ARNEL: 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.
ARNEL
Largest movements
- Cash +€53,388
up €53,388 (+83.3%), from €64,077 to €117,464
mainly Trade debts (+€58,007) and Net result for the year (+€44,159)
- Stocks and contracts +€45,660
up €45,660 (+14.7%), from €310,950 to €356,610
- Tangible fixed assets -€22,692
down €22,692 (-22.5%), from €100,840 to €78,148
- Trade debts +€58,007
up €58,007 (+325.4%), from €17,828 to €75,835
- Reserves +€44,159
up €44,159 (+22.5%), from €196,044 to €240,204
of which Distributable reserves: +€44,159
- Other debts -€15,988
down €15,988 (-10.8%), from €148,553 to €132,565
- Taxes +€14,056
up €14,056 (+405.8%), from €3,464 to €17,520
- Gross operating margin +€13,345
up €13,345 (+13.6%), from €98,034 to €111,379
- Financial charges -€10,300
down €10,300 (-93.1%), from €11,060 to €760
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 | €477,055 | €557,317 | +€80,262 | +16.8% |
| Fixed assets | 21/28 | €101,192 | €78,500 | -€22,692 | -22.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €100,840 | €78,148 | -€22,692 | -22.5% |
| Land and buildings | 22 | €64,346 | €53,629 | -€10,718 | -16.7% |
| Plant, machinery and equipment | 23 | €21,426 | €16,118 | -€5,308 | -24.8% |
| Furniture and vehicles | 24 | €15,068 | €8,402 | -€6,667 | -44.2% |
| Financial fixed assets | 28 | €352 | €352 | = | 0.0% |
| Current assets | 29/58 | €375,863 | €478,816 | +€102,954 | +27.4% |
| Stocks and contracts in progress | 3 | €310,950 | €356,610 | +€45,660 | +14.7% |
| Stocks | 30/36 | €310,950 | €356,610 | +€45,660 | +14.7% |
| Amounts receivable within one year | 40/41 | €291 | €4,553 | +€4,262 | +1465.0% |
| Trade receivables | 40 | - | €4,553 | +€4,553 | |
| Other amounts receivable | 41 | €291 | - | -€291 | |
| Cash at bank and in hand | 54/58 | €64,077 | €117,464 | +€53,388 | +83.3% |
| Deferred charges and accrued income | 490/1 | €545 | €189 | -€356 | -65.4% |
| Total equity and liabilities | 10/49 | €477,055 | €557,317 | +€80,262 | +16.8% |
| Equity | 10/15 | €258,044 | €302,204 | +€44,159 | +17.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €196,044 | €240,204 | +€44,159 | +22.5% |
| Tax-exempt reserves | 132 | €23,000 | €23,000 | = | 0.0% |
| Distributable reserves | 133 | €173,044 | €217,204 | +€44,159 | +25.5% |
| Amounts payable | 17/49 | €219,011 | €255,113 | +€36,103 | +16.5% |
| Amounts payable after more than one year | 17 | €12,730 | €9,081 | -€3,649 | -28.7% |
| Financial debts | 170/4 | €12,730 | €9,081 | -€3,649 | -28.7% |
| Amounts payable within one year | 42/48 | €206,280 | €246,032 | +€39,752 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €7,154 | €3,649 | -€3,504 | -49.0% |
| Trade debts | 44 | €17,828 | €75,835 | +€58,007 | +325.4% |
| Suppliers | 440/4 | €17,828 | €75,835 | +€58,007 | +325.4% |
| Taxes, remuneration and social security | 45 | €32,745 | €33,983 | +€1,237 | +3.8% |
| Taxes | 450/3 | €27,950 | €29,106 | +€1,156 | +4.1% |
| Remuneration and social security | 454/9 | €4,795 | €4,877 | +€82 | +1.7% |
| Other amounts payable | 47/48 | €148,553 | €132,565 | -€15,988 | -10.8% |
| Remuneration, social security and pensions | 62 | €21,348 | €21,595 | +€247 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,662 | €23,648 | -€1,014 | -4.1% |
| Other operating charges | 640/8 | €3,888 | €3,726 | -€162 | -4.2% |
| Gross operating margin | 9900 | €98,034 | €111,379 | +€13,345 | +13.6% |
| Operating profit (loss) | 9901 | €48,136 | €62,410 | +€14,274 | +29.7% |
| Financial income | 75/76B | €2 | €29 | +€27 | +1423.0% |
| Recurring financial income | 75 | €2 | €29 | +€27 | +1423.0% |
| Financial charges | 65/66B | €11,060 | €760 | -€10,300 | -93.1% |
| Recurring financial charges | 65 | €11,060 | €760 | -€10,300 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €37,078 | €61,679 | +€24,601 | +66.3% |
| Income taxes | 67/77 | €3,464 | €17,520 | +€14,056 | +405.8% |
| Profit (loss) for the period | 9904 | €33,614 | €44,159 | +€10,545 | +31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,614 | €44,159 | +€10,545 | +31.4% |
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 1 October 2026 via checked.be.