Arno Soete: 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 Soete
Largest movements
- Stocks and contracts -€224,520
down €224,520 (-100%), from €224,520 to €0
- Financial fixed assets +€170,000
up €170,000 (+44.5%), from €381,667 to €551,667
- Receivables within one year +€18,082
up €18,082 (+6.8%), from €267,187 to €285,269
of which Trade receivables: +€12,869
- Cash +€17,227
up €17,227 (+67.5%), from €25,504 to €42,731
mainly Stocks and contracts (+€224,520) and Net result for the year (+€110,886)
- Debts after one year -€131,400
down €131,400 (-68.5%), from €191,815 to €60,415
- Reserves +€110,886
up €110,886 (+20.0%), from €553,079 to €663,965
of which Distributable reserves: +€110,886
- Financial income +€101,388
up €101,388 (+1,278%), from €7,933 to €109,321
- Gross operating margin -€41,173
down €41,173 (-44.9%), from €91,697 to €50,524
- Other operating charges +€9,797
up €9,797 (+524%), from €1,868 to €11,665
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 | €906,700 | €885,967 | -€20,733 | -2.3% |
| Fixed assets | 21/28 | €386,001 | €554,636 | +€168,635 | +43.7% |
| Tangible fixed assets | 22/27 | €4,334 | €2,969 | -€1,365 | -31.5% |
| Furniture and vehicles | 24 | €4,334 | €2,969 | -€1,365 | -31.5% |
| Financial fixed assets | 28 | €381,667 | €551,667 | +€170,000 | +44.5% |
| Current assets | 29/58 | €520,699 | €331,331 | -€189,368 | -36.4% |
| Stocks and contracts in progress | 3 | €224,520 | €0 | -€224,520 | -100% |
| Stocks | 30/36 | €224,520 | €0 | -€224,520 | -100% |
| Amounts receivable within one year | 40/41 | €267,187 | €285,269 | +€18,082 | +6.8% |
| Trade receivables | 40 | €26,427 | €39,296 | +€12,869 | +48.7% |
| Other amounts receivable | 41 | €240,760 | €245,973 | +€5,214 | +2.2% |
| Current investments | 50/53 | €1,500 | €1,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,504 | €42,731 | +€17,227 | +67.5% |
| Deferred charges and accrued income | 490/1 | €1,989 | €1,832 | -€157 | -7.9% |
| Total equity and liabilities | 10/49 | €906,700 | €885,967 | -€20,733 | -2.3% |
| Equity | 10/15 | €653,079 | €763,965 | +€110,886 | +17.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €553,079 | €663,965 | +€110,886 | +20.0% |
| Tax-exempt reserves | 132 | €191 | €191 | = | 0.0% |
| Distributable reserves | 133 | €552,887 | €663,773 | +€110,886 | +20.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €253,621 | €122,002 | -€131,619 | -51.9% |
| Amounts payable after more than one year | 17 | €191,815 | €60,415 | -€131,400 | -68.5% |
| Financial debts | 170/4 | €191,815 | €60,415 | -€131,400 | -68.5% |
| Amounts payable within one year | 42/48 | €58,837 | €61,450 | +€2,613 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €43,648 | €47,436 | +€3,788 | +8.7% |
| Financial debts | 43 | €5,073 | €5,058 | -€15 | -0.3% |
| Credit institutions | 430/8 | €5,073 | €5,058 | -€15 | -0.3% |
| Trade debts | 44 | €4,003 | €4,959 | +€956 | +23.9% |
| Suppliers | 440/4 | €4,003 | €4,959 | +€956 | +23.9% |
| Taxes, remuneration and social security | 45 | €3,367 | €3,997 | +€630 | +18.7% |
| Taxes | 450/3 | €3,367 | €3,997 | +€630 | +18.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,747 | €0 | -€2,747 | -100% |
| Accrued charges and deferred income | 492/3 | €2,969 | €137 | -€2,832 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,051 | €1,365 | +€314 | +29.9% |
| Other operating charges | 640/8 | €1,868 | €11,665 | +€9,797 | +524% |
| Gross operating margin | 9900 | €91,697 | €50,524 | -€41,173 | -44.9% |
| Operating profit (loss) | 9901 | €88,778 | €37,494 | -€51,284 | -57.8% |
| Financial income | 75/76B | €7,933 | €109,321 | +€101,388 | +1,278% |
| Recurring financial income | 75 | €7,933 | €109,321 | +€101,388 | +1,278% |
| Financial charges | 65/66B | €8,921 | €9,735 | +€814 | +9.1% |
| Recurring financial charges | 65 | €8,921 | €9,735 | +€814 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €87,790 | €137,079 | +€49,290 | +56.1% |
| Income taxes | 67/77 | €26,856 | €26,193 | -€663 | -2.5% |
| Profit (loss) for the period | 9904 | €60,933 | €110,886 | +€49,953 | +82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,933 | €110,886 | +€49,953 | +82.0% |
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 18 October 2026 via checked.be.