Dr. L.S.A. 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. L.S.A. Arnold
Largest movements
- Cash +€169,017
up €169,017 (+229%), from €73,753 to €242,770
mainly Net result for the year (+€164,156) and Current investments (+€100,000)
- Receivables within one year +€100,263
new in 2025: €100,263
of which Other amounts receivable: +€99,455
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Deferred charges and accrued income +€11,203
up €11,203 (+15.8%), from €71,075 to €82,278
- Reserves +€164,156
up €164,156 (+77.1%), from €213,031 to €377,188
- Tax, wage and social debts +€23,663
up €23,663 (+93.9%), from €25,193 to €48,857
- Other debts -€10,070
down €10,070 (-100%), from €10,070 to €0
- Gross operating margin +€93,117
up €93,117 (+76.0%), from €122,490 to €215,607
- Taxes +€24,187
up €24,187 (+96.1%), from €25,157 to €49,344
- Depreciation -€2,274
down €2,274 (-40.4%), from €5,633 to €3,360
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 | €252,069 | €430,630 | +€178,561 | +70.8% |
| Fixed assets | 21/28 | €7,241 | €5,320 | -€1,922 | -26.5% |
| Tangible fixed assets | 22/27 | €7,241 | €5,320 | -€1,922 | -26.5% |
| Plant, machinery and equipment | 23 | €2,619 | €1,090 | -€1,529 | -58.4% |
| Furniture and vehicles | 24 | €4,622 | €4,229 | -€393 | -8.5% |
| Current assets | 29/58 | €244,827 | €425,310 | +€180,483 | +73.7% |
| Amounts receivable within one year | 40/41 | - | €100,263 | +€100,263 | |
| Trade receivables | 40 | - | €808 | +€808 | |
| Other amounts receivable | 41 | - | €99,455 | +€99,455 | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €73,753 | €242,770 | +€169,017 | +229% |
| Deferred charges and accrued income | 490/1 | €71,075 | €82,278 | +€11,203 | +15.8% |
| Total equity and liabilities | 10/49 | €252,069 | €430,630 | +€178,561 | +70.8% |
| Equity | 10/15 | €216,031 | €380,188 | +€164,156 | +76.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €213,031 | €377,188 | +€164,156 | +77.1% |
| Distributable reserves | 133 | €213,031 | €377,188 | +€164,156 | +77.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,038 | €50,443 | +€14,405 | +40.0% |
| Amounts payable within one year | 42/48 | €36,038 | €50,443 | +€14,405 | +40.0% |
| Trade debts | 44 | €774 | €1,586 | +€812 | +105% |
| Suppliers | 440/4 | €774 | €1,586 | +€812 | +105% |
| Taxes, remuneration and social security | 45 | €25,193 | €48,857 | +€23,663 | +93.9% |
| Taxes | 450/3 | €25,193 | €48,857 | +€23,663 | +93.9% |
| Other amounts payable | 47/48 | €10,070 | €0 | -€10,070 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,633 | €3,360 | -€2,274 | -40.4% |
| Other operating charges | 640/8 | €0 | €144 | +€144 | |
| Gross operating margin | 9900 | €122,490 | €215,607 | +€93,117 | +76.0% |
| Operating profit (loss) | 9901 | €116,857 | €212,103 | +€95,247 | +81.5% |
| Financial income | 75/76B | €710 | €1,534 | +€823 | +116% |
| Recurring financial income | 75 | €710 | €1,534 | +€823 | +116% |
| Financial charges | 65/66B | €72 | €137 | +€64 | +88.7% |
| Recurring financial charges | 65 | €72 | €137 | +€64 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | €117,495 | €213,500 | +€96,006 | +81.7% |
| Income taxes | 67/77 | €25,157 | €49,344 | +€24,187 | +96.1% |
| Profit (loss) for the period | 9904 | €92,338 | €164,156 | +€71,818 | +77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €92,338 | €164,156 | +€71,818 | +77.8% |
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 27 October 2026 via checked.be.