301
mainly Current investments (-€120,319) and Tax, wage and social debts (-€10,022)
- Reserves +€105,000
up €105,000 (+154.4%), from €68,000 to €173,000
- Tax, wage and social debts -€10,022
down €10,022 (-50.2%), from €19,977 to €9,955
of which Taxes: -€9,810
- Gross operating margin +€48,971
up €48,971 (+56.5%), from €86,637 to €135,607
- Taxes +€11,830
up €11,830 (+68.6%), from €17,245 to €29,075
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 | €92,406 | €187,849 | +€95,442 | +103.3% |
| Fixed assets | 21/28 | €3,509 | €2,170 | -€1,339 | -38.2% |
| Tangible fixed assets | 22/27 | €3,509 | €2,170 | -€1,339 | -38.2% |
| Furniture and vehicles | 24 | €3,509 | €2,170 | -€1,339 | -38.2% |
| Current assets | 29/58 | €88,897 | €185,679 | +€96,782 | +108.9% |
| Amounts receivable within one year | 40/41 | €12,880 | - | -€12,880 | |
| Other amounts receivable | 41 | €12,880 | - | -€12,880 | |
| Current investments | 50/53 | €50,058 | €170,377 | +€120,319 | +240.4% |
| Cash at bank and in hand | 54/58 | €25,959 | €15,301 | -€10,658 | -41.1% |
| Total equity and liabilities | 10/49 | €92,406 | €187,849 | +€95,442 | +103.3% |
| Equity | 10/15 | €71,496 | €176,679 | +€105,183 | +147.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €68,000 | €173,000 | +€105,000 | +154.4% |
| Distributable reserves | 133 | €68,000 | €173,000 | +€105,000 | +154.4% |
| Profit (loss) carried forward | 14 | €496 | €679 | +€183 | +37.0% |
| Amounts payable | 17/49 | €20,911 | €11,170 | -€9,741 | -46.6% |
| Amounts payable within one year | 42/48 | €20,911 | €11,170 | -€9,741 | -46.6% |
| Trade debts | 44 | €934 | €942 | +€8 | +0.8% |
| Suppliers | 440/4 | €934 | €942 | +€8 | +0.8% |
| Taxes, remuneration and social security | 45 | €19,977 | €9,955 | -€10,022 | -50.2% |
| Taxes | 450/3 | €19,764 | €9,955 | -€9,810 | -49.6% |
| Remuneration and social security | 454/9 | €212 | - | -€212 | |
| Other amounts payable | 47/48 | - | €273 | +€273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €509 | €1,339 | +€831 | +163.3% |
| Other operating charges | 640/8 | €437 | €400 | -€38 | -8.6% |
| Gross operating margin | 9900 | €86,637 | €135,607 | +€48,971 | +56.5% |
| Operating profit (loss) | 9901 | €85,691 | €133,868 | +€48,178 | +56.2% |
| Financial income | 75/76B | €83 | €456 | +€373 | +448.8% |
| Recurring financial income | 75 | €83 | €456 | +€373 | +448.8% |
| Financial charges | 65/66B | €33 | €66 | +€33 | +99.3% |
| Recurring financial charges | 65 | €33 | €66 | +€33 | +99.3% |
| Profit (loss) for the period before taxes | 9903 | €85,741 | €134,259 | +€48,518 | +56.6% |
| Income taxes | 67/77 | €17,245 | €29,075 | +€11,830 | +68.6% |
| Profit (loss) for the period | 9904 | €68,496 | €105,183 | +€36,688 | +53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €68,496 | €105,183 | +€36,688 | +53.6% |
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 4 October 2026 via checked.be.