Arnaud Wiertz: 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 Wiertz
Largest movements
- Tangible fixed assets +€33,709
up €33,709 (+178%), from €18,915 to €52,624
of which Other tangible fixed assets: +€33,427
- Intangible fixed assets -€13,800
down €13,800 (-66.8%), from €20,643 to €6,843
- Receivables after one year +€10,000
up €10,000 (+4.4%), from €227,500 to €237,500
- Cash +€8,764
up €8,764 (+14.8%), from €59,317 to €68,081
mainly Debts after one year (+€100,000) and Net result for the year (+€54,731)
- Other debts -€118,726
down €118,726 (-81.6%), from €145,564 to €26,838
- Debts after one year +€100,000
up €100,000 (+73.9%), from €135,300 to €235,300
- Reserves +€54,000
up €54,000 (+67.1%), from €80,500 to €134,500
- Staff costs +€26,914
up €26,914 (+291%), from €9,262 to €36,175
- Gross operating margin +€5,632
up €5,632 (+4.6%), from €121,690 to €127,322
- Taxes -€4,980
down €4,980 (-27.7%), from €17,980 to €13,000
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 | €372,874 | €413,458 | +€40,584 | +10.9% |
| Fixed assets | 21/28 | €39,558 | €59,467 | +€19,909 | +50.3% |
| Intangible fixed assets | 21 | €20,643 | €6,843 | -€13,800 | -66.8% |
| Tangible fixed assets | 22/27 | €18,915 | €52,624 | +€33,709 | +178% |
| Plant, machinery and equipment | 23 | €279 | €1,047 | +€768 | +275% |
| Furniture and vehicles | 24 | €3,730 | €3,244 | -€486 | -13.0% |
| Other tangible fixed assets | 26 | €14,906 | €48,333 | +€33,427 | +224% |
| Current assets | 29/58 | €333,315 | €353,991 | +€20,675 | +6.2% |
| Amounts receivable after more than one year | 29 | €227,500 | €237,500 | +€10,000 | +4.4% |
| Other amounts receivable | 291 | €227,500 | €237,500 | +€10,000 | +4.4% |
| Amounts receivable within one year | 40/41 | €44,109 | €42,808 | -€1,300 | -2.9% |
| Trade receivables | 40 | €44,109 | €40,808 | -€3,300 | -7.5% |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €59,317 | €68,081 | +€8,764 | +14.8% |
| Deferred charges and accrued income | 490/1 | €2,390 | €5,601 | +€3,211 | +134% |
| Total equity and liabilities | 10/49 | €372,874 | €413,458 | +€40,584 | +10.9% |
| Equity | 10/15 | €82,970 | €136,868 | +€53,898 | +65.0% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €80,500 | €134,500 | +€54,000 | +67.1% |
| Distributable reserves | 133 | €80,500 | €134,500 | +€54,000 | +67.1% |
| Profit (loss) carried forward | 14 | €1,270 | €1,168 | -€102 | -8.1% |
| Amounts payable | 17/49 | €289,903 | €276,590 | -€13,314 | -4.6% |
| Amounts payable after more than one year | 17 | €135,300 | €235,300 | +€100,000 | +73.9% |
| Financial debts | 170/4 | €135,300 | €235,300 | +€100,000 | +73.9% |
| Amounts payable within one year | 42/48 | €154,603 | €38,665 | -€115,939 | -75.0% |
| Trade debts | 44 | €3,112 | €2,337 | -€775 | -24.9% |
| Suppliers | 440/4 | €3,112 | €2,337 | -€775 | -24.9% |
| Taxes, remuneration and social security | 45 | €5,927 | €9,489 | +€3,562 | +60.1% |
| Taxes | 450/3 | €4,867 | €4,128 | -€739 | -15.2% |
| Remuneration and social security | 454/9 | €1,060 | €5,362 | +€4,301 | +406% |
| Other amounts payable | 47/48 | €145,564 | €26,838 | -€118,726 | -81.6% |
| Accrued charges and deferred income | 492/3 | - | €2,625 | +€2,625 | |
| Remuneration, social security and pensions | 62 | €9,262 | €36,175 | +€26,914 | +291% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,759 | €19,944 | +€184 | +0.9% |
| Other operating charges | 640/8 | €675 | €696 | +€21 | +3.1% |
| Gross operating margin | 9900 | €121,690 | €127,322 | +€5,632 | +4.6% |
| Operating profit (loss) | 9901 | €91,994 | €70,507 | -€21,487 | -23.4% |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Financial charges | 65/66B | €2,799 | €2,776 | -€23 | -0.8% |
| Recurring financial charges | 65 | €2,799 | €2,776 | -€23 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €89,228 | €67,731 | -€21,498 | -24.1% |
| Income taxes | 67/77 | €17,980 | €13,000 | -€4,980 | -27.7% |
| Profit (loss) for the period | 9904 | €71,248 | €54,731 | -€16,518 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,248 | €54,731 | -€16,518 | -23.2% |
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 23 October 2026 via checked.be.