De Arend: what changed
Two fiscal 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.
De Arend
Largest movements
- Tangible fixed assets +€455,908
up €455,908 (+362.8%), from €125,657 to €581,565
of which Land and buildings: +€376,100
- Cash -€200,650
down €200,650 (-33.0%), from €608,571 to €407,920
mainly Investment in fixed assets (net) (-€523,784) and Contributions, distributions and other (-€107,317)
- Stocks and contracts -€32,154
down €32,154 (-10.4%), from €307,736 to €275,583
- Receivables within one year +€15,525
up €15,525 (+8.0%), from €193,758 to €209,283
of which Other amounts receivable: +€10,568
- Debts after one year +€154,932
new in 2023: €154,932
- Profit (loss) carried forward +€128,107
up €128,107 (+69.5%), from €184,393 to €312,499
- Reserves -€114,758
down €114,758 (-24.8%), from €462,925 to €348,167
of which Distributable reserves: -€114,758
- Other debts +€110,222
up €110,222 (+29.2%), from €377,152 to €487,374
- Trade debts -€45,054
down €45,054 (-44.7%), from €100,875 to €55,821
- Financial charges -€60,401
down €60,401 (-45.1%), from €133,782 to €73,382
- Depreciation +€47,183
up €47,183 (+212.6%), from €22,192 to €69,375
- Staff costs +€39,326
up €39,326 (+6.4%), from €611,901 to €651,227
- Taxes -€17,557
down €17,557 (-33.6%), from €52,318 to €34,761
- Gross operating margin +€10,247
up €10,247 (+1.1%), from €914,114 to €924,361
From the 2022 result to the 2023 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.
Cash bridge derived
Derived from the 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,244,065 | €1,490,483 | +€246,418 | +19.8% |
| Fixed assets | 21/28 | €133,999 | €588,408 | +€454,408 | +339.1% |
| Intangible fixed assets | 21 | €7,500 | €6,000 | -€1,500 | -20.0% |
| Tangible fixed assets | 22/27 | €125,657 | €581,565 | +€455,908 | +362.8% |
| Land and buildings | 22 | €22,680 | €398,780 | +€376,100 | +1658.3% |
| Plant, machinery and equipment | 23 | €90,746 | €114,053 | +€23,307 | +25.7% |
| Furniture and vehicles | 24 | €12,231 | €68,732 | +€56,501 | +461.9% |
| Financial fixed assets | 28 | €843 | €843 | = | 0.0% |
| Current assets | 29/58 | €1,110,066 | €902,076 | -€207,990 | -18.7% |
| Stocks and contracts in progress | 3 | €307,736 | €275,583 | -€32,154 | -10.4% |
| Stocks | 30/36 | €307,736 | €275,583 | -€32,154 | -10.4% |
| Amounts receivable within one year | 40/41 | €193,758 | €209,283 | +€15,525 | +8.0% |
| Trade receivables | 40 | €191,088 | €196,045 | +€4,957 | +2.6% |
| Other amounts receivable | 41 | €2,671 | €13,239 | +€10,568 | +395.7% |
| Cash at bank and in hand | 54/58 | €608,571 | €407,920 | -€200,650 | -33.0% |
| Deferred charges and accrued income | 490/1 | - | €9,289 | +€9,289 | |
| Total equity and liabilities | 10/49 | €1,244,065 | €1,490,483 | +€246,418 | +19.8% |
| Equity | 10/15 | €673,495 | €686,844 | +€13,349 | +2.0% |
| Contributions | 10/11 | €26,178 | €26,178 | = | 0.0% |
| Reserves | 13 | €462,925 | €348,167 | -€114,758 | -24.8% |
| Non-distributable reserves | 130/1 | €2,698 | €2,698 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,698 | €2,698 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,949 | €57,949 | = | 0.0% |
| Distributable reserves | 133 | €402,278 | €287,520 | -€114,758 | -28.5% |
| Profit (loss) carried forward | 14 | €184,393 | €312,499 | +€128,107 | +69.5% |
| Amounts payable | 17/49 | €570,570 | €803,640 | +€233,069 | +40.8% |
| Amounts payable after more than one year | 17 | - | €154,932 | +€154,932 | |
| Financial debts | 170/4 | - | €154,932 | +€154,932 | |
| Amounts payable within one year | 42/48 | €554,731 | €610,013 | +€55,282 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | - | €8,332 | +€8,332 | |
| Trade debts | 44 | €100,875 | €55,821 | -€45,054 | -44.7% |
| Suppliers | 440/4 | €100,875 | €55,821 | -€45,054 | -44.7% |
| Taxes, remuneration and social security | 45 | €76,704 | €58,486 | -€18,218 | -23.8% |
| Taxes | 450/3 | €20,415 | €23,311 | +€2,896 | +14.2% |
| Remuneration and social security | 454/9 | €56,289 | €35,174 | -€21,115 | -37.5% |
| Other amounts payable | 47/48 | €377,152 | €487,374 | +€110,222 | +29.2% |
| Accrued charges and deferred income | 492/3 | €15,839 | €38,695 | +€22,855 | +144.3% |
| Remuneration, social security and pensions | 62 | €611,901 | €651,227 | +€39,326 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,192 | €69,375 | +€47,183 | +212.6% |
| Other operating charges | 640/8 | €7,492 | €6,591 | -€901 | -12.0% |
| Gross operating margin | 9900 | €914,114 | €924,361 | +€10,247 | +1.1% |
| Operating profit (loss) | 9901 | €272,528 | €197,167 | -€75,361 | -27.7% |
| Financial income | 75/76B | €36,898 | €31,642 | -€5,257 | -14.2% |
| Recurring financial income | 75 | €36,898 | €30,717 | -€6,181 | -16.8% |
| Non-recurring financial income | 76B | - | €925 | +€925 | |
| Financial charges | 65/66B | €133,782 | €73,382 | -€60,401 | -45.1% |
| Recurring financial charges | 65 | €133,782 | €73,382 | -€60,401 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €175,644 | €155,427 | -€20,217 | -11.5% |
| Income taxes | 67/77 | €52,318 | €34,761 | -€17,557 | -33.6% |
| Profit (loss) for the period | 9904 | €123,326 | €120,666 | -€2,660 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €123,326 | €120,666 | -€2,660 | -2.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2022 and 31 December 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.