ARSENE RODRIGUES: 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.
ARSENE RODRIGUES
Largest movements
- Financial fixed assets +€420,000
new in 2025: €420,000
- Receivables within one year +€16,452
up €16,452 (+36.0%), from €45,662 to €62,115
of which Other amounts receivable: +€35,660
- Tangible fixed assets -€12,950
down €12,950 (-16.4%), from €79,108 to €66,158
of which Furniture and vehicles: -€20,504
- Debts after one year +€315,925
up €315,925 (+518%), from €60,981 to €376,906
- Profit (loss) carried forward +€56,956
up €56,956 (+221%), from €25,760 to €82,716
- Current portion of long-term debt +€54,652
up €54,652 (+175%), from €31,226 to €85,878
- Gross operating margin +€36,855
up €36,855 (+59.1%), from €62,408 to €99,262
- Financial income +€19,616
up €19,616 (+2,979%), from €659 to €20,275
- Financial charges +€13,599
up €13,599 (+321%), from €4,241 to €17,840
- Other operating charges +€6,223
up €6,223 (+1,138%), from €547 to €6,770
- Depreciation +€2,984
up €2,984 (+16.7%), from €17,853 to €20,837
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 | €131,250 | €554,475 | +€423,225 | +322% |
| Fixed assets | 21/28 | €79,108 | €486,158 | +€407,050 | +515% |
| Tangible fixed assets | 22/27 | €79,108 | €66,158 | -€12,950 | -16.4% |
| Furniture and vehicles | 24 | €79,108 | €58,604 | -€20,504 | -25.9% |
| Other tangible fixed assets | 26 | - | €7,554 | +€7,554 | |
| Financial fixed assets | 28 | - | €420,000 | +€420,000 | |
| Current assets | 29/58 | €52,142 | €68,317 | +€16,175 | +31.0% |
| Amounts receivable within one year | 40/41 | €45,662 | €62,115 | +€16,452 | +36.0% |
| Trade receivables | 40 | €22,236 | €3,029 | -€19,208 | -86.4% |
| Other amounts receivable | 41 | €23,426 | €59,086 | +€35,660 | +152% |
| Cash at bank and in hand | 54/58 | €6,362 | €6,053 | -€310 | -4.9% |
| Deferred charges and accrued income | 490/1 | €117 | €150 | +€33 | +27.9% |
| Total equity and liabilities | 10/49 | €131,250 | €554,475 | +€423,225 | +322% |
| Equity | 10/15 | €26,760 | €83,716 | +€56,956 | +213% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,760 | €82,716 | +€56,956 | +221% |
| Amounts payable | 17/49 | €104,490 | €470,759 | +€366,269 | +351% |
| Amounts payable after more than one year | 17 | €60,981 | €376,906 | +€315,925 | +518% |
| Financial debts | 170/4 | €60,981 | €376,906 | +€315,925 | +518% |
| Amounts payable within one year | 42/48 | €43,509 | €93,846 | +€50,337 | +116% |
| Current portion of amounts payable after more than one year | 42 | €31,226 | €85,878 | +€54,652 | +175% |
| Trade debts | 44 | €5,375 | €1,251 | -€4,124 | -76.7% |
| Suppliers | 440/4 | €5,375 | €1,251 | -€4,124 | -76.7% |
| Taxes, remuneration and social security | 45 | €6,908 | €6,716 | -€191 | -2.8% |
| Taxes | 450/3 | €6,908 | €6,716 | -€191 | -2.8% |
| Accrued charges and deferred income | 492/3 | €0 | €8 | +€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,853 | €20,837 | +€2,984 | +16.7% |
| Other operating charges | 640/8 | €547 | €6,770 | +€6,223 | +1,138% |
| Non-recurring operating charges | 66A | €1,469 | €2,042 | +€573 | +39.0% |
| Gross operating margin | 9900 | €62,408 | €99,262 | +€36,855 | +59.1% |
| Operating profit (loss) | 9901 | €42,539 | €69,613 | +€27,074 | +63.6% |
| Financial income | 75/76B | €659 | €20,275 | +€19,616 | +2,979% |
| Recurring financial income | 75 | €659 | €20,275 | +€19,616 | +2,979% |
| Financial charges | 65/66B | €4,241 | €17,840 | +€13,599 | +321% |
| Recurring financial charges | 65 | €4,241 | €17,840 | +€13,599 | +321% |
| Profit (loss) for the period before taxes | 9903 | €38,956 | €72,048 | +€33,091 | +84.9% |
| Income taxes | 67/77 | €14,051 | €15,092 | +€1,042 | +7.4% |
| Profit (loss) for the period | 9904 | €24,906 | €56,956 | +€32,050 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €24,906 | €56,956 | +€32,050 | +129% |
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 28 October 2026 via checked.be.