ARNO COSTERMANS: 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.
ARNO COSTERMANS
Largest movements
- Tangible fixed assets +€22,328
up €22,328 (+15.3%), from €146,010 to €168,338
of which Furniture and vehicles: +€30,168
- Cash -€13,692
down €13,692 (-11.3%), from €121,667 to €107,975
mainly Other debts (-€162,145) and Investment in fixed assets (net) (-€67,200)
- Receivables within one year +€4,049
up €4,049 (+13.2%), from €30,781 to €34,829
of which Trade receivables: +€2,734
- Reserves +€169,677
up €169,677 (+204%), from €83,240 to €252,917
- Other debts -€162,145
down €162,145 (-98.8%), from €164,043 to €1,898
- Debts after one year +€5,141
new in 2025: €5,141
- Tax, wage and social debts -€3,899
down €3,899 (-17.2%), from €22,697 to €18,798
of which Taxes: -€10,637
- Gross operating margin +€186,852
up €186,852 (+66.7%), from €280,019 to €466,871
- Staff costs +€109,097
up €109,097 (+1,457%), from €7,489 to €116,586
- Taxes +€18,172
up €18,172 (+33.0%), from €55,039 to €73,211
- Depreciation +€6,766
up €6,766 (+17.8%), from €38,107 to €44,873
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 | €301,252 | €312,199 | +€10,947 | +3.6% |
| Fixed assets | 21/28 | €146,090 | €168,418 | +€22,328 | +15.3% |
| Tangible fixed assets | 22/27 | €146,010 | €168,338 | +€22,328 | +15.3% |
| Land and buildings | 22 | €65,442 | €58,619 | -€6,822 | -10.4% |
| Plant, machinery and equipment | 23 | €3,622 | €2,604 | -€1,018 | -28.1% |
| Furniture and vehicles | 24 | €76,946 | €107,114 | +€30,168 | +39.2% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €155,162 | €143,781 | -€11,381 | -7.3% |
| Stocks and contracts in progress | 3 | €2,715 | €977 | -€1,738 | -64.0% |
| Stocks | 30/36 | €2,715 | €977 | -€1,738 | -64.0% |
| Amounts receivable within one year | 40/41 | €30,781 | €34,829 | +€4,049 | +13.2% |
| Trade receivables | 40 | €30,781 | €33,515 | +€2,734 | +8.9% |
| Other amounts receivable | 41 | - | €1,314 | +€1,314 | |
| Cash at bank and in hand | 54/58 | €121,667 | €107,975 | -€13,692 | -11.3% |
| Total equity and liabilities | 10/49 | €301,252 | €312,199 | +€10,947 | +3.6% |
| Equity | 10/15 | €87,240 | €256,917 | +€169,677 | +194% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €83,240 | €252,917 | +€169,677 | +204% |
| Distributable reserves | 133 | €83,240 | €252,917 | +€169,677 | +204% |
| Amounts payable | 17/49 | €214,012 | €55,282 | -€158,730 | -74.2% |
| Amounts payable after more than one year | 17 | - | €5,141 | +€5,141 | |
| Financial debts | 170/4 | - | €5,141 | +€5,141 | |
| Amounts payable within one year | 42/48 | €213,199 | €50,012 | -€163,187 | -76.5% |
| Current portion of amounts payable after more than one year | 42 | €9,832 | €9,999 | +€167 | +1.7% |
| Trade debts | 44 | €16,627 | €19,317 | +€2,690 | +16.2% |
| Suppliers | 440/4 | €16,627 | €19,317 | +€2,690 | +16.2% |
| Taxes, remuneration and social security | 45 | €22,697 | €18,798 | -€3,899 | -17.2% |
| Taxes | 450/3 | €21,600 | €10,964 | -€10,637 | -49.2% |
| Remuneration and social security | 454/9 | €1,097 | €7,834 | +€6,738 | +614% |
| Other amounts payable | 47/48 | €164,043 | €1,898 | -€162,145 | -98.8% |
| Accrued charges and deferred income | 492/3 | €813 | €130 | -€684 | -84.1% |
| Remuneration, social security and pensions | 62 | €7,489 | €116,586 | +€109,097 | +1,457% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,107 | €44,873 | +€6,766 | +17.8% |
| Other operating charges | 640/8 | €1,960 | €2,285 | +€325 | +16.6% |
| Non-recurring operating charges | 66A | €372 | - | -€372 | |
| Gross operating margin | 9900 | €280,019 | €466,871 | +€186,852 | +66.7% |
| Operating profit (loss) | 9901 | €232,091 | €303,127 | +€71,036 | +30.6% |
| Financial income | 75/76B | €945 | €859 | -€86 | -9.1% |
| Recurring financial income | 75 | €945 | €859 | -€86 | -9.1% |
| Financial charges | 65/66B | €1,830 | €1,098 | -€732 | -40.0% |
| Recurring financial charges | 65 | €1,830 | €1,098 | -€732 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €231,206 | €302,889 | +€71,682 | +31.0% |
| Income taxes | 67/77 | €55,039 | €73,211 | +€18,172 | +33.0% |
| Profit (loss) for the period | 9904 | €176,167 | €229,677 | +€53,510 | +30.4% |
| Profit (loss) for the period to be appropriated | 9905 | €176,167 | €229,677 | +€53,510 | +30.4% |
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 17 October 2026 via checked.be.