ARS ET LIGNUM: 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.
ARS ET LIGNUM
Largest movements
- Tangible fixed assets +€13,281
up €13,281 (+32.8%), from €40,475 to €53,756
of which Plant, machinery and equipment: +€13,313
- Receivables within one year -€9,306
down €9,306 (-68.8%), from €13,535 to €4,230
of which Trade receivables: -€10,154
- Cash +€2,342
new in 2025: €2,342
mainly Receivables within one year (+€9,306) and Depreciation (+€5,219)
- Other debts +€4,698
up €4,698 (+4.5%), from €104,969 to €109,667
- Trade debts +€1,624
up €1,624 (+205%), from €793 to €2,416
- Profit (loss) carried forward +€1,166
up €1,166 (+1.6%), from -€71,765 to -€70,598
- Short-term financial debts -€767
no longer reported in 2025 (was €767)
- Gross operating margin +€18,762
up €18,762, from -€11,378 to €7,384
- Depreciation -€7,138
down €7,138 (-57.8%), from €12,357 to €5,219
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 | €54,010 | €60,497 | +€6,487 | +12.0% |
| Fixed assets | 21/28 | €40,475 | €53,756 | +€13,281 | +32.8% |
| Tangible fixed assets | 22/27 | €40,475 | €53,756 | +€13,281 | +32.8% |
| Land and buildings | 22 | €600 | €568 | -€32 | -5.3% |
| Plant, machinery and equipment | 23 | €39,875 | €53,188 | +€13,313 | +33.4% |
| Current assets | 29/58 | €13,535 | €6,741 | -€6,794 | -50.2% |
| Amounts receivable within one year | 40/41 | €13,535 | €4,230 | -€9,306 | -68.8% |
| Trade receivables | 40 | €12,500 | €2,346 | -€10,154 | -81.2% |
| Other amounts receivable | 41 | €1,035 | €1,884 | +€848 | +81.9% |
| Cash at bank and in hand | 54/58 | - | €2,342 | +€2,342 | |
| Deferred charges and accrued income | 490/1 | - | €170 | +€170 | |
| Total equity and liabilities | 10/49 | €54,010 | €60,497 | +€6,487 | +12.0% |
| Equity | 10/15 | -€52,987 | -€51,821 | +€1,166 | +2.2% |
| Contributions | 10/11 | €18,777 | €18,777 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,765 | -€70,598 | +€1,166 | +1.6% |
| Amounts payable | 17/49 | €106,997 | €112,318 | +€5,321 | +5.0% |
| Amounts payable within one year | 42/48 | €106,997 | €112,318 | +€5,321 | +5.0% |
| Financial debts | 43 | €767 | - | -€767 | |
| Credit institutions | 430/8 | €767 | - | -€767 | |
| Trade debts | 44 | €793 | €2,416 | +€1,624 | +205% |
| Suppliers | 440/4 | €793 | €2,416 | +€1,624 | +205% |
| Taxes, remuneration and social security | 45 | €469 | €235 | -€234 | -50.0% |
| Taxes | 450/3 | €469 | €235 | -€234 | -50.0% |
| Other amounts payable | 47/48 | €104,969 | €109,667 | +€4,698 | +4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,357 | €5,219 | -€7,138 | -57.8% |
| Other operating charges | 640/8 | €759 | €757 | -€2 | -0.2% |
| Gross operating margin | 9900 | -€11,378 | €7,384 | +€18,762 | |
| Operating profit (loss) | 9901 | -€24,494 | €1,408 | +€25,902 | |
| Financial income | 75/76B | €55 | €51 | -€5 | -8.3% |
| Recurring financial income | 75 | €55 | €51 | -€5 | -8.3% |
| Financial charges | 65/66B | €279 | €292 | +€13 | +4.7% |
| Recurring financial charges | 65 | €279 | €292 | +€13 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€24,718 | €1,166 | +€25,884 | |
| Profit (loss) for the period | 9904 | -€24,718 | €1,166 | +€25,884 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,718 | €1,166 | +€25,884 |
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 15 October 2026 via checked.be.