ARONWALD: 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.
ARONWALD
Largest movements
- Cash +€44,174
up €44,174 (+87.0%), from €50,775 to €94,949
mainly Net result for the year (+€67,392) and Depreciation (+€10,064)
- Tangible fixed assets -€10,064
down €10,064 (-37.1%), from €27,090 to €17,026
- Current investments +€8,002
up €8,002 (+10.2%), from €78,165 to €86,167
- Receivables within one year +€7,483
up €7,483 (+22.9%), from €32,667 to €40,150
of which Other amounts receivable: +€6,007
- Receivables after one year -€5,810
down €5,810 (-24.6%), from €23,593 to €17,783
- Reserves +€42,026
up €42,026 (+23.1%), from €181,765 to €223,792
- Gross operating margin +€48,026
up €48,026 (+112%), from €42,798 to €90,824
- Taxes +€4,898
up €4,898 (+50.5%), from €9,706 to €14,604
- Financial income +€1,618
up €1,618 (+321%), from €504 to €2,122
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 | €212,384 | €256,075 | +€43,691 | +20.6% |
| Fixed assets | 21/28 | €27,090 | €17,026 | -€10,064 | -37.1% |
| Tangible fixed assets | 22/27 | €27,090 | €17,026 | -€10,064 | -37.1% |
| Furniture and vehicles | 24 | €27,090 | €17,026 | -€10,064 | -37.1% |
| Current assets | 29/58 | €185,294 | €239,048 | +€53,755 | +29.0% |
| Amounts receivable after more than one year | 29 | €23,593 | €17,783 | -€5,810 | -24.6% |
| Other amounts receivable | 291 | €23,593 | €17,783 | -€5,810 | -24.6% |
| Amounts receivable within one year | 40/41 | €32,667 | €40,150 | +€7,483 | +22.9% |
| Trade receivables | 40 | €16,335 | €17,811 | +€1,476 | +9.0% |
| Other amounts receivable | 41 | €16,332 | €22,338 | +€6,007 | +36.8% |
| Current investments | 50/53 | €78,165 | €86,167 | +€8,002 | +10.2% |
| Cash at bank and in hand | 54/58 | €50,775 | €94,949 | +€44,174 | +87.0% |
| Deferred charges and accrued income | 490/1 | €95 | €0 | -€95 | -100% |
| Total equity and liabilities | 10/49 | €212,384 | €256,075 | +€43,691 | +20.6% |
| Equity | 10/15 | €200,365 | €242,443 | +€42,078 | +21.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,765 | €223,792 | +€42,026 | +23.1% |
| Distributable reserves | 133 | €181,765 | €223,792 | +€42,026 | +23.1% |
| Profit (loss) carried forward | 14 | €0 | €52 | +€52 | |
| Amounts payable | 17/49 | €12,018 | €13,631 | +€1,613 | +13.4% |
| Amounts payable within one year | 42/48 | €12,018 | €13,631 | +€1,613 | +13.4% |
| Financial debts | 43 | €1,116 | €1,306 | +€190 | +17.0% |
| Credit institutions | 430/8 | €1,116 | €1,306 | +€190 | +17.0% |
| Trade debts | 44 | €541 | €2,038 | +€1,497 | +277% |
| Suppliers | 440/4 | €541 | €2,038 | +€1,497 | +277% |
| Taxes, remuneration and social security | 45 | €5,838 | €6,411 | +€572 | +9.8% |
| Taxes | 450/3 | €5,838 | €6,411 | +€572 | +9.8% |
| Other amounts payable | 47/48 | €4,523 | €3,877 | -€646 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,274 | €10,064 | -€210 | -2.0% |
| Other operating charges | 640/8 | €732 | €815 | +€84 | +11.4% |
| Gross operating margin | 9900 | €42,798 | €90,824 | +€48,026 | +112% |
| Operating profit (loss) | 9901 | €31,792 | €79,945 | +€48,152 | +151% |
| Financial income | 75/76B | €504 | €2,122 | +€1,618 | +321% |
| Recurring financial income | 75 | €504 | €2,122 | +€1,618 | +321% |
| Financial charges | 65/66B | €80 | €71 | -€9 | -11.0% |
| Recurring financial charges | 65 | €80 | €71 | -€9 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €32,216 | €81,996 | +€49,780 | +155% |
| Income taxes | 67/77 | €9,706 | €14,604 | +€4,898 | +50.5% |
| Profit (loss) for the period | 9904 | €22,510 | €67,392 | +€44,881 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €22,510 | €67,392 | +€44,881 | +199% |
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 14 October 2026 via checked.be.