Arno Croisier: 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 Croisier
Largest movements
- Receivables after one year -€30,000
no longer reported in 2025 (was €30,000)
- Cash +€24,324
up €24,324 (+94.0%), from €25,882 to €50,206
mainly Depreciation (+€35,759) and Net result for the year (+€33,804)
- Tangible fixed assets -€15,272
down €15,272 (-12.1%), from €126,238 to €110,966
of which Leasing and similar rights: -€17,143
- Receivables within one year -€6,161
down €6,161 (-20.7%), from €29,832 to €23,672
of which Trade receivables: -€3,835
- Debts after one year -€21,630
down €21,630 (-36.9%), from €58,680 to €37,050
- Current portion of long-term debt -€4,544
down €4,544 (-16.3%), from €27,829 to €23,285
- Trade debts -€3,038
down €3,038 (-77.1%), from €3,941 to €903
- Tax, wage and social debts +€2,223
up €2,223 (+35.2%), from €6,315 to €8,539
- Gross operating margin +€22,882
up €22,882 (+36.7%), from €62,303 to €85,184
- Taxes +€6,361
up €6,361 (+120%), from €5,295 to €11,656
- Depreciation +€3,210
up €3,210 (+9.9%), from €32,548 to €35,759
- Financial income -€1,694
down €1,694 (-85.6%), from €1,980 to €286
- Financial charges -€1,671
down €1,671 (-31.7%), from €5,267 to €3,596
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 | €215,845 | €186,840 | -€29,005 | -13.4% |
| Fixed assets | 21/28 | €127,723 | €112,451 | -€15,272 | -12.0% |
| Tangible fixed assets | 22/27 | €126,238 | €110,966 | -€15,272 | -12.1% |
| Plant, machinery and equipment | 23 | €12,826 | €20,792 | +€7,966 | +62.1% |
| Furniture and vehicles | 24 | €18,773 | €12,679 | -€6,095 | -32.5% |
| Leasing and similar rights | 25 | €94,638 | €77,495 | -€17,143 | -18.1% |
| Financial fixed assets | 28 | €1,485 | €1,485 | = | 0.0% |
| Current assets | 29/58 | €88,123 | €74,389 | -€13,734 | -15.6% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €29,832 | €23,672 | -€6,161 | -20.7% |
| Trade receivables | 40 | €27,507 | €23,672 | -€3,835 | -13.9% |
| Other amounts receivable | 41 | €2,325 | - | -€2,325 | |
| Cash at bank and in hand | 54/58 | €25,882 | €50,206 | +€24,324 | +94.0% |
| Deferred charges and accrued income | 490/1 | €2,408 | €511 | -€1,897 | -78.8% |
| Total equity and liabilities | 10/49 | €215,845 | €186,840 | -€29,005 | -13.4% |
| Equity | 10/15 | €118,519 | €117,030 | -€1,490 | -1.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €116,019 | €114,530 | -€1,490 | -1.3% |
| Distributable reserves | 133 | €116,019 | €114,530 | -€1,490 | -1.3% |
| Amounts payable | 17/49 | €97,326 | €69,810 | -€27,515 | -28.3% |
| Amounts payable after more than one year | 17 | €58,680 | €37,050 | -€21,630 | -36.9% |
| Financial debts | 170/4 | €58,680 | €37,050 | -€21,630 | -36.9% |
| Amounts payable within one year | 42/48 | €38,645 | €32,760 | -€5,885 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €27,829 | €23,285 | -€4,544 | -16.3% |
| Trade debts | 44 | €3,941 | €903 | -€3,038 | -77.1% |
| Suppliers | 440/4 | €3,941 | €903 | -€3,038 | -77.1% |
| Taxes, remuneration and social security | 45 | €6,315 | €8,539 | +€2,223 | +35.2% |
| Taxes | 450/3 | €6,315 | €8,539 | +€2,223 | +35.2% |
| Other amounts payable | 47/48 | €560 | €33 | -€527 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,548 | €35,759 | +€3,210 | +9.9% |
| Other operating charges | 640/8 | €1,597 | €655 | -€942 | -59.0% |
| Gross operating margin | 9900 | €62,303 | €85,184 | +€22,882 | +36.7% |
| Operating profit (loss) | 9901 | €28,157 | €48,771 | +€20,614 | +73.2% |
| Financial income | 75/76B | €1,980 | €286 | -€1,694 | -85.6% |
| Recurring financial income | 75 | €1,980 | €286 | -€1,694 | -85.6% |
| Financial charges | 65/66B | €5,267 | €3,596 | -€1,671 | -31.7% |
| Recurring financial charges | 65 | €5,267 | €3,596 | -€1,671 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €24,870 | €45,460 | +€20,590 | +82.8% |
| Income taxes | 67/77 | €5,295 | €11,656 | +€6,361 | +120% |
| Profit (loss) for the period | 9904 | €19,575 | €33,804 | +€14,229 | +72.7% |
| Profit (loss) for the period to be appropriated | 9905 | €19,575 | €33,804 | +€14,229 | +72.7% |
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 30 October 2026 via checked.be.