DR. DAPHNE ARNOLD: 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.
DR. DAPHNE ARNOLD
Largest movements
- Tangible fixed assets +€205,794
up €205,794 (+26.5%), from €775,702 to €981,496
of which Land and buildings: +€222,694
- Cash +€31,307
up €31,307 (+48.3%), from €64,776 to €96,083
mainly Debts after one year (+€211,977) and Net result for the year (+€126,993)
- Current investments +€16,200
up €16,200 (+7.9%), from €205,815 to €222,015
- Debts after one year +€211,977
up €211,977 (+34.7%), from €611,160 to €823,137
- Reserves -€165,000
down €165,000 (-49.4%), from €334,185 to €169,185
- Profit (loss) carried forward +€126,993
new in 2025: €126,993
- Other debts +€61,498
up €61,498 (+87.0%), from €70,651 to €132,149
- Tax, wage and social debts +€25,522
up €25,522 (+3,087%), from €827 to €26,349
- Gross operating margin +€71,623
up €71,623 (+33.3%), from €215,254 to €286,878
- Other operating charges +€25,920
up €25,920 (+323%), from €8,022 to €33,942
- Depreciation +€22,997
up €22,997 (+47.5%), from €48,375 to €71,373
- Taxes +€9,504
up €9,504 (+29.9%), from €31,827 to €41,331
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 | €1,125,590 | €1,384,706 | +€259,117 | +23.0% |
| Fixed assets | 21/28 | €781,940 | €987,734 | +€205,794 | +26.3% |
| Tangible fixed assets | 22/27 | €775,702 | €981,496 | +€205,794 | +26.5% |
| Land and buildings | 22 | €695,490 | €918,184 | +€222,694 | +32.0% |
| Plant, machinery and equipment | 23 | €3,699 | €2,648 | -€1,051 | -28.4% |
| Furniture and vehicles | 24 | €76,513 | €60,664 | -€15,849 | -20.7% |
| Financial fixed assets | 28 | €6,238 | €6,238 | = | 0.0% |
| Current assets | 29/58 | €343,649 | €396,972 | +€53,323 | +15.5% |
| Amounts receivable within one year | 40/41 | €70,133 | €71,172 | +€1,039 | +1.5% |
| Other amounts receivable | 41 | €70,133 | €71,172 | +€1,039 | +1.5% |
| Current investments | 50/53 | €205,815 | €222,015 | +€16,200 | +7.9% |
| Cash at bank and in hand | 54/58 | €64,776 | €96,083 | +€31,307 | +48.3% |
| Deferred charges and accrued income | 490/1 | €2,925 | €7,703 | +€4,777 | +163% |
| Total equity and liabilities | 10/49 | €1,125,590 | €1,384,706 | +€259,117 | +23.0% |
| Equity | 10/15 | €352,785 | €314,778 | -€38,007 | -10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €334,185 | €169,185 | -€165,000 | -49.4% |
| Distributable reserves | 133 | €334,185 | €169,185 | -€165,000 | -49.4% |
| Profit (loss) carried forward | 14 | - | €126,993 | +€126,993 | |
| Amounts payable | 17/49 | €772,805 | €1,069,928 | +€297,124 | +38.4% |
| Amounts payable after more than one year | 17 | €611,160 | €823,137 | +€211,977 | +34.7% |
| Financial debts | 170/4 | €611,160 | €823,137 | +€211,977 | +34.7% |
| Amounts payable within one year | 42/48 | €161,645 | €246,791 | +€85,147 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €80,141 | €83,095 | +€2,954 | +3.7% |
| Trade debts | 44 | €10,025 | €5,198 | -€4,828 | -48.2% |
| Suppliers | 440/4 | €10,025 | €5,198 | -€4,828 | -48.2% |
| Taxes, remuneration and social security | 45 | €827 | €26,349 | +€25,522 | +3,087% |
| Taxes | 450/3 | €827 | €26,349 | +€25,522 | +3,087% |
| Other amounts payable | 47/48 | €70,651 | €132,149 | +€61,498 | +87.0% |
| Non-recurring operating income | 76A | €8,000 | - | -€8,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,375 | €71,373 | +€22,997 | +47.5% |
| Other operating charges | 640/8 | €8,022 | €33,942 | +€25,920 | +323% |
| Gross operating margin | 9900 | €215,254 | €286,878 | +€71,623 | +33.3% |
| Operating profit (loss) | 9901 | €158,857 | €181,564 | +€22,706 | +14.3% |
| Financial income | 75/76B | €1,019 | €1,039 | +€20 | +2.0% |
| Recurring financial income | 75 | €1,019 | €1,039 | +€20 | +2.0% |
| Financial charges | 65/66B | €16,909 | €14,278 | -€2,631 | -15.6% |
| Recurring financial charges | 65 | €16,909 | €14,278 | -€2,631 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €142,967 | €168,325 | +€25,358 | +17.7% |
| Income taxes | 67/77 | €31,827 | €41,331 | +€9,504 | +29.9% |
| Profit (loss) for the period | 9904 | €111,139 | €126,993 | +€15,854 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €111,139 | €126,993 | +€15,854 | +14.3% |
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 30 October 2026 via checked.be.