ELIZABETH ARNAULT: 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.
ELIZABETH ARNAULT
Largest movements
- Cash +€121,786
up €121,786 (+148%), from €82,302 to €204,088
mainly Net result for the year (+€108,770) and Accrued charges and deferred income (+€45,538)
- Deferred charges and accrued income +€37,430
new in 2025: €37,430
- Tangible fixed assets -€16,503
down €16,503 (-6.2%), from €265,445 to €248,942
of which Land and buildings: -€13,178
- Profit (loss) carried forward +€108,770
up €108,770 (+552%), from €19,712 to €128,482
- Accrued charges and deferred income +€45,538
new in 2025: €45,538
- Trade debts -€33,694
down €33,694 (-64.3%), from €52,426 to €18,731
- Tax, wage and social debts +€32,500
up €32,500 (+837%), from €3,882 to €36,382
of which Taxes: +€33,123
- Debts after one year -€21,129
down €21,129 (-10.4%), from €202,977 to €181,847
- Gross operating margin +€85,216
up €85,216 (+100%), from €84,982 to €170,199
- Taxes +€33,232
new in 2025: €33,232
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 | €349,220 | €491,100 | +€141,880 | +40.6% |
| Fixed assets | 21/28 | €265,445 | €248,942 | -€16,503 | -6.2% |
| Tangible fixed assets | 22/27 | €265,445 | €248,942 | -€16,503 | -6.2% |
| Land and buildings | 22 | €237,034 | €223,856 | -€13,178 | -5.6% |
| Plant, machinery and equipment | 23 | €785 | €543 | -€242 | -30.9% |
| Furniture and vehicles | 24 | €8,410 | €5,543 | -€2,867 | -34.1% |
| Leasing and similar rights | 25 | €215 | - | -€215 | |
| Other tangible fixed assets | 26 | €19,000 | €19,000 | = | 0.0% |
| Current assets | 29/58 | €83,775 | €242,158 | +€158,383 | +189% |
| Stocks and contracts in progress | 3 | €134 | - | -€134 | |
| Stocks | 30/36 | €134 | - | -€134 | |
| Amounts receivable within one year | 40/41 | €1,339 | €641 | -€699 | -52.2% |
| Trade receivables | 40 | €1,339 | €641 | -€699 | -52.2% |
| Cash at bank and in hand | 54/58 | €82,302 | €204,088 | +€121,786 | +148% |
| Deferred charges and accrued income | 490/1 | - | €37,430 | +€37,430 | |
| Total equity and liabilities | 10/49 | €349,220 | €491,100 | +€141,880 | +40.6% |
| Equity | 10/15 | €33,972 | €142,742 | +€108,770 | +320% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Share premium | 1100/10 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,712 | €128,482 | +€108,770 | +552% |
| Amounts payable | 17/49 | €315,247 | €348,358 | +€33,111 | +10.5% |
| Amounts payable after more than one year | 17 | €202,977 | €181,847 | -€21,129 | -10.4% |
| Financial debts | 170/4 | €202,977 | €181,847 | -€21,129 | -10.4% |
| Amounts payable within one year | 42/48 | €112,271 | €120,973 | +€8,702 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €22,076 | €22,361 | +€285 | +1.3% |
| Trade debts | 44 | €52,426 | €18,731 | -€33,694 | -64.3% |
| Suppliers | 440/4 | €52,426 | €18,731 | -€33,694 | -64.3% |
| Taxes, remuneration and social security | 45 | €3,882 | €36,382 | +€32,500 | +837% |
| Taxes | 450/3 | €119 | €33,242 | +€33,123 | +27,727% |
| Remuneration and social security | 454/9 | €3,762 | €3,140 | -€623 | -16.5% |
| Other amounts payable | 47/48 | €33,888 | €43,499 | +€9,611 | +28.4% |
| Accrued charges and deferred income | 492/3 | - | €45,538 | +€45,538 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,268 | €19,623 | -€645 | -3.2% |
| Other operating charges | 640/8 | €5,024 | €5,176 | +€152 | +3.0% |
| Gross operating margin | 9900 | €84,982 | €170,199 | +€85,216 | +100% |
| Operating profit (loss) | 9901 | €59,690 | €145,400 | +€85,709 | +144% |
| Financial income | 75/76B | €32 | €3 | -€30 | -92.0% |
| Recurring financial income | 75 | €32 | €3 | -€30 | -92.0% |
| Financial charges | 65/66B | €4,517 | €3,400 | -€1,117 | -24.7% |
| Recurring financial charges | 65 | €4,517 | €3,400 | -€1,117 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €55,205 | €142,002 | +€86,797 | +157% |
| Income taxes | 67/77 | - | €33,232 | +€33,232 | |
| Profit (loss) for the period | 9904 | €55,205 | €108,770 | +€53,564 | +97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,205 | €108,770 | +€53,564 | +97.0% |
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 23 October 2026 via checked.be.